斯特雷耶教育 2026年季度报告

FORM 10-Q (Mark One) ☒Quarterly Report Pursuant to Section13 or 15 (d)of the Securities Exchange Act of 1934For the quarterly period ended March 31, 2026or☐Transition Report Pursuant to Section13 or 15 (d)of the Securities Exchange Act of 1934For the transition period from toCommission File No.0-21039 Strategic Education, Inc. (Exact name of registrant as specified in this charter) Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required tofile such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Non-accelerated filer☐Emerging growth company☐ Acceleratedfiler☐Smallerreportingcompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicateby check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the ExchangeAct).Yes☐No☒ As of April10, 2026, there were outstanding 22,612,909 shares of Common Stock, par value $0.01 per share, of the Registrant. STRATEGIC EDUCATION, INC.INDEXFORM 10-Q PART I — FINANCIAL INFORMATIONItem1.Financial StatementsUnaudited Condensed Consolidated Balance Sheets at December 31, 2025 and March 31, 20263Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2025and 20264Unaudited Condensed Consolidated Statements of Comprehensive Income for the three months endedMarch 31, 2025 and 20264Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three months endedMarch 31, 2025 and 20265Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31,2025 and 20266Notes to Unaudited Condensed Consolidated Financial Statements7Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations26Item3.Quantitative and Qualitative Disclosures About Market Risk35Item4.Controls and Procedures36PART II — OTHER INFORMATIONItem1.Legal Proceedings37Item1A.Risk Factors37Item2.Unregistered Sales of Equity Securities and Use of Proceeds38Item3.Defaults Upon Senior Securities39Item 4.Mine Safety Disclosures39Item5.Other Information39Item6.Exhibits40SIGNATURES41 STRATEGIC EDUCATION, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share data) For the three months ended March 31,20252026Revenues$303,590$305,928Costs and expenses:Instructional and support costs158,286154,771General and administration103,596107,970Restructuring costs1,9142,102Total costs and expenses263,796264,843Income from operations39,79441,085Other income2,2111,205Income before income taxes42,00542,290Provision for income taxes12,2619,481Net income$29,744$32,809Earnings per share:Basic$1.28$1.52Diluted$1.24$1.48Weighted average shares outstanding:Basic23,32021,620Diluted24,06522,171 STRATEGIC EDUCATION, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(in thousands) For the three months ended March 31,20252026Net income$29,744$32,809Other comprehensive income:Foreign currency translation adjustments3,34315,157Unrealized gains on marketable securities, net of tax1—Comprehensive income$33,088$47,966 STRATEGIC EDUCATION, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’EQUITY(in thousands, except share data) STRATEGIC EDUCATION, INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) STRATEGIC EDUCATION, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(UNAUDITED) 1.Nature of Operations Strategic Education, Inc. (“Strategic Education” or the “Company”), a Maryland corporation, is an education services company thatprovides access to high-quality education through campus-based and online post-secondary education offerings, as well as throughprograms to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing theskills gap by placing adults on the most direct path between learning and employment. The accompanying condensed consolidated fin