Strategic Education, Inc. (STRA) FY2026 YTD Q2 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-06-30

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Strategic Education, Inc. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $69,968,000.00Contract liabilities → Operating adjustments reconciliation: $37,275,000.00Depreciation and amortization → Operating adjustments reconciliation: $22,121,000.00Accounts payable and accrued expenses → Operating adjustments reconciliation: $12,833,000.00Stock-based compensation → Operating adjustments reconciliation: $10,259,000.00Impairment of right-of-use lease assets → Operating adjustments reconciliation: $338,000.00Amortization of deferred financing costs → Operating adjustments reconciliation: $212,000.00Operating adjustments reconciliation → Net cash from operating activities: $46,582,000.00Operating adjustments reconciliation → Tuition receivable, net: $23,548,000.00Operating adjustments reconciliation → Other assets: $5,359,000.00Operating adjustments reconciliation → Deferred income taxes: $2,781,000.00Operating adjustments reconciliation → Other liabilities: $2,295,000.00Operating adjustments reconciliation → Income taxes payable and income taxes receivable: $2,278,000.00Operating adjustments reconciliation → Gain on early termination of operating leases: $190,000.00Operating adjustments reconciliation → Amortization of investment discount/premium: $5,000.00Proceeds from marketable securities → investing reconciliation: $8,306,000.00Proceeds from other investments → investing reconciliation: $29,000.00investing reconciliation → Purchases of property and equipment: $24,198,000.00investing reconciliation → Purchases of marketable securities: $5,802,000.00investing reconciliation → Other investments: $138,000.00investing reconciliation → Other investing activities: $71,000.00Net cash used in financing activities → financing reconciliation: $112,173,000.00financing reconciliation → Repurchase of common stock: $72,745,000.00financing reconciliation → Common dividends paid: $26,924,000.00financing reconciliation → Net payments for stock awards: $12,504,000.00Net cash used in investing activities → investing reconciliation: $21,874,000.00Exchange-rate effect → Cash sources and uses: $132,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $149,511,000.00Net cash from operating activities → Cash sources and uses: $116,550,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $132,146,000.00Cash sources and uses → Net cash used in investing activities: $21,874,000.00Cash sources and uses → Net cash used in financing activities: $112,173,000.00Net income: $69,968,000.00Net income+$69.97 MGain on early termination of operating leases: -$190,000.00Lease termination gain & loss−$190.00 KAmortization of deferred financing costs: $212,000.00Debt issuance cost amortization+$212.00 KAmortization of investment discount/premium: -$5,000.00Investment discount & premium−$5.00 KDepreciation and amortization: $22,121,000.00Depreciation & amortization+$22.12 MDeferred income taxes: -$2,781,000.00Deferred income taxes−$2.78 MStock-based compensation: $10,259,000.00Stock-based compensation+$10.26 MImpairment of right-of-use lease assets: $338,000.00Lease asset impairment+$338.00 KTuition receivable, net: -$23,548,000.00Accounts receivable−$23.55 MOther assets: -$5,359,000.00Other operating assets−$5.36 MAccounts payable and accrued expenses: $12,833,000.00Payables & accrued liabilities+$12.83 MIncome taxes payable and income taxes receivable: -$2,278,000.00Income taxes, net−$2.28 MContract liabilities: $37,275,000.00Deferred revenue+$37.28 MOther liabilities: -$2,295,000.00Other operating liabilities−$2.30 MNet cash from operating activities: $116,550,000.00Operating cash+$116.55 MOperating adjustments reconciliation: $83,038,000.00Net payments for stock awards: -$12,504,000.00Net payments for stock awards−$12.50 MCommon dividends paid: -$26,924,000.00Common dividends paid−$26.92 MRepurchase of common stock: -$72,745,000.00Common stock repurchases−$72.75 MNet cash used in financing activities: -$112,173,000.00. Cash required to fund net payments.Financing cash−$112.17 Mfinancing reconciliation: $112,173,000.00Purchases of property and equipment: -$24,198,000.00PP&E purchases−$24.20 MPurchases of marketable securities: -$5,802,000.00Marketable securities purchases−$5.80 MProceeds from marketable securities: $8,306,000.00Marketable securities proceeds+$8.31 MProceeds from other investments: $29,000.00Other investments sold+$29.00 KOther investments: -$138,000.00Other investment purchases−$138.00 KCash paid for acquisition, net of cash acquired: $0.00Other investing activities: -$71,000.00Other investing, net−$71.00 KNet cash used in investing activities: -$21,874,000.00. Cash required to fund net payments.Investing cash−$21.87 Minvesting reconciliation: $30,209,000.00Cash sources and uses: $266,193,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $149,511,000.00Beginning cash$149.51 MEnding cash: Cash, cash equivalents, and restricted cash: $132,146,000.00Ending cash$132.15 MExchange-rate effect: $132,000.00FX effect+$132.00 KCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$92.35 MOperating cash − cash spent on PP&ECash flow / Net income1.67×Operating cash flow ÷ net incomeNet cash change−$17.37 MEnding cash − beginning cash
Chart details

Strategic Education, Inc. cash flow reconciliation, Jan 1, 2026 through Jun 30, 2026

Cash flows for Jan 1, 2026 through Jun 30, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Jun 30, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
149,511,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
116,550,000 US dollars. Net cash provided.
Net income
69,968,000 US dollars
Gain on early termination of operating leases
negative 190,000 US dollars
Amortization of deferred financing costs
212,000 US dollars
Amortization of investment discount/premium
negative 5,000 US dollars
Depreciation and amortization
22,121,000 US dollars
Deferred income taxes
negative 2,781,000 US dollars
Stock-based compensation
10,259,000 US dollars
Impairment of right-of-use lease assets
338,000 US dollars
Tuition receivable, net
negative 23,548,000 US dollars
Other assets
negative 5,359,000 US dollars
Accounts payable and accrued expenses
12,833,000 US dollars
Income taxes payable and income taxes receivable
negative 2,278,000 US dollars
Contract liabilities
37,275,000 US dollars
Other liabilities
negative 2,295,000 US dollars
Investing activities
negative 21,874,000 US dollars. Net cash used.
Purchases of property and equipment
negative 24,198,000 US dollars
Purchases of marketable securities
negative 5,802,000 US dollars
Proceeds from marketable securities
8,306,000 US dollars
Proceeds from other investments
29,000 US dollars
Other investments
negative 138,000 US dollars
Cash paid for acquisition, net of cash acquired
0 US dollars
Other investing activities
negative 71,000 US dollars
Financing activities
negative 112,173,000 US dollars. Net cash used.
Net payments for stock awards
negative 12,504,000 US dollars
Common dividends paid
negative 26,924,000 US dollars
Repurchase of common stock
negative 72,745,000 US dollars
Operating adjustment reconciliation
83,038,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
112,173,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
30,209,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
132,000 US dollars
Ending cash on Jun 30, 2026
132,146,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
266,193,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 17,365,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.67×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
116,550,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
24,198,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
92,352,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $46.58M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 116,550,000 US dollars minus 24,198,000 US dollars equals 92,352,000 US dollars.
Strategic Education, Inc. (STRA) FY2026 YTD Q2 Statement of Cash Flows Sankey chart
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