Strategic Education (STRA) Cash Flow: Operating & Free Cash Flow

Strategic Education (STRA) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Strategic Education generated $198.20M of operating cash flow and spent $44.25M on capital expenditures. That left free cash flow of $153.95M, up 19.6% from $128.75M a year earlier, or 12.1% of revenue. It returned $206.16M to shareholders through $57.54M in dividends and $148.61M in share buybacks.

Strategic Education Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Strategic Education, Inc. (STRA) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	126.61	112.68	69.79	46.67	55.09	86.27	81.14	-15.67	20.61
Depreciation & Amortization	48.41	44.38	57.31	63.12	103.42	109.15	104.86	54.54	18.73
Deferred Income Tax	7.73	-0.15	-6.32	-8.67	-7.71	-13.43	-8.04	-16.32	6.43
Stock Based Compensation	22.95	25.57	19.77	21.79	18.15	14.61	12.16	15.53	11.63
Change in Working Capital	-10.00	-8.05	-26.79	5.44	-6.04	-55.16	5.35	-10.00	0.41
Change in Accounts Receivable	-1.09	0.22	-12.87	-12.56	-0.20	19.66	1.77	7.88	-3.25
Change in Inventory	0.00	0.00	0.00	0.00	6.70	22.69	-5.58	0.00	-10.61
Change in Accounts Payable	4.22	11.58	0.55	-4.34	-6.70	-22.69	0.25	1.14	4.47
Change in Other Working Capital	-13.63	-19.85	-14.27	-4.21	0.55	-74.82	8.91	-17.88	9.79
Other Operating Activities	10.22	-5.11	-2.97	-10.97	0.55	1.46	6.68	18.78	-1.65
Net Cash from Operating Activities	198.20	169.33	117.12	126.05	180.53	142.91	202.15	46.87	56.16
Investing Activities
Capital Expenditures	-44.25	-40.58	-36.94	-43.17	-49.43	-46.81	-38.69	-27.55	-18.05
Acquisitions	-0.04	-0.18	-0.53	-0.80	8.33	-628.76	-0.62	167.86	0.00
Purchases of Investments	-28.09	-54.65	-26.91	6.09	-1.29	-2.81	-43.14	-26.54	0.00
Sales/Maturities of Investments	79.08	31.05	10.26	6.42	9.30	36.19	43.76	16.37	0.00
Other Investing Activities	-0.39	0.00	-0.31	-0.34	-1.29	0.00	0.62	-1.24	0.00
Net Cash from Investing Activities	8.51	-64.36	-48.55	-31.36	-33.09	-642.19	-38.07	130.14	-18.05
Financing Activities
Debt Repayment	0.00	-61.28	-40.00	-40.00	0.00	141.82	0.00	0.00	0.00
Common Stock Issued	0.00	0.00	0.00	0.00	0.00	220.25	0.00	8.65	0.00
Common Stock Repurchased	-148.61	-11.51	-14.83	-43.12	-5.91	-0.25	0.00	0.00	0.00
Dividends Paid	-57.54	-58.97	-58.78	-59.24	-59.05	-55.96	-46.63	-27.84	-11.42
Other Financing Activities	-9.72	-5.02	-4.83	-3.00	-2.94	-26.68	-9.20	6.63	0.00
Net Cash from Financing Activities	-206.16	-136.77	-113.61	-142.36	-67.89	279.19	-55.82	-21.22	-11.42
Summary
Effect of Forex Changes on Cash	2.31	-3.47	-0.50	-4.09	-2.35	1.62	0.00	0.00	0.00
Net Change in Cash	2.86	-35.27	-45.53	-51.76	79.55	-218.48	108.26	155.79	26.69
Cash at Beginning of Period	146.66	181.93	227.45	279.21	202.02	420.50	312.24	156.45	129.25
Cash at End of Period	149.51	146.66	181.93	227.45	279.21	202.02	420.50	312.24	155.93
Free Cash Flow	153.95	128.75	80.18	82.88	131.09	96.09	163.46	19.32	38.10
Supplemental Disclosures
Interest Paid	-	3.20	6.80	4.20	2.70	1.00	-	-	-
Income Taxes Paid	-	49.20	42.90	26.80	27.30	45.40	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Strategic Education Cash Flow

What is Strategic Education's free cash flow?

Strategic Education generated free cash flow of $153.95M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $198.20M minus $44.25M of capital expenditures. That was up 19.6% from $128.75M a year earlier. Free cash flow equaled 12.1% of revenue.

How much does Strategic Education spend on capital expenditures?

Strategic Education spent $44.25M on capital expenditures in fiscal 2025, compared with $40.58M a year earlier. That equals 22.3% of operating cash flow.

Does Strategic Education pay dividends or buy back shares?

Yes. In fiscal 2025 Strategic Education returned $57.54M in dividends and $148.61M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition