LRN · 10-Q · 2026Q1 · Full report
Revenue Performance and Mix
Stride, Inc. · 2026-04-29 · Importance 56 · Surprise 24
The company reports two lines of revenue: General Education and Career Learning, with the majority of revenue derived from comprehensive school-as-a-service contracts that include curriculum, technology, instruction and support. School-as-a-service agreements average more than five years and typically include automatic renewals; for 2025-2026 the company provides school-as-a-service to 92 General Education schools (31 states + DC) and 57 Career Learning schools/programs (25 states). Revenue mix shifted materially toward Career Learning in the period: Middle-High School Career Learning revenue increased 22.1% for the nine months, while Adult Career Learning revenue declined 29.1% year-over-year. Overall total revenues were $1,882.0 million for the nine months ended March 31, 2026, up 7.4% from the prior year, reflecting the skew toward Career Learning growth.
Key facts
- Career Learning revenues for the three months ended March 31, 2026 were $272.410 million, an increase of $29.855 million, or 12.3%, from $242.555 million for the three months ended March 31, 2025.
- Middle - High School Career Learning revenues for the three months ended March 31, 2026 were $259.520 million, an increase of $35.652 million, or 15.9%, from $223.868 million for the three months ended March 31, 2025.
- Income from operations for the nine months ended March 31, 2026 was $344.915 million, an increase of $41.686 million, or 13.8%, from $303.229 million for the nine months ended March 31, 2025.
- Revenues for the nine months ended March 31, 2026 were $1,882.0 million, an increase of $130.3 million, or 7.4%, from $1,751.7 million for the nine months ended March 31, 2025.
- Revenues for the three months ended March 31, 2026 were $629.9 million, an increase of $16.5 million, or 2.7%, from $613.4 million for the three months ended March 31, 2025.
- General Education revenues for the three months ended March 31, 2026 were $357.463 million, a decrease of $13.358 million, or 3.6%, from $370.821 million for the three months ended March 31, 2025.
- General Education revenues for the nine months ended March 31, 2026 were $1,061.976 million, an increase of $7.434 million, or 0.7%, from $1,054.542 million for the nine months ended March 31, 2025.
- Net income attributable to common stockholders for the nine months ended March 31, 2026 was $256.804 million compared to $236.621 million for the nine months ended March 31, 2025.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +6.9% | Revenues for the nine months ended March 31, 2026 were $1,882.0 million, an increase of $130.3 million, or 7.4%, from $1,751.7 million for… |
| operating_income | positive | realized | +2.2% | Income from operations for the nine months ended March 31, 2026 was $344.915 million, an increase of $41.686 million, or 13.8%, from… |
| revenue | positive | realized | +1.9% | Middle - High School Career Learning revenues for the three months ended March 31, 2026 were $259.520 million, an increase of $35.652… |
| revenue | positive | realized | +1.6% | Career Learning revenues for the three months ended March 31, 2026 were $272.410 million, an increase of $29.855 million, or 12.3%, from… |
| net_income | positive | realized | +1.1% | Net income attributable to common stockholders for the nine months ended March 31, 2026 was $256.804 million compared to $236.621 million… |
| revenue | positive | realized | +0.9% | Revenues for the three months ended March 31, 2026 were $629.9 million, an increase of $16.5 million, or 2.7%, from $613.4 million for the… |
| revenue | negative | realized | -0.7% | General Education revenues for the three months ended March 31, 2026 were $357.463 million, a decrease of $13.358 million, or 3.6%, from… |
| revenue | positive | realized | +0.4% | General Education revenues for the nine months ended March 31, 2026 were $1,061.976 million, an increase of $7.434 million, or 0.7%, from… |
| revenue | negative | realized | -0.3% | Adult Career Learning revenues for the three months ended March 31, 2026 were $12.890 million, a decrease of $5.797 million, or 31.0%,… |