Form 8-K

8-K — Stride, Inc.

Accession: 0001171843-26-005202

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0001157408

SIC: 8200 (SERVICES-EDUCATIONAL SERVICES)

Item: Results of Operations and Financial Condition

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — f8k_080426.htm (Primary)

EX-99.1 — PRESS RELEASE (exh_991.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: f8k_080426.htm · Sequence: 1

Form 8-K

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

_______________________________

Stride, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Delaware 001-33883 95-4774688

(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

11720 Plaza America Drive, 9th Floor

Reston, Virginia 20190

(Address of Principal Executive Offices) (Zip Code)

(703) 483-7000

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.0001 par value per share LRN New York Stock Exchange (NYSE)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 4, 2026, Stride, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and full fiscal year ended June 30, 2026. A copy of the Company’s press release is furnished herewith as Exhibit 99.1.

The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that Section. The information in this Item 2.02, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 8.01. Other Events.

On August 4, 2026, the Company announced that the Company’s existing stock repurchase program, which was previously set to expire on October 31, 2026, was extended through October 31, 2027. The stock repurchase program has remaining availability for the repurchase of up to $311.3 million of the Company’s common stock.

Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions, or otherwise, all in accordance with the rules of the Securities and Exchange Commission and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices, general economic and market conditions, and other considerations. The repurchase program does not obligate the Company to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

Forward-Looking Statements

This 8-K contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this 8-K are forward-looking statements, including, but not limited to, statements as to any future share repurchases, the manner thereof, and the implementation of any capital allocation strategy. We have tried, whenever possible, to identify these forward-looking statements using words such as “outlook,” “forecasts,” “anticipates,” “trends,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “will be,” “expects,” “plans,” “intends,” “should,” “would” and similar expressions to identify forward-looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual actions, results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: reduction of per pupil funding amounts at the schools we serve; inability to achieve a sufficient level of new enrollments to sustain our business model or to meet financial or operational guidance; limitations of the enrollment data we present, which may not fully capture trends in the performance of our business; failure to enter into new school contracts or renew existing contracts, in part or in their entirety; failure of the schools we serve, our vendors, or us to comply with our contracts, or federal, state and local laws and regulations, resulting in a loss of funding, an obligation to repay funds previously received, contractual remedies, or actions or proceedings against us; governmental investigations that could result in fines, penalties, settlements, or injunctive relief; declines or variations in academic performance outcomes of the students and schools we serve, including due to the evolution of curriculum standards, testing programs and state accountability metrics; harm to our reputation resulting from poor performance or misconduct by operators or us in any school in our industry and/or in any school which we operate; legal and regulatory challenges from opponents of virtual public education or for-profit education companies; potential violation of laws and regulations relating to privacy and data protection, including such laws and regulations as may apply to children’s data; changes in national and local economic and business conditions and other factors, such as natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts, or a reduction or termination in the scope of services, with schools; failure to develop the Career Learning business; entry of new competitors with superior technologies (including artificial intelligence (“AI”)) and lower prices; unsuccessful integration of mergers, acquisitions and joint ventures; failure to further develop, maintain and enhance our technology, products, services and brands; inadequate recruiting, training and retention of effective teachers and employees; infringement of our intellectual property; disruptions to our Internet-based learning and delivery systems, including, but not limited to, our data storage systems and third-party cloud infrastructure, systems and facilities, including as a result of cybersecurity attacks; misuse or unauthorized disclosure of student and personal data; failure to prevent or mitigate a cybersecurity incident that affects our systems or our data; problems in the implementation of new information technology systems and technology; failure by us or third parties to maintain and support information technology systems, including addressing quality issues and timely delivering new products and enhancements; risks related to the use, implementation and regulation of AI and other emerging technologies, including in the education of children, and their use by third-party vendors; risks related to our stock repurchase program; the extent to which we acquire businesses or change our capital allocation strategy or the implementation thereof; changes in our effective tax rate and additional liabilities; and other risks and uncertainties associated with our business described in the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 and any subsequently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements reflect our management’s expectations or predictions of future conditions, events or results based on various assumptions and estimates. They are not guarantees of future performance. Our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in any such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this 8-K or that we make from time to time, and to consider carefully the factors discussed above. All information in this 8-K is as of today’s date, and the Company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

99.1 Press Release regarding financial results for the quarter and year ended June 30, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Stride, Inc.

Date: August 4, 2026 By: /s/ Greerson G. McMullen

Greerson G. McMullen

EVP, General Counsel & Secretary

EX-99.1 — PRESS RELEASE

EX-99.1

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EdgarFiling

EXHIBIT 99.1

Stride reports fourth quarter and full year 2026 financial results

RESTON, Va., Aug. 04, 2026 (GLOBE NEWSWIRE) -- Stride, Inc. (NYSE: LRN), one of the nation’s most successful technology-based education companies, today announced its results for the fourth quarter and full fiscal year ended June 30, 2026.

“I am pleased to lead Stride as we position the Company for its next chapter of growth,” said Robert Knowling, Stride Chief Executive Officer. “Building on Stride’s strong foundation, we will continue to prioritize investments in curriculum, technology and support services to improve student outcomes and drive growth and value creation. I look forward to working alongside our talented team and leveraging our full breadth of capabilities to reach Stride's full potential.”

Fiscal 2026 Highlights Compared to 2025

Revenue of $2,518.1 million, compared with $2,405.3 million

Income from operations of $450.8 million, compared with $360.1 million

Net income of $338.2 million, compared with $287.9 million

Diluted net income per share of $7.14, compared with $5.95

Adjusted operating income of $498.4 million, compared with $466.2 million (1)

Adjusted EBITDA of $617.6 million, compared with $571.0 million (1)

Adjusted earnings per share of $8.33, compared with $8.10 (1)

Repurchased approximately $188.7 million of common stock under the Company’s share repurchase authorization

Share repurchase authorization extended through October 31, 2027

Fiscal 2026 Summary Financial Metrics

Year Ended June 30,

Change 2026/2025

2026

2025

(In thousands, except percentages and per share data)

Revenues $ 2,518,081 $ 2,405,317 $ 112,764 4.7 %

Income from operations 450,767 360,094 90,673 25.2 %

Adjusted operating income (1) 498,373 466,233 32,140 6.9 %

Net income 338,192 287,941 50,251 17.5 %

Net income per share, diluted 7.14 5.95 1.19 20.0 %

Adjusted earnings per share (1) 8.33 8.10 0.23 2.8 %

EBITDA (1) 577,329 474,763 102,566 21.6 %

Adjusted EBITDA (1) 617,584 571,035 46,549 8.2 %

(1) To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), we also present non-GAAP financial measures including adjusted operating income (loss), EBITDA, adjusted EBITDA, and adjusted earnings per share. Management believes that these additional measures provide useful information to investors relating to our financial performance. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is provided below.

Fourth Quarter Fiscal 2026 Highlights Compared to 2025

Revenue of $636.1 million, compared with $653.6 million

Income from operations of $105.9 million, compared with $56.9 million

Net income of $81.4 million, compared with $51.3 million

Diluted net income per share of $1.75, compared with $1.03

Adjusted operating income of $117.8 million, compared with $130.6 million (1)

Adjusted EBITDA of $149.8 million, compared with $158.4 million (1)

Adjusted earnings per share of $2.12, compared with $2.29 (1)

Repurchased approximately $100 million of common stock under the Company’s share repurchase authorization

Fourth Quarter Fiscal 2026 Summary Financial Metrics

Three Months Ended June 30, Change 2026/2025

2026 2025 $ %

(In thousands, except percentages and per share data)

Revenues $ 636,064 $ 653,647 $ (17,583 ) (2.7 %)

Income from operations 105,852 56,864 48,988 86.1 %

Adjusted operating income (1) 117,814 130,558 (12,744 ) (9.8 %)

Net income 81,388 51,320 30,068 58.6 %

Net income per share, diluted 1.75 1.03 0.72 69.9 %

Adjusted earnings per share (1) 2.12 2.29 (0.17 ) (7.4 %)

EBITDA (1) 139,631 87,063 52,568 60.4 %

Adjusted EBITDA (1) 149,823 158,413 (8,590 ) (5.4 %)

Revenue Data

Three Months Ended Year Ended

June 30, Change 2026 / 2025 June 30, Change 2026 / 2025

2026 2025 $ % 2026 2025 $ %

(In thousands, except percentages)

General Education $ 355,809 $ 394,134 $ (38,325 ) (9.7 %) $ 1,417,785 $ 1,448,676 $ (30,891 ) (2.1 %)

Career Learning

Middle - High School 267,116 240,455 26,661 11.1 % 1,043,726 876,287 167,439 19.1 %

Adult 13,139 19,058 (5,919 ) (31.1 %) 56,570 80,354 (23,784 ) (29.6 %)

Total Career Learning 280,255 259,513 20,742 8.0 % 1,100,296 956,641 143,655 15.0 %

Total Revenues $ 636,064 $ 653,647 $ (17,583 ) (2.7 %) $ 2,518,081 $ 2,405,317 $ 112,764 4.7 %

Enrollment and Revenue Per Enrollment Data

Full year enrollments averaged 243.9K, up 4.2% compared to 234.0K enrollments in fiscal year 2025. Of the total enrollments, 109.7K were Career Learning enrollments, up 13.9% compared to 96.3K Career Learning enrollments in fiscal 2025.

Fourth quarter enrollments averaged 234.2K, down (0.5)% compared to 235.3K enrollments in the fourth quarter of fiscal year 2025. Of the total average enrollments, 106.4K were Career Learning enrollments, up 9.7% compared to 97.0K Career Learning enrollments in the fourth quarter of fiscal 2025.

Enrollments only include those students in full service public or private programs where Stride provides a combination of curriculum, technology, and instructional and support services, inclusive of administrative support and may include enrollments for which Stride receives no public funding or revenue. Stride does not report enrollments for our Adult Learning business.

Revenue per enrollment for the full fiscal year 2026 was $9,914, up 2.4% compared to $9,677 in fiscal year 2025. General Education revenue per enrollment was $10,243, up 1.6%, and Career Learning revenue per enrollment was $9,512, up 4.5%, compared to fiscal year 2025. If the mix of enrollments changes, our revenues will be impacted to the extent the average revenues per enrollments are significantly different.

Revenue per enrollment for the fourth quarter was $2,620, down (0.4)% compared to $2,630 in the fourth quarter of fiscal year 2025. General Education revenue per enrollment was $2,710, down (1.0)% compared to the fourth quarter of fiscal year 2025, and Career Learning revenue per enrollment was $2,511, up 1.3%, compared to the fourth quarter of fiscal year 2025.

Cash Flow and Capital Allocation

As of June 30, 2026, the Company’s cash and cash equivalents and marketable securities totaled $1,034.1 million, compared with $1,011.4 million reported at June 30, 2025.

Capital expenditures for the fiscal year ended June 30, 2026 were $78.8 million, compared to $60.0 million in fiscal year 2025, and were comprised of $0.6 million of property and equipment, $61.6 million of capitalized software development and $16.6 million of capitalized curriculum development.

During fiscal year 2026, the Company repurchased approximately 2.3 million shares of its common stock for an aggregate purchase price of approximately $188.7 million under its previously announced share repurchase authorization. As of June 30, 2026, approximately $311.3 million remained available under the current authorization. The Company continues to evaluate share repurchases as part of its disciplined capital allocation strategy.

Conference Call

The Company will discuss its fourth quarter and full fiscal year 2026 financial results during a conference call scheduled for Tuesday, August 4, 2026 at 5:00 p.m. eastern time (ET).

A live webcast of the call will be available at investors.stridelearning.com/events-and-presentations. To participate in the live call, investors and analysts should dial (833) 461-5787 (domestic) or +1 (585) 542-9983 (international) and provide the conference ID number 708 877 615. Please access the website at least 15 minutes prior to the start of the call.

A replay of the call will be posted at investors.stridelearning.com/events-and-presentations.

About Stride Inc.

Stride Inc. (NYSE: LRN) is redefining lifelong learning with innovative, high-quality education solutions. Serving learners in primary, secondary, and postsecondary settings, Stride provides a wide range of services including K-12 education, career learning, professional skills training, and talent development. Stride reaches learners in all 50 states and over 100 countries. Learn more at stridelearning.com.

Investor Contact

ir@k12.com Media Contact

press@k12.com

Special Note on Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, such as any statements that look to future events and include, among other things, our expectations regarding: mix of enrollment, revenue per enrollment, and future share repurchases. We have tried, whenever possible, to identify these forward-looking statements using words such as “outlook,” “forecasts,” “anticipates,” “trends,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “will be,” “expects,” “plans,” “intends,” “should,” “would” and similar expressions to identify forward-looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: reduction of per pupil funding amounts at the schools we serve; inability to achieve a sufficient level of new enrollments to sustain our business model or to meet financial or operational guidance; limitations of the enrollment data we present, which may not fully capture trends in the performance of our business; failure to enter into new school contracts or renew existing contracts, in part or in their entirety; failure of the schools we serve, our vendors, or us to comply with our contracts, or federal, state and local laws and regulations, resulting in a loss of funding, an obligation to repay funds previously received, contractual remedies, or actions or proceedings against us; governmental investigations that could result in fines, penalties, settlements, or injunctive relief; declines or variations in academic performance outcomes of the students and schools we serve, including due to the evolution of curriculum standards, testing programs and state accountability metrics; harm to our reputation resulting from poor performance or misconduct by operators or us in any school in our industry and/or in any school which we operate; legal and regulatory challenges from opponents of virtual public education or for-profit education companies; potential violation of laws and regulations relating to privacy and data protection, including as such laws and regulations may apply to children’s data; changes in national and local economic and business conditions and other factors, such as natural disasters, pandemics and outbreaks of contagious diseases and other adverse public health developments; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts, or a reduction or termination in the scope of services, with schools; failure to develop the Career Learning business; entry of new competitors with superior technologies (including artificial intelligence (“AI”)) and lower prices; unsuccessful integration of mergers, acquisitions and joint ventures; failure to further develop, maintain and enhance our technology, products, services and brands; inadequate recruiting, training and retention of effective teachers and employees; infringement of our intellectual property; disruptions to our Internet-based learning and delivery systems, including, but not limited to, our data storage systems and third-party cloud infrastructure, systems and facilities, including as a result of cybersecurity attacks; misuse or unauthorized disclosure of student and personal data; failure to prevent or mitigate a cybersecurity incident that affects our systems or our data; problems in the implementation of new information technology systems and technology; failure by us or third parties to maintain and support information technology systems, including addressing quality issues and timely delivering new products and enhancements; risks related to the use, implementation and regulation of AI and other emerging technologies, including in the education of children, and their use by third-party vendors; risks related to our stock repurchase program; changes in our effective tax rate and additional liabilities; and other risks and uncertainties associated with our business described in the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 and any subsequently filed Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q or the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements reflect our management’s expectations or predictions of future conditions, events or results based on various assumptions and estimates. They are not guarantees of future performance. Our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements in this press release or that we make from time, and to consider carefully the factors discussed above. All information in this press release is as of today’s date, and the Company undertakes no obligation to update any forward-looking statement as a result of new information, future events or otherwise, except where we are expressly required to do so by law.

Financial Statements

The financial statements set forth below are not the complete set of Stride, Inc.’s financial statements for the three months and year ended June 30, 2026 and are presented below without footnotes. Readers are encouraged to obtain and carefully review Stride Inc.’s Annual Report on Form 10-K for the year ended June 30, 2026, including all financial statements contained therein and the footnotes thereto, filed with the SEC, which may be retrieved from the SEC’s website at www.sec.gov or from Stride Inc.’s Investor Relations website at investors.stridelearning.com.

STRIDE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Year Ended

June 30, June 30,

2026 2025 2026 2025

(In thousands except share and per share data)

Revenues $ 636,064 $ 653,647 $ 2,518,081 $ 2,405,317

Instructional costs and services 418,781 414,728 1,567,481 1,461,398

Gross margin 217,283 238,919 950,600 943,919

Selling, general, and administrative expenses 111,431 122,577 499,833 524,347

Impairment of long-lived assets — 59,478 — 59,478

Income from operations 105,852 56,864 450,767 360,094

Interest expense, net (2,889 ) (2,693 ) (11,778 ) (10,504 )

Other income, net 1,362 10,160 2,173 33,629

Income before income taxes and loss from equity method investments 104,325 64,331 441,162 383,219

Income tax expense (22,831 ) (12,919 ) (102,765 ) (93,007 )

Loss from equity method investments (106 ) (92 ) (205 ) (2,271 )

Net income attributable to common stockholders $ 81,388 $ 51,320 $ 338,192 $ 287,941

Net income attributable to common stockholders per share:

Basic $ 1.93 $ 1.19 $ 7.92 $ 6.69

Diluted $ 1.75 $ 1.03 $ 7.14 $ 5.95

Weighted average shares used in computing per share amounts:

Basic 42,091,404 43,186,913 42,717,156 43,041,274

Diluted 46,388,112 49,767,056 47,332,855 48,413,717

STRIDE, INC.

CONSOLIDATED BALANCE SHEETS

June 30,

2026 2025

ASSETS (In thousands except share and per share data)

Current assets

Cash and cash equivalents $ 754,501 $ 782,497

Accounts receivable, net of allowance of $31,302 and $31,124 664,788 559,646

Inventories, net 38,250 37,570

Prepaid expenses 43,052 35,579

Marketable securities 203,499 202,769

Other current assets 12,033 14,673

Total current assets 1,716,123 1,632,734

Property and equipment, net 102,042 78,582

Capitalized software, net 95,002 75,314

Capitalized curriculum development costs, net 56,895 58,584

Intangible assets, net 10,876 18,227

Goodwill 246,676 246,676

Deferred tax asset — 26,377

Deposits and other assets 207,938 157,465

Total assets $ 2,435,552 $ 2,293,959

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable $ 46,742 $ 43,962

Accrued liabilities 95,446 103,276

Accrued compensation and benefits 62,896 74,939

Deferred revenue 20,553 26,995

Current portion of finance lease liability 60,477 42,316

Current portion of operating lease liability 2,737 11,391

Total current liabilities 288,851 302,879

Long-term finance lease liability 56,455 44,567

Long-term operating lease liability 8,316 35,164

Long-term debt 417,995 416,322

Deferred tax liability 13,033 —

Other long-term liabilities 18,573 15,408

Total liabilities 803,223 814,340

Commitments and contingencies

Stockholders’ equity

Preferred stock, par value $0.0001; 10,000,000 shares authorized; zero shares issued or outstanding — —

Common stock, par value $0.0001; 100,000,000 shares authorized; 49,126,917 and 48,852,419 shares issued; and 41,477,230 and 43,517,676 shares outstanding, respectively 4 4

Additional paid-in capital 739,829 735,711

Accumulated other comprehensive loss (59 ) (67 )

Retained earnings 1,184,645 846,453

Treasury stock of 7,649,687 and 5,334,743 shares at cost, respectively (292,090 ) (102,482 )

Total stockholders’ equity 1,632,329 1,479,619

Total liabilities and stockholders' equity $ 2,435,552 $ 2,293,959

STRIDE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended

June 30,

2026 2025

(In thousands)

Cash flows from operating activities

Net income $ 338,192 $ 287,941

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expense 126,562 114,669

Stock-based compensation expense 40,255 36,794

Deferred income taxes 39,993 (17,783 )

Provision for credit losses 16,463 15,267

Amortization of fees on debt 1,673 1,647

Noncash operating lease expense 5,063 12,265

Impairment of long-lived assets — 59,478

Other 20,514 (596 )

Changes in assets and liabilities:

Accounts receivable (121,370 ) (102,188 )

Inventories, prepaid expenses, deposits and other current and long-term assets 6,538 (6,239 )

Accounts payable 2,164 310

Accrued liabilities (10,188 ) 40,915

Accrued compensation and benefits (11,828 ) 9,913

Operating lease liability (16,943 ) (12,396 )

Deferred revenue and other liabilities (3,274 ) (7,181 )

Net cash provided by operating activities 433,814 432,816

Cash flows from investing activities

Purchase of property and equipment (587 ) (1,781 )

Capitalized software development costs (61,591 ) (36,428 )

Capitalized curriculum development costs (16,668 ) (21,801 )

Other acquisitions, loans and investments, net of distributions (55,538 ) (20,682 )

Proceeds from the maturity of marketable securities 279,497 252,930

Purchases of marketable securities (324,941 ) (260,233 )

Net cash used in investing activities (179,828 ) (87,995 )

Cash flows from financing activities

Repayments on finance lease obligations (56,856 ) (41,469 )

Purchase of treasury stock (188,659 ) -

Repurchase of restricted stock for income tax withholding (36,467 ) (21,469 )

Net cash used in financing activities (281,982 ) (62,938 )

Net change in cash, cash equivalents and restricted cash (27,996 ) 281,883

Cash, cash equivalents and restricted cash, beginning of period 782,497 500,614

Cash, cash equivalents and restricted cash, end of period $ 754,501 $ 782,497

Non-GAAP Financial Measures

To supplement our financial statements presented in accordance with GAAP, we have presented adjusted operating income (loss), EBITDA, adjusted EBITDA, and adjusted earnings per share, which are not presented in accordance with GAAP.

Adjusted operating income (loss) is defined as income (loss) from operations as adjusted for amortization of intangible assets, stock-based compensation, and other one-time charges or gains.

EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization.

Adjusted EBITDA is defined as income (loss) from operations as adjusted for depreciation and amortization, stock-based compensation, and other one-time charges or gains.

Adjusted earnings per share (adjusted EPS) is defined as net income (loss) attributable to common stockholders as adjusted for the amortization of intangible assets, stock-based compensation, and other one-time charges or gains net of tax impact divided by the diluted weighted average number of common shares outstanding less the shares expected to be received for the capped call transaction related to Stride’s convertible senior notes.

Adjusted operating income (loss), adjusted EBITDA, and adjusted EPS exclude stock-based compensation, which consists of expenses for restricted stock, restricted stock units, and performance stock units.

Management believes that the presentation of these non-GAAP financial measures provides useful information to investors relating to our financial performance. Adjusted operating income (loss), adjusted EBITDA and adjusted EPS remove stock-based compensation, which is a non-cash charge that varies based on market volatility and the terms and conditions of the awards. EBITDA and adjusted EBITDA remove depreciation and amortization, which can vary depending upon accounting methods and the book value of assets. Adjusted operating income (loss), adjusted EBITDA and adjusted earnings per share remove one-time charges or gains which are not related to core operating activities and are not indicative of our ongoing operating performance. Additionally, adjusted EPS includes the impact from shares expected to be received by the Company to offset potential dilution from the convertible senior notes. EBITDA and adjusted EBITDA provide a measure of corporate performance exclusive of capital structure and the method by which assets were acquired.

Management uses these non-GAAP financial measures:

as additional measures of operating performance because they assist in comparing the Company’s performance on a consistent basis; and

in presentations to the members of the Company’s Board of Directors to enable the Board to review the same measures used by management to compare the Company’s current operating results with corresponding prior periods.

Other companies may define these non-GAAP financial measures differently and, as a result, these non-GAAP financial measures may not be directly comparable to similar non-GAAP financial measures used by other companies. Although these non-GAAP financial measures are used to assess the performance of the business, the use of non-GAAP financial measures is limited as they include and/or do not include certain items included and/or not included in the most directly comparable GAAP financial measure.

These non-GAAP financial measures should be considered in addition to, and not as a substitute for, revenues, income (loss) from operations, net income (loss) and diluted net income (loss) per share or other related financial information prepared in accordance with GAAP. Adjusted EBITDA is not intended to be a measure of liquidity. You are cautioned not to place undue reliance on these non-GAAP financial measures.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are provided below.

Fourth Quarter and Full Fiscal Year 2026

Reconciliation of Income from Operations to Adjusted Operating Income

Three Months Ended

Year Ended

June 30,

2026

2025

2026

2025

(In thousands)

Income from operations $ 105,852 $ 56,864 $ 450,767 $ 360,094

Amortization of intangible assets 1,770 2,344 7,351 9,867

Stock-based compensation expense 10,192 11,872 40,255 36,794

Impairment of long-lived assets - 59,478 - 59,478

Adjusted operating income $ 117,814 $ 130,558 $ 498,373 $ 466,233

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Three Months Ended

June 30, Year Ended

June 30,

2026 2025 2026 2025

(In thousands)

Net income $ 81,388 $ 51,320 $ 338,192 $ 287,941

Interest expense, net 2,889 2,693 11,778 10,504

Other income, net (1,362 ) (10,160 ) (2,173 ) (33,629 )

Income tax expense 22,831 12,919 102,765 93,007

Loss from equity method investments 106 92 205 2,271

Depreciation and amortization 33,779 30,199 126,562 114,669

EBITDA 139,631 87,063 577,329 474,763

Stock-based compensation expense 10,192 11,872 40,255 36,794

Impairment of long-lived assets - 59,478 - 59,478

Adjusted EBITDA $ 149,823 $ 158,413 $ 617,584 $ 571,035

Reconciliation of Net Income Attributable to Common Shareholders and Diluted Net Income Per Share to Adjusted Earnings Per Share

Three Months Ended Year Ended

June 30, June 30,

2026 2025 2026 2025

(In thousands)

Net income attributable to common stockholders $ 81,388 $ 51,320 $ 338,192 $ 287,941

Amortization of intangible assets 1,770 2,344 7,351 9,867

Stock-based compensation expense 10,192 11,872 40,255 36,794

Impairment of long-lived assets - 59,478 - 59,478

Income tax effect from adjustments above (1,188 ) (15,309 ) (12,937 ) (21,442 )

Adjusted net income attributable to common stockholders $ 92,162 $ 109,705 $ 372,861 $ 372,638

Share computation:

Weighted average common shares — diluted 46,388,112 49,767,056 47,332,855 48,413,717

Effect of capped call transactions (2,876,857 ) (1,827,961 ) (2,568,353 ) (2,396,207 )

Adjusted weighted average common shares — diluted 43,511,255 47,939,095 44,764,502 46,017,510

Adjusted earnings per share $ 2.12 $ 2.29 $ 8.33 $ 8.10

Three Months Ended Year Ended

June 30, June 30,

2026 2025 2026 2025

(per share)

Diluted net income per share $ 1.75 $ 1.03 $ 7.14 $ 5.95

Amortization of intangible assets 0.04 0.05 0.16 0.20

Stock-based compensation expense 0.23 0.24 0.85 0.76

Impairment of long-lived assets - 1.20 - 1.23

Income tax effect from adjustments above (0.03 ) (0.31 ) (0.27 ) (0.44 )

Effect of capped call transactions 0.13 0.08 0.45 0.40

Adjusted earnings per share $ 2.12 $ 2.29 $ 8.33 $ 8.10

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