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Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Strategic Education is an educational services company that provides access to high-quality education through campus-based and online post-secondary education offerings, as well as through programs to develop job-ready skills for high-demand markets. Strategic Education’s portfolio of companies is dedicated to closing the skills gap by placing adults on the most direct path between learning and employment. The Company’s organizational structure includes three operating and reportable segments: U.S. Higher Education, Education Technology Services, and Australia/New Zealand.
The USHE segment provides flexible and affordable certificate and degree programs to working adults primarily through Capella University and Strayer University, including the Jack Welch Management Institute MBA, which is a unit of Strayer University. USHE also operates non-degree web and mobile application development courses through Hackbright Academy and Devmountain, which are units of Strayer University.
The ETS segment primarily develops and maintains relationships with employers to build education benefits programs that provide employees access to affordable and industry-relevant training, certificate, and degree programs. The employer relationships developed by the ETS segment are an important source of student enrollment for Capella University and Strayer University, and a significant portion of the revenue attributed to the ETS segment is driven by the volume of enrollment derived from these employer relationships. ETS also supports employer partners through Workforce Edge, a platform which provides employers a full-service education benefits administration solution, and Sophia Learning, which offers low-cost online general education-level courses recommended by the American Council on Education for credit at other colleges and universities.
The ANZ segment is comprised of Torrens University, Think Education, and Media Design School at Strayer (“MDS”) in Australia and New Zealand, which collectively offer certificate and degree programs in business, design, education, hospitality, healthcare, and technology through campuses in Australia, New Zealand, and online. On September 8, 2025, MDS became a wholly owned subsidiary and international additional location of Strayer University included within Strayer’s Middle States Commission on Higher Education accreditation. The New Zealand Qualifications Authority approved the transaction and MDS will continue to operate as a New Zealand private tertiary institution. This change does not affect the Company’s segment reporting.
The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer.
Revenue and operating expenses are generally directly attributable to the segments. Inter-segment revenues are not presented separately, as these amounts are immaterial. The Company’s CODM does not evaluate operating segments using asset information. The Company’s CODM assesses the segments’ performance by using each segment’s income from operations, which includes certain enterprise shared services allocations attributable to each of the segments. The Company’s CODM uses income from operations for each segment in the annual budget and forecasting process. On a monthly basis, the CODM reviews budget-to-actual, latest forecast-to-actual, and year-over-year actual variances when reviewing segment performance and making decisions about the allocation of resources to each segment.
A summary of financial information by reportable segment for the three months ended September 30, 2024 is presented in the following table (in thousands):
 U.S. Higher EducationAustralia/New ZealandEducation Technology ServicesTotal
Revenues$207,709 $71,948 $26,301 $305,958 
Segment expenses
Direct segment expenses181,663 52,386 14,511 248,560 
Enterprise shared services allocation14,600 4,716 998 20,314 
Segment income from operations$11,446 $14,846 $10,792 $37,084 
Unallocated expenses
Restructuring costs(758)
Consolidated income from operations$36,326 
Other income2,264 
Consolidated income before income taxes$38,590 
A summary of financial information by reportable segment for the three months ended September 30, 2025 is presented in the following table (in thousands):
 U.S. Higher EducationAustralia/New ZealandEducation Technology ServicesTotal
Revenues$213,067 $68,589 $38,293 $319,949 
Segment expenses
Direct segment expenses176,811 50,639 20,873 248,323 
Enterprise shared services allocation13,403 5,465 1,465 20,333 
Segment income from operations$22,853 $12,485 $15,955 $51,293 
Unallocated expenses
Restructuring costs(14,251)
Consolidated income from operations$37,042 
Other expense(273)
Consolidated income before income taxes$36,769 
A summary of financial information by reportable segment for the nine months ended September 30, 2024 is presented in the following table (in thousands):
 U.S. Higher EducationAustralia/New ZealandEducation Technology ServicesTotal
Revenues$643,558 $190,453 $74,463 $908,474 
Segment expenses
Direct segment expenses539,346 150,044 40,416 729,806 
Enterprise shared services allocation44,928 13,758 3,133 61,819 
Segment income from operations$59,284 $26,651 $30,914 $116,849 
Unallocated expenses
Restructuring costs2,757 
Consolidated income from operations$119,606 
Other income3,935 
Consolidated income before income taxes$123,541 
A summary of financial information by reportable segment for the nine months ended September 30, 2025 is presented in the following table (in thousands):
 U.S. Higher EducationAustralia/New ZealandEducation Technology ServicesTotal
Revenues$649,710 $185,993 $109,307 $945,010 
Segment expenses
Direct segment expenses532,189 146,763 59,630 738,582 
Enterprise shared services allocation43,953 16,085 4,846 64,884 
Segment income from operations$73,568 $23,145 $44,831 $141,544 
Unallocated expenses
Restructuring costs(18,948)
Consolidated income from operations$122,596 
Other income1,623 
Consolidated income before income taxes$124,219 
The following table presents a schedule of significant non-cash items included in segment income from operations by reportable segment for the three and nine months ended September 30, 2024 and 2025 (in thousands):
For the three months ended September 30,
For the nine months ended September 30,
2024202520242025
Depreciation and amortization
U.S. Higher Education$7,981 $6,442 $23,607 $21,692 
Australia/New Zealand1,937 2,394 6,946 7,218 
Education Technology Services888 1,340 2,480 3,693 
Restructuring costs— 1,786 — 2,557 
Consolidated depreciation and amortization$10,806 $11,962 $33,033 $35,160 
Stock-based compensation
U.S. Higher Education$5,259 $4,648 $14,278 $13,683 
Australia/New Zealand1,061 462 2,871 1,224 
Education Technology Services498 718 1,366 2,100 
Restructuring costs69 40 274 188 
Consolidated stock-based compensation$6,887 $5,868 $18,789 $17,195