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Strategic Education, Inc. cash flow statement

In fiscal 2025, Strategic Education, Inc.'s operations generated $198m of cash; it spent $44.3m on capital projects, leaving free cash flow of $154m. It returned $57.5m in dividends and $139m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations455647202143181126117169198216
Depreciation and amortisation1819315052595248444847
Stock-based pay1112161215182220262322
Capital spending1318283947494337414447
Free cash flow313819163961318380129154169
Free cash flow after stock pay21264151811136160103131147
Dividends paid—11284756595959595855
Share buybacks——0006401012139152
Shares issued——0022000————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Strategic Education, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Strategic Education, Inc.