[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-264719-105":59,"doc-detail-264719-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","strategic-education-inc-2025-annual-report-letter-to-shareholders","Strategic Education, Inc. - 2025 Annual Report - Letter to Shareholders","","Strategic Education, Inc. (SEI) reports 2025 revenue of $1.27 billion and adjusted operating income of $197 million, highlighting strong cost discipline and a 25% annual increase in operating income and earnings per share. The letter reviews enrollment softness across three universities alongside stronger-than-expected performance from the Education Technology Services segment. It emphasizes productivity gains from adopting artificial intelligence tools and describes 2025 capital allocation priorities, including increased share repurchases, while covering results by business unit.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/strategic-education-inc-2025-annual-report-letter-to-shareholders/264719/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/strategic-education-inc-2025-annual-report-letter-to-shareholders/264719.png","ImageObject",300,407,{"name":92,"@type":93},"Oliver Hayes","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-05","2026-09-14",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",12,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What were SEI’s key financial results in 2025?","Question",{"text":113,"@type":114},"SEI generated $1.27 billion in revenue, $197 million in adjusted operating income, $145 million in adjusted net income, and $6.21 in adjusted earnings per share. The year included revenue growth of 4% with expenses rising only 1%, leading to a 25% increase in both operating income and earnings per share.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How did enrollment trends differ in 2025 across SEI’s universities and services?",{"text":118,"@type":114},"Enrollment in all three universities was softer than planned in 2025. In contrast, the Education Technology Services segment performed stronger than expectations, and non-university operations became a significant part of SEI’s enterprise.",{"name":120,"@type":111,"acceptedAnswer":121},"What role did artificial intelligence play in SEI’s 2025 operations?",{"text":122,"@type":114},"2025 marked a watershed in adopting AI tools to improve productivity and the quality of academic operations. With modest capital expenditures, SEI reports seeing significant financial returns tied to these productivity improvements.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},264719,1789387614,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":130,"read_time":145,"preview_page_count":4},687207020761,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","| | |  |  |  | |  |  | | |  |  | | |  |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n|  | |  | |  |  | | |  |  | | |  |  | |\n|  | | |  | |  |  |  |  |  |  |  |  |  |  |\n| 2025 ANNUAL REPORT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |\n\nStrategic Education, Inc.  \nLetter to Shareholders 2025  \nDear Fellow Shareholders,  \nIn 2025, your company generated $1.27 billion in revenue, $197 million in adjusted operating income, $145 million in adjusted net income, and $6.21 in adjusted earnings per share. During the year Strategic Education, Inc. (SEI) grew its revenue 4%, while its expenses only increased 1%, leading to a 25% annual increase in both operating income and earnings per share. We educated over 105,000 students at our three Universities in 2025, and served an additional 235,000 students through our Education Technology Services segment. Most importantly, during 2025 our three Universities graduated over 30,000 students with bachelor’s, master’s, or doctoral degrees. As SEI shareholders, we should all be particularly grateful for that last statistic, because the academic success of our students will always be the most important generator of long-term returns on our invested capital.  \nIn reviewing our 2025 results several important themes stand out. First, notwithstanding our very healthy financial performance, enrollment in all three of our Universities was softer in 2025 than we had planned. Second, and conversely, the performance of our Education Technology Services segment in 2025 was stronger than even our own aggressive expectations. Indeed, our non-university operations have now grown to be a very significant part of SEI’s overall enterprise. Third, 2025 marked a watershed in our adoption of Artificial Intelligence (A.I.) tools to significantly improve our productivity and the quality of our academic operations. With very modest capital expenditures we are already seeing significant financial returns. Fourth, based on that improved productivity, coupled with the strength of our diversified set of educational assets, 2025 was our third straight year of greater than 25% growth in adjusted earnings per share. Finally, in terms of capital allocation, in 2025 we were more aggressive than usual in repurchasing our equity shares in the open market.  \nIn this letter I will explore all of these themes, as well as discuss the specific performance in 2025 of our three business units: US Higher Education, Australia/New Zealand, and Education Technology Services. Finally, as is our custom, I have included in an appendix to this letter both an excerpt from Strayer University’s 1912 student catalog, as well as an excerpt from my first Letter to Shareholders written in 2001. These two excerpts have been printed in each of our company annual reports since 2001. While our enterprise is now admittedly much larger than just Strayer University, I believe both excerpts remain helpful in understanding SEI’s culture, operating model, and most importantly, our immutable priorities.  \nOur US Higher Education assets include both Strayer University, a 133-year-old institution serving mostly undergraduate students, and Capella University, a 33-year-old institution serving mostly graduate students. Strayer University operates through an extensive physical campus network as well as online, while Capella University operates solely online. These two Universities educated a combined 86,300 students in 2025, down slightly from 87,500 in 2024. Our US Higher Education segment generated $868 million in revenue in 2025 (up from $858 million in 2024) and contributed $102 million in adjusted operating earnings (up from $77 million in 2024) .  \nIn 2025 our Australia/New Zealand segment, which is made up of Torrens University, Media Design School, and Think Education, educated roughly 19,200 students, a slight decrease from the previous year. During the year the segment generated revenue of US $257 million, and op","cbCaid1wzdM30O1E","https://ap.wps.com/l/cbCaid1wzdM30O1E","pdf",1160466,170,"English","# Letter to Shareholders\n## Financial Highlights\n## Key 2025 Themes\n## Segment Performance: US Higher Education\n## Segment Performance: Australia/New Zealand\n## Enrollment Analysis and Drivers\n## Capital Allocation and Repurchases","[{\"question\":\"What were SEI’s key financial results in 2025?\",\"answer\":\"SEI generated $1.27 billion in revenue, $197 million in adjusted operating income, $145 million in adjusted net income, and $6.21 in adjusted earnings per share. The year included revenue growth of 4% with expenses rising only 1%, leading to a 25% increase in both operating income and earnings per share.\"},{\"question\":\"How did enrollment trends differ in 2025 across SEI’s universities and services?\",\"answer\":\"Enrollment in all three universities was softer than planned in 2025. In contrast, the Education Technology Services segment performed stronger than expectations, and non-university operations became a significant part of SEI’s enterprise.\"},{\"question\":\"What role did artificial intelligence play in SEI’s 2025 operations?\",\"answer\":\"2025 marked a watershed in adopting AI tools to improve productivity and the quality of academic operations. With modest capital expenditures, SEI reports seeing significant financial returns tied to these productivity improvements.\"}]","Strategic Education, Inc. - 2025 Annual Report - Letter to Shareholders | PDF",428]