STRATEGIC EDUCATION, INC., 10-Q filed on 11/6/2025
Quarterly Report
v3.25.3
COVER - shares
 9 Months Ended
Sep. 30, 2025
Oct. 17, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 0-21039  
Entity Registrant Name Strategic Education, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 52-1975978  
Entity Address, Address Line One 2303 Dulles Station Boulevard  
Entity Address, City or Town Herndon,  
Entity Address, State or Province VA  
Entity Address, Postal Zip Code 20171  
City Area Code 703  
Local Phone Number 561-1600  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol STRA  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   23,486,618
Entity Central Index Key 0001013934  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2025  
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 151,460 $ 137,074
Marketable securities 21,189 46,949
Tuition receivable, net 114,882 76,127
Income taxes receivable 2,433 0
Assets held for sale 2,200 0
Other current assets 54,266 44,793
Total current assets 346,430 304,943
Property and equipment, net 107,774 111,247
Right-of-use lease assets 95,993 103,673
Marketable securities, non-current 9,989 14,981
Intangible assets 248,925 245,098
Goodwill 1,237,065 1,206,883
Other assets 65,787 62,910
Total assets 2,111,963 2,049,735
Current liabilities:    
Accounts payable and accrued expenses 113,171 101,749
Income taxes payable 0 2,926
Contract liabilities 151,899 89,563
Lease liabilities 18,412 22,222
Total current liabilities 283,482 216,460
Deferred income tax liabilities 30,919 27,586
Lease liabilities, non-current 99,239 103,004
Other long-term liabilities 42,220 40,186
Total liabilities 455,860 387,236
Commitments and contingencies
Stockholders’ equity:    
Common stock, par value $0.01; 32,000,000 shares authorized; 24,502,385 and 23,504,950 shares issued and outstanding at December 31, 2024 and September 30, 2025, respectively 235 245
Additional paid-in capital 1,467,401 1,532,414
Accumulated other comprehensive loss (52,631) (88,565)
Retained earnings 241,098 218,405
Total stockholders’ equity 1,656,103 1,662,499
Total liabilities and stockholders’ equity $ 2,111,963 $ 2,049,735
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 32,000,000 32,000,000
Common stock, shares issued (in shares) 23,504,950 24,502,385
Common stock, shares outstanding (in shares) 23,504,950 24,502,385
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenues $ 319,949 $ 305,958 $ 945,010 $ 908,474
Costs and expenses:        
Instructional and support costs 162,724 162,668 487,163 483,612
General and administration 105,932 106,206 316,303 308,013
Restructuring costs 14,251 758 18,948 (2,757)
Total costs and expenses 282,907 269,632 822,414 788,868
Income from operations 37,042 36,326 122,596 119,606
Other income (expense) (273) 2,264 1,623 3,935
Income before income taxes 36,769 38,590 124,219 123,541
Provision for income taxes 10,139 10,842 35,514 36,193
Net income $ 26,630 $ 27,748 $ 88,705 $ 87,348
Earnings per share:        
Basic (in dollars per share) $ 1.18 $ 1.18 $ 3.87 $ 3.73
Diluted (in dollars per share) $ 1.15 $ 1.15 $ 3.76 $ 3.62
Weighted average shares outstanding:        
Basic (in shares) 22,584 23,422 22,937 23,418
Diluted (in shares) 23,209 24,173 23,597 24,137
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 26,630 $ 27,748 $ 88,705 $ 87,348
Other comprehensive income (loss):        
Foreign currency translation adjustments 6,457 23,828 36,153 10,770
Unrealized gains (losses) on marketable securities, net of tax (219) 25 (219) 239
Comprehensive income $ 32,868 $ 51,601 $ 124,639 $ 98,357
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023   24,406,816      
Beginning balance at Dec. 31, 2023 $ 1,652,518 $ 244 $ 1,517,650 $ 168,871 $ (34,247)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 18,789   18,789    
Exercise of stock options (in shares)   4,864      
Exercise of stock options 318   318    
Issuance of restricted stock, net (in shares)   211,314      
Issuance of restricted stock, net (3,831) $ 2 (3,833)    
Repurchase of common stock (in shares)   (53,555)      
Repurchase of common stock (5,000)   (3,330) (1,670)  
Common stock dividends (44,355)     (44,355)  
Foreign currency translation adjustment 10,770       10,770
Unrealized gains (losses) on marketable securities, net of tax 239       239
Net income 87,348     87,348  
Ending balance (in shares) at Sep. 30, 2024   24,569,439      
Ending balance at Sep. 30, 2024 1,716,796 $ 246 1,529,594 210,194 (23,238)
Beginning balance (in shares) at Jun. 30, 2024   24,622,994      
Beginning balance at Jun. 30, 2024 1,678,100 $ 246 1,526,037 198,908 (47,091)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 6,887   6,887    
Repurchase of common stock (in shares)   (53,555)      
Repurchase of common stock (5,000)   (3,330) (1,670)  
Common stock dividends (14,792)     (14,792)  
Foreign currency translation adjustment 23,828       23,828
Unrealized gains (losses) on marketable securities, net of tax 25       25
Net income 27,748     27,748  
Ending balance (in shares) at Sep. 30, 2024   24,569,439      
Ending balance at Sep. 30, 2024 $ 1,716,796 $ 246 1,529,594 210,194 (23,238)
Beginning balance (in shares) at Dec. 31, 2024 24,502,385 24,502,385      
Beginning balance at Dec. 31, 2024 $ 1,662,499 $ 245 1,532,414 218,405 (88,565)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 17,195   17,145 50  
Exercise of stock options (in shares)   4,898      
Exercise of stock options 306   306    
Issuance of restricted stock, net (in shares)   143,650      
Issuance of restricted stock, net (10,026) $ 1 (10,027)    
Repurchase of common stock (in shares)   (1,145,983)      
Repurchase of common stock (95,081) $ (11) (72,437) (22,633)  
Common stock dividends (43,429)     (43,429)  
Foreign currency translation adjustment 36,153       36,153
Unrealized gains (losses) on marketable securities, net of tax (219)       (219)
Net income $ 88,705     88,705  
Ending balance (in shares) at Sep. 30, 2025 23,504,950 23,504,950      
Ending balance at Sep. 30, 2025 $ 1,656,103 $ 235 1,467,401 241,098 (52,631)
Beginning balance (in shares) at Jun. 30, 2025   23,948,762      
Beginning balance at Jun. 30, 2025 1,666,717 $ 239 1,489,271 236,076 (58,869)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Stock-based compensation 5,868   5,818 50  
Exercise of stock options (in shares)   740      
Exercise of stock options 39   39    
Issuance of restricted stock, net (in shares)   (15,715)      
Issuance of restricted stock, net (576)   (576)    
Repurchase of common stock (in shares)   (428,837)      
Repurchase of common stock (34,615) $ (4) (27,151) (7,460)  
Common stock dividends (14,198)     (14,198)  
Foreign currency translation adjustment 6,457       6,457
Unrealized gains (losses) on marketable securities, net of tax (219)       (219)
Net income $ 26,630     26,630  
Ending balance (in shares) at Sep. 30, 2025 23,504,950 23,504,950      
Ending balance at Sep. 30, 2025 $ 1,656,103 $ 235 $ 1,467,401 $ 241,098 $ (52,631)
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]        
Common stock dividends (in dollars per share) $ 0.60 $ 0.60 $ 1.80 $ 1.80
v3.25.3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 88,705 $ 87,348
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on early termination of operating leases, net 0 (6,166)
Amortization of deferred financing costs 318 421
Amortization of investment discount/premium (413) (47)
Depreciation and amortization 35,160 33,033
Deferred income taxes 2,917 (2,272)
Stock-based compensation 17,195 18,789
Impairment of right-of-use lease assets 4,685 0
Changes in assets and liabilities:    
Tuition receivable, net (36,940) (27,849)
Other assets (12,678) (15,877)
Accounts payable and accrued expenses 9,167 12,878
Income taxes payable and income taxes receivable (5,488) (646)
Contract liabilities 60,211 57,576
Other liabilities (3,837) (3,762)
Net cash provided by operating activities 159,002 153,426
Cash flows from investing activities:    
Purchases of property and equipment (32,009) (29,346)
Purchases of marketable securities (25,804) (14,720)
Proceeds from marketable securities 57,575 29,525
Proceeds from other investments 0 20
Other investments (265) (490)
Cash paid for acquisition, net of cash acquired (36) (163)
Net cash used in investing activities (539) (15,174)
Cash flows from financing activities:    
Common dividends paid (43,387) (44,262)
Payments on long-term debt 0 (61,275)
Net payments for stock awards (9,720) (3,514)
Repurchase of common stock (94,316) (5,000)
Net cash used in financing activities (147,423) (114,051)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 2,815 1,495
Net increase in cash, cash equivalents, and restricted cash 13,855 25,696
Cash, cash equivalents, and restricted cash — beginning of period 146,656 181,925
Cash, cash equivalents, and restricted cash — end of period 160,511 207,621
Non-cash transactions:    
Non-cash additions to property and equipment 2,562 2,834
Right-of-use lease assets obtained in exchange for operating lease liabilities $ 6,071 $ 10,205
v3.25.3
Nature of Operations
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations Nature of Operations
Strategic Education, Inc. (“Strategic Education” or the “Company”), a Maryland corporation, is an education 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 accompanying condensed consolidated financial statements and footnotes include the results of the Company’s three reportable segments: (1) U.S. Higher Education (“USHE”), which is primarily comprised of Capella University and Strayer University and is focused on providing flexible and affordable certificate and degree programs to working adults; (2) Education Technology Services (“ETS”), which 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, including through Workforce Edge, a full-service education benefits administration solution for employers, and Sophia Learning, which offers low-cost online general education-level courses; and (3) Australia/New Zealand (“ANZ”), which through Torrens University and associated assets, provides certificate and degree programs in Australia and New Zealand. The Company’s reportable segments are discussed further in Note 15.
v3.25.3
Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Financial Statement Presentation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
All information as of, and for the three and nine months ended, September 30, 2024 and 2025 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated statements of financial position, results of operations, and cash flows of the Company. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements at that date. Certain amounts in the prior period have been reclassified to conform to the current period’s presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year.
Below is a description of the nature of the costs included in the Company’s operating expense categories.
Instructional and support costs generally contain items of expense directly attributable to activities that support students. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs.
General and administration expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions.
Restructuring costs include severance and other personnel-related expenses from voluntary and involuntary employee terminations, asset impairment charges, gains/losses on sale of real estate and early termination of leased facilities, and other costs associated with the Company’s restructuring activities. See Note 4 for additional information.
Foreign Currency Translation and Transaction Gains and Losses
The United States Dollar (“USD”) is the functional currency of the Company and its subsidiaries operating in the United States. The financial statements of its foreign subsidiaries are maintained in their functional currencies. The functional currency of each
of the foreign subsidiaries is the currency of the economic environment in which the subsidiary primarily does business. Financial statements of foreign subsidiaries are translated into USD using the exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated into USD using the period-end spot foreign exchange rates. Income and expenses are translated at the weighted-average exchange rates in effect during the period. Equity accounts are translated at historical exchange rates. The effects of these translation adjustments are reported as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
For any transaction that is in a currency different from the entity’s functional currency, the Company records a net gain or loss based on the difference between the exchange rate at the transaction date and the exchange rate at the transaction settlement date (or rate at period end, if unsettled) in the unaudited condensed consolidated statements of income.
Restricted Cash
In the United States, a significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from a U.S. higher education institution during the academic term. The Company had approximately $1.8 million and $1.9 million of these unpaid obligations as of December 31, 2024 and September 30, 2025, respectively. In Australia and New Zealand, advance tuition payments from international students are required to be restricted until a student commences his or her course. In addition, a portion of tuition prepayments from students enrolled in a vocational education and training program are held in trust by a third-party law firm to adhere to tuition protection requirements. As of December 31, 2024 and September 30, 2025, the Company had approximately $7.3 million and $6.6 million, respectively, of restricted cash related to these requirements in Australia and New Zealand. These balances are recorded as restricted cash and included in other current assets in the unaudited condensed consolidated balance sheets.
As part of conducting operations in Pennsylvania, the Company is required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account, which is included in other assets in the unaudited condensed consolidated balance sheets.
The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of September 30, 2024 and 2025 (in thousands):
As of September 30,
20242025
Cash and cash equivalents$195,889 $151,460 
Restricted cash included in other current assets11,232 8,551 
Restricted cash included in other assets500 500 
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$207,621 $160,511 
Marketable Securities
Investments in marketable securities are carried at either amortized cost or fair value. Investments in marketable securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in marketable securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Management determines the appropriate designation of marketable securities at the time of purchase and re-evaluates such designation as of each balance sheet date. All of the Company’s marketable securities are designated as either held-to-maturity or available-for-sale.
The Company’s held-to-maturity marketable securities consist of term deposits, U.S. treasury securities, and corporate debt securities, which are carried at amortized cost. The Company’s available-for-sale marketable securities consisted of corporate debt securities, which were carried at fair value as determined by quoted market prices or other inputs either directly or indirectly observable in the marketplace for identical or similar assets, with unrealized gains and losses, net of tax, recognized as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Management reviews the fair value of the portfolio at least quarterly, and evaluates individual securities with fair value below amortized cost at the balance sheet date for impairment. In order to determine whether there is an impairment, management evaluates whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis.
If management intends to sell an impaired debt security, or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an impairment is deemed to have occurred. The amount of an impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in other income. The contractual maturity date of available-for-sale securities is based on the days remaining to the effective maturity. The Company classifies marketable securities as either current or non-current assets based on management’s intent with regard to usage of those funds, which is dependent upon the security’s maturity date and liquidity considerations based on current market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current.
Tuition Receivable and Allowance for Credit Losses
The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Company’s student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for credit losses is established based upon historical collection rates by age of receivable and adjusted for reasonable expectations of future collection performance, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status, likelihood of future enrollment, degree mix trends and changes in the overall economic and regulatory environment. In the event that current collection trends differ from historical trends, an adjustment is made to the allowance for credit losses and bad debt expense.
The Company’s current tuition receivable and allowance for credit losses were as follows as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Tuition receivable$127,012 $164,649 
Allowance for credit losses(50,885)(49,767)
Tuition receivable, net$76,127 $114,882 
An additional $7.0 million and $6.4 million of tuition receivable, net, are included in other assets as of December 31, 2024 and September 30, 2025, respectively, because these amounts are expected to be collected after 12 months.
The following table illustrates changes in the Company’s current and non-current allowance for credit losses 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
Allowance for credit losses, beginning of period$46,787 $44,325 $47,605 $46,185 
Additions charged to expense13,793 14,967 39,418 40,547 
Write-offs, net of recoveries(15,044)(13,595)(41,487)(41,035)
Allowance for credit losses, end of period$45,536 $45,697 $45,536 $45,697 
Assets Held for Sale
The Company classifies assets and liabilities as held for sale (a “disposal group”) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to be completed within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Gains are not recognized until the date of sale. Assets are not depreciated or amortized while they are classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as assets held for sale and liabilities held for sale in its unaudited condensed consolidated balance sheets.
Over the last several years, the Company has been evaluating its owned and leased real estate portfolio to identify underutilized facilities to either downsize or exit. One facility identified is an owned U.S. Higher Education campus, which the Company has been marketing for sale and expects to close within the next twelve months. The long-lived assets being marketed for sale consist of land, buildings, and building improvements. The Company determined that it met all of the criteria to classify these assets as held for sale as of September 30, 2025. The Company recorded a $0.3 million loss related to the assets classified as held for sale in the third quarter of 2025 as the fair value of the assets, less the estimated costs to sell, was less than the carrying amount of the net assets. Fair value was determined based upon a third-party appraisal of the property. The loss is included in Restructuring costs on the unaudited condensed consolidated statements of income.
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely.
Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment on the first day of the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available, and management regularly reviews the operating results of those components.
Authorized Stock
The Company has authorized 32,000,000 shares of common stock, par value $0.01, of which 24,502,385 and 23,504,950 shares were issued and outstanding as of December 31, 2024 and September 30, 2025, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued, the Board of Directors must establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock.
In July 2025, the Company’s Board of Directors declared a regular, quarterly cash dividend of $0.60 per share of common stock. The dividend was paid on September 15, 2025.
Net Income Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units (“stock awards”). The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock awards are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive.
Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share 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
Weighted average shares outstanding used to compute basic earnings per share23,422 22,584 23,418 22,937 
Incremental shares issuable upon the assumed exercise of stock options5 1 5 1 
Unvested restricted stock and restricted stock units746 624 714 659 
Shares used to compute diluted earnings per share24,173 23,209 24,137 23,597 
Anti-dilutive shares excluded from the diluted earnings per share calculation— 250 — 200 
Comprehensive Income
Comprehensive income includes net income and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities, net of tax. As of December 31, 2024 and September 30, 2025, the balance of accumulated other comprehensive loss was $88.6 million, net of tax of $0.1 million, and $52.6 million, respectively. During the three and nine months ended September 30, 2025, approximately $0.2 million, net of tax of $0.1 million, of unrealized gains (losses) on marketable securities was reclassified out of accumulated other comprehensive income (loss) to Other income (expense) on the unaudited consolidated statements of income. There were no reclassifications out of accumulated other comprehensive income (loss) to net income for the three and nine months ended September 30, 2024.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. Actual results could differ from those estimates.
Recently Issued Accounting Standards Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disclosure of specific categories in the effective tax rate reconciliation. Further, the standard requires certain disclosures of state versus federal income tax expense and taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and will be adopted by the Company in its Form 10-K for the year ending December 31, 2025. ASU 2023-09 is expected to result in expanded tax rate reconciliations and income taxes paid disclosures but is not anticipated to otherwise impact the Company’s consolidated financial statements. The Company will apply the amendments retrospectively.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disclosure of amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion within each income statement expense line item that contains any of these expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted, and the amendments can be applied prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 eliminates the existing guidance that categorizes software development into distinct project stages and replaces it with a recognition threshold based on management’s authorization and commitment to fund the project, along with the probability of completion and intended use. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual periods. Early adoption is permitted, and the amendments can be applied prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2025-06 will have on its consolidated financial statements and related disclosures.
Other ASUs recently issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.
v3.25.3
Revenue Recognition
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company’s revenues primarily consist of tuition revenue arising from educational services provided in the form of classroom instruction and online courses. Tuition revenue is deferred and recognized ratably over the period of instruction, which varies depending on the course format and chosen program of study. Capella University’s GuidedPath classes and Strayer University’s educational programs typically are offered on a quarterly basis, and such periods coincide with the Company’s quarterly financial reporting periods, while Capella University’s FlexPath courses are delivered over a twelve-week subscription period. Torrens University offers the majority of its education programs on a trimester system having three primary academic terms, which all occur within the calendar year.
The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category 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
U.S. Higher Education Segment
Tuition, net of discounts, grants and scholarships$198,873 $203,315 $616,175 $621,775 
    Other(1)
8,836 9,752 27,383 27,935 
Total U.S. Higher Education Segment207,709 213,067 643,558 649,710 
Australia/New Zealand Segment
Tuition, net of discounts, grants and scholarships69,973 67,002 184,611 181,297 
    Other(1)
1,975 1,587 5,842 4,696 
Total Australia/New Zealand Segment71,948 68,589 190,453 185,993 
Education Technology Services Segment(2)
26,301 38,293 74,463 109,307 
Consolidated revenue$305,958 $319,949 $908,474 $945,010 
_________________________________________
(1)Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other non-tuition revenue streams.
(2)Education Technology Services revenue is primarily derived from tuition revenue and administrative fees.
Revenues are recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods and services. The Company applies the five-step revenue model under Accounting Standards Codification (“ASC”) 606, Revenue Recognition (“ASC 606”) to determine when revenue is earned and recognized.
Arrangements with students may have multiple performance obligations. For such arrangements, the Company allocates net tuition revenue to each performance obligation based on its relative standalone selling price. The Company generally determines standalone selling prices based on the prices charged to customers and observable market prices. The standalone selling price of material rights to receive free classes or scholarships in the future is estimated based on class tuition prices or amounts of scholarships, and likelihood of redemption based on historical student attendance and completion behavior.
At the start of each academic term or program, a contract liability is recorded for academic services to be provided, and a tuition receivable is recorded for the portion of the tuition not paid in advance. Any cash received prior to the start of an academic term or program is recorded as a contract liability. Some students may be eligible for scholarship awards, the estimated value of which will be realized in the future and is deducted from revenue when earned, based on historical student attendance and completion behavior. Contract liabilities are recorded as a current or long-term liability in the unaudited condensed consolidated balance sheets based on when the benefits are expected to be realized.
Course materials are available to enable students to access electronically all required materials for courses in which they enroll during the quarter. Revenue derived from course materials is recognized ratably over the duration of the course as the Company provides the student with continuous access to these materials during the term. For sales of certain other course materials, the Company is considered the agent in the transaction, and as such, the Company recognizes revenue net of amounts owed to the vendor at the time of sale. Revenues also include certain academic fees recognized within the quarter of instruction, and certificate revenue and licensing revenue, which are recognized as the services are provided.
Contract Liabilities – Learn and Earn Scholarship
Strayer University offers the Learn and Earn Scholarship (formerly known as the Graduation Fund), which allows undergraduate students to earn tuition credits that are redeemable in the final year of a student’s course of study if he or she successfully remains in the program. Students registering in credit-bearing courses in any undergraduate degree program receive one free course for every three courses that the student successfully completes. To be eligible, students must meet all of Strayer University’s admission requirements and must be enrolled in a bachelor’s degree program. Students who have more than one consecutive term of non-attendance lose any Learn and Earn Scholarship credits earned to date, but may earn and accumulate new credits if the student is reinstated or readmitted by Strayer University in the future.
Revenue from students participating in the Learn and Earn Scholarship is recorded in accordance with ASC 606. The Company defers the value of the related performance obligation associated with the credits estimated to be redeemed in the future based on the underlying revenue transactions that result in progress by the student toward earning the benefit. The Company’s estimate of the benefits that will be redeemed in the future is based on its historical experience of student persistence toward completion of a
course of study within this program and similar programs. Each quarter, the Company assesses its assumptions underlying these estimates, and to date, any adjustments to the estimates have not been material. The amount estimated to be redeemed in the next 12 months is $15.9 million and is included as a current contract liability in the unaudited condensed consolidated balance sheets. The remainder is expected to be redeemed within two to four years.
The table below presents activity in the contract liability related to the Learn and Earn Scholarship (in thousands):
For the nine months ended September 30,
20242025
Balance at beginning of period$44,480 $37,118 
Revenue deferred16,358 15,084 
Benefit redeemed(17,054)(14,482)
Balance at end of period$43,784 $37,720 
Contract Liabilities – Tuition Cap
Students in certain programs at Capella University may be eligible for tuition cap pricing, wherein their tuition is waived once the student has reached the designated dollar cap threshold for their program. The Company defers the value of the related performance obligation associated with this tuition benefit estimated to be redeemed in the future based on the underlying revenue transactions that result in progress by the student towards reaching the tuition cap. The Company’s estimate of the benefits that will be redeemed in the future is based on its historical experience of student persistence toward completion of a course of study within these programs or similar programs. Each quarter, the Company assesses its assumptions underlying these estimates. As of December 31, 2024 and September 30, 2025, the Company had $14.7 million and $17.1 million, respectively, of contract liabilities in the unaudited condensed consolidated balance sheets related to tuition cap benefits that are estimated to be redeemed in the future. The amount estimated to be redeemed in the next 12 months is $6.8 million and is included as a current contract liability in the unaudited condensed consolidated balance sheets.
Costs to Obtain a Contract
Certain commissions earned by third-party international agents are considered incremental and recoverable costs of obtaining a contract with customers in the Australia/New Zealand segment. These costs are deferred and then amortized over the period of benefit which ranges from one year to two years.
v3.25.3
Restructuring and Related Charges
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Related Charges Restructuring and Related Charges
The Company incurs severance and other employee separation costs related to employee terminations that are not tied to a formal restructuring plan. The Company incurred $0.6 million and $1.9 million of severance and other employee separation charges during the three and nine months ended September 30, 2024, respectively, and $8.1 million and $10.9 million during the three and nine months ended September 30, 2025, respectively, related to the elimination of certain positions. These severance and other employee separation charges are included in Restructuring costs on the unaudited condensed consolidated statements of income.
The following details the changes in the Company’s severance and other employee separation costs restructuring liabilities during the nine months ended September 30, 2024 and 2025 (in thousands):
Severance Restructuring Liability
Balance as of December 31, 2023$795 
Restructuring and other charges1,896 
Payments(2,593)
Balance as of September 30, 2024
$98 
Balance as of December 31, 2024(1)
$534 
Restructuring and other charges10,863 
Payments(10,459)
Balance as of September 30, 2025(1)
$938 
____________________________________
(1)Restructuring liabilities are included in accounts payable and accrued expenses in the unaudited condensed consolidated balance sheets.
The Company evaluates its owned and leased real estate portfolio on an ongoing basis, which has resulted in the consolidation and sale of underutilized facilities. The Company recorded approximately $3.9 million and $4.7 million of right-of-use lease asset charges during the three and nine months ended September 30, 2025, respectively, related to facilities that were consolidated during the period. The Company also recorded fixed asset impairment charges of approximately $1.5 million and $2.3 million during the three and nine months ended September 30, 2025, respectively. As stated in Note 2, the Company also recorded a $0.3 million loss related to assets classified as held for sale during the third quarter of 2025. There were no right-of-use lease asset charges or fixed asset impairment charges during the three and nine months ended September 30, 2024. The Company recorded a net benefit related to the early termination and related extinguishment of lease liabilities of approximately $6.2 million during the nine months ended September 30, 2024. These right-of-use lease asset and fixed asset impairment charges, loss on assets classified as held for sale, and net benefits from early lease terminations are included in Restructuring costs on the unaudited condensed consolidated statements of income.
v3.25.3
Marketable Securities
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The following is a summary of available-for-sale securities, which are carried at fair value, as of December 31, 2024 (in thousands):
Amortized CostGross Unrealized GainGross Unrealized (Losses)Estimated Fair Value
Balance as of December 31, 2024
Corporate debt securities$500 $— $(1)$499 
Total$500 $— $(1)$499 
The Company did not have any marketable securities classified as available-for-sale as of September 30, 2025.
The following is a summary of held-to-maturity securities, which are carried at amortized cost, as of December 31, 2024 and September 30, 2025 (in thousands):
Amortized CostGross Unrealized GainGross Unrealized (Losses)Estimated Fair Value
Balance as of December 31, 2024
Term deposits$21,653 $— $— $21,653 
U.S. treasury securities19,778 18 — 19,796 
Corporate debt securities20,000 — (26)19,974 
Total$61,431 $18 $(26)$61,423 
Balance as of September 30, 2025
Term deposits$16,206 $— $— $16,206 
U.S. treasury securities9,972 33 — 10,005 
Corporate debt securities5,000 42 — 5,042 
Total$31,178 $75 $— $31,253 
The unrealized gains and losses on the Company’s investments in marketable securities as of December 31, 2024 and September 30, 2025 were caused by changes in market values primarily due to interest rate changes. As of September 30, 2025, there were no securities which were in an unrealized loss position for a period longer than twelve months. The Company does not intend to sell these securities, and it is not more likely than not that the Company will be required to sell these securities prior to the recovery of their amortized cost basis, which may be at maturity. As such, no impairment charges were recorded during the three and nine months ended September 30, 2024 and 2025. The Company has no allowance for credit losses related to its marketable securities as all investments are in investment grade securities.
The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Available-for-sale securitiesHeld-to-maturity securitiesAvailable-for-sale securitiesHeld-to-maturity securities
Due within one year$499 $46,450 $— $21,189 
Due after one year through five years— 14,981 — 9,989 
Total$499 $61,431 $— $31,178 
The following table summarizes the purchases of and proceeds from marketable securities for the nine months ended September 30, 2024 and 2025 (in thousands):
For the nine months ended September 30,
20242025
Purchases of marketable securities
Purchases of held-to-maturity securities$14,720 $25,804 
Total purchases of marketable securities$14,720 $25,804 
Proceeds from marketable securities
Maturities of available-for-sale securities$11,305 $500 
Maturities of held-to-maturity securities18,220 57,075 
Total proceeds from marketable securities$29,525 $57,575 
The Company did not sell any available-for-sale or held-to-maturity securities during the three and nine months ended September 30, 2024 and 2025. The Company did not record any gross realized gains or losses in net income during the three and nine months ended September 30, 2024 and 2025.
v3.25.3
Fair Value Measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement Fair Value Measurement
Assets measured at fair value on a recurring basis consist of the following as of December 31, 2024 (in thousands):
Fair Value Measurements at Reporting Date Using
December 31, 2024Quoted Prices in
Active Markets
for Identical
Assets/Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market funds$92,416 $92,416 $— $— 
Available-for-sale securities:
Corporate debt securities499 — 499 — 
Total assets at fair value on a recurring basis$92,915 $92,416 $499 $— 
Assets measured at fair value on a recurring basis consist of the following as of September 30, 2025 (in thousands):
Fair Value Measurements at Reporting Date Using
September 30, 2025Quoted Prices in
Active Markets
for Identical
Assets/Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market funds$86,633 $86,633 $— $— 
Total assets at fair value on a recurring basis$86,633 $86,633 $— $— 
The Company measures the above items on a recurring basis at fair value as follows:
•Money market funds – Classified in Level 1 is excess cash the Company holds in money market funds, which are included in cash and cash equivalents in the accompanying unaudited condensed consolidated balance sheets. The Company’s other cash and cash equivalents as of December 31, 2024 and September 30, 2025 approximate fair value and are not disclosed in the above tables because of the short-term nature of the financial instruments.
•Available-for-sale securities – Classified in Level 2 and valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets. The Company does not hold securities in inactive markets. The Company records any net unrealized gains and losses for changes in fair value as a component of accumulated other comprehensive income (loss) in stockholders’ equity.
The Company’s held-to-maturity marketable securities, which consist of term deposits, U.S. treasury securities, and corporate debt securities, are not included in the tables above as they are carried at amortized cost and not measured at fair value on a recurring basis. The estimated fair value of the Company’s held-to-maturity marketable securities as of December 31, 2024 and September 30, 2025 was $61.4 million and $31.3 million, respectively. These securities are valued using readily available pricing sources for comparable instruments utilizing observable inputs from active markets and are classified in Level 2 of the fair value hierarchy.
The Company did not change its valuation techniques associated with recurring fair value measurements from prior periods and did not transfer assets or liabilities between levels of the fair value hierarchy during the nine months ended September 30, 2024 and 2025.
v3.25.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The following table presents changes in the carrying value of goodwill by segment for the nine months ended September 30, 2024 (in thousands):
 U.S. Higher EducationAustralia /
New Zealand		Education Technology ServicesTotal
Balance as of December 31, 2023$632,075 $519,813 $100,000 $1,251,888 
Additions— — — — 
Impairments— — — — 
Currency translation adjustments— 8,711 — 8,711 
Balance as of September 30, 2024$632,075 $528,524 $100,000 $1,260,599 
The following table presents changes in the carrying value of goodwill by segment for the nine months ended September 30, 2025 (in thousands):
 U.S. Higher EducationAustralia /
New Zealand		Education Technology ServicesTotal
Balance as of December 31, 2024$632,075 $474,808 $100,000 $1,206,883 
Additions— — — — 
Impairments— — — — 
Currency translation adjustments— 30,182 — 30,182 
Balance as of September 30, 2025$632,075 $504,990 $100,000 $1,237,065 
The Company assesses goodwill at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit below its carrying amount. No events or circumstances occurred in the three and nine months ended September 30, 2025 to indicate an impairment to goodwill at any of the Company’s segments. There were no impairment charges related to goodwill recorded during the three and nine months ended September 30, 2024 and 2025.
Intangible Assets
Indefinite-lived intangible assets not subject to amortization consist of trade names. The Company assigned an indefinite useful life to its trade name intangible assets, as it is believed these assets have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic, or other factors to limit the useful life of the trade name intangibles.
The following table presents changes in the carrying value of indefinite-lived intangible assets (in thousands):
For the nine months ended September 30,
 20242025
Balance at beginning of period$251,623 $245,098 
Impairments(800)— 
Currency translation adjustments1,129 3,827 
Balance at end of period$251,952 $248,925 
The Company assesses indefinite-lived intangible assets at least annually for impairment during the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective indefinite-lived intangible asset below its carrying amount. In the second quarter of 2024, the Company recorded a $0.8 million indefinite-lived intangible asset impairment charge, which is included in Restructuring costs on the unaudited condensed consolidated statements of income. No events or circumstances occurred in the three and nine months ended September 30, 2025 to indicate an impairment to indefinite-lived intangible assets. There were no impairment charges related to indefinite-lived intangible assets recorded during the three and nine months ended September 30, 2025.
v3.25.3
Other Current Assets
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets Other Current Assets
Other current assets consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Prepaid expenses$20,841 $25,939 
Cloud computing arrangements9,402 10,563 
Restricted cash9,082 8,551 
Deferred contract costs3,258 4,890 
Other2,210 4,323 
Other current assets$44,793 $54,266 
v3.25.3
Other Assets
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets Other Assets
Other assets consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Cloud computing arrangements, net of current portion$18,328 $25,011 
Prepaid expenses, net of current portion15,678 15,231 
Equity method investments13,428 9,284 
Tuition receivable, net, non-current7,040 6,364 
Other investments2,786 2,786 
Deferred contract costs, net of current portion808 2,710 
Other4,842 4,401 
Other assets$62,910 $65,787 
Cloud Computing Arrangements
The Company defers implementation costs incurred in cloud computing arrangements and amortizes these costs over the term of the arrangement.
Prepaid Expenses
Long-term prepaid expenses primarily relate to payments that have been made for future services to be provided after one year. In 2020, pursuant to the terms of the perpetual license agreement associated with the Jack Welch Management Institute, the Company made a final one-time cash payment of approximately $25.3 million for the right to continue to use the Jack Welch name and likeness. As of December 31, 2024 and September 30, 2025, $14.7 million and $13.5 million, respectively, of this payment is included in the prepaid expenses, net of current portion balance, as the payment is being amortized over an estimated useful life of 15 years.
Equity Method Investments
The Company holds investments in certain limited partnerships that invest in various innovative companies in the health care and education-related technology fields. The Company has commitments to invest up to an additional $1.8 million across these partnerships through 2031. The Company’s investments range from 3% to 5% of any partnership’s interest and are accounted for under the equity method.
The following table illustrates changes in the Company’s limited partnership investments 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
Limited partnership investments, beginning of period$13,963 $11,397 $16,068 $13,428 
Capital contributions394 34 490 265 
Pro-rata share in the net income (loss) of limited partnerships(290)(2,147)(2,491)(4,409)
Distributions(472)— (472)— 
Limited partnership investments, end of period$13,595 $9,284 $13,595 $9,284 
Tuition Receivable
Non-current tuition receivable, net, represents tuition that the Company expects to collect, but not within the next 12 months.
Other Investments
The Company holds investments in education technology start-ups focused on transformational technologies that improve student success. These investments are accounted for at cost less impairment as they do not have readily determinable fair value.
Deferred Contract Costs
The Company defers certain commissions paid in the Australia/New Zealand segment to third-party international recruitment agents and amortizes these costs over the period of benefit.
Other
Other is comprised primarily of deferred financing costs associated with the Company’s credit facility, deferred accreditation costs associated with the Australia/New Zealand segment, and refundable security deposits associated with the Company’s leased campus and office space.
v3.25.3
Accounts Payable and Accrued Expenses
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses Accounts Payable and Accrued Expenses
Accounts payable and accrued expenses consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Trade payables$55,733 $61,939 
Accrued compensation and benefits38,843 42,976 
Accrued student obligations and other7,173 8,256 
Accounts payable and accrued expenses$101,749 $113,171 
v3.25.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
On October 18, 2024, the Company entered into an amended credit facility (the “Amended Credit Facility”), which provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) in an aggregate principal amount of up to $250 million. The Amended Credit Facility provides the Company with an option, subject to obtaining additional loan commitments and satisfaction of certain conditions, to increase the commitments under the Revolving Credit Facility or establish one or more incremental term loans (each, an “Incremental Facility”) in the future in an aggregate amount of up to the sum of (x) the greater of (A) $300 million and (B) 100% of the Company’s consolidated EBITDA (earnings before interest, taxes, depreciation, amortization, and noncash charges, such as stock-based compensation) calculated on a trailing four-quarter basis and on a pro forma basis, and (y) if such Incremental Facility is incurred in connection with a permitted acquisition or other permitted investment, any amounts so long as the Company’s leverage ratio (calculated on a trailing four-quarter basis) on a pro forma basis will be no greater than 1.75:1.00. In addition, the Amended Credit Facility provides for a subfacility for borrowings in certain foreign currencies in an amount equal to the U.S. dollar equivalent of $150 million. The maturity date of the Amended Credit Facility is October 18, 2029. The Company paid approximately $1.7 million in debt financing costs associated with the Amended Credit Facility, and these costs are being amortized on a straight-line basis over the five-year term of the Amended Credit Facility.
Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to Term SOFR or a base rate, plus a margin ranging from 1.50% to 2.00% depending on the Company’s leverage ratio. The Company also is subject to a quarterly unused commitment fee ranging from 0.20% to 0.30% per annum depending on the Company’s leverage ratio, times the daily unused amount under the Revolving Credit Facility.
The Amended Credit Facility is guaranteed by all domestic subsidiaries, subject to certain exceptions, and secured by substantially all of the assets of the Company and its subsidiary guarantors. The Amended Credit Facility contains customary affirmative and negative covenants, representations, warranties, events of default, and remedies upon default, including acceleration and rights to foreclose on the collateral securing the Amended Credit Facility. In addition, the Amended Credit Facility requires that the Company satisfy certain financial maintenance covenants, including:
•A leverage ratio of not greater than 2.00 to 1.00. Leverage ratio is defined as the ratio of total debt (net of unrestricted cash in an amount not to exceed $150 million) to trailing four-quarter EBITDA.
•A coverage ratio of not less than 1.75 to 1.00. Coverage ratio is defined as the ratio of trailing four-quarter EBITDA and rent expense to trailing four-quarter interest and rent expense.
As of December 31, 2024 and September 30, 2025, the Company was in compliance with all covenants of the Amended Credit Facility and had no borrowings outstanding under the Revolving Credit Facility.
During the nine months ended September 30, 2024 and 2025, the Company paid $3.1 million and $0.4 million, respectively, of interest and unused commitment fees related to its Revolving Credit Facility.
v3.25.3
Other Long-Term Liabilities
 9 Months Ended
Sep. 30, 2025
Other Liabilities, Noncurrent [Abstract]  
Other Long-Term Liabilities Other Long-Term Liabilities
Other long-term liabilities consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Contract liabilities, net of current portion$34,505 $35,418 
Asset retirement obligations3,876 3,997 
Other1,805 2,805 
Other long-term liabilities$40,186 $42,220 
Contract Liabilities
In connection with its student tuition contracts, the Company has an obligation to provide free tuition in the future should certain eligibility conditions be maintained. Long-term contract liabilities represent the amount of revenue under these arrangements that the Company expects will be realized after one year.
Asset Retirement Obligations
Certain of the Company’s lease agreements require the leased premises to be returned in a predetermined condition.
v3.25.3
Equity Awards
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Awards Equity Awards
The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items 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
Instructional and support costs$2,005 $2,104 $5,060 $6,360 
General and administration4,813 3,724 13,455 10,647 
Restructuring costs69 40 274 188 
Stock-based compensation expense included in operating expense6,887 5,868 18,789 17,195 
Tax benefit1,835 1,544 5,002 4,518 
Stock-based compensation expense, net of tax$5,052 $4,324 $13,787 $12,677 
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
During the nine months ended September 30, 2024 and 2025, the Company recorded income tax expense of $36.2 million and
$35.5 million, respectively. Income tax expense for the nine months ended September 30, 2024 and 2025 include shortfall tax impacts of approximately $1.2 million and windfall tax impacts of approximately $0.4 million, respectively, related to share-based payment arrangements.
The Company had no unrecognized tax benefits as of December 31, 2024 and September 30, 2025. Interest and penalties, including those related to uncertain tax positions, are included in the provision for income taxes in the unaudited condensed consolidated statements of income.
The Company paid $39.5 million and $38.1 million in income taxes during the nine months ended September 30, 2024 and 2025, respectively.
The tax years since 2021 remain open for federal tax examination, the tax years since 2020 remain open to examination by certain states, and the tax years since 2019 remain open to examination by foreign taxing jurisdictions in which the Company is subject to taxation.
On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (“OBBBA”), which includes significant tax related provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The Company has analyzed and accounted for the impacts of OBBBA within the quarter and determined there is no material impact on its annual effective tax rate in 2025.
v3.25.3
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 
v3.25.3
Litigation
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Litigation Litigation
The Company is involved in litigation and other legal proceedings arising out of the ordinary course of its business. There have been no material developments in the litigation and other legal proceedings that are described in our Annual Report on Form 10-K for the year ended December 31, 2024.
v3.25.3
Regulation
 9 Months Ended
Sep. 30, 2025
Regulation [Abstract]  
Regulation Regulation
The Company’s higher education institutions are subject to uncertain and varying laws and regulations, and any changes to these laws or regulations or their application to us may materially adversely affect our business, financial condition, and results of operations. Other than as set forth below, there have been no material changes to the laws and regulations affecting the Company’s higher education institutions that are described in our Annual Report on Form 10-K for the year ended December 31, 2024.
United States Regulation
One Big Beautiful Bill Act
On July 4, 2025, President Trump signed OBBBA, which includes, among other things, amendments to portions of the Higher Education Act of 1965 and the Internal Revenue Code of 1986, as amended. Various portions of the bill may go through negotiated rulemaking prior to implementation, and it is impossible to predict the outcome of those negotiations or the rulemaking process. OBBBA makes a variety of changes to federal student aid programs, including loan limits, accountability measures for programs based on low earning outcomes, loan repayment, Pell Grant eligibility, and regulatory changes.
OBBBA eliminates, effective July 2026, Federal Direct PLUS loans for graduate and professional students, with some limited grandfathering for current graduate and professional student borrowers. The law also sets new annual and aggregate loan limits for such borrowers, with some limited grandfathering. For graduate students who are not and have not been professional students, the new aggregate graduate loan limit is $100,000, irrespective of any undergraduate borrowing. With respect to graduate students who are or have been professional students, the aggregate graduate loan limit is $200,000 minus the amounts borrowed for the professional degree program. OBBBA also created a lifetime maximum aggregate amount for Title IV loans that a student may borrow of $257,500 (other than a loan made to the student as a parent borrower on behalf of a dependent student). OBBBA provides institutions the opportunity to limit the amount of loans a student may borrow in an academic year as long as any such limit is applied consistently to all students enrolled in such program of study. Additionally, OBBBA requires that the amount of loan funds available under a student’s annual loan eligibility must be reduced in direct proportion to the degree to which that student is not enrolled on a full-time basis during an academic year; the Department plans to release a schedule of reductions for public comment later this year, which institutions will be required to use for students who enrolled less than full-time for academic years 2026-27 and beyond.
OBBBA creates an accountability framework, effective July 2026, that institutions must satisfy at the program level in order for students to continue to receive Federal Direct Loans for such programs. OBBBA requires that an undergraduate program become ineligible for Federal Direct Loans if, in two out of three consecutive years, the median earnings of a cohort of program completers are less than the median earnings of working adults aged 25-34 with only a high school diploma, either in the state where the institution is located or, if fewer than 50% of students at the institution reside in the institution’s state, the national average. OBBBA requires that a graduate or professional program become ineligible for Federal Direct Loans if, in two out of three consecutive years, the median earnings of a cohort of program completers are less than the median earnings of working adults aged 25–34 with only a bachelor’s degree. Comparator median earnings for graduate or professional programs will be calculated based on Bureau of the Census data for working adults aged 25-34 with only a bachelor’s degree, and will be the lesser of: (i) working adults in the same field of study in the state where the institution is located, (ii) working adults in the same field of study in the United States, or (iii) all working adults in the state where the institution is located. If fewer than 50% of students at the institution reside in the institution’s state, then the median earnings will be calculated based on the lesser of the national average for (i) all working adults or (ii) working adults in the same field of study. Both the undergraduate and graduate/professional accountability provisions apply to the cohort of students who completed the program four years prior, are working, are not enrolled at any institution, and who received Federal Direct Loan funds for enrollment in the program. If a cohort is less than 30 students, the Secretary of Education may aggregate additional years of programmatic data. If a program fails the earnings test for one year, institutions must notify students that the program is at risk of losing Federal Direct Loan eligibility. OBBBA requires that an institutional appeals process be established by the Secretary of Education, and a program’s Federal Direct Loan eligibility will continue during such appeal. Programs that lose eligibility under the accountability framework may reapply for eligibility after two years, consistent with requirements that will be established by the Secretary of Education.
Among other things related to loan repayment plans, OBBBA requires that for new loans issued on or after July 2026, borrowers choose between two plans: a Standard Repayment Plan (with fixed monthly payments and fixed terms ranging from 10-25 years) or a new Income-Based Repayment Assistance Plan (RAP). Current borrowers repaying loans under existing repayment options may, depending on the loan repayment type: (i) continue to repay under the selected plan or choose a new plan within a prescribed period; or (ii) be required to select from a limited set of plans as of a date certain. For example, borrowers currently on an Income-Contingent Repayment (ICR) plan must transition to a different plan by July 1, 2028. OBBBA also eliminates unemployment and economic hardship deferments for loans issued on or after July 1, 2027, and reduces the permitted forbearance period to 9 months per 24-month period. Additionally, borrowers will be permitted to rehabilitate defaulted loans twice beginning July 2027, rather than only once under the current rule.
Effective July 1, 2026, students with a Student Aid Index that equals or exceeds twice the maximum Pell Grant amount will be ineligible for Pell Grants. A student will also be ineligible for a Federal Pell Grant during any period for which the student receives grant aid from a non-federal source (including states, institutional aid, or private sources) in an amount that equals or exceeds the student’s cost of attendance. Additionally, OBBBA creates Workforce Pell Grants effective July 2026 for students enrolled in eligible workforce programs. Eligible workforce programs must meet a specific definition, including that they are accredited, short-term, career-focused programs (150 to 600 clock hours of instruction over 8 to 15 weeks), which prepare students to pursue one or more certificate or degree programs. In addition, they must be approved by the state governor, aligned with high-demand, high-skill or high-wage jobs, have at least 70% completion and job placement rates, and tuition must be less than the value-added earnings of graduates who received the Workforce Pell Grant. Workforce Pell Grants may not be combined with a regular Pell grant.
OBBBA amends the Higher Education Act to delay the effective date of the 2022 borrower defense to repayment rules, including the closed school discharge provisions, until July 1, 2035. The 2019 version of those rules, which took effect July 1, 2020, is instead reinstated.
The Department of Education has scheduled two negotiated rulemaking committees to meet to consider regulations to implement provisions of OBBBA and related Trump administration priorities, as detailed in the “Negotiated Rulemaking” section below. The Company is unable to predict the outcomes of those negotiations or what guidance the Department may issue regarding how schools are to implement the legislation.
The 90/10 Rule
A requirement of the Higher Education Act, commonly referred to as the 90/10 Rule, applies only to proprietary institutions of higher education, which include Capella University and Strayer University. Under this rule, a proprietary institution is prohibited from deriving more than 90% of its revenues (as revenues are computed under the Department of Education’s methodology) from federal funds on a cash accounting basis (except for certain institutional loans) for any fiscal year. Historically, by statute, only Title IV funds have been considered within the 90% metric; however, as described below, that changed for fiscal years beginning
on or after January 1, 2023.
A proprietary institution of higher education that violates the 90/10 Rule for any fiscal year will be placed on provisional certification for up to two fiscal years. Proprietary institutions of higher education that violate the 90/10 Rule for two consecutive fiscal years will become ineligible to participate in Title IV programs for at least two fiscal years and will be required to demonstrate compliance with Title IV eligibility and certification requirements for at least two fiscal years prior to resuming Title IV program participation. In addition, the Department of Education discloses on its website any proprietary institution of higher education that fails to meet the 90/10 requirement and reports annually to Congress the relevant ratios for each proprietary institution of higher education.
On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021, which included a change to the 90/10 methodology to include all federal funding. The Department of Education promulgated new regulations regarding, among other things, the 90/10 rule as part of the Institutional and Programmatic Eligibility negotiated rulemaking and the committee reached consensus on the topic in March 2022. The Department released final regulations on October 27, 2022. The regulatory changes require proprietary institutions to count all “federal education assistance funds” as federal revenue in the 90/10 calculation for fiscal years beginning on or after January 1, 2023. The preamble to the final rule and subsequent sub-regulatory guidance prohibited the inclusion of non-Title IV eligible programs offered in part or in full through distance education or at unapproved locations in the 10% calculation, but this language was effectively rescinded by new interpretive guidance published by the Department on July 7, 2025. On December 21, 2022, the Department released a list of federal agencies and federal education assistance programs that must be included as federal revenue in the 90/10 calculation. Such agencies include the U.S. Department of Defense (military tuition assistance) and the Department of Veterans Affairs (veterans education benefits). The Department indicated that it will publish periodic updates to the list as needed.
In addition, certain members of Congress have proposed to revise the 90/10 Rule to reduce the limit on federal funding to 85% of total revenue. In the context of Higher Education Act reauthorization, defense bills and appropriations bills, other members of Congress have proposed legislation that would eliminate the 90/10 Rule. The Company cannot predict whether or how legislative or regulatory changes will affect the 90/10 Rule.
State Authorization Reciprocity Agreement (SARA)
Capella University and Strayer University participate in the State Authorization Reciprocity Agreement (“SARA”), which allows the universities to enroll students in distance education programs in each SARA member state, including 49 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Each of the universities applies separately to non-SARA member states (i.e., California) for authorization to enroll students, if such authorization is required by the state. On January 21, 2025, SARA’s coordinating entity, the National Council for State Authorization Reciprocity Agreements (“NC-SARA”), initiated its 2025 policy manual modification process with a call for proposals for SARA policy changes. In September 2025, NC-SARA announced that all four regional compacts had approved nine policy changes, which will be considered by the NC-SARA board on October 23, 2025. We cannot predict whether NC-SARA will adopt any of these proposals. The adoption of certain proposals, including any that affect the ability of institutions to participate in the agreements, could have a material adverse effect on Capella University, Strayer University, and the Company.
Negotiated Rulemaking
On April 4, 2025, the Department announced its intention to host public hearings and convene one or more negotiated rulemaking committees to prepare proposed Title IV regulations. The Department hosted public hearings on April 29, 2025 and May 1, 2025 and accepted written comments through May 5, 2025. The Department held negotiated rulemaking on proposed changes to the Public Service Loan Forgiveness (“PSLF”) program June 30 through July 2, 2025. The negotiating committee did not reach consensus on changes, and as a result the Department proposed its own regulatory language on August 18, 2025, with public comments due September 17, 2025.
On July 24, 2025, the Department of Education announced its intention to establish two negotiated rulemaking committees to prepare proposed regulations implementing OBBBA and related Trump administration priorities. One committee will address federal student loan-related changes and is scheduled to meet for two multi-day sessions between September 2025 and November 2025. A second committee will address Workforce Pell, institutional and programmatic accountability, and other issues, and is scheduled to meet for two multi-day sessions between December 2025 and January 2026. The Company is unable to predict the outcomes of those negotiations or what guidance the Department may issue regarding how schools are to implement the legislation.
Title IX
On April 19, 2024, the U.S. Department of Education released its final rule regarding the implementation of Title IX, which prohibits discrimination on the basis of sex in education programs that receive funding from the federal government (the “2024 Title IX Rule”). The 2024 Title IX Rule applies to all forms of sex-based harassment (not only sexual harassment); clarifies that Title IX’s prohibition against sex discrimination includes discrimination on the basis of sex stereotypes, sex characteristics, pregnancy or related conditions, sexual orientation, and gender identity; and eliminates the requirement for live hearings with an opportunity for cross-examination at the post-secondary level. Multiple states have joined lawsuits against the Department challenging the 2024 Title IX Rule, and federal district courts have granted preliminary injunctions enjoining the Department from enforcing the final rule in Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, West Virginia, and Wyoming. Certain courts have issued orders expanding the injunction to named schools, irrespective of where those schools are located; Capella University and Strayer University were named among nearly 700 schools in one such order on July 15, 2024. Kansas v. U.S. Dep’t of Educ., No. 5:24-cv-4041 (D. Kan. 2024). Except where enjoined, the 2024 Title IX Rule otherwise became effective on August 1, 2024. On January 9, 2025, in State of Tennessee et al v. Cardona, 2:24-cv-00072, the U.S. District Court for the Eastern District of Kentucky granted summary judgment against the U.S. Department of Education, vacating the 2024 Title IX Rule as unlawful nationwide. On February 4, 2025, the Department’s Office for Civil Rights issued a Dear Colleague Letter (“DCL”) confirming that it will enforce Title IX under the 2020 Title IX Rule, and that open investigations initiated under the 2024 Title IX Rule should be reevaluated for consistency with the 2020 Title IX Rule.
On January 20, 2025, President Trump issued Executive Order 14168 “Defending Women From Gender Ideology Extremism and Restoring Biological Truth to the Federal Government” ordering, among other matters, all agencies to enforce laws governing sex-based rights, protections, opportunities, and accommodations consistent with definitions provided in the executive order. The executive order defines “sex” as a binary classification that does not include “gender identity” and requires agencies to take various actions consistent with that position.
On April 4, 2025, the Department and the U.S. Department of Justice jointly announced a “Title IX Special Investigations Team” (the “Title IX SIT”) in response to what the agencies describe as a “staggering” volume of Title IX complaints. The Title IX SIT is intended to streamline Title IX investigations conducted by the federal government by leveraging teams with personnel from both agencies to coordinate on investigation and enforcement.
Title VI
Under Title VI of the Civil Rights Act of 1964, institutions receiving federal financial assistance are prohibited from discriminating on the basis of race, color, or national origin. On January 21, 2025, President Trump issued Executive Order 14173 “Ending Illegal Discrimination and Restoring Merit-Based Opportunity” ordering, among other matters, all agencies to enforce civil rights laws and combat illegal private sector Diversity, Equity, and Inclusion (“DEI”) preferences, mandates, policies, programs and activities. The executive order further directed the U.S. Attorney General and the Secretary of Education to issue guidance to all institutions of higher education that receive federal financial assistance regarding measures and practices required to comply with the U.S. Supreme Court’s decision in Students for Fair Admissions, Inc. v. President and Fellows of Harvard College, 600 U.S. 181 (2023) (“SFFA”), in which the Court significantly altered the existing legal framework relevant to race-conscious admissions to achieve student body diversity. On February 5, 2025, the U.S. Attorney General issued a memorandum to all Department of Justice employees stating that the Department of Justice’s Civil Rights Division will investigate, eliminate, and penalize illegal DEI as well as diversity, equity, inclusion and accessibility (“DEIA”) preferences, mandates, policies, programs and activities in the private sector and educational institutions that receive federal funds. The Attorney General further stated that by March 1, 2025, the Civil Rights Division and Office of Legal Policy would jointly prepare a report containing recommendations for enforcement and address: key sectors of concern within the Department of Justice’s jurisdiction; the most egregious illegal DEI/DEIA practitioners in each sector of concern; plans to deter the use of illegal DEI/DEIA, including proposals for criminal investigations and up to nine potential civil compliance investigations of publicly traded corporations and certain other organizations; potential litigation activities, regulatory actions, and sub-regulatory guidance; and other strategies to end illegal DEI and DEIA discrimination and preferences and comply with federal civil rights laws. Litigation challenging Executive Order 14173 was brought in federal district court; after a preliminary injunction was granted enjoining portions of the executive order, an appeals court stayed the injunction pending appeal.
On February 14, 2025, the Department of Education issued a DCL setting forth the anti-discrimination obligations of institutions that receive federal financial assistance. The DCL asserts that the SFFA decision applies more broadly to prohibit using race in decisions related to admissions, hiring, promotion, compensation, financial aid, scholarships, prizes, administrative support, discipline, housing, graduation ceremonies, and all other aspects of student, academic, and campus life. The DCL further states that programs and activities that treat students differently on the basis of race to achieve “nebulous” diversity, racial balancing,
social justice, or equity goals are illegal. The Department informed institutions that the Department intended to take appropriate measures to assess compliance with the applicable statutes and regulations beginning February 28, 2025. The DCL further noted that institutions that fail to comply with federal civil rights law may, consistent with applicable law, face potential loss of federal funding. On February 28, 2025, the Department issued additional guidance in a Frequently Asked Questions (“FAQs”) document clarifying aspects of the DCL. Multiple lawsuits have been filed seeking to enjoin and vacate the DCL and FAQs alleging that they are unconstitutional, violate the Administrative Procedure Act, and are vague and disrupt educational practices, including by limiting academic freedom. Capella University and Strayer University are not parties to the lawsuits. In August 2025, the U.S. District Court for the District of Maryland vacated the DCL, FAQs, and a related certification requirement. The Department subsequently confirmed it would not take any enforcement action or otherwise implement the guidance until further notice. On October 15, 2025, the Department filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit. The Company is unable to predict the ultimate outcome of the litigation.
On March 14, 2025, the Department announced that its Office for Civil Rights has opened investigations into dozens of higher education institutions for alleged Title VI violations; the Department has continued to initiate additional Title VI investigations.
Australian and New Zealand Regulation
Torrens University of Australia (“Torrens”) is one of 44 universities in Australia. It is a private, for-profit entity and is registered with the Tertiary Education Quality and Standards Agency (“TEQSA”). As a self-accrediting university, it is not required to have its individual courses of study accredited by TEQSA. Torrens is also registered with the Australian Skills Quality Authority (“ASQA”) as a Registered Training Organisation (“RTO”) and is thus entitled to offer vocational and training courses. On September 3, 2025, Torrens completed its re-registration process with TEQSA and received a registration renewal from TEQSA for the maximum period of seven years, with two conditions.
On December 19, 2024, the Australian Federal Government introduced Ministerial Direction 111, which seeks to limit the number of international students, and is expected to draw student allocations determined by the Government on a prioritization approach. On August 4, 2025, the Australian Federal Government announced that the National Planning Level for international students for 2026 would be increased over 2025, contingent upon institutions fulfilling certain conditions, and that Ministerial Direction 111 would be replaced with an updated ministerial direction to reflect 2026 arrangements. On October 9, 2025, the Education Legislation Amendment (Integrity and Other Measures) Bill 2025 was introduced into the House of Representatives of the Australian Parliament. The Bill, which does not address numerical limits on international students, contains several measures to reform key legislative frameworks for education providers and aims to strengthen the integrity and regulation of the international education sector within Australia as well as transnational education and offshore delivery.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Daniel Jackson [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On September 2, 2025, Mr. Daniel Jackson, the Company’s Chief Financial Officer, terminated a trading arrangement he had previously adopted with respect to the sale of securities of the Company’s common stock, which was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “Rule 10b5-1 Trading Plan”). This trading plan, which was adopted on March 4, 2025, provided for the sale of up to 59,612 shares of common stock pursuant to the terms of the plan. On September 4, 2025, Mr. Jackson adopted a new Rule 10b5-1 Trading Plan, which provides for the sale of up to 34,250 shares of common stock pursuant to the terms of the plan and terminates on February 26, 2027.
Daniel Jackson, March 2025 Plan [Member] | Daniel Jackson [Member]  
Trading Arrangements, by Individual  
Name Mr. Daniel Jackson
Title Chief Financial Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date September 2, 2025
Aggregate Available 59,612
Daniel Jackson, September 2025 Plan [Member] | Daniel Jackson [Member]  
Trading Arrangements, by Individual  
Name Mr. Daniel Jackson
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date September 4, 2025
Expiration Date February 26, 2027
Arrangement Duration 540 days
Aggregate Available 34,250
v3.25.3
Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Financial Statement Presentation
Financial Statement Presentation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in the consolidated financial statements.
All information as of, and for the three and nine months ended, September 30, 2024 and 2025 is unaudited but, in the opinion of management, contains all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the condensed consolidated statements of financial position, results of operations, and cash flows of the Company. The condensed consolidated balance sheet as of December 31, 2024 has been derived from the audited consolidated financial statements at that date. Certain amounts in the prior period have been reclassified to conform to the current period’s presentation. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year.
Below is a description of the nature of the costs included in the Company’s operating expense categories.
Instructional and support costs generally contain items of expense directly attributable to activities that support students. This expense category includes salaries and benefits of faculty and academic administrators, as well as admissions and administrative personnel who support and serve student interests. Instructional and support costs also include course development costs and costs associated with delivering course content, including educational supplies, facilities, and all other physical plant and occupancy costs, with the exception of costs attributable to the corporate offices. Bad debt expense incurred on delinquent student account balances is also included in instructional and support costs.
General and administration expenses include salaries and benefits of management and employees engaged in finance, human resources, legal, regulatory compliance, marketing and other corporate functions. Also included are the costs of advertising and production of marketing materials. General and administration expense also includes the facilities occupancy and other related costs attributable to such functions.
Restructuring costs include severance and other personnel-related expenses from voluntary and involuntary employee terminations, asset impairment charges, gains/losses on sale of real estate and early termination of leased facilities, and other costs associated with the Company’s restructuring activities.
Foreign Currency Translation and Transaction Gains and Losses
Foreign Currency Translation and Transaction Gains and Losses
The United States Dollar (“USD”) is the functional currency of the Company and its subsidiaries operating in the United States. The financial statements of its foreign subsidiaries are maintained in their functional currencies. The functional currency of each
of the foreign subsidiaries is the currency of the economic environment in which the subsidiary primarily does business. Financial statements of foreign subsidiaries are translated into USD using the exchange rates applicable to the dates of the financial statements. Assets and liabilities are translated into USD using the period-end spot foreign exchange rates. Income and expenses are translated at the weighted-average exchange rates in effect during the period. Equity accounts are translated at historical exchange rates. The effects of these translation adjustments are reported as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
For any transaction that is in a currency different from the entity’s functional currency, the Company records a net gain or loss based on the difference between the exchange rate at the transaction date and the exchange rate at the transaction settlement date (or rate at period end, if unsettled) in the unaudited condensed consolidated statements of income.
Restricted Cash
Restricted Cash
In the United States, a significant portion of the Company’s revenues are funded by various federal and state government programs. The Company generally does not receive funds from these programs prior to the start of the corresponding academic term. The Company may be required to return certain funds for students who withdraw from a U.S. higher education institution during the academic term.In Australia and New Zealand, advance tuition payments from international students are required to be restricted until a student commences his or her course. In addition, a portion of tuition prepayments from students enrolled in a vocational education and training program are held in trust by a third-party law firm to adhere to tuition protection requirements.These balances are recorded as restricted cash and included in other current assets in the unaudited condensed consolidated balance sheets.
As part of conducting operations in Pennsylvania, the Company is required to maintain a “minimum protective endowment” of at least $0.5 million in an interest-bearing account as long as the Company operates its campuses in the state. The Company holds these funds in an interest-bearing account, which is included in other assets in the unaudited condensed consolidated balance sheets.
Marketable Securities
Marketable Securities
Investments in marketable securities are carried at either amortized cost or fair value. Investments in marketable securities that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in marketable securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Management determines the appropriate designation of marketable securities at the time of purchase and re-evaluates such designation as of each balance sheet date. All of the Company’s marketable securities are designated as either held-to-maturity or available-for-sale.
The Company’s held-to-maturity marketable securities consist of term deposits, U.S. treasury securities, and corporate debt securities, which are carried at amortized cost. The Company’s available-for-sale marketable securities consisted of corporate debt securities, which were carried at fair value as determined by quoted market prices or other inputs either directly or indirectly observable in the marketplace for identical or similar assets, with unrealized gains and losses, net of tax, recognized as a component of accumulated other comprehensive income (loss) within stockholders’ equity. Management reviews the fair value of the portfolio at least quarterly, and evaluates individual securities with fair value below amortized cost at the balance sheet date for impairment. In order to determine whether there is an impairment, management evaluates whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis.
If management intends to sell an impaired debt security, or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an impairment is deemed to have occurred. The amount of an impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available-for-sale securities as a component of accumulated other comprehensive income (loss) within stockholders’ equity.
The cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income and realized gains and losses are included in other income. The contractual maturity date of available-for-sale securities is based on the days remaining to the effective maturity. The Company classifies marketable securities as either current or non-current assets based on management’s intent with regard to usage of those funds, which is dependent upon the security’s maturity date and liquidity considerations based on current market conditions. If management intends to hold the securities for longer than one year as of the balance sheet date, they are classified as non-current.
Tuition Receivable and Allowance for Credit Losses
Tuition Receivable and Allowance for Credit Losses
The Company records tuition receivable and contract liabilities for its students upon the start of the academic term or program. Tuition receivables are not collateralized; however, credit risk is minimized as a result of the diverse nature of the Company’s student bases and through the participation of the majority of the students in federally funded financial aid programs. An allowance for credit losses is established based upon historical collection rates by age of receivable and adjusted for reasonable expectations of future collection performance, net of estimated recoveries. These collection rates incorporate historical performance based on a student’s current enrollment status, likelihood of future enrollment, degree mix trends and changes in the overall economic and regulatory environment. In the event that current collection trends differ from historical trends, an adjustment is made to the allowance for credit losses and bad debt expense.
Assets Held for Sale
Assets Held for Sale
The Company classifies assets and liabilities as held for sale (a “disposal group”) when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable to be completed within one year, and the disposal group is available for immediate sale in its present condition. The Company also considers whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures a disposal group that is classified as held for sale at the lower of its carrying amount or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Gains are not recognized until the date of sale. Assets are not depreciated or amortized while they are classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as assets held for sale and liabilities held for sale in its unaudited condensed consolidated balance sheets.
Over the last several years, the Company has been evaluating its owned and leased real estate portfolio to identify underutilized facilities to either downsize or exit. One facility identified is an owned U.S. Higher Education campus, which the Company has been marketing for sale and expects to close within the next twelve months. The long-lived assets being marketed for sale consist of land, buildings, and building improvements. The Company determined that it met all of the criteria to classify these assets as held for sale as of September 30, 2025. The Company recorded a $0.3 million loss related to the assets classified as held for sale in the third quarter of 2025 as the fair value of the assets, less the estimated costs to sell, was less than the carrying amount of the net assets. Fair value was determined based upon a third-party appraisal of the property. The loss is included in Restructuring costs on the unaudited condensed consolidated statements of income.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Goodwill represents the excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, which include trade names, are recorded at fair value on their acquisition date. An indefinite life was assigned to the trade names because they have the continued ability to generate cash flows indefinitely.
Goodwill and the indefinite-lived intangible assets are assessed at least annually for impairment on the first day of the fourth quarter, or more frequently if events occur or circumstances change between annual tests that would more likely than not reduce the fair value of the respective reporting unit or indefinite-lived intangible asset below its carrying amount. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available, and management regularly reviews the operating results of those components.
Authorized Stock
Authorized Stock
The Company has authorized 32,000,000 shares of common stock, par value $0.01, of which 24,502,385 and 23,504,950 shares were issued and outstanding as of December 31, 2024 and September 30, 2025, respectively. The Company also has authorized 8,000,000 shares of preferred stock, none of which is issued or outstanding. Before any preferred stock may be issued, the Board of Directors must establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications, and the terms or conditions of the redemption of the preferred stock.
Net Income Per Share
Net Income Per Share
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the periods. Diluted earnings per share reflects the potential dilution that could occur assuming conversion or exercise of all dilutive unexercised stock options, restricted stock, and restricted stock units (“stock awards”). The dilutive effect of stock awards was determined using the treasury stock method. Under the treasury stock method, the following are assumed to be used to repurchase shares of the Company’s common stock: (1) the proceeds received from the exercise of stock options and (2) the amount of compensation cost associated with the stock awards for future service not yet recognized by the Company. Stock awards are excluded from the computation of diluted earnings per share when their effect would be anti-dilutive.
Comprehensive Income
Comprehensive Income
Comprehensive income includes net income and all changes in the Company’s equity during a period from non-owner sources, which for the Company consists of foreign currency translation adjustments and unrealized gains and losses on available-for-sale marketable securities, net of tax.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the period reported. The most significant management estimates include allowances for credit losses, useful lives of property and equipment, incremental borrowing rates, potential sublease income and vacancy periods, accrued expenses, forfeiture rates and the likelihood of achieving performance criteria for stock-based awards, value of free courses earned by students that will be redeemed in the future, valuation of goodwill and intangible assets, and the provision for income taxes. Actual results could differ from those estimates.
Recently Issued Accounting Standards Not Yet Adopted
Recently Issued Accounting Standards Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires disclosure of specific categories in the effective tax rate reconciliation. Further, the standard requires certain disclosures of state versus federal income tax expense and taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, and will be adopted by the Company in its Form 10-K for the year ending December 31, 2025. ASU 2023-09 is expected to result in expanded tax rate reconciliations and income taxes paid disclosures but is not anticipated to otherwise impact the Company’s consolidated financial statements. The Company will apply the amendments retrospectively.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires the disclosure of amounts related to purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion within each income statement expense line item that contains any of these expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027. Early adoption is permitted, and the amendments can be applied prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2024-03 will have on its consolidated financial statement disclosures.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 eliminates the existing guidance that categorizes software development into distinct project stages and replaces it with a recognition threshold based on management’s authorization and commitment to fund the project, along with the probability of completion and intended use. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and for interim periods within those annual periods. Early adoption is permitted, and the amendments can be applied prospectively or retrospectively. The Company is currently evaluating the impact that ASU 2025-06 will have on its consolidated financial statements and related disclosures.
Other ASUs recently issued by the FASB but not yet effective are not expected to have a material effect on the Company’s consolidated financial statements.
v3.25.3
Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of September 30, 2024 and 2025 (in thousands):
As of September 30,
20242025
Cash and cash equivalents$195,889 $151,460 
Restricted cash included in other current assets11,232 8,551 
Restricted cash included in other assets500 500 
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$207,621 $160,511 
Schedule of Restrictions on Cash and Cash Equivalents
The following table illustrates the reconciliation of cash, cash equivalents, and restricted cash shown in the unaudited condensed consolidated statements of cash flows as of September 30, 2024 and 2025 (in thousands):
As of September 30,
20242025
Cash and cash equivalents$195,889 $151,460 
Restricted cash included in other current assets11,232 8,551 
Restricted cash included in other assets500 500 
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows$207,621 $160,511 
Schedule of Tuition Receivable and Allowance for Credit Losses
The Company’s current tuition receivable and allowance for credit losses were as follows as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Tuition receivable$127,012 $164,649 
Allowance for credit losses(50,885)(49,767)
Tuition receivable, net$76,127 $114,882 
Schedule of Allowance for Credit Losses
The following table illustrates changes in the Company’s current and non-current allowance for credit losses 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
Allowance for credit losses, beginning of period$46,787 $44,325 $47,605 $46,185 
Additions charged to expense13,793 14,967 39,418 40,547 
Write-offs, net of recoveries(15,044)(13,595)(41,487)(41,035)
Allowance for credit losses, end of period$45,536 $45,697 $45,536 $45,697 
Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Earnings per Share
Set forth below is a reconciliation of shares used to calculate basic and diluted earnings per share 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
Weighted average shares outstanding used to compute basic earnings per share23,422 22,584 23,418 22,937 
Incremental shares issuable upon the assumed exercise of stock options5 1 5 1 
Unvested restricted stock and restricted stock units746 624 714 659 
Shares used to compute diluted earnings per share24,173 23,209 24,137 23,597 
Anti-dilutive shares excluded from the diluted earnings per share calculation— 250 — 200 
v3.25.3
Revenue Recognition (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue from Contracts with Customers
The following table presents the Company’s revenues from contracts with customers disaggregated by material revenue category 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
U.S. Higher Education Segment
Tuition, net of discounts, grants and scholarships$198,873 $203,315 $616,175 $621,775 
    Other(1)
8,836 9,752 27,383 27,935 
Total U.S. Higher Education Segment207,709 213,067 643,558 649,710 
Australia/New Zealand Segment
Tuition, net of discounts, grants and scholarships69,973 67,002 184,611 181,297 
    Other(1)
1,975 1,587 5,842 4,696 
Total Australia/New Zealand Segment71,948 68,589 190,453 185,993 
Education Technology Services Segment(2)
26,301 38,293 74,463 109,307 
Consolidated revenue$305,958 $319,949 $908,474 $945,010 
_________________________________________
(1)Other revenue is primarily comprised of academic fees, sales of course materials, placement fees and other non-tuition revenue streams.
(2)Education Technology Services revenue is primarily derived from tuition revenue and administrative fees.
Schedule of Learn and Earn Liability
The table below presents activity in the contract liability related to the Learn and Earn Scholarship (in thousands):
For the nine months ended September 30,
20242025
Balance at beginning of period$44,480 $37,118 
Revenue deferred16,358 15,084 
Benefit redeemed(17,054)(14,482)
Balance at end of period$43,784 $37,720 
v3.25.3
Restructuring and Related Charges (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Liability by Type of Cost
The following details the changes in the Company’s severance and other employee separation costs restructuring liabilities during the nine months ended September 30, 2024 and 2025 (in thousands):
Severance Restructuring Liability
Balance as of December 31, 2023$795 
Restructuring and other charges1,896 
Payments(2,593)
Balance as of September 30, 2024
$98 
Balance as of December 31, 2024(1)
$534 
Restructuring and other charges10,863 
Payments(10,459)
Balance as of September 30, 2025(1)
$938 
____________________________________
(1)Restructuring liabilities are included in accounts payable and accrued expenses in the unaudited condensed consolidated balance sheets.
v3.25.3
Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Available-for-Sale and Held-to-Maturity Securities
The following is a summary of available-for-sale securities, which are carried at fair value, as of December 31, 2024 (in thousands):
Amortized CostGross Unrealized GainGross Unrealized (Losses)Estimated Fair Value
Balance as of December 31, 2024
Corporate debt securities$500 $— $(1)$499 
Total$500 $— $(1)$499 
The following is a summary of held-to-maturity securities, which are carried at amortized cost, as of December 31, 2024 and September 30, 2025 (in thousands):
Amortized CostGross Unrealized GainGross Unrealized (Losses)Estimated Fair Value
Balance as of December 31, 2024
Term deposits$21,653 $— $— $21,653 
U.S. treasury securities19,778 18 — 19,796 
Corporate debt securities20,000 — (26)19,974 
Total$61,431 $18 $(26)$61,423 
Balance as of September 30, 2025
Term deposits$16,206 $— $— $16,206 
U.S. treasury securities9,972 33 — 10,005 
Corporate debt securities5,000 42 — 5,042 
Total$31,178 $75 $— $31,253 
Schedule of Maturities of Marketable Securities
The following table summarizes the maturities of the Company’s marketable securities as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Available-for-sale securitiesHeld-to-maturity securitiesAvailable-for-sale securitiesHeld-to-maturity securities
Due within one year$499 $46,450 $— $21,189 
Due after one year through five years— 14,981 — 9,989 
Total$499 $61,431 $— $31,178 
Schedule of Proceeds from the Maturities of Marketable Securities
The following table summarizes the purchases of and proceeds from marketable securities for the nine months ended September 30, 2024 and 2025 (in thousands):
For the nine months ended September 30,
20242025
Purchases of marketable securities
Purchases of held-to-maturity securities$14,720 $25,804 
Total purchases of marketable securities$14,720 $25,804 
Proceeds from marketable securities
Maturities of available-for-sale securities$11,305 $500 
Maturities of held-to-maturity securities18,220 57,075 
Total proceeds from marketable securities$29,525 $57,575 
v3.25.3
Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
Assets measured at fair value on a recurring basis consist of the following as of December 31, 2024 (in thousands):
Fair Value Measurements at Reporting Date Using
December 31, 2024Quoted Prices in
Active Markets
for Identical
Assets/Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market funds$92,416 $92,416 $— $— 
Available-for-sale securities:
Corporate debt securities499 — 499 — 
Total assets at fair value on a recurring basis$92,915 $92,416 $499 $— 
Assets measured at fair value on a recurring basis consist of the following as of September 30, 2025 (in thousands):
Fair Value Measurements at Reporting Date Using
September 30, 2025Quoted Prices in
Active Markets
for Identical
Assets/Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Assets:
Money market funds$86,633 $86,633 $— $— 
Total assets at fair value on a recurring basis$86,633 $86,633 $— $— 
v3.25.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill
The following table presents changes in the carrying value of goodwill by segment for the nine months ended September 30, 2024 (in thousands):
 U.S. Higher EducationAustralia /
New Zealand		Education Technology ServicesTotal
Balance as of December 31, 2023$632,075 $519,813 $100,000 $1,251,888 
Additions— — — — 
Impairments— — — — 
Currency translation adjustments— 8,711 — 8,711 
Balance as of September 30, 2024$632,075 $528,524 $100,000 $1,260,599 
The following table presents changes in the carrying value of goodwill by segment for the nine months ended September 30, 2025 (in thousands):
 U.S. Higher EducationAustralia /
New Zealand		Education Technology ServicesTotal
Balance as of December 31, 2024$632,075 $474,808 $100,000 $1,206,883 
Additions— — — — 
Impairments— — — — 
Currency translation adjustments— 30,182 — 30,182 
Balance as of September 30, 2025$632,075 $504,990 $100,000 $1,237,065 
Schedule of Indefinite-Lived Intangible Assets
The following table presents changes in the carrying value of indefinite-lived intangible assets (in thousands):
For the nine months ended September 30,
 20242025
Balance at beginning of period$251,623 $245,098 
Impairments(800)— 
Currency translation adjustments1,129 3,827 
Balance at end of period$251,952 $248,925 
v3.25.3
Other Current Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
Other current assets consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Prepaid expenses$20,841 $25,939 
Cloud computing arrangements9,402 10,563 
Restricted cash9,082 8,551 
Deferred contract costs3,258 4,890 
Other2,210 4,323 
Other current assets$44,793 $54,266 
v3.25.3
Other Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
Other assets consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Cloud computing arrangements, net of current portion$18,328 $25,011 
Prepaid expenses, net of current portion15,678 15,231 
Equity method investments13,428 9,284 
Tuition receivable, net, non-current7,040 6,364 
Other investments2,786 2,786 
Deferred contract costs, net of current portion808 2,710 
Other4,842 4,401 
Other assets$62,910 $65,787 
Schedule of Changes in Company's Limited Partnership Investments
The following table illustrates changes in the Company’s limited partnership investments 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
Limited partnership investments, beginning of period$13,963 $11,397 $16,068 $13,428 
Capital contributions394 34 490 265 
Pro-rata share in the net income (loss) of limited partnerships(290)(2,147)(2,491)(4,409)
Distributions(472)— (472)— 
Limited partnership investments, end of period$13,595 $9,284 $13,595 $9,284 
v3.25.3
Accounts Payable and Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accounts Payables and Accrued Expenses
Accounts payable and accrued expenses consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Trade payables$55,733 $61,939 
Accrued compensation and benefits38,843 42,976 
Accrued student obligations and other7,173 8,256 
Accounts payable and accrued expenses$101,749 $113,171 
v3.25.3
Other Long-Term Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Other Liabilities, Noncurrent [Abstract]  
Schedule of Other Long-term Liabilities
Other long-term liabilities consist of the following as of December 31, 2024 and September 30, 2025 (in thousands):
December 31, 2024September 30, 2025
Contract liabilities, net of current portion$34,505 $35,418 
Asset retirement obligations3,876 3,997 
Other1,805 2,805 
Other long-term liabilities$40,186 $42,220 
v3.25.3
Equity Awards (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-based Compensation Expense
The following table sets forth the amount of stock-based compensation expense recorded in each of the expense line items 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
Instructional and support costs$2,005 $2,104 $5,060 $6,360 
General and administration4,813 3,724 13,455 10,647 
Restructuring costs69 40 274 188 
Stock-based compensation expense included in operating expense6,887 5,868 18,789 17,195 
Tax benefit1,835 1,544 5,002 4,518 
Stock-based compensation expense, net of tax$5,052 $4,324 $13,787 $12,677 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable 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 $17,195 
v3.25.3
Nature of Operations (Details)
 9 Months Ended
Sep. 30, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reporting segments 3
v3.25.3
Significant Accounting Policies - Restricted Cash Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Restricted Cash and Cash Equivalent Item [Line Items]      
Restricted cash included in other current assets $ 8,551   $ 11,232
Restricted cash included in other assets 500   $ 500
United States      
Restricted Cash and Cash Equivalent Item [Line Items]      
Restricted cash included in other current assets 1,900 $ 1,800  
Australia and New Zealand      
Restricted Cash and Cash Equivalent Item [Line Items]      
Restricted cash included in other current assets 6,600 $ 7,300  
PENNSYLVANIA      
Restricted Cash and Cash Equivalent Item [Line Items]      
Restricted cash included in other assets $ 500    
v3.25.3
Significant Accounting Policies - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]        
Cash and cash equivalents $ 151,460 $ 137,074 $ 195,889  
Restricted cash included in other current assets 8,551   11,232  
Restricted cash included in other assets 500   500  
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 160,511 $ 146,656 $ 207,621 $ 181,925
v3.25.3
Significant Accounting Policies - Schedule of Tuition Receivable and Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Tuition receivable $ 164,649 $ 127,012
Allowance for credit losses (49,767) (50,885)
Tuition receivable, net 114,882 76,127
Tuition receivable, noncurrent $ 6,364 $ 7,040
v3.25.3
Significant Accounting Policies - Schedule of Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Allowance for credit losses, beginning of period $ 44,325 $ 46,787 $ 46,185 $ 47,605
Additions charged to expense 14,967 13,793 40,547 39,418
Write-offs, net of recoveries (13,595) (15,044) (41,035) (41,487)
Allowance for credit losses, end of period $ 45,697 $ 45,536 $ 45,697 $ 45,536
v3.25.3
Significant Accounting Policies - Assets Held for Sale Narrative (Details)
$ in Millions
 3 Months Ended
Sep. 30, 2025
USD ($)
facility
Accounting Policies [Abstract]  
Number of facilities classified as held for sale | facility 1
Loss on assets classified as held for sale | $ $ 0.3
v3.25.3
Significant Accounting Policies - Authorized Stock Narrative (Details) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 15, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Accounting Policies [Abstract]            
Common stock, shares authorized (in shares)   32,000,000   32,000,000   32,000,000
Common stock, par value (in dollars per share)   $ 0.01   $ 0.01   $ 0.01
Common stock, shares issued (in shares)   23,504,950   23,504,950   24,502,385
Common stock, shares outstanding (in shares)   23,504,950   23,504,950   24,502,385
Preferred stock, shares authorized (in shares)   8,000,000   8,000,000   8,000,000
Issued shares of preferred stock (in shares)   0   0   0
Outstanding shares of preferred stock (in shares)   0   0   0
Common stock dividends declared (in dollars per share)   $ 0.60 $ 0.60 $ 1.80 $ 1.80  
Common stock dividends paid (in dollars per share) $ 0.60          
v3.25.3
Significant Accounting Policies - Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Earnings per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Schedule of reconciliation of shares used to calculate basic and diluted earnings per share        
Weighted average shares outstanding used to compute basic earnings per share (in shares) 22,584 23,422 22,937 23,418
Incremental shares issuable upon the assumed exercise of stock options (in shares) 1 5 1 5
Unvested restricted stock and restricted stock units (in shares) 624 746 659 714
Shares used to compute diluted earnings per share (in shares) 23,209 24,173 23,597 24,137
Anti-dilutive shares excluded from the diluted earnings per share calculation (in shares) 250 0 200 0
v3.25.3
Significant Accounting Policies - Comprehensive Income Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Accounting Policies [Abstract]          
Accumulated other comprehensive loss $ (52,631,000)   $ (52,631,000)   $ (88,565,000)
Tax from unrealized losses on marketable securities 100,000   100,000   $ 100,000
Reclassifications from AOCI $ 200,000 $ 0 $ 200,000 $ 0  
v3.25.3
Revenue Recognition - Schedule of Disaggregation of Revenue from Contracts with Customers (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Consolidated revenue $ 319,949 $ 305,958 $ 945,010 $ 908,474
U.S. Higher Education Segment        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 213,067 207,709 649,710 643,558
U.S. Higher Education Segment | Tuition, net of discounts, grants and scholarships        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 203,315 198,873 621,775 616,175
U.S. Higher Education Segment | Other        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 9,752 8,836 27,935 27,383
Australia/New Zealand Segment        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 68,589 71,948 185,993 190,453
Australia/New Zealand Segment | Tuition, net of discounts, grants and scholarships        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 67,002 69,973 181,297 184,611
Australia/New Zealand Segment | Other        
Disaggregation of Revenue [Line Items]        
Consolidated revenue 1,587 1,975 4,696 5,842
Education Technology Services Segment        
Disaggregation of Revenue [Line Items]        
Consolidated revenue $ 38,293 $ 26,301 $ 109,307 $ 74,463
v3.25.3
Revenue Recognition - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
course
term
Dec. 31, 2024
USD ($)
Disaggregation of Revenue [Line Items]    
Number of free courses | course 1  
Number of successfully completed courses | course 3  
Consecutive terms of non attendance in which Graduation Fund credits will be lost | term 1  
Contract liabilities, tuition cap $ 17.1 $ 14.7
Learn and Earn Scholarship | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01    
Disaggregation of Revenue [Line Items]    
Performance obligation expected timing of satisfaction 12 months  
Revenue remaining performance obligation $ 15.9  
Tuition Cap | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01    
Disaggregation of Revenue [Line Items]    
Performance obligation expected timing of satisfaction 12 months  
Revenue remaining performance obligation $ 6.8  
Minimum | Learn and Earn Scholarship | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01    
Disaggregation of Revenue [Line Items]    
Performance obligation expected timing of satisfaction 2 years  
Minimum | Australia / New Zealand    
Disaggregation of Revenue [Line Items]    
Deferred contract costs, amortization period 1 year  
Maximum | Learn and Earn Scholarship | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01    
Disaggregation of Revenue [Line Items]    
Performance obligation expected timing of satisfaction 4 years  
Maximum | Australia / New Zealand    
Disaggregation of Revenue [Line Items]    
Deferred contract costs, amortization period 2 years  
v3.25.3
Revenue Recognition - Schedule of Learn and Earn Scholarship Liability (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Learn And Earn [Roll Forward]    
Balance at beginning of period $ 37,118 $ 44,480
Revenue deferred 15,084 16,358
Benefit redeemed (14,482) (17,054)
Balance at end of period $ 37,720 $ 43,784
v3.25.3
Restructuring and Related Charges - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 14,251,000 $ 758,000 $ 18,948,000 $ (2,757,000)
Impairment of right-of-use lease assets 3,900,000   4,685,000 0
Impairment of fixed asset impairment charges 1,500,000 0 2,300,000 0
Loss on assets classified as held for sale 300,000      
Gain on lease early termination     0 6,166,000
Severance and Other Employee Separation Costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 8,100,000 $ 600,000 $ 10,900,000 $ 1,900,000
v3.25.3
Restructuring and Related Charges - Schedule of Restructuring Liability by Type of Cost (Details) - Severance and Other Employee Separation Costs - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Schedule of restructuring liability    
Beginning balance $ 534 $ 795
Restructuring and other charges 10,863 1,896
Payments (10,459) (2,593)
Ending balance $ 938 $ 98
v3.25.3
Marketable Securities - Schedule of Available-For-Sale Securities (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost $ 0 $ 500,000
Gross Unrealized Gain   0
Gross Unrealized (Losses)   (1,000)
Estimated Fair Value   499,000
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]    
Amortized Cost 31,178,000 61,431,000
Gross Unrealized Gain 75,000 18,000
Gross Unrealized (Losses) 0 (26,000)
Estimated Fair Value 31,253,000 61,423,000
Term deposits    
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]    
Amortized Cost 16,206,000 21,653,000
Gross Unrealized Gain 0 0
Gross Unrealized (Losses) 0 0
Estimated Fair Value 16,206,000 21,653,000
U.S. treasury securities    
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]    
Amortized Cost 9,972,000 19,778,000
Gross Unrealized Gain 33,000 18,000
Gross Unrealized (Losses) 0 0
Estimated Fair Value 10,005,000 19,796,000
Corporate debt securities    
Debt Securities, Available-for-Sale, Fair Value to Amortized Cost, after Allowance for Credit Loss [Abstract]    
Amortized Cost   500,000
Gross Unrealized Gain   0
Gross Unrealized (Losses)   (1,000)
Estimated Fair Value   499,000
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss [Abstract]    
Amortized Cost 5,000,000 20,000,000
Gross Unrealized Gain 42,000 0
Gross Unrealized (Losses) 0 (26,000)
Estimated Fair Value $ 5,042,000 $ 19,974,000
v3.25.3
Marketable Securities - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]          
Available-for-sale marketable securities $ 0   $ 0   $ 500,000
Unrealized loss position for a period longer than twelve months 0   0    
Impairment charges 0 $ 0 0 $ 0  
Allowance for credit losses 0   0    
Debt securities, held-to-maturity, allowance for credit loss 0   0    
Maturities of available-for-sale securities 0 0 0 0  
Gross realized gain (loss) related to the sale of marketable securities $ 0 $ 0 $ 0 $ 0  
v3.25.3
Marketable Securities - Schedule of Maturities of Marketable Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Available-for-sale securities    
Due within one year $ 0 $ 499
Due after one year through five years 0 0
Total 0 499
Held-to-maturity securities    
Due within one year 21,189 46,450
Due after one year through five years 9,989 14,981
Total $ 31,178 $ 61,431
v3.25.3
Marketable Securities - Schedule of Purchases and Proceeds of Marketable Securities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]    
Purchases of held-to-maturity securities $ 25,804 $ 14,720
Total purchases of marketable securities 25,804 14,720
Maturities of available-for-sale securities 500 11,305
Maturities of held-to-maturity securities 57,075 18,220
Total proceeds from marketable securities $ 57,575 $ 29,525
v3.25.3
Fair Value Measurement - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets:      
Money market funds $ 151,460 $ 137,074 $ 195,889
Recurring      
Assets:      
Total assets at fair value on a recurring basis 86,633 92,915  
Corporate debt securities | Recurring      
Assets:      
Corporate debt securities   499  
Money market funds | Recurring      
Assets:      
Money market funds 86,633 92,416  
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Recurring      
Assets:      
Total assets at fair value on a recurring basis 86,633 92,416  
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Corporate debt securities | Recurring      
Assets:      
Corporate debt securities   0  
Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) | Money market funds | Recurring      
Assets:      
Money market funds 86,633 92,416  
Significant Other Observable Inputs (Level 2) | Recurring      
Assets:      
Total assets at fair value on a recurring basis 0 499  
Significant Other Observable Inputs (Level 2) | Corporate debt securities | Recurring      
Assets:      
Corporate debt securities   499  
Significant Other Observable Inputs (Level 2) | Money market funds | Recurring      
Assets:      
Money market funds 0 0  
Significant Unobservable Inputs (Level 3) | Recurring      
Assets:      
Total assets at fair value on a recurring basis 0 0  
Significant Unobservable Inputs (Level 3) | Corporate debt securities | Recurring      
Assets:      
Corporate debt securities   0  
Significant Unobservable Inputs (Level 3) | Money market funds | Recurring      
Assets:      
Money market funds $ 0 $ 0  
v3.25.3
Fair Value Measurement - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Held-to-maturity, fair value $ 31,253 $ 61,423
v3.25.3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Changes in carrying amount        
Balance, beginning of period     $ 1,206,883,000 $ 1,251,888,000
Additions     0 0
Impairments $ 0 $ 0 0 0
Currency translation adjustments     30,182,000 8,711,000
Balance, end of period 1,237,065,000 1,260,599,000 1,237,065,000 1,260,599,000
U.S. Higher Education        
Changes in carrying amount        
Balance, beginning of period     632,075,000 632,075,000
Additions     0 0
Impairments     0 0
Currency translation adjustments     0 0
Balance, end of period 632,075,000 632,075,000 632,075,000 632,075,000
Australia / New Zealand        
Changes in carrying amount        
Balance, beginning of period     474,808,000 519,813,000
Additions     0 0
Impairments     0 0
Currency translation adjustments     30,182,000 8,711,000
Balance, end of period 504,990,000 528,524,000 504,990,000 528,524,000
Education Technology Services        
Changes in carrying amount        
Balance, beginning of period     100,000,000 100,000,000
Additions     0 0
Impairments     0 0
Currency translation adjustments     0 0
Balance, end of period $ 100,000,000 $ 100,000,000 $ 100,000,000 $ 100,000,000
v3.25.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]          
Impairment of goodwill $ 0 $ 0   $ 0 $ 0
Trade Names          
Finite Lived And Indefinite Lived Intangible Assets By Major Class [Line Items]          
Impairment of indefinite-lived intangible assets $ 0   $ 800,000 $ 0 $ 800,000
v3.25.3
Goodwill and Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - Trade Names - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Indefinite-Lived Intangible Assets        
Beginning balance     $ 245,098,000 $ 251,623,000
Impairments $ 0 $ (800,000) 0 (800,000)
Currency translation adjustments     3,827,000 1,129,000
Ending balance $ 248,925,000   $ 248,925,000 $ 251,952,000
v3.25.3
Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepaid expenses $ 25,939 $ 20,841
Cloud computing arrangements 10,563 9,402
Restricted cash 8,551 9,082
Deferred contract costs 4,890 3,258
Other 4,323 2,210
Other current assets $ 54,266 $ 44,793
v3.25.3
Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]            
Cloud computing arrangements, net of current portion $ 25,011   $ 18,328      
Prepaid expenses, net of current portion 15,231   15,678      
Equity method investments 9,284 $ 11,397 13,428 $ 13,595 $ 13,963 $ 16,068
Tuition receivable, net, non-current 6,364   7,040      
Other investments 2,786   2,786      
Deferred contract costs, net of current portion 2,710   808      
Other 4,401   4,842      
Other assets $ 65,787   $ 62,910      
v3.25.3
Other Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended 75 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2020
Dec. 31, 2031
Schedule of Other Assets [Line Items]              
Prepaid expenses, net of current portion $ 15,231   $ 15,231   $ 15,678    
Capital contributions $ 34 $ 394 $ 265 $ 490      
Minimum | Limited Partnerships              
Schedule of Other Assets [Line Items]              
Ownership percentage 3.00%   3.00%        
Maximum | Limited Partnerships              
Schedule of Other Assets [Line Items]              
Ownership percentage 5.00%   5.00%        
Forecast              
Schedule of Other Assets [Line Items]              
Capital contributions             $ 1,800
Jack Welch Management Institute              
Schedule of Other Assets [Line Items]              
Payment for license agreement           $ 25,300  
Prepaid expenses, net of current portion $ 13,500   $ 13,500   $ 14,700    
Prepaid expense, amortization period     15 years   15 years    
v3.25.3
Other Assets - Schedule of Changes in Company's Limited Partnership Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Equity Method Investment Summarized Financial Information Assets [Roll Forward]        
Limited partnership investments, beginning of period $ 11,397 $ 13,963 $ 13,428 $ 16,068
Capital contributions 34 394 265 490
Pro-rata share in the net income (loss) of limited partnerships (2,147) (290) (4,409) (2,491)
Distributions 0 (472) 0 (472)
Limited partnership investments, end of period $ 9,284 $ 13,595 $ 9,284 $ 13,595
v3.25.3
Accounts Payable and Accrued Expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Trade payables $ 61,939 $ 55,733
Accrued compensation and benefits 42,976 38,843
Accrued student obligations and other 8,256 7,173
Accounts payable and accrued expenses $ 113,171 $ 101,749
v3.25.3
Long-Term Debt (Details) - USD ($)
 9 Months Ended
Oct. 18, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]        
Cash and cash equivalents   $ 151,460,000 $ 195,889,000 $ 137,074,000
Amended Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity $ 250,000,000      
Maximum aggregate incremental term loans $ 300,000,000      
Percentage of consolidated EBITDA to be funded 100.00%      
Maximum leverage ratio allowed in order to increase obligation 1.75      
Debt financing costs $ 1,700,000      
Debt instrument term 5 years      
Maximum total leverage ratio 2.00      
Cash and cash equivalents $ 150,000,000      
Minimum coverage ratio 1.75      
Revolving credit facility, outstanding   0   $ 0
Interest paid   $ 400,000 $ 3,100,000  
Amended Credit Facility | Revolving Credit Facility | Minimum        
Debt Instrument [Line Items]        
Margin rate 1.50%      
Unused commitment fee 0.20%      
Amended Credit Facility | Revolving Credit Facility | Maximum        
Debt Instrument [Line Items]        
Margin rate 2.00%      
Unused commitment fee 0.30%      
Amendment to the Credit Facility, Subfacility for Borrowings in Foreign Currencies | Revolving Credit Facility        
Debt Instrument [Line Items]        
Revolving credit facility, maximum borrowing capacity $ 150,000,000      
v3.25.3
Other Long-Term Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Other Liabilities, Noncurrent [Abstract]    
Contract liabilities, net of current portion $ 35,418 $ 34,505
Asset retirement obligations 3,997 3,876
Other 2,805 1,805
Other long-term liabilities $ 42,220 $ 40,186
v3.25.3
Equity Awards (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Schedule of stock-based compensation expense        
Stock-based compensation expense included in operating expense $ 5,868 $ 6,887 $ 17,195 $ 18,789
Tax benefit 1,544 1,835 4,518 5,002
Stock-based compensation expense, net of tax 4,324 5,052 12,677 13,787
Instructional and support costs        
Schedule of stock-based compensation expense        
Stock-based compensation expense included in operating expense 2,104 2,005 6,360 5,060
General and administration        
Schedule of stock-based compensation expense        
Stock-based compensation expense included in operating expense 3,724 4,813 10,647 13,455
Restructuring costs        
Schedule of stock-based compensation expense        
Stock-based compensation expense included in operating expense $ 40 $ 69 $ 188 $ 274
v3.25.3
Income Taxes (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Income tax expense $ 10,139,000 $ 10,842,000 $ 35,514,000 $ 36,193,000  
Tax (shortfall) windfall related to share-based payment arrangements     400,000 (1,200,000)  
Unrecognized tax benefits $ 0   0   $ 0
Cash payments for income taxes     $ 38,100,000 $ 39,500,000  
v3.25.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 3
Number of reporting segments 3
v3.25.3
Segment Reporting - Schedule of Financial Information by Reportable Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 319,949 $ 305,958 $ 945,010 $ 908,474
Segment expenses        
Segment income from operations 37,042 36,326 122,596 119,606
Unallocated expenses        
Restructuring costs (14,251) (758) (18,948) 2,757
Consolidated income from operations 37,042 36,326 122,596 119,606
Other (expense) income (273) 2,264 1,623 3,935
Income before income taxes 36,769 38,590 124,219 123,541
Segments        
Segment Reporting Information [Line Items]        
Revenues 319,949 305,958 945,010 908,474
Segment expenses        
Direct segment expenses 248,323 248,560 738,582 729,806
Enterprise shared services allocation 20,333 20,314 64,884 61,819
Segment income from operations 51,293 37,084 141,544 116,849
Unallocated expenses        
Consolidated income from operations 51,293 37,084 141,544 116,849
Unallocated expenses        
Unallocated expenses        
Restructuring costs (14,251) (758) (18,948) 2,757
U.S. Higher Education        
Segment Reporting Information [Line Items]        
Revenues 213,067 207,709 649,710 643,558
U.S. Higher Education | Segments        
Segment Reporting Information [Line Items]        
Revenues 213,067 207,709 649,710 643,558
Segment expenses        
Direct segment expenses 176,811 181,663 532,189 539,346
Enterprise shared services allocation 13,403 14,600 43,953 44,928
Segment income from operations 22,853 11,446 73,568 59,284
Unallocated expenses        
Consolidated income from operations 22,853 11,446 73,568 59,284
Australia / New Zealand        
Segment Reporting Information [Line Items]        
Revenues 68,589 71,948 185,993 190,453
Australia / New Zealand | Segments        
Segment Reporting Information [Line Items]        
Revenues 68,589 71,948 185,993 190,453
Segment expenses        
Direct segment expenses 50,639 52,386 146,763 150,044
Enterprise shared services allocation 5,465 4,716 16,085 13,758
Segment income from operations 12,485 14,846 23,145 26,651
Unallocated expenses        
Consolidated income from operations 12,485 14,846 23,145 26,651
Education Technology Services        
Segment Reporting Information [Line Items]        
Revenues 38,293 26,301 109,307 74,463
Education Technology Services | Segments        
Segment Reporting Information [Line Items]        
Revenues 38,293 26,301 109,307 74,463
Segment expenses        
Direct segment expenses 20,873 14,511 59,630 40,416
Enterprise shared services allocation 1,465 998 4,846 3,133
Segment income from operations 15,955 10,792 44,831 30,914
Unallocated expenses        
Consolidated income from operations $ 15,955 $ 10,792 $ 44,831 $ 30,914
v3.25.3
Segment Reporting - Schedule of Non-cash items (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Non cash items included in segment income (loss) from operations by reportable segment        
Depreciation and amortization $ 11,962 $ 10,806 $ 35,160 $ 33,033
Restructuring costs 1,786 0 2,557 0
Restructuring costs 40 69 188 274
Stock-based compensation 5,868 6,887 17,195 18,789
U.S. Higher Education        
Non cash items included in segment income (loss) from operations by reportable segment        
Depreciation and amortization 6,442 7,981 21,692 23,607
Stock-based compensation 4,648 5,259 13,683 14,278
Australia / New Zealand        
Non cash items included in segment income (loss) from operations by reportable segment        
Depreciation and amortization 2,394 1,937 7,218 6,946
Stock-based compensation 462 1,061 1,224 2,871
Education Technology Services        
Non cash items included in segment income (loss) from operations by reportable segment        
Depreciation and amortization 1,340 888 3,693 2,480
Stock-based compensation $ 718 $ 498 $ 2,100 $ 1,366
v3.25.3
Regulation (Details) - Torrens University of Australia
Sep. 03, 2025
condition
Other Commitments [Line Items]  
TEQSA, registration renewal period 7 years
TEQSA, registration renewal, number of conditions 2