Slide 1: Q4 FY2026 Earnings Presentation
Q4 FY2026 Earnings Presentation August 4, 2026
Slide 2: Safe Harbor
Safe Harbor This presentation and the investor call to which it relates contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements other than statements of historical facts con
Slide 3: Compelling Long-Term Investment Thesis
Compelling Long-Term Investment Thesis Disruptor in Innovator with the scale, expertise & long-term Education customer relationships to change education Sustainable & Accelerating secular shift toward virtual education Growing Virtual and school choice School Business New Products & Leveraging capab
Slide 4: FY2026 Highlights
FY2026 Highlights FY2026 Performance Revenue $2,518M, +4.7% YoY Average enrollment growth for Demand for educational choices FY 2026 remains positive remains strong • Total enrollments up more than • Parent satisfaction with traditional K-12 4% from FY2025 schools remains near historic lows Adjusted
Slide 5: Increasing demand for virtual education options
Increasing demand for Top reasons parents enroll virtual education options students in virtual education Secular trends driving demand Health & wellbeing concerns • Bullying • Negative social experience • Behavioral / social issues Percentage of parents who considered, searched • School safety for,
Slide 6: Key Financial Metrics
Key Financial Metrics Revenue ($B) Adjusted Operating Income ($M) $2.8B $2.52B $600M $2.41B $498M $2.4B $500M $466M $2.04B $2.0B $1.84B $1.69B $400M $1.6B $294M $300M $1.2B $201M $188M $200M $0.8B $0.4B $100M - - FY2022 FY2023 FY2024 FY2025 FY2026 FY2022 FY2023 FY2024 FY2025 FY2026 Continued demand
Slide 7: Revenue and Enrollment Trends
Revenue and Enrollment Trends Enrollment Trends FY26 YoY enrollment growth 4.2% General Education average enrollments decreased 3.5K, Year ended June 30, down 2.5% y-o-y 2026 2025 Change Revenue ($M) General Education $1,417.8 $1,448.7 (2.1)% ↓ Career Learning average Career Learning enrollments inc
Slide 8: Strong Balance Sheet with Low Debt
Strong Balance Sheet with Low Debt Cash position, low leverage ratio, and consistent cash flows provide options for capital allocation Select balance sheet and other information as of June 30, 2026 ($M) Cash, Cash Equivalents & Marketable Securities $1,034.1 Leverage ratio1 of Accounts Receivable, N
Slide 9: Disciplined Capital Allocation
Disciplined Capital Allocation Prioritizing organic growth, new product and technology development, and synergistic M&A • Invest in academic quality and student / customer experience supporting outcomes / retention Organic Growth • Technology advancements to improve personalization and outcomes • Im
Slide 10: Compelling Long-Term Growth Targets
Compelling Long-Term Growth Targets Remain on track for FY2028 targets Total Revenue ($B) Adj. Operating Income ($M) Diluted EPS ($) 10% CAGR 20% CAGR 20% CAGR to mid-point (FY23-28) to mid-point (FY23-28) to mid-point (FY23-28) $800M $9.00 $8.35 $3.50B $3.30B $8.00 $7.14 $3.00B $585M $7.00 $600M $2
Slide 11: Board authorizes $500M in share buybacks through October 2027
Board authorizes $500M in share buybacks through October 2027 Completed ~$189M as of 6/30/2026 $600M $500M $500M $400M $311M $300M $189M $200M $100M $0M Buyback authorization as of 11/3/2025 Completed as of 6/30/2026 Remaining authorization 11
Slide 12: Appendix
Appendix Stride
Slide 13: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three months ended Year ended June 30, June 30, ($, M) 2026 2025 2026 2025 Net income $81.4 $51.3 $338.2 $287.9 Interest expense, net 2.9 2.7 11.8 10.5 Other income, net (1.4) (10.1) (2.2) (33.6) Income tax expense 22.8 12.9 102.8 93.0 Loss
Slide 14: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Year ended June 30, June 30, ($, M) 2026 2025 2026 2025 Income from operations $105.9 $56.9 $450.8 $360.1 Amortization of intangible assets 1.7 2.4 7.3 9.9 Stock-based compensation expense 10.2 11.8 40.3 36.7 Im
Slide 15: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Year ended June 30, ($, M) 2022 2023 2024 Income from operations $156.6 $165.5 $249.6 Amortization of intangible assets 13.0 15.2 12.9 Stock-based compensation expense 18.6 20.3 31.4 Impairment of long-lived assets - - - Adjusted
Slide 16: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended Year ended June 30, June 30, ($, M) 2026 2025 2026 2025 Net income attributable to common stockholders $81.4 $51.3 $338.2 $287.9 Amortization of intangible assets 1.7 2.4 7.3 9.9 Stock-based compensation expense 10.2 11.8
Slide 17: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended Year ended June 30, June 30, ($, per share) 2026 2025 2026 2025 Diluted net income per share $1.75 $1.03 $7.14 $5.95 Amortization of intangible assets 0.04 0.05 0.16 0.20 Stock-based compensation expense
Slide 18: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Year ended June 30, ($, M) 2026 2025 Net cash provided by operating activities $433.8 $432.8 Purchases of property and equipment (0.6) (1.8) Capitalized software development costs (61.6) (36.4) Capitalized curriculum devel
Slide 19: Effect of Convertible Notes on Share Dilution
Effect of Convertible Notes on Share Dilution Convertible Senior Notes (Illustrative Dilution Example) • Stride Convertible Notes: $420M principal (7.9M shares underlying); Maturity date 9/1/2027 • Irrevocably elected that all future conversions of the notes will be settled pursuant to combination s