Slide 1: Q4 FY2025 Earnings Presentation
Q4 FY2025 Earnings Presentation August 5, 2025
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, such as statements about FY2028 targets, forecast, guidance,
Slide 3: Compelling Long-term Investment Thesis
Compelling Innovator with the scale, expertise & long-term customer Long-term Disruptor in Education relationships to change education Investment Thesis Sustainable & Growing Accelerating secular shift toward virtual education and Virtual School Business school choice New Products & Leveraging capab
Slide 4: FY2025 Highlights
FY2025 Highlights 01 02 03 04 Another record year for Demand trends support On Track to Achieve FY2028 Organic and revenue and profitability continued momentum in FY26 Targets Inorganic Opportunities Ninth straight year of revenue Initial enrollment guidance of Remain well on track to Strong balance
Slide 5: Growth in Key Financial Metrics
Growth in Key Financial Metrics Revenue ($M) Adjusted Operating Income1 ($M) $2.8B $500M $466M $2.41B $2.4B $2.04B $400M $2.0B $1.84B $1.69B $294M $1.54B $300M $1.6B $1.04B $188M $201M $1.2B $200M $161M $0.8B $100M $62M $0.4B - - FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2020 FY2021 FY2022 FY2023
Slide 6: Strong Enrollment Trends
Strong Enrollment Trends Year Ended June 30, 2025 2024 Change Enrollments Trends Revenue ($M) • Anticipating Q1 FY26 y-o-y General Education 1,448.7 1,289.2 ↑ 12.4% enrollment growth of between 10% and 15% Career Learning • Finished FY25 with more • Middle – High School 876.3 651.2 ↑ 34.6% enrollmen
Slide 7: 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, 2025 ($M) Cash, Cash Equivalents $1,011.4 & Marketable Securities Accounts Receivable, Net 559.6 Leverage r
Slide 8: Disciplined Capital Allocation
Disciplined Capital Allocation Prioritizing organic growth, new product and technology development and synergistic M&A • Invest in academic quality and student/customer experience to support outcomes and retention Organic • Technology advancements to improve personalization and outcomes Growth • Imp
Slide 9: Compelling Long-Term Growth Targets
Compelling Long-Term Growth Targets Total Revenue ($B) Adj. Operating Income ($M) Diluted EPS ($) 10% CAGR $800M 20% CAGR $9.00 20% CAGR to mid-point (FY23-28) to mid-point (FY23-28) $8.35 $3.50B $3.30B to mid-point (FY23-28) $8.00 $3.00B $585M $7.00 $600M $2.41B $5.95 $2.50B $2.70B $6.00 $466M $6.1
Slide 10: Appendix
Appendix Confidential 10
Slide 11: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three months ended Year ended June 30, June 30, ($, M) 2025 2024 2025 2024 Net income $51.3 $62.8 $287.9 $204.2 Interest expense, net 2.7 2.3 10.5 8.8 Other income, net (10.1) (7.5) (33.6) (26.9) Income tax expense 12.9 16.1 93.0 64.5 (Incom
Slide 12: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Year ended June 30, June 30, ($, M) 2025 2024 2025 2024 Income from operations $56.9 $73.7 $360.1 $249.6 Amortization of intangible assets 2.4 4.0 9.9 12.9 Stock-based compensation expense 11.8 10.2 36.7 31.4 Im
Slide 13: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Year Ended June 30, ($, M) 2020 2021 2022 2023 Income from operations $32.5 $110.5 $156.6 $165.5 Amortization of intangible assets 6.0 11.6 13.0 15.2 Stock-based compensation expense 23.6 39.3 18.6 20.3 Adjusted operating income $
Slide 14: 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) 2025 2024 2025 2024 Net income attributable to common stockholders $51.3 $62.8 $287.9 $204.2 Amortization of intangible assets 2.4 4.0 9.9 12.9 Stock-based compensation expense 11.8 10.
Slide 15: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended Year ended June 30, June 30, ($, per share) 2025 2024 2025 2024 Diluted net income per share $1.03 $1.42 $5.95 $4.69 Amortization of intangible assets 0.05 0.09 0.20 0.30 Stock-based compensation expense
Slide 16: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended ($, M) Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 Net income attributable to common stockholders $62.8 $40.9 $96.4 $99.3 Amortization of intangible assets 4.0 2.6 2.5 2.4 Stock-based compensation expense 10.
Slide 17: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended ($, per share) Jun. 30, 2024 Sept. 30, 2024 Dec. 31, 2024 Mar. 31, 2025 Diluted net income per share $1.42 $0.94 $2.03 $2.02 Amortization of intangible assets 0.09 0.06 0.05 0.05 Stock-based compensation
Slide 18: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Year ended June 30, ($, M) 2025 2024 Net Cash Provided by Operating Activities $432.8 $278.8 Purchases of property and equipment (1.8) (2.3) Capitalized software development costs (36.4) (40.7) 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) • Irrevocably elected that all future conversions of the notes will be settled pursuant to combination settlement, generally req