Slide 1: Q1 FY2026 Earnings Presentation
Q1 FY2026 Earnings Presentation October 28, 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. 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: Q1 FY2026 Performance
Q1 FY2026 Performance Q1 FY2026 Highlights Adjusted Operating Income Record Enrollment and Strong Secular Demand Trends Support $81.1M, +39% YoY Growth Trends Continued Momentum • Total enrollments topped 247.7K, up • Record low K-12 satisfaction rates 11.3% from the prior year among parents, down 8
Slide 5: Increasing demand for virtual education options
Increasing demand for Top reasons parents enroll virtual education options students in virtual education Secular trends driving demand Health & wellbeing concerns • Bullying • Negative social experience • Behavioral / social issues Percentage of parents who searched for new • School safety schools f
Slide 6: Growth in Key Financial Metrics
Growth in Key Financial Metrics Revenue ($M) Adjusted Operating Income1 ($M) $2.5B $2.41B $500M $466M $2.04B $2.0B $1.84B $400M $1.69B $1.54B $294M $1.5B $300M $1.04B $201M $188M $1.0B $200M $161M $0.5B $100M $62M - - FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2020 FY2021 FY2022 FY2023 FY2024 FY202
Slide 7: Strong Enrollment Trends
Strong Enrollment Trends Enrollments Trends Q1 FY26 YoY enrollment growth 11.3% General Education average enrollments increased 6.8K, Three months ended September 30, up 5% y-o-y 2025 2024 Change Revenue ($M) Career Learning average General Education $363.1 $329.4 10.2% ↑ enrollments increased 18.3K
Slide 8: Guiding to Continued Revenue and Profitability Growth
Guiding to Continued Revenue and Profitability Growth Demand remains robust; in-year enrollment growth impacted by platform implementation challenges Q2 FY 26 Guidance1 FY26 Guidance1 Guidance mid-points ($, M) Low High Low High • FY26 Revenue: +5% YoY Revenue $620M $640M $2.480B $2.555B – Midpoint
Slide 9: Strong Balance Sheet with Low Debt
Strong Balance Sheet with Low Debt Cash position, low leverage ratio, and consistent cash flows provide options for capital allocation September 30, 2025 Select balance sheet and other information ($M) Cash, Cash Equivalents & Marketable Securities $749.6 Accounts Receivable, Net 809.3 Leverage Acco
Slide 10: Compelling Long-Term Growth Targets
Compelling Long-Term Growth Targets Remain on track for FY2028 targets Total Revenue ($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 $3.00B $585M $7.00 $600M $2.41B $
Slide 11: 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 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 LTM ended September 30, September 30, ($, M) 2025 2024 2025 Net income $68.8 $40.9 $315.9 Interest expense, net 3.1 2.4 11.2 Other income, net (16.9) (8.8) (41.8) Income tax expense 14.4 11.3 96.2 (Income) loss from equity
Slide 14: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended September 30, ($, M) 2025 2024 Income from operations $69.0 $47.3 Amortization of intangible assets 1.9 2.6 Stock-based compensation expense 10.2 8.4 Adjusted operating income $81.1 $58.4 14
Slide 15: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Year ended June 30, ($, M) 2020 2021 2022 2023 2024 2025 Income from operations $32.5 $110.5 $156.6 $165.5 $249.6 $360.1 Amortization of intangible assets 6.0 11.6 13.0 15.2 12.9 9.9 Stock-based compensation expense 23.6 39.3 18.6
Slide 16: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Sept. 30, Dec. 31, March 31, June 30, Sept. 30, Dec. 31, March 31, June 30, ($, M) 2023 2023 2024 2024 2024 2024 2025 2025 Income from operations $3.3 $84.3 $88.3 $73.7 $47.3 $125.1 $130.8 $56.9 Amortization of
Slide 17: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended September 30, ($, M) 2025 2024 Net income attributable to common stockholders $68.8 $40.9 Amortization of intangible assets 1.9 2.6 Stock-based compensation expense 10.2 8.4 Income tax effect on adjustments above (8.9) (4
Slide 18: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended September 30, ($, per share) 2025 2024 Diluted net income per share $1.40 $0.94 Amortization of intangible assets 0.04 0.06 Stock-based compensation expense 0.20 0.19 Income tax effect on adjustments abo
Slide 19: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended ($, M) Sept. 30, 2024 Dec. 31, 2024 March 31, 2025 June 30, 2025 Net income attributable to common stockholders $40.9 $96.4 $99.3 $51.3 Amortization of intangible assets 2.6 2.5 2.4 2.4 Stock-based compensation expense 8.
Slide 20: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended ($, per share) Sept. 30, 2024 Dec. 31, 2024 March 31, 2025 June 30, 2025 Diluted net income per share $0.94 $2.03 $2.02 $1.03 Amortization of intangible assets 0.06 0.05 0.05 0.05 Stock-based compensatio
Slide 21: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Three months ended September 30, ($, M) 2025 2024 Net cash provided by operating activities $(195.8) $(142.0) Purchases of property and equipment (0.3) (0.7) Capitalized software development costs (13.7) (8.8) Capitalized
Slide 22: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three Months Ended Year Ended December 31, 2025 June 30, 2026 ($, M) Low High Low High Income from operations $122.7 $131.5 $427.0 $448.0 Stock-based compensation expense 10.5 11.5 41.0 44.0 Amortization of intangible assets 1.8 2
Slide 23: 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