Slide 1: Q3 FY2026 Earnings Presentation
Q3 FY2026 Earnings Presentation April 28, 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: Q3 FY2026 Highlights
Q3 FY2026 Highlights Q3 FY2026 Performance Revenue As satisfaction with traditional $629.9M, 2.7% YoY Enrollment growth remains public school systems falls, families positive seek alternative education options • Total enrollments up 1.8% from • Record low K-12 satisfaction rates Adjusted Operating I
Slide 5: Increasing demand for virtual education options
Increasing demand for Top reasons parents enroll virtual education options students in virtual education Secular trends driving demand Health & wellbeing concerns • Bullying • Negative social experience • Behavioral / social issues Percentage of parents who considered, searched • School safety for,
Slide 6: Key Financial Metrics
Key Financial Metrics Revenue ($M) Adjusted Operating Income ($M) $800 $180 $700 $160 $159 $654 $140 $600 $631 $630 $142 $613 $621 $140 $587 $136 $120 $131 $500 $534 $551 $505 $521 $480 $100 $400 $96 $80 $95 $88 $300 $81 $60 $200 $58 $40 $100 $20 $15 $- $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q
Slide 7: Revenue and Enrollment Trends
Revenue and Enrollment Trends Enrollments Trends Q3 FY26 YoY enrollment growth 1.8% General Education average enrollments decreased 7.1K, Three months ended March 31, down 5% y-o-y 2026 2025 Change Revenue ($M) General Education $357.5 $370.8 (3.6)% ↓ Career Learning average Career Learning enrollme
Slide 8: Guiding to Continued Full Year Revenue and Profitability Growth
Guiding to Continued Full Year Revenue and Profitability Growth Demand trends remain robust Previous FY26 Updated FY26 Guidance Guidance1 Guidance mid-points ($, M) Low High Low High • FY26 Revenue: +4% YoY – Midpoint of Guidance Revenue $2.480B $2.555B $2.490B $2.520B Adjusted Operating Income $485
Slide 9: Strong Balance Sheet with Low Debt
Strong Balance Sheet with Low Debt Cash position, low leverage ratio, and consistent cash flows provide options for capital allocation Select balance sheet and other information as of March 31, 2026 ($M) Cash, Cash Equivalents $856.0 Leverage & Marketable Securities ratio1 of Accounts Receivable, Ne
Slide 10: Disciplined Capital Allocation
Disciplined Capital Allocation Prioritizing organic growth, new product and technology development, and synergistic M&A • Invest in academic quality and student / customer experience supporting outcomes / retention Organic Growth • Technology advancements to improve personalization and outcomes • Im
Slide 11: Compelling Long-Term Growth Targets
Compelling Long-Term Growth Targets Remain on track for FY2028 targets Total Revenue ($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 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 Nine months ended LTM ended March 31, March 31, March 31, ($, M) 2026 2025 2026 2025 2026 Net income $88.5 $99.3 $256.8 $236.6 $308.1 Interest expense, net 3.0 2.8 8.9 7.8 11.6 Other (income) expense, net 5.4 (7.4) (0.8) (
Slide 14: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Nine months ended March 31, March 31, ($, M) 2026 2025 2026 2025 Income from operations $129.1 $130.8 344.9 $303.2 Amortization of intangible 1.7 2.3 5.6 7.6 assets Stock-based compensation 9.6 8.6 30.1 24.9 exp
Slide 15: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Year ended June 30, ($, M) 2020 2021 2022 2023 2024 2025 Income from operations $32.5 $110.5 $156.6 $165.5 $249.6 $360.1 Amortization of intangible assets 6.0 11.6 13.0 15.2 12.9 9.9 Stock-based compensation expense 23.6 39.3 18.6
Slide 16: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Sept. 30, Dec. 31, March June 30, Sept. 30, Dec. 31, March June 30, Sept. 30, Dec. 31, ($, M) 2023 2023 31, 2024 2024 2024 2024 31, 2025 2025 2025 2025 Income from operations $3.3 $84.3 $88.3 $73.7 $47.3 $125.1
Slide 17: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended Nine months ended March 31, March 31, ($, M) 2026 2025 2026 2025 Net income attributable to common stockholders $88.5 $99.3 $256.8 $236.6 Amortization of intangible assets 1.7 2.3 5.6 7.6 Stock-based compensation expense
Slide 18: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended Nine months ended March 31, March 31, ($, per share) 2026 2025 2026 2025 Diluted net income per share $1.93 $2.02 $5.39 $4.95 Amortization of intangible assets 0.04 0.05 0.12 0.16 Stock-based compensatio
Slide 19: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended ($, M) Dec. 31, 2024 Mar. 31, 2025 June 30, 2025 Sept. 30, 2025 Dec. 31, 2025 Net income attributable to common stockholders $96.4 $99.3 $51.3 $68.8 $99.5 Amortization of intangible assets 2.5 2.3 2.4 1.9 1.8 Stock-based
Slide 20: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended ($, per share) Dec. 31, 2024 March 31, 2025 June 30, 2025 Sept. 30, 2025 Dec. 31, 2025 Diluted net income per share $2.03 $2.02 $1.03 $1.40 $2.12 Amortization of intangible assets 0.05 0.05 0.05 0.04 0.0
Slide 21: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Three months ended March 31, ($, M) 2026 2025 Net cash provided by operating activities $220.9 $53.1 Purchases of property and equipment (0.5) (0.2) Capitalized software development costs (12.8) (10.0) Capitalized curricul
Slide 22: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Previous Guidance Updated Guidance (as of January 27, 2026) (as of April 28, 2026) Year Ended Year Ended June 30, 2026 June 30, 2026 ($, M) Low High Low High Income from operations $ 437.0 $ 454.0 $ 443.0 $ 450.0 Stock-based compe
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