Slide 1: Q2 FY2026 Earnings Presentation
Q2 FY2026 Earnings Presentation January 27, 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: Q2 FY2026 Performance
Q2 FY2026 Performance Q2 FY2026 Highlights Progress on Tech Demand Trends Support Adjusted Operating Income Implementation Issues Continued Momentum $159.0M, +17% YoY • Core issues resolved (additional • Record low K-12 satisfaction rates details on slide 5) among parents, down 8% from last year Rec
Slide 5: K12 Dashboard and Launchpad
K12 Dashboard and Launchpad Core platform issues largely resolved, implementing updated user experience during Q3 5
Slide 6: Increasing demand for virtual education options
Increasing demand for Top reasons parents enroll virtual education options students in virtual education Secular trends driving demand Health & wellbeing concerns • Bullying • Negative social experience • Behavioral / social issues Percentage of parents who considered, searched • School safety for,
Slide 7: Enrollment Trends
Enrollment Trends Enrollments Trends Q2 FY26 YoY enrollment growth 7.8% General Education average enrollments increased 1.2K, Three months ended December 31, up ~1% y-o-y 2025 2024 Change Revenue ($M) Career Learning average General Education $341.4 $354.3 (3.6)% ↓ enrollments increased 16.7K, up ~1
Slide 8: Growth in Key Financial Metrics
Growth in Key Financial Metrics Revenue ($M) Adjusted Operating Income1 ($M) $800 $180 $700 $160 $645 $159 $140 $600 $654 $140 $613 $621 $631 $615 $142 $587 $120 $136 $131 $130 $500 $534 $551 $505 $521 $480 $100 $400 $96 $80 $95 $88 $300 $81 $60 $200 $58 $40 $100 $20 $15 $- $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 9: Guiding to Continued Revenue and Profitability Growth
Guiding to Continued Revenue and Profitability Growth Demand remains robust; in-year enrollment growth impacted by platform implementation challenges Q3 FY 26 Guidance1 FY26 Guidance1 Guidance mid-points ($, M) Low High Low High • FY26 Revenue: +5% YoY Revenue $615M $645M $2.480B $2.555B – Midpoint
Slide 10: Strong Balance Sheet with Low Debt
Strong Balance Sheet with Low Debt Cash position, low leverage ratio, and consistent cash flows provide options for capital allocation Select balance sheet and other information as of December 31, 2025 ($M) Cash, Cash Equivalents $676.0 & Marketable Securities Leverage ratio1 of 0.07x Accounts Recei
Slide 11: Compelling Long-Term Growth Targets
Compelling Long-Term Growth Targets Remain on track for FY2028 targets Total Revenue ($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: 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 13: Board authorizes $500M in share buybacks through October 2026
Board authorizes $500M in share buybacks through October 2026 Completed ~$89M as of 12/31/2025 $600M $500 $500M $411 $400M $89 $300M $200M $100M $0M Buyback authorization as of 11/3/2025 Completed as of 12/31/2025 Remaining authorization 13
Slide 14: Appendix
Appendix Stride
Slide 15: Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Reconciliation of Net Income to EBITDA and Adjusted EBITDA Three months ended Six months ended LTM ended December 31, December 31, December 31, ($, M) 2025 2024 2025 2024 2025 Net income $99.5 $96.4 $168.3 $137.3 $318.9 Interest expense, net 2.8 2.6 5.9 5.0 11.4 Other (income) expense, net 10.7 (7.3
Slide 16: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Six months ended December 31, December 31, ($, M) 2025 2024 2025 2024 Income from operations $146.9 $125.1 $215.8 $172.4 Amortization of intangible 1.8 2.6 3.8 5.2 assets Stock-based compensation 10.3 7.9 20.5 1
Slide 17: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Year ended June 30, ($, M) 2020 2021 2022 2023 2024 2025 Income from operations $32.5 $110.5 $156.6 $165.5 $249.6 $360.1 Amortization of intangible assets 6.0 11.6 13.0 15.2 12.9 9.9 Stock-based compensation expense 23.6 39.3 18.6
Slide 18: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three months ended Sept. 30, Dec. 31, March June 30, Sept. 30, Dec. 31, March June 30, Sept. 30, ($, M) 2023 2023 31, 2024 2024 2024 2024 31, 2025 2025 2025 Income from operations $3.3 $84.3 $88.3 $73.7 $47.3 $125.1 $130.8 $56.9 $
Slide 19: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended Six months ended December 31, December 31, ($, M) 2025 2024 2025 2024 Net income attributable to common stockholders $99.5 $96.4 $168.3 $137.3 Amortization of intangible assets 1.8 2.6 3.8 5.2 Stock-based compensation exp
Slide 20: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended Six months ended December 31, December 31, ($, per share) 2025 2024 2025 2024 Diluted net income per share $2.12 $2.03 $3.49 $2.93 Amortization of intangible assets 0.04 0.05 0.08 0.11 Stock-based compen
Slide 21: Reconciliation of Net Income to Adjusted Earnings Per Share
Reconciliation of Net Income to Adjusted Earnings Per Share Three months ended ($, M) Sept. 30, 2024 Dec. 31, 2024 March 31, 2025 June 30, 2025 Sept. 30, 2025 Net income attributable to common stockholders $40.9 $96.4 $99.3 $51.3 $68.8 Amortization of intangible assets 2.6 2.5 2.4 2.4 1.9 Stock-base
Slide 22: Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share
Reconciliation of Diluted Net Income Per Share to Adjusted Earnings Per Share Three months ended ($, per share) Sept. 30, 2024 Dec. 31, 2024 March 31, 2025 June 30, 2025 Sept. 30, 2025 Diluted net income per share $0.94 $2.03 $2.02 $1.03 $1.40 Amortization of intangible assets 0.06 0.05 0.05 0.05 0.
Slide 23: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Three months ended December 31, ($, M) 2025 2024 Net cash provided by operating activities $91.8 $223.4 Purchases of property and equipment 0.3 (0.5) Capitalized software development costs (11.0) (9.8) Capitalized curricul
Slide 24: Reconciliation of Income from Operations to Adjusted Operating Income
Reconciliation of Income from Operations to Adjusted Operating Income Three Months Ended Year Ended March 31, 2026 June 30, 2026 ($, M) Low High Low High Income from operations $118.5 $127.0 $437.0 $454.0 Stock-based compensation expense 10.0 11.0 41.0 43.0 Amortization of intangible assets 1.5 2.0
Slide 25: 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