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of Contents](#i8f80a9a4601c45bfaeb6727ac654564b_7)\n\nUNITED STATES SECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\nFORM 10-K\n\n(Mark One)\n\n☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from to\n\nCommission file number: 0-21039\n\nSTRATEGIC EDUCATION, INC.\n\n(Exact name of registrant as specified in its charter)\n\nMaryland52-1975978\n\n(State or other jurisdiction of\nincorporation or organization)(I.R.S. Employer Identification Number)\n\n2303 Dulles Station Boulevard\n\nHerndon,\n\nVA\n\n20171\n\n(Address of principal executive offices)(Zip Code)\n\nREGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE: (703) 561-1600\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:\n\nCOMMON STOCK, $0.01 PAR VALUESTRANasdaq Global Select Market\n\n(Title of each class)(Trading symbol(s))(Name of each exchange on which registered)\n\nSECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:\n\nNONE\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: ☒ Yes ☐ No\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act: ☐ Yes ☒ No\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. ☒ Yes ☐ No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer☒ Accelerated filer☐\n\nNon-accelerated filer☐ Smaller reporting company☐\n\nEmerging growth company☐   \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act). ☐ Yes ☒ No\n\nThe aggregate market value of the voting and non-voting common stock held by non-affiliates (computed by reference to the price at which the common stock was last sold) as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $2.0 billion.\n\nThe total number of shares of common stock outstanding as of January 30, 2026 was 22,730,391.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nCertain portions of the registrant’s Definitive Proxy Statement for its 2026 Annual Meeting of Stockholders (which is expected to be filed with the Commission within 120 days after the end of the registrant’s 2025 fiscal year) are incorporated by reference into Part III of this Annual Report.\n\n[Table of Contents](#i8f80a9a4601c45bfaeb6727ac654564b_7)\n\nSTRATEGIC EDUCATION, INC.\n\nFORM 10-K\n\nINDEX\n\n  Page\n\n[PART I ](#i8f80a9a4601c45bfaeb6727ac654564b_10)\n \n\n[Item 1 ](#i8f80a9a4601c45bfaeb6727ac654564b_13)\n\n[Business](#i8f80a9a4601c45bfaeb6727ac654564b_13)\n\n[4](#i8f80a9a4601c45bfaeb6727ac654564b_13)\n\n[Item 1A](#i8f80a9a4601c45bfaeb6727ac654564b_16) \n\n[Risk Factors](#i8f80a9a4601c45bfaeb6727ac654564b_16)\n\n[45](#i8f80a9a4601c45bfaeb6727ac654564b_16)\n\n[Item 1B](#i8f80a9a4601c45bfaeb6727ac654564b_19) \n\n[Unresolved Staff Comments](#i8f80a9a4601c45bfaeb6727ac654564b_19)\n\n[57](#i8f80a9a4601c45bfaeb6727ac654564b_19)\n\n[Item 1C](#i8f80a9a4601c45bfaeb6727ac654564b_22)\n\n[Cybersecurity](#i8f80a9a4601c45bfaeb6727ac654564b_22)\n\n[57](#i8f80a9a4601c45bfaeb6727ac654564b_22)\n\n[Item 2 ](#i8f80a9a4601c45bfaeb6727ac654564b_25)\n\n[Properties](#i8f80a9a4601c45bfaeb6727ac654564b_25)\n\n[58](#i8f80a9a4601c45bfaeb6727ac654564b_25)\n\n[Item 3](#i8f80a9a4601c45bfaeb6727ac654564b_28) \n\n[Legal Proceedings](#i8f80a9a4601c45bfaeb6727ac654564b_28)\n\n[59](#i8f80a9a4601c45bfaeb6727ac654564b_28)\n\n[Item 4 ](#i8f80a9a4601c45bfaeb6727ac654564b_31)\n\n[Mine Safety Disclosures](#i8f80a9a4601c45bfaeb6727ac654564b_31)\n\n[59](#i8f80a9a4601c45bfaeb6727ac654564b_31)\n\n[PART II ](#i8f80a9a4601c45bfaeb6727ac654564b_34)\n \n\n[Item 5 ](#i8f80a9a4601c45bfaeb6727ac654564b_37)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i8f80a9a4601c45bfaeb6727ac654564b_37)\n\n[60](#i8f80a9a4601c45bfaeb6727ac654564b_37)\n\n[Item 6 ](#i8f80a9a4601c45bfaeb6727ac654564b_40)\n\n[Reserved](#i8f80a9a4601c45bfaeb6727ac654564b_40)\n\n[61](#i8f80a9a4601c45bfaeb6727ac654564b_40)\n\n[Item 7 ](#i8f80a9a4601c45bfaeb6727ac654564b_43)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i8f80a9a4601c45bfaeb6727ac654564b_43)\n\n[61](#i8f80a9a4601c45bfaeb6727ac654564b_43)\n\n[Item 7A](#i8f80a9a4601c45bfaeb6727ac654564b_61) \n\n[Quantitative and Qualitative Disclosures about Market Risk](#i8f80a9a4601c45bfaeb6727ac654564b_64)\n\n[72](#i8f80a9a4601c45bfaeb6727ac654564b_61)\n\n[Item 8 ](#i8f80a9a4601c45bfaeb6727ac654564b_64)\n\n[Financial Statements and Supplementary Data](#i8f80a9a4601c45bfaeb6727ac654564b_64)\n\n[73](#i8f80a9a4601c45bfaeb6727ac654564b_64)\n\n[Item 9](#i8f80a9a4601c45bfaeb6727ac654564b_154) \n\n[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i8f80a9a4601c45bfaeb6727ac654564b_154)\n\n[120](#i8f80a9a4601c45bfaeb6727ac654564b_154)\n\n[Item 9A](#i8f80a9a4601c45bfaeb6727ac654564b_157) \n\n[Controls and Procedures](#i8f80a9a4601c45bfaeb6727ac654564b_157)\n\n[120](#i8f80a9a4601c45bfaeb6727ac654564b_157)\n\n[Item 9B ](#i8f80a9a4601c45bfaeb6727ac654564b_160)\n\n[Other Information](#i8f80a9a4601c45bfaeb6727ac654564b_160)\n\n[123](#i8f80a9a4601c45bfaeb6727ac654564b_160)\n\n[Item 9C](#i8f80a9a4601c45bfaeb6727ac654564b_163)\n\n[Disclosure Regarding Foreign Jurisdiction that Prevent Inspections](#i8f80a9a4601c45bfaeb6727ac654564b_163)\n\n[123](#i8f80a9a4601c45bfaeb6727ac654564b_163)\n\n[PART III](#i8f80a9a4601c45bfaeb6727ac654564b_166) \n \n\n[Item 10 ](#i8f80a9a4601c45bfaeb6727ac654564b_169)\n\n[Directors, Executive Officers and Corporate Governance](#i8f80a9a4601c45bfaeb6727ac654564b_169)\n\n[124](#i8f80a9a4601c45bfaeb6727ac654564b_169)\n\n[Item 11 ](#i8f80a9a4601c45bfaeb6727ac654564b_172)\n\n[Executive Compensation](#i8f80a9a4601c45bfaeb6727ac654564b_172)\n\n[127](#i8f80a9a4601c45bfaeb6727ac654564b_172)\n\n[Item 12 ](#i8f80a9a4601c45bfaeb6727ac654564b_175)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i8f80a9a4601c45bfaeb6727ac654564b_175)\n\n[127](#i8f80a9a4601c45bfaeb6727ac654564b_175)\n\n[Item 13 ](#i8f80a9a4601c45bfaeb6727ac654564b_178)\n\n[Certain Relationships and Related Transactions, and Director Independence](#i8f80a9a4601c45bfaeb6727ac654564b_178)\n\n[127](#i8f80a9a4601c45bfaeb6727ac654564b_178)\n\n[Item 14](#i8f80a9a4601c45bfaeb6727ac654564b_181) \n\n[Principal Accounting Fees and Services](#i8f80a9a4601c45bfaeb6727ac654564b_181)\n\n[127](#i8f80a9a4601c45bfaeb6727ac654564b_181)\n\n[PART IV](#i8f80a9a4601c45bfaeb6727ac654564b_184) \n \n\n[Item 15 ](#i8f80a9a4601c45bfaeb6727ac654564b_187)\n\n[Exhibits and Financial Statement Schedules](#i8f80a9a4601c45bfaeb6727ac654564b_187)\n\n[127](#i8f80a9a4601c45bfaeb6727ac654564b_187)\n\n[Item 16 ](#i8f80a9a4601c45bfaeb6727ac654564b_190)\n\n[Form 10-K Summary](#i8f80a9a4601c45bfaeb6727ac654564b_190)\n\n[129](#i8f80a9a4601c45bfaeb6727ac654564b_190)\n\n[SIGNATURES ](#i8f80a9a4601c45bfaeb6727ac654564b_193)\n\n[130](#i8f80a9a4601c45bfaeb6727ac654564b_193)\n\n2\n\n[Table of Contents](#i8f80a9a4601c45bfaeb6727ac654564b_7)\n\nPART I\n\nCAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS:\n\nThis document and the documents incorporated by reference herein include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including, without limitation, the statements about our plans, strategies, and prospects under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business.” We have typically used the words “expect,” “estimate,” “assume,” “believe,” “anticipate,” “may,” “will,” “forecast,” “outlook,” “plan,” “project,” “potential” and similar expressions in this document and the documents incorporated by reference herein to identify forward-looking statements. We have based these forward-looking statements on our current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to many risks, uncertainties and assumptions, including, among other things:\n\n•the pace of student enrollment;\n\n•our continued compliance with Title IV of the Higher Education Act of 1965, as amended (the “Higher Education Act” or “HEA”), and the regulations thereunder, as well as other federal laws and regulations, institutional accreditation standards, and state regulatory requirements;\n\n•legislation and other actions by the U.S. Congress, actions by the current administration, rulemaking and other action by the U.S. Department of Education (“Department of Education” or the “Department”) or other governmental entities, including without limitation action related to Title IV programs, Department of Education staffing levels, borrower defense to repayment applications, gainful employment or similar measures, 90/10, increased focus by governmental entities on for-profit education institutions, and including actions by governmental entities in Australia and New Zealand;\n\n•competitive factors;\n\n•risks associated with the opening of new campuses;\n\n•risks associated with the offering of new educational programs and adapting to other changes;\n\n•risks associated with the acquisition of other businesses, including existing educational institutions;\n\n•risks related to the timing of regulatory approvals;\n\n•our ability to implement our growth strategy;\n\n•risks associated with the ability of our students to finance their education in a timely manner; and\n\n•general economic and market conditions.\n\nYou should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business,” could cause our results to differ materially from those expressed or suggested in any forward-looking statements. Further information about these and other relevant risks and uncertainties may be found in Item 1A. Risk Factors below and elsewhere in this Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission (“SEC”). We undertake no obligation to update or revise forward-looking statements, except as required by law.\n\nReferences to “we,” “us,” “our,” “Strategic Education,” “SEI” and the “Company” refer to Strategic Education, Inc., together with our consolidated subsidiaries, unless the context suggests otherwise.\n\n3\n\n[Table of Contents](#i8f80a9a4601c45bfaeb6727ac654564b_7)"}