{"url_path":"/sec/stra/10-k/2026/item-5","section_key":"item-5","section_title":"Item 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-02-27","source_url":"https://www.sec.gov/Archives/edgar/data/1013934/0001013934-26-000006-index.html","accession_number":"0001013934-26-000006","cik":"0001013934","ticker":"STRA","issuer_name":"Strategic Education, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1013934/0001013934-26-000006-index.html","primary_entity_key":"0001013934","primary_entity_name":"Strategic Education, Inc."},"word_count":764,"has_tables":true,"body_markdown":"Item 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\n\nOur common stock is traded on the Nasdaq Global Select Market under the symbol “STRA.” As of January 30, 2026, there were 22,730,391 shares of common stock outstanding, and approximately 119 holders of record, which includes nominees or broker dealers holding stock on behalf of beneficial owners.\n\nIn 2024 and 2025, our Board of Directors approved the following dividend payments per common share:\n\n20242025\n\nFirst Quarter$0.60$0.60\n\nSecond Quarter$0.60$0.60\n\nThird Quarter$0.60$0.60\n\nFourth Quarter$0.60$0.60\n\nWhether to declare dividends and the amount of dividends to be paid in the future will be reviewed periodically by our Board of Directors in light of our earnings, cash flow, financial condition, capital needs, investment opportunities, and regulatory considerations. There is no requirement or assurance that common dividends will be paid in the future.\n\nPeer Group Performance Graph\n\nThe following performance graph compares the cumulative stockholder return on our common stock since December 31, 2020 with The Nasdaq Stock Market (U.S.) Index and a self-determined peer group consisting of Bright Horizons Family Solutions, Inc. (BFAM), Chegg, Inc. (CHGG), Covista Inc. (CVSA) (formerly Adtalem Global Education Inc. (ATGE)), Graham Holdings Company (GHC), Grand Canyon Education, Inc. (LOPE), John Wiley & Sons, Inc. (WLY), Stride Inc. (LRN), Laureate Education, Inc. (LAUR), Pearson PLC (PSO), Perdoceo Education Corporation (PRDO), and Udemy, Inc. (UDMY). At present, there is no comparative index for the education industry. This graph is not deemed to be “soliciting material” or to be filed with the SEC or subject to the SEC’s proxy rules or to the liabilities of Section 18 of the Exchange Act, and the graph shall not be deemed to be incorporated by reference into any of our prior or subsequent filings under the Securities Act or the Exchange Act.\n\n60\n\n[Table of Contents](#i8f80a9a4601c45bfaeb6727ac654564b_7)\n\nComparison of 60 Month Cumulative Total Return*\n\nAmong Strategic Education, Inc.\n\nThe Nasdaq Stock Market (U.S.) Index and a Peer Group\n\nName12/31/2012/31/2112/31/2212/31/2312/31/2412/31/25\n\nStrategic Education, Inc.100 63 88 107 111 98 \n\nNasdaq Stock Market (U.S.)100 122 82 119 154 187 \n\nPeer Group100 81 85 119 180 198 \n\n__________________________________________________________\n\n*The comparison assumes $100 was invested on December 31, 2020 in our common stock, the Nasdaq Stock Market (U.S.) Index, and the peer companies selected by us. Cumulative stockholder return assumes reinvestment of dividends and the peer group cumulative stockholder return is weighted by market capitalization at the beginning of each year.\n\nThere were no sales by us of unregistered securities during the year ended December 31, 2025.\n\nStock Repurchase Program\n\nIn November 2003, our Board of Directors authorized us to repurchase shares of common stock in open market purchases from time to time at the discretion of our management, depending on market conditions and other corporate considerations. Our Board of Directors amended the program on various dates, increasing the repurchase amount authorized and extending the expiration date, with the most recent extension being approved by our Board of Directors in November 2025. All of our share repurchases have been effected in compliance with Rule 10b-18 under the Exchange Act. Some repurchases have been made in accordance with a share repurchase plan adopted by us under Rule 10b5-1 under the Exchange Act. Our share repurchase program may be modified, suspended, or terminated at any time by us without notice.\n\nDuring the three months ended December 31, 2025, the Company paid $44.6 million to repurchase shares of common stock under its repurchase program. At December 31, 2025, the Company’s remaining authorization for common stock repurchases was $213.5 million, and is available for use through December 31, 2026. A summary of the Company’s share repurchases during the three months ended December 31, 2025 is set forth below:\n\nPeriod\nTotal number of shares purchased(1)\nAverage price paid per shareTotal number of shares purchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be purchased under the plans or programs ($ mil)\n\nOctober 1 to October 31, 202575,645 $79.77 75,645 $128.1 \n\nNovember 1 to November 30, 2025213,796 77.89 213,796 235.4 \n\nDecember 1 to December 31, 2025272,944 80.19 272,944 213.5 \n\nTotal562,385 $79.26 562,385 $213.5 \n\n____________________________________\n\n(1)The Company’s repurchase program was announced on November 3, 2003 for repurchases up to an aggregate amount of $15 million in value of common stock through December 31, 2004. The Board of Directors amended the program on various dates increasing the amount authorized and extending the authorization date. On November 5, 2025, the Board of Directors authorized an extension of the repurchase program through December 31, 2026 and increased the amount authorized to $250.0 million."}