Strategic Education, Inc. (STRA) · Nov 5, 2026 · Earnings

Strategic Education earnings miss as ANZ weakness triggers $134M hit

Miss — Adjusted diluted EPS $1.69 vs ~$1.92 consensus

Strategic Education’s Q3 earnings missed consensus as ANZ enrollment pressure drove a $134 million impairment, despite ETS growth and solid cash flow.

Strategic Education is trying to shift growth toward employer-linked U.S. education and Education Technology Services, while its Australia/New Zealand business remains exposed to international-student restrictions. That was already a two-speed story before this release: ETS was growing, but ANZ was weakening and the prior quarter had already missed EPS expectations.

The quarter missed the earnings bar, not just the headline GAAP number. Adjusted diluted EPS was $1.69 on a constant-currency basis versus roughly $1.92 consensus, while revenue of $325.1 million was slightly below published expectations around $326.6 million–$327.5 million. The filing’s adjusted operating income fell to $50.2 million from $51.3 million despite revenue growth, showing that the underlying quarter was modestly weaker even after removing the impairment.

	Q3 2026	Q3 2025	Consensus
Revenue (Financial Highlights)	$325.1M (+1.6%)	$319.9M	~$326.6M
Adjusted diluted EPS (Non-GAAP reconciliation)	$1.69	$1.63	~$1.92
Adjusted operating income, constant currency (Non-GAAP reconciliation)	$50.2M	$51.3M
Free cash flow (Cash Flow statement)	$136.7M (+7.6%)	$127.0M

ANZ is now a more serious strategic problem. Enrollment fell 9.1%, constant-currency revenue dropped 7.2%, and operating income declined 20% year over year. Management responded with a $134.1 million non-cash impairment of Torrens University goodwill and intangible assets, explicitly acknowledging that near-term growth expectations had been reassessed. This does not directly consume cash, but it is a clear admission that the acquired ANZ growth case is worth less than previously carried on the balance sheet.

The U.S. and ETS engines are still functioning, but not enough to offset ANZ. ETS revenue rose 11.9%, Sophia Learning revenue climbed 19.8%, and ETS operating margin expanded to 42.5%. U.S. Higher Education revenue was essentially flat and enrollment fell 1.1%, though employer-affiliated enrollment increased to 34.7% of students and healthcare enrollment grew 9%.

Cash generation limits the damage but does not erase the reset. Operating cash flow rose to $173.5 million for the first nine months, free cash flow reached $136.7 million, and the company had $138.6 million of cash and marketable securities with no revolving-credit borrowings. That supports continued dividends and repurchases, but the quarter still shows slower core earnings momentum and a lower-value ANZ asset base.

Bottom line: This was more than a one-time accounting miss: the non-cash impairment confirms that ANZ’s growth outlook has deteriorated, while the better U.S. and ETS trends only partly cushion the earnings shortfall. The business remains cash-generative, but the current growth story is weaker than the market expected.

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Strategic Education earnings miss as ANZ weakness triggers $134M hit

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