Stride Inc

Stride, Inc., formerly K12 Inc., runs an online learning platform for US students. It supplies the curriculum, software, teachers and support services that let schools operate full-time virtual programs from kindergarten through 12th grade. Its main customers are public and private schools, school districts and charter boards (the groups that oversee charter schools). It also serves employers, government agencies and families.

Most revenue comes from what Stride calls "school-as-a-service." This is a bundle of lessons, a learning management system (the software students log in to for classes and assignments), instruction and administration that Stride runs for a school. Payments depend largely on public per-pupil funding. Contracts average more than five years, and most renew automatically. In the 2025–2026 school year, Stride provided this service to 92 General Education schools in 31 states and Washington, DC. It also served 57 Career Learning schools or programs in 25 states and DC.

In the fiscal year ended June 30, 2026, revenue was about $2.52 billion. General Education, which covers core subjects such as math, English, science and history, brought in 56%. Career Learning for middle and high school students teaches job skills in fields like information technology and healthcare, and it brought in 41%. Adult Learning added about 2%. Stride built that business by buying Galvanize, Tech Elevator and MedCerts in 2020.

• In Q1 FY2027 (ended Sep 30, 2026), revenue was $639.4M, up 3% from a year earlier, and net income was $64.9M (-5.6%).
• For fiscal 2026, revenue was $2.52B (+4.7% year over year; +10.4% a year from FY2021 to FY2026) with a 13.4% net margin.

• Over FY2022–FY2026: $188.7M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed -1.7% from Jan 21, 2022 to Oct 16, 2026.

Rank among 1514 US companies

Market value at each year end

Stride’s market value went from $697.7M at the end of 2016 to $3.37B on Oct 28, 2026, about 4.8 times as much; since the end of 2025 it is up 18%.

Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 4 open-market purchases ($12.2M) and 0 sales ($0.00).

Large shareholders (13G filings)

ETFs with the most weight in LRN

1. Revenue depends on per-pupil public funding. Most revenue comes from school-as-a-service contracts that depend on public per-pupil funding. If governments cut that funding or change payment formulas after contracts are signed, Stride's revenue and profits could fall.
2. Independent school boards control the contracts. Each school's independent board can change priorities, limit enrollment or decline to renew. The agencies that grant charters can revoke them. Some contracts expire every year, and losing one large one could hurt results.
3. Results rise and fall with enrollment. Revenue depends on how many students partner schools enroll and re-enroll, plus adult program sign-ups. Less effective marketing, or Stride choosing to cap enrollment, could shrink student numbers and sales.
4. Legal and political challenges to virtual schools. Opponents of charter schools may challenge them in court, and states may not authorize or adequately fund virtual schools. Failing to follow regulations could mean losing public funding and repaying money already received.
5. Academic results are closely watched. Courses must line up with each state's standards and tests under the federal Every Student Succeeds Act (ESSA). Poor results, or claims of poor performance or misconduct, could damage Stride's reputation and customer relationships.
6. Outages, cyberattacks and AI missteps. Stride delivers lessons online through cloud providers such as Amazon Web Services and Microsoft Azure. An outage, a cyberattack or a misstep with artificial intelligence could disrupt classes, expose data and harm Stride's reputation.

• Oct 20, 2026 Quarterly results released
• Oct 9, 2026 Major agreement signed; Executive or board change; Investor presentation or announcement
• Aug 4, 2026 Quarterly results released; Other company announcement
• Jul 30, 2026 Quarterly results released; Executive or board change; Investor presentation or announcement
• Apr 28, 2026 Quarterly results released
• Jan 27, 2026 Quarterly results released
• Dec 10, 2025 Executive or board change; Shareholder vote results
• Nov 3, 2025 Investor presentation or announcement; Other company announcement

Stride paid no dividends from fiscal 2022 through fiscal 2026 (its years end June 30), so the stock offers no regular income. An investor who needs cash would have to give up shares, possibly after a price drop. Instead, Stride returns cash through buybacks (buying back its own shares). It spent about $189 million on them in fiscal 2026. Its share count fell 1.7% between January 21, 2022, and October 16, 2026.

In past market downturns, the stock held up well. Across the 2020 COVID crash (February 19 to March 23, 2020), it lost only 2.4%. That was despite a 32.3% plunge in mid-March, which it recovered by April 17. Across the 2022 bear market, it gained 35.9%. Its own swings are severe, though. As of October 28, 2026, the shares were down 47.8% over one year, and the deepest decline in about 19 years of price history was 81.4%. A single stock carries more risk than a diversified fund.