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Side-by-side financial comparison of Strategic Education, Inc. (STRA) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Strategic Education, Inc. is the larger business by last-quarter revenue ($305.9M vs $296.1M, roughly 1.0× Upstart Holdings, Inc.). Strategic Education, Inc. runs the higher net margin — 10.7% vs 6.3%, a 4.4% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 0.8%). Upstart Holdings, Inc. produced more free cash flow last quarter ($108.4M vs $77.3M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs -1.0%).
Strategic Education, Inc. (SEI) is an education services holding company and is formerly known as Strayer Education, Inc. The company owns for-profit, online Capella University and Strayer University, as well as non-degree programs schools such as DevMountain, Hackbright Academy, and Sophia Learning.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
STRA vs UPST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $305.9M | $296.1M |
| Net Profit | $32.8M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 13.4% | 6.4% |
| Net Margin | 10.7% | 6.3% |
| Revenue YoY | 0.8% | 35.2% |
| Net Profit YoY | 10.3% | 776.4% |
| EPS (diluted) | $1.48 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $305.9M | — | ||
| Q4 25 | $323.2M | $296.1M | ||
| Q3 25 | $319.9M | $277.1M | ||
| Q2 25 | $321.5M | $257.3M | ||
| Q1 25 | $303.6M | $213.4M | ||
| Q4 24 | $311.5M | $219.0M | ||
| Q3 24 | $306.0M | $162.1M | ||
| Q2 24 | $312.3M | $127.6M |
| Q1 26 | $32.8M | — | ||
| Q4 25 | $37.9M | $18.6M | ||
| Q3 25 | $26.6M | $31.8M | ||
| Q2 25 | $32.3M | $5.6M | ||
| Q1 25 | $29.7M | $-2.4M | ||
| Q4 24 | $25.3M | $-2.8M | ||
| Q3 24 | $27.7M | $-6.8M | ||
| Q2 24 | $29.9M | $-54.5M |
| Q1 26 | 13.4% | — | ||
| Q4 25 | 16.0% | 6.4% | ||
| Q3 25 | 11.6% | 8.5% | ||
| Q2 25 | 14.2% | 1.8% | ||
| Q1 25 | 13.1% | -2.1% | ||
| Q4 24 | 11.6% | -2.2% | ||
| Q3 24 | 11.9% | -27.8% | ||
| Q2 24 | 13.4% | -43.5% |
| Q1 26 | 10.7% | — | ||
| Q4 25 | 11.7% | 6.3% | ||
| Q3 25 | 8.3% | 11.5% | ||
| Q2 25 | 10.1% | 2.2% | ||
| Q1 25 | 9.8% | -1.1% | ||
| Q4 24 | 8.1% | -1.3% | ||
| Q3 24 | 9.1% | -4.2% | ||
| Q2 24 | 9.6% | -42.7% |
| Q1 26 | $1.48 | — | ||
| Q4 25 | $1.65 | $0.20 | ||
| Q3 25 | $1.15 | $0.23 | ||
| Q2 25 | $1.37 | $0.05 | ||
| Q1 25 | $1.24 | $-0.03 | ||
| Q4 24 | $1.05 | $-0.01 | ||
| Q3 24 | $1.15 | $-0.07 | ||
| Q2 24 | $1.24 | $-0.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $150.3M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.6B | $798.8M |
| Total Assets | $2.1B | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $150.3M | — | ||
| Q4 25 | $148.1M | $652.4M | ||
| Q3 25 | $172.6M | $489.8M | ||
| Q2 25 | $164.9M | $395.9M | ||
| Q1 25 | $182.6M | $599.8M | ||
| Q4 24 | $184.0M | $788.4M | ||
| Q3 24 | $222.1M | — | ||
| Q2 24 | $256.2M | — |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $798.8M | ||
| Q3 25 | $1.7B | $743.7M | ||
| Q2 25 | $1.7B | $722.0M | ||
| Q1 25 | $1.6B | $676.6M | ||
| Q4 24 | $1.7B | $633.2M | ||
| Q3 24 | $1.7B | $595.5M | ||
| Q2 24 | $1.7B | $594.7M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.0B | $3.0B | ||
| Q3 25 | $2.1B | $2.9B | ||
| Q2 25 | $2.1B | $2.5B | ||
| Q1 25 | $2.1B | $2.3B | ||
| Q4 24 | $2.0B | $2.4B | ||
| Q3 24 | $2.2B | $1.8B | ||
| Q2 24 | $2.2B | $1.8B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $87.4M | $108.6M |
| Free Cash FlowOCF − Capex | $77.3M | $108.4M |
| FCF MarginFCF / Revenue | 25.3% | 36.6% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 2.66× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $173.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $87.4M | — | ||
| Q4 25 | $39.2M | $108.6M | ||
| Q3 25 | $60.1M | $-122.6M | ||
| Q2 25 | $31.2M | $-120.2M | ||
| Q1 25 | $67.7M | $-13.5M | ||
| Q4 24 | $15.9M | $-110.9M | ||
| Q3 24 | $51.5M | $179.3M | ||
| Q2 24 | $24.3M | $65.3M |
| Q1 26 | $77.3M | — | ||
| Q4 25 | $27.0M | $108.4M | ||
| Q3 25 | $49.3M | $-122.7M | ||
| Q2 25 | $20.4M | $-120.3M | ||
| Q1 25 | $57.3M | — | ||
| Q4 24 | $4.7M | — | ||
| Q3 24 | $42.1M | $179.2M | ||
| Q2 24 | $13.6M | $65.3M |
| Q1 26 | 25.3% | — | ||
| Q4 25 | 8.3% | 36.6% | ||
| Q3 25 | 15.4% | -44.3% | ||
| Q2 25 | 6.3% | -46.7% | ||
| Q1 25 | 18.9% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 13.8% | 110.5% | ||
| Q2 24 | 4.3% | 51.1% |
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | 0.1% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 3.4% | 0.0% | ||
| Q1 25 | 3.4% | 0.0% | ||
| Q4 24 | 3.6% | 0.0% | ||
| Q3 24 | 3.1% | 0.1% | ||
| Q2 24 | 3.4% | 0.0% |
| Q1 26 | 2.66× | — | ||
| Q4 25 | 1.03× | 5.82× | ||
| Q3 25 | 2.26× | -3.86× | ||
| Q2 25 | 0.97× | -21.43× | ||
| Q1 25 | 2.27× | — | ||
| Q4 24 | 0.63× | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 0.81× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
STRA
| U.S. Higher Education | $212.6M | 69% |
| Australia/New Zealand | $51.8M | 17% |
| Education Technology Services | $41.5M | 14% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
