Stride, Inc. (Form: 10-Q, Received: 10/21/2026 06:00:41)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-33883

Stride, Inc.

(Exact name of registrant as specified in its charter)


Delaware		95-4774688
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

11720 Plaza America Drive, 9^th Floor
Reston, VA 20190		(703) 483-7000
(Address of Principal Executive Offices, including Zip Code)		(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $0.0001 par value	LRN	New York Stock Exchange (NYSE)

Indicate 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 past 90 days. Yes ⌧ No ◻

Indicate 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 ◻

Indicate 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.

Large accelerated filer ⌧

Accelerated filer ◻

Non-accelerated filer ◻

Smaller reporting company ☐

Emerging growth company ☐

If 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. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ⌧

As of October 16, 2026, the Registrant had 42,048,853 shares of common stock, $0.0001 par value per share, outstanding.

Table of Contents

Stride, Inc.

Form 10-Q

For the Quarterly Period Ended September 30, 2026

Index

		Page
		Number

PART I.	Financial Information
Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	38

PART II.	Other Information
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40

Signatures		41

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS


		September 30,		June 30,
		2026		2026
					(audited)
		(In thousands except share and per share data)
ASSETS
Current assets
Cash and cash equivalents		$	547,750	$	754,501
Accounts receivable, net of allowance of $31,751 and $31,302			854,808		664,788
Inventories, net			22,665		38,250
Prepaid expenses			75,345		43,052
Marketable securities			241,425		203,499
Other current assets			12,414		12,033
Total current assets			1,754,407		1,716,123
Property and equipment, net			172,974		102,042
Capitalized software, net			101,916		95,002
Capitalized curriculum development costs, net			59,963		56,895
Intangible assets, net			9,106		10,876
Goodwill			246,676		246,676
Deposits and other assets			185,914		207,938
Total assets		$	2,530,956	$	2,435,552
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	75,884	$	46,742
Accrued liabilities			68,400		95,446
Accrued compensation and benefits			28,220		62,896
Deferred revenue			6,817		20,553
Current portion of finance lease liability			85,463		60,477
Current portion of operating lease liability			2,374		2,737
Current portion of debt			418,431		—
Total current liabilities			685,589		288,851
Long-term finance lease liability			104,661		56,455
Long-term operating lease liability			8,106		8,316
Long-term debt			—		417,995
Deferred tax liability			41,137		13,033
Other long-term liabilities			19,698		18,573
Total liabilities			859,191		803,223
Commitments and contingencies
Stockholders’ equity
Preferred stock, par value $0.0001; 10,000,000 shares authorized; zero shares issued or outstanding			—		—
Common stock, par value $0.0001; 100,000,000 shares authorized; 49,681,525 and 49,126,917 shares issued; and 42,031,838 and 41,477,230 shares outstanding, respectively			4		4
Additional paid-in capital			714,347		739,829
Accumulated other comprehensive loss			(60)		(59)
Retained earnings			1,249,564		1,184,645
Treasury stock of 7,649,687 shares at cost			(292,090)		(292,090)
Total stockholders’ equity			1,671,765		1,632,329
Total liabilities and stockholders' equity		$	2,530,956	$	2,435,552

See accompanying notes to unaudited condensed consolidated financial statements.

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STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


		Three Months Ended September 30,
		2026			2025

		(In thousands except share and per share data)
Revenues		$	639,378		$	620,884
Instructional costs and services			398,261			378,761
Gross margin			241,117			242,123
Selling, general, and administrative expenses			156,849			173,140
Income from operations			84,268			68,983
Interest expense, net			(2,906)			(3,075)
Other income, net			1,477			16,914
Income before income taxes and income (loss) from equity method investments			82,839			82,822
Income tax expense			(17,840)			(14,423)
Income (loss) from equity method investments			(80)			401
Net income attributable to common stockholders		$	64,919		$	68,800
Net income attributable to common stockholders per share:
Basic		$	1.57		$	1.59
Diluted		$	1.45		$	1.40
Weighted average shares used in computing per share amounts:
Basic			41,479,826			43,371,952
Diluted			44,828,092			49,222,851

See accompanying notes to unaudited condensed consolidated financial statements.

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STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


		Three Months Ended September 30,
		2026			2025

		(In thousands)
Net income		$	64,919		$	68,800
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustment			(1)			3
Comprehensive income attributable to common stockholders		$	64,918		$	68,803

See accompanying notes to unaudited condensed consolidated financial statements.

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STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY


	Stride, Inc. Stockholders' Equity
(In thousands except share data)	Common Stock					Additional Paid-in			Accumulated Other Comprehensive			Retained		Treasury Stock
	Shares		Amount			Capital			Income (Loss)			Earnings		Shares		Amount			Total

Balance, June 30, 2026	49,126,917		$	4		$	739,829		$	(59)		$	1,184,645	(7,649,687)		$	(292,090)		$	1,632,329
Net income	—			—			—			—			64,919	—			—			64,919
Foreign currency translation adjustment	—			—			—			(1)			—	—			—			(1)
Stock-based compensation expense	—			—			(7,392)			—			—	—			—			(7,392)
Issuance of shares under employee stock purchase plan	20,793			—			1,419			—			—	—			—			1,419
Vesting of performance share units, net of tax withholding	260,079			—			—			—			—	—			—			—
Issuance of restricted stock awards	397,139			—			—			—			—	—			—			—
Forfeiture of restricted stock awards	(76,645)			—			—			—			—	—			—			—
Repurchase of restricted stock for tax withholding	(46,758)			—			(19,509)			—			—	—			—			(19,509)
Balance, September 30, 2026	49,681,525		$	4		$	714,347		$	(60)		$	1,249,564	(7,649,687)		$	(292,090)		$	1,671,765


	Stride, Inc. Stockholders' Equity
(In thousands except share data)	Common Stock					Additional Paid-in			Accumulated Other Comprehensive			Retained		Treasury Stock
	Shares		Amount			Capital			Income (Loss)			Earnings		Shares		Amount			Total

Balance, June 30, 2025	48,852,419		$	4		$	735,711		$	(67)		$	846,453	(5,334,743)		$	(102,482)		$	1,479,619
Net income	—			—			—			—			68,800	—			—			68,800
Foreign currency translation adjustment	—			—			—			3			—	—			—			3
Stock-based compensation expense	—			—			10,393			—			—	—			—			10,393
Vesting of performance share units, net of tax withholding	241,863			—			—			—			—	—			—			—
Issuance of restricted stock awards	176,212			—			—			—			—	—			—			—
Forfeiture of restricted stock awards	(18,377)			—			—			—			—	—			—			—
Repurchase of restricted stock for tax withholding	(57,296)			—			(31,407)			—			—	—			—			(31,407)
Balance, September 30, 2025	49,194,821		$	4		$	714,697		$	(64)		$	915,253	(5,334,743)		$	(102,482)		$	1,527,408

See accompanying notes to unaudited condensed consolidated financial statements.

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STRIDE, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS


		Three Months Ended September 30,
		2026			2025

		(In thousands)
Cash flows from operating activities
Net income		$	64,919		$	68,800
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense			34,934			29,234
Stock-based compensation expense			(7,392)			10,222
Deferred income taxes			29,425			49,472
Provision for credit losses			2,143			3,377
Amortization of fees on debt			435			429
Noncash operating lease expense			352			2,661
Other			8,092			(3,989)
Changes in assets and liabilities:
Accounts receivable			(191,894)			(253,026)
Inventories, prepaid expenses, deposits and other current and long-term assets			(18,356)			(36,322)
Accounts payable			27,881			15,716
Accrued liabilities			(28,566)			(45,356)
Accrued compensation and benefits			(33,257)			(30,882)
Operating lease liability			(899)			(879)
Deferred revenue and other liabilities			(12,604)			(5,237)
Net cash used in operating activities			(124,787)			(195,780)
Cash flows from investing activities
Purchase of property and equipment			(4)			(306)
Capitalized software development costs			(17,911)			(13,713)
Capitalized curriculum development costs			(6,567)			(7,677)
Sale of other investments			35,110			—
Other acquisitions, loans and investments, net of distributions			(886)			(2,574)
Proceeds from the maturity of marketable securities			61,638			61,767
Purchases of marketable securities			(117,295)			(62,220)
Net cash used in investing activities			(45,915)			(24,723)
Cash flows from financing activities
Repayments on finance lease obligations			(16,540)			(11,961)
Repurchase of restricted stock for income tax withholding			(19,509)			(31,594)
Net cash used in financing activities			(36,049)			(43,555)
Net change in cash, cash equivalents and restricted cash			(206,751)			(264,058)
Cash, cash equivalents and restricted cash, beginning of period			754,501			782,497
Cash, cash equivalents and restricted cash, end of period		$	547,750		$	518,439

See accompanying notes to unaudited condensed consolidated financial statements.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Description of the Business

Stride, Inc., together with its subsidiaries (“Stride” or the “Company”), is a technology company providing an educational platform to deliver online learning to students throughout the U.S. The brand reflects the Company’s continued growth into lifelong learning, regardless of a student’s age or location. The Company’s platform hosts products and services to attract, enroll, educate, track progress, and support students. These products and services, spanning curriculum, systems, instruction, and support services, are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning. The Company’s clients are primarily public and private schools, school districts, and charter boards. Additionally, it provides solutions to employers, government agencies and consumers. These products and services are provided through two lines of revenue:

●

General Education products and services are predominantly focused on core subjects, including math, English, science and history, for kindergarten through twelfth grade students to help build a common foundation of knowledge. These programs provide an alternative to traditional school options and address a range of student needs. Products and services are delivered as a comprehensive school-as-a-service offering for schools or as stand-alone products and services. A student enrolled in a school that offers Stride’s General Education program may elect to take career courses, but that student and the associated revenue is reported as a General Education enrollment and General Education revenue.

●

Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries—including information technology, healthcare and general business. The Company provides middle and high school students with Career Learning programs that complement their core general education coursework. Stride offers multiple career pathways through a broad catalog of courses. The middle school program exposes students to a variety of career options and introduces career skill development. In high school, students may engage in industry content pathway courses, project-based learning in virtual teams, and career development services. High school students have the opportunity to progress toward certifications, connect with industry professionals, earn college credits while in high school, and participate in job shadowing and/or work-based learning experiences that facilitate success in today’s digital, tech-enabled economy. A student is reported as a Career Learning enrollment and associated Career Learning revenue only if the student is enrolled in a Career Learning program. Like General Education products and services, the products and services for Career Learning are sold as a comprehensive school-as-a-service offering or as stand-alone products and services. The Company also provides focused post-secondary career learning programs to adult learners, for the software engineering, healthcare, and medical fields. These programs are sold directly to consumers, employers and government agencies.

2. Basis of Presentation

The accompanying condensed consolidated balance sheet as of September 30, 2026, the condensed consolidated statements of operations and comprehensive income for the three months ended September 30, 2026 and 2025, the condensed consolidated statements of cash flows for the three months ended September 30, 2026 and 2025, and the condensed consolidated statements of stockholders’ equity for the three months ended September 30, 2026 and 2025 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements, and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position and results of operations for the periods presented. The results for the three months ended September 30, 2026 are not necessarily indicative of the results to be expected for the year ending June 30, 2027, for any other interim period or for any other future fiscal year. The condensed consolidated balance sheet as of June 30, 2026 has been derived from the audited consolidated financial statements at that date.

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Accordingly, the Company does not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of normal recurring adjustments) considered necessary to present a fair statement of the

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Company’s condensed consolidated results of operations, financial position and cash flows. Preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and footnotes. Actual results could differ from those estimates. This quarterly report on Form 10-Q should be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on August 4, 2026 (the “Annual Report”), which contains the Company’s audited financial statements for the fiscal year ended June 30, 2026.

3. Summary of Significant Accounting Policies

Recent Accounting Pronouncements

Accounting Standards Adopted

In July 2025, the FASB issued ASU 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). The update provides an optional practical expedient for public companies to estimate expected credit losses on current accounts receivable and contract assets arising from ASC 606 transactions by assuming that conditions at the balance sheet date remain unchanged over the assets’ remaining lives. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025 (including interim periods), with early adoption permitted. The Company adopted this standard by electing the practical expedient, which is not expected to have a material impact on its condensed consolidated financial statements.

Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). This update provides investors with enhanced detail regarding components of expenses presented in the income statement, aiming to improve transparency and enable precise understanding of a company’s cost structure. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company will review the extent of new disclosures necessary in the coming quarters, prior to implementation during fiscal year 2028. Other than additional disclosure, the Company does not expect a change to its condensed consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 is intended to modernize and clarify the accounting for internal-use software, including updates to capitalization guidance that removes references to project stages and replaces them with the concept of a probable-to-complete recognition threshold. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and early adoption is permitted as of the beginning of an annual period. The Company is currently evaluating the impact of this ASU on its condensed consolidated financial statements.

Segment Reporting

Stride, Inc. operates in one operating and reportable business segment as a technology company providing an educational platform to deliver proprietary and third-party curriculum, software systems and educational services designed to facilitate individualized learning for students and adults.

The Company’s primary revenue source is derived from educational products and services provided through its General Education and Career Learning lines of revenue.

Operating as a cohesive technology company, the Company offers its products and services across the United States via an integrated online platform, using a centralized management approach for all educational and support functions.

The Chief Executive Officer (“CEO”) serves as the Chief Operating Decision Maker (“CODM”). The CODM evaluates the Company’s performance based on consolidated net income. This measure aligns with Stride’s consolidated

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financial statements and serves as the basis for resource allocation and performance assessment. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM monitors profitability and strategic growth initiatives on a consolidated basis without disaggregating profit or loss into separate operating segments. The Company determined there are no significant segment expenses that require a separate disclosure. The consolidated net income is used to assess overall company performance, benchmark against industry standards, and identify profitability trends, which guides resource allocation and investment in expansion and technology upgrades. The CODM also evaluates company performance using operating income. Operating income provides the CODM with a focused view of the company’s profitability excluding the effects of financing activities, tax strategies, and other non-operating items. This measure enables the CODM to assess operational efficiency, monitor performance trends, and evaluate the effectiveness of strategies aimed at revenue generation and cost management.

Revenue Recognition

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services using the following steps:

●

identify the contract, or contracts, with a customer;

●

identify the performance obligations in the contract;

●

determine the transaction price;

●

allocate the transaction price to the performance obligations in the contract; and

●

recognize revenue when, or as, the Company satisfies a performance obligation.

Revenues related to the products and services that the Company provides to students in kindergarten through twelfth grade or adult learners are considered to be General Education or Career Learning based on the school or adult program in which the student is enrolled. General Education products and services are focused on core subjects, including math, English, science and history, for kindergarten through twelfth grade students to help build a common foundation of knowledge. Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries—including information technology, healthcare and general business, for students in middle school through high school and adult learners.

The majority of the Company’s contracts are with the following types of customers:

●

a virtual or blended school whereby the amount of revenue is primarily determined by funding the school receives;

●

a school or individual who licenses certain curriculum on a subscription or course-by-course basis; or

●

an enterprise that contracts with the Company to provide online job training.

Funding-based Contracts

The Company provides an integrated package of systems, services, products, and professional expertise that is administered together to support a virtual or blended public school. Contracts generally span multiple years with performance obligations being isolated to annual periods which generally coincide with the fiscal year. Customers of these programs can obtain administrative support, information technology, academic support services, online curriculum, learning systems platforms and instructional services under the terms of a negotiated service agreement. The schools receive funding on a per student basis from the state in which the public school or school district is located. Shipments of materials for schools that occur in the fourth fiscal quarter and the upcoming school year are recorded in deferred revenue.

The Company generates revenues under contracts with virtual and blended public schools and includes the following components, where required:

●

providing each of a school’s students with access to the Company’s online school and lessons;

●

offline learning kits, which include books and materials to supplement the online lessons;

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●

the use of a personal computer and associated reclamation services;

●

internet access and technology support services;

●

instruction by a state-certified teacher; and

●

management and technology services necessary to support a virtual or blended school. In certain contracts, revenues are determined directly by per enrollment funding.

To determine the ratable amount of revenue to recognize in a fiscal quarter, the Company estimates the total expected funds each school will receive in a particular school year. Total funds for a school are primarily a function of the number of students enrolled in the school and established per enrollment funding levels, which are generally published on an annual basis by the state or school district. The Company reviews its estimates of funding periodically, and updates as necessary, by adjusting its year-to-date earned revenues to be proportional to the total expected revenues to be earned during the fiscal year. Actual school funding may vary from these estimates and the impact of these differences could impact the Company’s results of operations. Since the end of the school year coincides with the end of the fiscal year, annual revenues are generally based on actual school funding and actual costs incurred (including costs for the Company’s services to the schools plus other costs the schools may incur). The Company’s reported results are subject to annual school district financial audits, which incorporate enrollment counts, funding and other routine financial audit considerations. The results of these audits are incorporated into the Company’s monthly funding estimates for the three months ended September 30, 2026 and 2025. Historically, aggregate funding estimates have differed from actual reimbursements, generally in the range of 2% of annual revenue or less, which may vary from quarter to quarter.

Each state and/or school district has variations in the school funding formulas and methodologies that it uses to estimate funding for revenue recognition at its respective schools. As the Company estimates funding for each school, it takes into account the state definition for count dates on which reported enrollment numbers will be used for per pupil funding. The parameters the Company considers in estimating funding for revenue recognition purposes include school district count definitions, withdrawal rates, new registrations, average daily attendance, special needs enrollment, academic progress, historical completion, student location, funding caps and other state specified categorical program funding.

Under the contracts where the Company provides products and services to schools, the Company is responsible for substantially all of the expenses incurred by the school and has generally agreed to absorb any operating losses of the schools in a given school year. These school operating losses represent the excess of costs incurred over revenues earned by the virtual or blended public school (the school’s expected funding), as reflected in its respective financial statements, including Company charges to the schools. To the extent a school does not receive sufficient funding for each student enrolled in the school, the school would still incur costs associated with serving the unfunded enrollment. If losses due to unfunded enrollments result in a net operating loss for the year that loss is reflected as a reduction in the revenues and net receivables that the Company collects from the school. A school net operating loss in one year does not necessarily mean the Company anticipates losing money on the entire contract with the school. However, a school’s net operating loss may reduce the Company’s ability to collect its management fees in full and revenues recognized are constrained to reflect the expected cash collections from such schools. The Company records the school’s estimated net operating loss against revenues based upon the percentage of actual revenues in the period to total estimated revenues for the fiscal year. Actual school net operating losses may vary from these estimates or revisions, and the impact of these differences could have a material impact on results of operations. For the three months ended September 30, 2026 and 2025, the Company’s revenues included an adjustment for net school operating losses at the schools of $6.9 million and $6.8 million, respectively. Because the Company has agreed to absorb any operating losses of the schools, the Company records the expenses incurred by the school as both revenue and expense in the condensed consolidated statements of operations. During the three months ended September 30, 2026 and 2025, the Company recognized revenue associated with these schools of $188.0 million and $170.1 million, respectively.

Subscription-based Contracts

The Company provides certain online curriculum and services to schools and school districts under subscription agreements. Revenues from the licensing of curriculum under subscription arrangements are recognized on a ratable basis over the subscription period. Revenues from professional consulting, training and support services are deferred and recognized ratably over the service period.

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In addition, the Company contracts with individual customers who have access for one to two years to company-provided online curriculum and generally prepay for services to be received. Adult learners enroll in courses that provide specialized training in a specific industry. Each of these contracts is considered to be one performance obligation. The Company recognizes these revenues ratably over the maximum term of the customer contract based on the defined contract price.

Enterprise Contracts

The Company provides online job training over a specified contract period to enterprises. Each of these contracts is considered to be one performance obligation. The Company recognizes these revenues based on the number of students trained during the term of the contract based on the defined contract price.

Disaggregated Revenues

The revenue recognition related to the types of contracts discussed above can span both of the Company’s lines of revenue as shown below. For example, a funding-based contract may include both General Education and Career Learning students. In total, there is one performance obligation and revenue is recognized over the fiscal year. The revenue is then disaggregated between General Education and Career Learning based on the Company’s estimated full-year enrollment totals of each category. During the three months ended September 30, 2026 and 2025, approximately 96% and 96%, respectively, of the Company’s General Education revenues, and 100% and 100%, respectively, of the Company’s Middle – High School Career Learning revenues, were from funding-based contracts.

The following table presents the Company’s revenues disaggregated based on its two lines of revenue for the three months ended September 30, 2026 and 2025:


	Three Months Ended September 30,
	2026		2025

	(In thousands)
General Education	$	356,606	$	363,116
Career Learning
Middle - High School		272,098		241,500
Adult		10,674		16,268
Total Career Learning		282,772		257,768
Total Revenues	$	639,378	$	620,884

Concentration of Customers

During each of the three months ended September 30, 2026 and 2025, the Company had no contracts that represented greater than 10% of total revenues.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Contract Balances

The timing of revenue recognition, invoicing, and cash collection results in accounts receivable, unbilled receivables (a contract asset) and deferred revenue (a contract liability) in the condensed consolidated balance sheets. Accounts receivable are recorded when there is an executed customer contract and the customer is billed. An allowance is recorded to reflect expected losses at the time the receivable is recorded. The collectability of outstanding receivables is evaluated regularly by the Company to determine if additional allowances are needed. Unbilled receivables are created when revenue is earned prior to the customer being billed. Deferred revenue is recorded when customers are billed or cash is collected in advance of services being provided.

The opening and closing balances of the Company’s accounts receivable, unbilled receivables and deferred revenue are as follows:


	September 30,		June 30,		June 30,
	2026		2026		2025

	(In thousands)
Accounts receivable	$	854,808	$	664,788	$	559,646
Unbilled receivables (included in accounts receivable)		23,364		24,351		19,902
Deferred revenue		6,817		20,553		26,995
Deferred revenue, long-term (included in other long-term liabilities)		20		58		327

The difference between the opening and closing balance of the accounts receivable and unbilled receivables relates to the timing of the Company’s billing in relation to month end and its contracts. The difference between the opening and closing balance of the deferred revenue relates to the timing difference between billings to customers and the term of the contract, as well as changes in the estimates of variable consideration. Typically, each of these balances is at its highest during the first quarter of the fiscal year and lowest at the end of the fiscal year. The amount of revenue recognized during the three months ended September 30, 2026 and 2025 that was included in the previous July 1^st deferred revenue balance was $10.3 million and $15.5 million, respectively. During the three months ended September 30, 2026 and 2025, the Company recorded revenues of $9.2 million and $0.6 million, respectively, related to performance obligations satisfied in prior periods.

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. For the majority of its contracts, the Company’s performance obligations are satisfied over time, as the Company delivers, and the customer receives the services, over the service period of the contract. The Company’s payment terms are generally net 30 or net 45, but can vary depending on the customer or when the school receives its funding from the state.

The Company has elected, as a practical expedient, not to report the value of unsatisfied performance obligations for contracts with customers that have an expected duration of one year or less. The amount of unsatisfied performance obligations for contracts with customers which extend beyond one year as of September 30, 2026 was not material.

Significant Judgments

The Company determined that the majority of its contracts with customers contain one performance obligation. The Company markets the products and services as an integrated package building off its curriculum offerings. It does not market distinct products or services to be sold independently from the curriculum offering. The Company provides the

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

significant service of integrating the goods and services into the operation of the school and education of its students, for which the customer has contracted.

The Company has determined that the time elapsed method is the most appropriate measure of progress towards the satisfaction of the performance obligation. Generally, the Company delivers the integrated products and services package over the course of the Company’s fiscal year. This package includes enrollment, marketing, teacher training, etc. in addition to the core curriculum and instruction. All of these activities are necessary and contribute to the overall education of its students, which occurs evenly throughout the year. Accordingly, the Company recognizes revenue on a straight-line basis.

The Company determined that the expected value method is the most appropriate method to account for variable consideration and the Company’s forecasting method is an estimation process that uses probability to determine expected funding. On a monthly basis, the Company estimates the total funds each school will receive in a particular school year and the amount of full-year school revenues and operating expenses to determine the amount of revenue the Company will recognize. Enrollment and state funding rates are key inputs to this estimate. The estimates are adjusted monthly, and a cumulative catch-up adjustment is recorded to revenue as necessary to reflect the total revenues earned to date to be proportional to the total revenues to be earned in the fiscal year. The Company builds in known constraints (i.e., enrollment, funding, net operating losses, etc.) into the estimate of the variable consideration to record the most probable amount.

Sales Taxes

Sales tax collected from customers is excluded from revenues. Collected but unremitted sales tax is included as part of accrued liabilities in the condensed consolidated balance sheets. Revenues do not include sales tax as the Company considers itself a pass-through conduit for collecting and remitting sales tax.

Consolidation

The condensed consolidated financial statements include the accounts of the Company, the wholly-owned and affiliated companies that the Company owns, directly or indirectly, and all controlled subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.

Investments in Marketable Securities

The Company’s marketable securities generally consist of bonds and other securities which are classified as held-to-maturity. The securities with maturities between three months and one year are classified as short-term and are included in marketable securities on the condensed consolidated balance sheets. The securities with maturities greater than one year are classified as long-term and are included in deposits and other assets on the condensed consolidated balance sheets. Held-to-maturity securities are recorded at their amortized cost. The Company recorded interest income of $8.8 million and $9.5 million for the three months ended September 30, 2026 and 2025, respectively. This activity is recorded within other income (expense) within the condensed consolidated statements of operations.

The Company reviews the held-to-maturity debt securities for declines in fair value below the amortized cost basis under the credit loss model of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments – Credit Losses (“ASC 326”). Any decline in fair value related to a credit loss is recognized in the condensed consolidated statements of operations, with the amount of the loss limited to the difference between fair value and amortized cost. As of September 30, 2026 and June 30, 2026, the allowance for credit losses recognized related to held-to-maturity debt securities was $0.3 million and $0.2 million, respectively.

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

As of September 30, 2026, the Company’s marketable securities consisted of investments in corporate bonds and U.S. Treasury notes. The short-term and long-term portions were $241.5 million and $95.2 million, respectively. The maturities of the Company’s long-term marketable debt securities range from one to two years. The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands).


				Allowance for		Net Carrying		Gross Unrealized
		Amortized Cost		Credit Losses		Amount		Gains (Losses)		Fair Value
Corporate Bonds	$	145,275	$	(202)	$	145,073	$	(902)	$	144,171
U.S. Treasury Notes		191,458		(70)		191,388		(573)		190,815
Total	$	336,733	$	(272)	$	336,461	$	(1,475)	$	334,986

As of June 30, 2026, the Company’s marketable securities consisted of investments in corporate bonds, U.S. Treasury notes and commercial paper. The short-term and long-term portions were $203.6 million and $76.2 million, respectively. The maturities of the Company’s long-term marketable debt securities range from one to two years. The following table summarizes the amortized cost, net carrying amount, and fair value disaggregated by class of instrument (in thousands).


				Allowance for		Net Carrying		Gross Unrealized
		Amortized Cost		Credit Losses		Amount		Gains (Losses)		Fair Value
Corporate Bonds	$	112,160	$	(160)	$	112,000	$	(269)	$	111,731
U.S. Treasury Notes		141,689		(50)		141,639		(259)		141,380
Commercial Paper		25,956		(12)		25,944		-		25,944
Total	$	279,805	$	(222)	$	279,583	$	(528)	$	279,055

In addition to bonds and other held-to-maturity securities, the Company’s marketable securities also include investments in publicly held equity securities. The publicly held equity securities have readily determinable fair values, are included in deposits and other assets on the condensed consolidated balance sheets, and are measured at fair value with changes recognized in other income (expense) within the condensed consolidated statement of operations.

As of September 30, 2026 and June 30, 2026, the Company’s investments in publicly held equity securities were zero and $42.3 million, respectively. During the three months ended September 30, 2026, the Company sold its investments in publicly held equity securities for an aggregate $35.1 million and recorded a realized loss of $7.2 million, representing the proceeds less the fair value as of June 30, 2026. For the three months ended September 30, 2025, the Company recorded a net unrealized gain of $6.7 million, related to changes in the fair value of the underlying securities of its publicly held equity securities.

Allowance for Credit Losses

The Company maintains an allowance for credit losses primarily for estimated losses resulting from the inability or failure of individual customers to make required payments. The Company maintains an allowance under ASC 326 based on historical losses, changes in payment history, customer-specific information, current economic conditions, and reasonable and supportable forecasts of future economic conditions. The allowance under ASC 326 is updated as additional losses are incurred or information becomes available related to the customer or economic conditions.

The Company’s allowance for credit losses increased from $31.3 million as of June 30, 2026 to $31.8 million as of September 30, 2026. The increase of $0.5 million is due primarily to a $2.2 million current year provision, less $1.7 million in adjustments and amounts written off.

The Company writes off accounts receivable based on the age of the receivable and the facts and circumstances surrounding the customer and reasons for non-payment. Actual write-offs might differ from the recorded allowance.

Inventories

Inventories consist primarily of textbooks and curriculum materials, a majority of which are supplied to virtual and blended public schools, and utilized directly by students. Inventories represent items that are purchased and held for sale

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and are recorded at the lower of cost (first-in, first-out method) or net realizable value. The Company classifies its inventory as current or long-term based on the holding period. As of September 30, 2026 and June 30, 2026, $16.2 million and $14.7 million, respectively, of inventory, net of reserves, was deemed long-term and included in deposits and other assets on the condensed consolidated balance sheets. The provision for excess and obsolete inventory is established based upon the evaluation of the quantity on hand relative to demand. The excess and obsolete inventory reserve was $9.7 million and $9.4 million at September 30, 2026 and June 30, 2026, respectively.

Other Current Assets

Other current assets primarily include textbooks, curriculum materials and other supplies which are expected to be returned upon the completion of the school year. Materials not returned are expensed as part of instructional costs and services.

Capitalized Software-as-a-Service Costs

The Company capitalizes Software-as-a-Service (“SaaS”) license and implementation costs incurred in cloud computing contracts that are service contracts if they meet certain requirements. Those requirements are similar to the requirements for capitalizing costs incurred to develop internal-use software. Capitalization of SaaS costs ceases once the project is substantially complete and the software is ready for its intended purpose. Amortization is computed using the straight-line method over the term of the associated hosting contract, usually between three and five years. The Company classifies its SaaS implementation costs as current or long-term based on the terms of the associated hosting contract. SaaS implementation costs deemed short-term are included in prepaid expenses, and those deemed long-term are included in deposits and other assets, on the condensed consolidated balance sheets. Impairment is recognized when it is no longer probable that the SaaS project will be completed and placed in service.

As of September 30, 2026 and June 30, 2026, the Company recorded $16.9 million and $18.0 million, respectively, of costs related to SaaS implementation within prepaid expenses in the condensed consolidated balance sheets. As of September 30, 2026 and June 30, 2026, the Company recorded $28.1 million and $28.1 million, respectively, of costs related to SaaS implementation within deposits and other assets in the condensed consolidated balance sheets.

During the three months ended September 30, 2026 and 2025, the Company amortized $2.3 million and $2.3 million, respectively of SaaS implementation costs to instructional costs and services. SaaS implementation costs amortized to selling, general and administrative expenses were $3.1 million and $4.4 million during the three months ended September 30, 2026 and 2025, respectively. There were no material impairments of SaaS implementation costs during the three months ended September 30, 2026 and 2025.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is calculated using the straight-line method over the estimated useful life of the asset (or the lesser of the term of the lease and the estimated useful life of the asset under the finance lease). Amortization of assets capitalized under finance lease arrangements is included in depreciation expense. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful life of the asset. The determination of the lease term is discussed below under “Leases.”

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NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Property and equipment are depreciated over the following useful lives:


		Useful Life
Computer hardware		3 - 5 years
Computer software		3 - 5 years
Financed computers and printers		3 years
Web site development		3 - 5 years
Office equipment		3 years
Furniture and fixtures		5 - 7 years
Leasehold improvements		Shorter of useful life or term of the lease

The Company makes an estimate of unreturned student computers and printers based on an analysis of recent trends of returns. The Company recorded accelerated depreciation of $1.5 million and $0.9 million for the three months ended September 30, 2026 and 2025, respectively, related to unreturned student computers and printers.

Depreciation expense, including accelerated depreciation, related to property and equipment reflected in instructional costs and services for the three months ended September 30, 2026 and 2025 was $16.6 million and $11.3 million, respectively. Depreciation expense related to property and equipment reflected in selling, general, and administrative expenses for the three months ended September 30, 2026 and 2025 was $0.7 million and $0.7 million, respectively.

The Company fully expenses computer peripheral equipment (e.g., keyboards, mouses) upon purchase as recovery has been determined to be uneconomical. These expenses totaled $2.4 million and $2.5 million for the three months ended September 30, 2026 and 2025, respectively, and are recorded as instructional costs and services.

Capitalized Software Costs

The Company develops software for internal use. Software development costs incurred during the application development stage are capitalized. The Company amortizes these costs over the estimated useful life of the software, which is generally three years. Capitalized software development costs are stated at cost less accumulated amortization.

Capitalized software additions totaled $17.9 million and $13.7 million for the three months ended September 30, 2026 and 2025, respectively. The Company recorded amortization expense related to capitalized software of $8.0 million and $7.7 million during the three months ended September 30, 2026 and 2025, respectively, within instructional costs and services. Amortization expense related to capitalized software reflected in selling, general, and administrative expenses during the three months ended September 30, 2026 and 2025 was $3.2 million and $2.9 million, respectively.

Capitalized Curriculum Development Costs

The Company internally develops curriculum, which is primarily provided as online content and accessed via the Internet. The Company also creates textbooks and other materials that are complementary to online content.

The Company capitalizes curriculum development costs incurred during the application development stage, as well as the design and deployment phases of the project. As a result, a significant portion of the Company’s courseware development costs qualify for capitalization due to the concentration of its development efforts on the content of the courseware. Capitalization ends when a course is available for general release to its customers, at which time amortization of the capitalized costs begins. The period of time over which these development costs are amortized is generally five years.

Total capitalized curriculum development additions were $6.6 million and $7.7 million for the three months ended September 30, 2026 and 2025, respectively. These amounts are recorded on the condensed consolidated balance sheets net of amortization charges. Amortization expense for the three months ended September 30, 2026 and 2025 was $4.5 million and $4.7 million, respectively, and is recorded in instructional costs and services.

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Leases

The Company’s principal leasing activities include computers and peripherals, classified as finance leases, and facilities, classified as operating leases.

Leases are classified as operating leases unless they meet any of the criteria below to be classified as a finance lease:

●

the lease transfers ownership of the asset at the end of the lease;

●

the lease grants an option to purchase the asset which the lessee is expected to exercise;

●

the lease term reflects a major part of the asset’s economic life;

●

the present value of the lease payments equals or exceeds the fair value of the asset; or

●

the asset is specialized with no alternative use to the lessor at the end of the term.

Finance Leases

The Company enters into agreements to finance the purchase of computers and peripherals. Individual leases typically include 3-year payment terms. The Company pledges the assets financed to secure the outstanding leases.

Operating Leases

The Company enters into agreements for facilities that serve as offices for its headquarters and school operations. Lease terms vary between 1 and 7 years. Certain leases include renewal options, usually based upon current market rates, as well as termination rights. The Company performs an evaluation of each lease to determine if the lease payments included in the renewal option should be included in the initial measurement of the lease liability.

Discount Rate

The present value of the lease payments is calculated using either the rate implicit in the lease, or the lessee’s incremental borrowing rate, over the lease term. For the majority of the Company’s finance and operating leases, the stated rate is not defined within the lease terms. Therefore, the Company uses its incremental borrowing rate as the discount rate. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment and is calculated using comparative credit ratings.

Policy Elections

Short-term Leases

The Company has elected as an ongoing accounting policy election not to record a right-of-use asset or lease liability on its short-term facility leases of 12 months or less, and will expense its lease payments on a straight-line basis over the lease term. The accounting policy election is made by class of underlying asset to which the right of use relates. The Company has elected to apply the accounting policy election only to operating leases.

Income Taxes

Deferred tax assets and liabilities are computed based on the difference between the financial reporting and income tax bases of assets and liabilities using the enacted marginal tax rate. The net deferred tax asset is reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the net deferred tax asset will not be realized.

Goodwill and Intangible Assets

The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired. Finite-lived intangible assets acquired in business combinations subject to amortization are recorded at their fair

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

value. Finite-lived intangible assets include trade names, acquired customers and distributors, developed technology, and non-compete agreements. Such intangible assets are amortized on a straight-line basis over their estimated useful lives. Amortization expense for the three months ended September 30, 2026 and 2025 was $1.8 million and $1.9 million, respectively, and is included within selling, general, and administrative expenses in the condensed consolidated statements of operations. Future amortization of intangible assets is expected to be $4.1 million, $4.1 million, $0.3 million, $0.2 million, and $0.1 million in the fiscal years ending June 30, 2027 through June 30, 2031, respectively, and $0.1 million thereafter.

The Company reviews its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between fair value and the carrying value of the asset.

The Company has one reporting unit. The process for testing goodwill and intangible assets with indefinite lives for impairment is performed annually, as well as when an event triggering impairment may have occurred. Companies are also allowed to qualitatively assess goodwill impairment through a screening process which would permit companies to forgo the quantitative impairment test as part of their annual goodwill impairment process. The Company performs its annual assessment on May 31^st, which is then updated for any changes in condition as of June 30^th.

During the three months ended September 30, 2026 and 2025, there were no events or changes in circumstances that would indicate that the carrying amount of the goodwill was impaired.

The following table represents the balance of the Company’s intangible assets as of September 30, 2026 and June 30, 2026:


		September 30, 2026									June 30, 2026
($ in millions)		Gross Carrying Amount			Accumulated Amortization and Impairment			Net Carrying Value			Gross Carrying Amount			Accumulated Amortization and Impairment			Net Carrying Value
Trade names		$	70.6		$	(64.7)		$	5.9		$	70.6		$	(63.8)		$	6.8
Customer and distributor relationships			37.1			(36.3)			0.8			37.1			(35.8)			1.3
Developed technology			21.7			(19.5)			2.2			21.7			(19.1)			2.6
Other			1.4			(1.2)			0.2			1.4			(1.2)			0.2
Total		$	130.8		$	(121.7)		$	9.1		$	130.8		$	(119.9)		$	10.9

Impairment of Long-Lived Assets

Long-lived assets include property, equipment, right-of-use assets, capitalized curriculum and software developed or obtained for internal use. Management reviews the Company’s recorded long-lived assets for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. The Company determines the extent to which an asset may be impaired based upon its expectation of the asset’s future usability as well as reasonable assurance that the future cash flows associated with the asset will be in excess of its carrying amount. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the difference between fair value and the carrying value of the asset.

During the three months ended September 30, 2026 and 2025, there were no events or changes in circumstances that may indicate that the carrying amount of the long-lived assets may not be recoverable.

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Fair Value Measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. Measurements are described in a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

The three levels of inputs used to measure fair value are:

Level 1: Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date;

Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and

Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation.

The carrying values reflected in the condensed consolidated balance sheets for cash and cash equivalents, receivables, and short-term obligations approximate their fair values, as they are largely short-term in nature. As of September 30, 2026, the estimated fair value of the debt was $690.7 million. The Company estimated the fair value based on the quoted market prices in an inactive market (Level 2). The debt, comprised of the Company’s convertible senior notes due 2027, is recorded at face value less the unamortized debt issuance costs on its condensed consolidated balance sheet, and is discussed in more detail in Note 6, “Debt.” As of September 30, 2026, the estimated fair value of the Company’s held-to-maturity marketable securities based on the quoted market prices in an inactive market (Level 2) was $332.0 million. As of September 30, 2026, the estimated fair value of the Company’s held-to-maturity marketable securities based on quoted prices in an active market (Level 1) was $3.0 million. The held-to-maturity marketable securities are discussed in more detail in Note 3, “Summary of Significant Accounting Policies - Investments in Marketable Securities.”

There was no activity related to the Company’s fair value measurements categorized as Level 3 in the valuation hierarchy, valued on a recurring basis, for the three months ended September 30, 2026 and 2025.

Net Income (Loss) Per Common Share

Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. The weighted average number of shares of common stock outstanding includes vested restricted stock awards. Diluted net income (loss) per share (“EPS”) reflects the potential dilution that could occur assuming vesting of all dilutive unvested restricted stock awards. The dilutive effect of restricted stock awards is determined using the treasury stock method. Under the treasury stock method, the proceeds received from the vesting of restricted stock awards, the amount of compensation cost for future service not yet recognized by the Company and the amount of tax benefits that would be recorded as income tax expense when the stock options become deductible for income tax purposes are all assumed to be used to repurchase shares of the Company’s common stock. Restricted stock awards are not included in the computation of diluted net income (loss) per share when they are anti-dilutive. Common stock outstanding reflected in the Company’s condensed consolidated balance sheets includes restricted stock awards outstanding. The dilutive effect of the Company’s convertible debt is determined using the if-converted method when the Company’s stock is trading above the conversion price. However, based on the structure of the instrument and how it is settled upon conversion, it would produce a similar result as the previously applied treasury stock method. The dilutive effect of the Company’s employee stock purchase plan shares is also determined by the treasury stock method. Under the treasury stock method, the total expected employee payroll contributions and unrecognized compensation cost are assumed to be used to repurchase shares of the Company’s common stock.

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

The following schedule presents the calculation of basic and diluted net income per share:


	Three Months Ended September 30,
	2026		2025

	(In thousands except share and per share data)
Basic net income per share computation:

Net income attributable to common stockholders	$	64,919	$	68,800
Weighted average common shares — basic		41,479,826		43,371,952
Basic net income per share	$	1.57	$	1.59

Diluted net income per share computation:

Net income attributable to common stockholders	$	64,919	$	68,800
Share computation:
Weighted average common shares — basic		41,479,826		43,371,952
Effect of dilutive restricted stock, convertible debt, and the employee stock purchase plan		3,348,266		5,850,899
Weighted average common shares — diluted		44,828,092		49,222,851
Diluted net income per share	$	1.45	$	1.40

For the three months ended September 30, 2026 and 2025, shares issuable in connection with restricted stock, convertible debt, and the 2025 Employee Stock Purchase Plan (the “2025 ESPP”) of 3,123,142 and 1,842,786 shares, respectively, were excluded from the diluted income per common share calculation because the effect would have been anti-dilutive. In connection with the issuance of the 1.125% Convertible Senior Notes due 2027 (“Notes”), the Company entered into capped call transactions (the “Capped Call Transactions”) as described further in Note 6, “Debt.” The Capped Call Transactions are intended to reduce the potential dilution to the Company’s common stock upon conversion of the Notes and/or to offset any cash payments the Company may be required to make in excess of the principal amount of the Notes.

4. Income Taxes

The provision for income taxes is based on earnings reported in the condensed consolidated financial statements. A deferred income tax asset or liability is determined by applying currently enacted tax laws and rates to the expected reversal of the cumulative temporary differences between the carrying value of assets and liabilities for financial statement and income tax purposes. Deferred income tax expense or benefit is measured by the change in the deferred income tax asset or liability during the period. For the three months ended September 30, 2026 and 2025, the Company’s effective income tax rate was 21.6% and 17.3%, respectively. The increase in the effective income tax rate for the three months ended September 30, 2026, as compared to the effective tax rate for the three months ended September 30, 2025, was primarily due to stock-based compensation. As of September 30, 2026, and June 30, 2026, the balance of income taxes payable was zero and $27.5 million, respectively. Income taxes payable is recorded within accrued liabilities on the condensed consolidated balance sheets.

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

5. Finance and Operating Leases

Finance Leases

The Company is a lessee under finance leases for computers and peripherals under agreements with Banc of America Leasing & Capital, LLC (“BALC”) and CSI Leasing, Inc. (“CSI Leasing”). As of September 30, 2026 and June 30, 2026, the finance lease liability was $190.1 million and $116.9 million, respectively, with lease interest rates ranging from 4.12% to 6.35%. As of September 30, 2026 and June 30, 2026, the balance of the associated right-of-use assets was $133.8 million and $95.3 million, respectively. The right-of-use asset is recorded within property and equipment, net on the condensed consolidated balance sheets. Lease amortization expense associated with the Company’s finance leases is recorded within both instructional costs and services and selling, general, and administrative expenses on the condensed consolidated statements of operations.

The Company entered into agreements with BALC and CSI Leasing in April 2020 and August 2022, respectively, to provide financing for its computers and peripherals. Individual leases with BALC include 36-month payment terms, fixed rates ranging from 4.75% to 6.23%, and a $1 purchase option at the end of each lease term. The Company has pledged the assets financed to secure the outstanding leases. Individual leases under the agreement with CSI Leasing include 36-month payment terms, but do not include a stated interest rate. The Company uses its incremental borrowing rate as the implied interest rate and the total lease payments to calculate its lease liability.

The following is a summary, as of September 30, 2026 and June 30, 2026, respectively, of the present value of the net minimum lease payments under the Company’s finance leases:


		September 30, 2026		June 30, 2026

		(in thousands)
2027		$	69,990	$	64,471
2028			74,821		42,580
2029			47,598		15,356
2030			9,259		373
2031			—		—
Total minimum payments			201,668		122,780
Less: imputed interest			(11,544)		(5,848)
Finance lease liability			190,124		116,932
Less: current portion of finance lease liability			(85,463)		(60,477)
Long-term finance lease liability		$	104,661	$	56,455

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Operating Leases

The Company is a lessee under operating leases for various facilities to support the Company’s operations. As of September 30, 2026 and June 30, 2026, the operating lease liability was $10.5 million and $11.1 million, respectively. As of September 30, 2026 and June 30, 2026, the balance of the associated right-of-use assets was $7.2 million and $7.3 million, respectively. The right-of-use asset is recorded within deposits and other assets on the condensed consolidated balance sheets. Lease expense associated with the Company’s operating leases is recorded within both instructional costs and services and selling, general, and administrative expenses on the condensed consolidated statements of operations.

Individual operating leases range in terms of 1 to 7 years and expire on various dates through fiscal year 2034 and the minimum lease payments are discounted using the Company’s incremental borrowing rate.

The following is a summary as of September 30, 2026 and June 30, 2026, respectively, of the present value of the minimum lease payments under the Company’s operating leases:



		September 30, 2026		June 30, 2026

		(in thousands)
2027		$	2,157	$	3,128
2028			2,137		2,066
2029			1,756		1,684
2030			1,665		1,590
2031			1,484		1,406
Thereafter			2,484		2,443
Total minimum payments			11,683		12,317
Less: imputed interest			(1,203)		(1,264)
Operating lease liability			10,480		11,053
Less: current portion of operating lease liability			(2,374)		(2,737)
Long-term operating lease liability		$	8,106	$	8,316

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

The following is a summary of the Company’s lease cost, weighted-average remaining lease term, weighted-average discount rate and certain other cash flows as it relates to its operating and finance leases for the three months ended September 30, 2026 and 2025:


	Three Months Ended September 30,
	2026			2025

	(in thousands)
Lease cost

Finance lease cost:
Instructional costs and services:
Amortization of right-of-use assets	$	16,143		$	10,352
Selling, general, and administrative expenses:
Amortization of right-of-use assets		335			158
Interest on lease liabilities		1,297			1,524
Operating lease cost:
Instructional costs and services:
Operating lease cost		127			2,325
Short-term lease cost		8			54
Sublease income		—			(66)
Selling, general, and administrative expenses:
Operating lease cost		185			506
Short-term lease cost		26			24
Total lease cost	$	18,121		$	14,877

Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	(899)		$	(879)
Financing cash flows from finance leases		(16,540)			(11,961)
Right-of-use assets obtained in exchange for new finance lease liabilities		87,233			47,309
Right-of-use assets obtained in exchange for new operating lease liabilities		325			693
Weighted-average remaining lease term - finance leases		2.15	yrs.		1.95	yrs.
Weighted-average remaining lease term - operating leases		5.58	yrs.		4.93	yrs.
Weighted-average discount rate - finance leases		4.82	%		5.18	%
Weighted-average discount rate - operating leases		4.10	%		2.96	%

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

6. Debt

The following is a summary, as of September 30, 2026 and June 30, 2026, respectively, of the components of the Company’s outstanding debt:


	September 30, 2026		June 30, 2026

	(in thousands)
Convertible Senior Notes due 2027	$	420,000	$	420,000
Less: unamortized debt issuance costs		(1,569)		(2,005)
Total debt		418,431		417,995
Less: current portion of debt		(418,431)		—
Long-term debt	$	—	$	417,995

Future maturities of debt are expected to be $420.0 million in the fiscal year ending June 30, 2028 and zero in the fiscal year ending June 30, 2027.

Convertible Senior Notes due 2027

In August and September 2020, the Company issued $420.0 million aggregate principal amount of Notes. The Notes are governed by an indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. The net proceeds from the offering of the Notes were approximately $408.6 million after deducting the underwriting fees and other expenses paid by the Company.

The Notes bear interest at a rate of 1.125% per annum, payable semi-annually in arrears on March 1^st and September 1^st of each year, beginning on March 1, 2021. The Notes will mature on September 1, 2027. The Company recorded coupon interest expense of $1.2 million during each of the three months ended September 30, 2026 and 2025.

The Company incurred debt issuance costs of $11.4 million which are amortized over the contractual term of the Notes. The Company recorded interest expense of $0.4 million related to the amortization of the debt issuance costs during each of the three months ended September 30, 2026 and 2025.

Before June 1, 2027, noteholders will have the right to convert their Notes only upon the occurrence of certain events. After June 1, 2027, noteholders may convert their Notes at any time at their election until two days prior to the maturity date. The Company must settle conversions by paying cash up to the outstanding principal amount of $420.0 million, and at the Company’s election, will settle the conversion spread by paying or delivering cash or shares of its common stock, or a combination of cash and shares of its common stock. The initial conversion rate is 18.9109 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $52.88 per share of common stock (lower strike price). The Notes are redeemable at the Company’s option at any time after September 6, 2024 at a cash redemption price equal to the principal amount of the Notes, plus accrued and unpaid interest, subject to certain stock price hurdles as discussed in the Indenture.

In connection with the Notes, the Company entered into privately negotiated Capped Call Transactions with certain counterparties. The Capped Call Transactions are expected to cover the aggregate number of shares of the Company’s common stock that initially underlie the Notes, and are expected to reduce potential dilution to the Company’s common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes. The upper strike price of the Capped Call Transactions is $86.174 per share. The cost of the Capped Call Transactions was $60.4 million and was recorded within additional paid-in capital.

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

7. Equity Incentive Plan

On December 4, 2025, the Company’s stockholders approved a second amendment and restatement of the 2016 Equity Incentive Award Plan (the “amended and restated 2016 Plan”). The amended and restated 2016 Plan reflects an additional increase in the number of shares of common stock available for issuance by 740,000 shares and an extension of the term of the amended and restated 2016 Plan to October 17, 2035.

The amended and restated 2016 Plan is designed to attract, retain and motivate employees who make important contributions to the Company by providing such individuals with equity ownership opportunities. Awards granted under the amended and restated 2016 Plan may include stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. Under the amended and restated 2016 Plan, unissued shares related to forfeited or canceled awards granted under the amended and restated 2016 Plan or awards granted under the Company’s 2007 Equity Incentive Award Plan (the “Prior Plan”) (to the extent such awards granted under the Prior Plan were outstanding as of December 15, 2016 and were forfeited or canceled prior to September 19, 2022), will again be available for issuance under the amended and restated 2016 Plan. Notwithstanding the foregoing, shares tendered to pay the exercise price or tax withholding with respect to a stock option, or shares that are not issued in connection with the settlement of a stock appreciation right on exercise thereof, or shares purchased on the open market with the cash proceeds from the exercise of options will not again be available for issuance under the amended and restated 2016 Plan.

At September 30, 2026, the remaining aggregate number of shares of the Company’s common stock authorized for future issuance under the amended and restated 2016 Plan was 2,158,430. At September 30, 2026, there were 1,016,435 shares of the Company’s common stock that remain outstanding or nonvested under the amended and restated 2016 Plan and Prior Plan.

Compensation expense for all equity-based compensation awards is based on the grant-date fair value. The Company recognizes these compensation costs on a straight-line basis over the requisite service period, which is generally the vesting period of the award. The vesting of performance-based awards is contingent on the achievement of certain performance metrics. Compensation expense is recognized retroactively, through a cumulative catch-up adjustment, when the performance conditions are satisfied or when the Company determines that it is probable that the performance conditions will be satisfied. The amount of compensation expense recognized for a performance-based award is affected by the level of achievement attained. Management has established three levels of attainment: threshold, target, and outperform. Stock-based compensation expense is recorded within selling, general, and administrative expenses on the condensed consolidated statements of operations.

Restricted Stock Awards

The Company has approved grants of restricted stock awards (“RSA”) pursuant to the amended and restated 2016 Plan and Prior Plan. Under the amended and restated 2016 Plan and Prior Plan, employees, outside directors and independent contractors are able to participate in the Company’s future performance through the awards of restricted stock. Each RSA vests pursuant to the vesting schedule set forth in the restricted stock agreement granting such RSAs, generally over three years.

Restricted stock award activity during the three months ended September 30, 2026 was as follows:


				Weighted
				Average
				Grant-Date
		Shares		Fair Value
Nonvested, June 30, 2026		401,198		$	101.11
Granted		397,139			81.81
Vested		(125,059)			71.94
Canceled		(76,645)			113.91
Nonvested, September 30, 2026		596,633		$	92.74

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Summary of All Restricted Stock Awards

As of September 30, 2026, there was $47.3 million of total unrecognized compensation expense related to nonvested restricted stock awards. The cost is expected to be recognized over a weighted average period of 2.2 years. The fair value of restricted stock awards granted for the three months ended September 30, 2026 and 2025 was $32.5 million and $26.3 million, respectively. During each of the three months ended September 30, 2026 and 2025, the Company recognized $5.2 million of stock-based compensation expense related to restricted stock awards.

Performance Share Units

The Company has approved grants of performance share units (“PSUs”) pursuant to the amended and restated 2016 Plan. Each PSU is earned through the achievement of a performance-based metric, combined with the continuation of employee service over a defined period. The level of performance determines the number of PSUs earned, and is generally measured against threshold, target and outperform achievement levels of the award. Each PSU represents the right to receive one share of the Company’s common stock, or at the option of the Company, an equivalent amount of cash, and is classified as an equity or liability award. When the grant is a fixed monetary amount, and the number of shares is not determined until achievement and the value of the Company’s stock on that day, the PSU is a liability-classified award. Each PSU vests pursuant to the vesting schedule found in the respective PSU agreement.

In addition to the performance conditions of the PSUs, there is a service vesting condition which is dependent upon continuing service by the grantee as an employee of the Company, unless the grantee is eligible for earlier vesting upon a change in control and qualifying termination, as defined by the PSU agreement. PSUs are generally subject to graduated vesting schedules and stock-based compensation expense is computed by tranche and recognized on a straight-line basis over the tranches’ applicable vesting period based on the expected achievement level.

Performance share unit activity during the three months ended September 30, 2026 was as follows:


				Weighted
				Average
				Grant-Date
		Shares		Fair Value
Nonvested, June 30, 2026		624,015		$	79.78
Granted		418,511			59.20
Vested		(440,738)			40.72
Canceled		(263,211)			99.27
Nonvested, September 30, 2026		338,577		$	90.04

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

The Company has granted PSUs under a Long-Term Incentive Plan (“LTIP”) which are tied to operating income targets (“Tranche #1”) and compounded annual stock price growth (“Tranche #2”) over a three-year performance period. Additionally, in fiscal year 2027, the Company granted PSUs under the LTIP which are tied to certain strategic initiatives over a three-year performance period. The level of performance will determine the number of PSUs earned as measured against threshold (50%), target (100%) and outperform (200%) achievement levels. The Company begins to amortize the fair value of Tranche #1 over the vesting period when it assesses that achievement is probable at the threshold level. The fair value of Tranche #2 is determined using a Monte Carlo simulation model and is amortized over the vesting period. Tranche #2 is a market-based award and therefore is not subject to any probability assessment by the Company. The following table is a summary of the PSUs outstanding:

Fiscal Year

Grant Date
Fair Value

Number
of
Target Shares

Weighted
Average
Grant Date
Fair Value

Tranche #1

Tranche #2

Vest Date

Tranche #1
Probability
Assessment

Fiscal Year 2027

$12.8 million

164,451

$77.63

113,061 shares
based on FY29
Operating Income

51,390 shares based on Stock Price Growth in September 2029

First Quarter of
Fiscal Year 2030

Not Yet
Determinable

Fiscal Year 2026

$22.2 million

146,911

$151.16

81,093 shares
based on FY28
Operating Income

65,818
shares based
on Stock
Price Growth
in September 2028

First Quarter of
Fiscal Year 2029

Not Yet
Determinable

Fiscal Year 2025

$17.0 million

210,620

$80.89

158,470 shares
based on FY27
Operating Income

52,150
shares based
on Stock
Price Growth
in September 2027

First Quarter of
Fiscal Year 2028

Outperform

Fiscal Year 2024

$14.4 million

354,090

$40.84

265,630 shares
based on FY26
Operating Income

88,460
shares based
on Stock
Price Growth
in September 2026

First Quarter of
Fiscal Year 2027

Achieved

Fiscal Year 2024 LTIP

In July 2026, achievement was certified at 200% of target for Tranche #1, which resulted in the vesting of 142,740 shares. In September 2026, achievement was certified at 137.5% of target for Tranche #2, which resulted in the vesting of 32,658 shares.

Summary of All Performance Share Units

As of September 30, 2026, there was $7.9 million of total unrecognized compensation expense related to nonvested PSUs that are expected to vest based on the Company’s probability assumptions discussed above. The cost is expected to be recognized over a weighted average period of 2.3 years. During the three months ended September 30, 2026 and 2025, the Company recognized negative stock-based compensation expense of $12.9 million and stock-based compensation expense of $5.1 million, respectively, related to PSUs. The negative stock-based compensation was driven by the forfeiture of certain awards.

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

Deferred Stock Units (“DSUs”)

The DSUs vest on the grant-date anniversary and are settled in the form of shares of common stock issued to the holder upon separation from the Company. DSUs are specific only to board members.

Deferred stock unit activity during the three months ended September 30, 2026 was as follows:


				Weighted
				Average
				Grant-Date
		Shares		Fair Value
Nonvested, June 30, 2026		81,103		$	45.41
Granted		122			84.07
Vested		—			—
Canceled		—			—
Nonvested, September 30, 2026		81,225		$	45.47

Summary of All Deferred Stock Units

As of September 30, 2026, there was $0.1 million of total unrecognized compensation expense related to nonvested DSUs. The cost is expected to be recognized over a weighted average period of 0.2 years. During each of the three months ended September 30, 2026 and 2025, the Company recognized $0.2 million of stock-based compensation expense related to DSUs.

8. Employee Stock Purchase Plan

On December 4, 2025, the Company’s stockholders approved the 2025 ESPP, which became effective February 1, 2026 with the beginning of the first purchase period (the “enrollment date”). The 2025 ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions during 12-month offering periods with semi-annual purchase dates. The purchase price is 85% of the lower of the fair market value of the Company’s common stock on the enrollment date or the applicable purchase date. Employees may contribute up to 10% of eligible compensation, subject to plan limits. A total of 4,000,000 shares of common stock were authorized for issuance under the 2025 ESPP. During the three months ended September 30, 2026, 20,793 shares were purchased under the 2025 ESPP, and a new 12-month offering period commenced on August 1, 2026. The impact of the ESPP purchase rights on stock-based compensation expense for the three months ended September 30, 2026 was immaterial.

9. Stock Repurchase Program

On November 3, 2025, the Company’s Board of Directors authorized a stock repurchase program for the purchase of up to $500 million of the Company’s common stock until October 31, 2026. On August 3, 2026, the Audit Committee of the Board of Directors authorized an extension through October 31, 2027. Share repurchases may be made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise. During the three months ended September 30, 2026, there were no shares repurchased. As of September 30, 2026, $311.3 million remained available for repurchases under the stock repurchase program.

10. Commitments and Contingencies

Litigation

In the ordinary conduct of the Company’s business, the Company is subject to lawsuits, arbitrations, disputes and administrative proceedings from time to time. The Company vigorously defends these claims; however, no assurances can be given as to the outcome of any pending legal proceedings or disputes. The Company believes, based on currently

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STRIDE, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

available information, that the outcome of any existing or known threatened proceedings, even if determined adversely, should not have a material adverse effect on its business, financial condition, liquidity or results of operations.

Securities Litigation

On November 11, 2025, a putative securities class action lawsuit captioned Vivienne MacMahon v. Stride, Inc., et al., Case No. 1:25-cv-02019 was filed against the Company and two of its officers in the United States District Court for the Eastern District of Virginia, purportedly on behalf of a class of persons who purchased or otherwise acquired the Company’s common stock between October 22, 2024 and October 28, 2025. The Court-appointed lead plaintiffs filed an amended complaint on March 16, 2026. On June 18, 2026, the Court granted the Company’s motion to dismiss all claims against the Company and the individual defendants. On August 18, 2026, plaintiffs filed a Notice of Appeal with the United States Court of Appeals for the Fourth Circuit.

Employment Arrangements

The Company has entered into employment arrangements with certain executive officers that provide for severance payments and, in some cases, other benefits, upon certain terminations of employment. All arrangements provide for employment on an “at-will” basis. If the employee resigns for “good reason” or is terminated without cause, the employee is entitled to salary continuation, and in some cases benefit continuation, for varying periods depending on the arrangement.

Off-Balance Sheet Arrangements

The Company contractually guarantees that certain schools under the Company’s management will not have annual operating deficits and the Company’s management fees from these schools may be reduced accordingly to cover any school operating deficits.

Other than the operating deficit guarantees, the Company did not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

11. Supplemental Disclosure of Cash Flow Information


		Three Months Ended September 30,
		2026			2025

		(In thousands)
Cash paid for interest		$	3,684		$	3,896
Cash paid for taxes		$	34,244		$	54,802

Supplemental disclosure of non-cash investing activities:
Stock-based compensation expense capitalized on software development		$	158		$	153
Stock-based compensation expense capitalized on curriculum development		$	40		$	40
Unpaid amounts excluded from capitalized software development costs		$	7,115		$	3,717
Unpaid amounts excluded from capitalized curriculum development costs		$	4,475		$	1,022

Supplemental disclosure of non-cash financing activities:
Issuance of shares under employee stock purchase plan		$	1,419		$	—

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Certain statements in Management’s Discussion and Analysis or MD&A, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These forward-looking statements generally are identified by the words “outlook,” “forecasts,” “anticipates,” “trends,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “will be,” “expects,” “plans,” “intends,” “should,” “would” and similar expressions. Historical results may not indicate future performance. Our forward-looking statements reflect our current views about future events, are based on assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by these statements. Factors that may cause differences between actual results and those contemplated by forward-looking statements include, but are not limited to, those discussed in “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended June 30, 2026, which we refer to as our Annual Report, and those referenced in our other SEC filings, including in Part II, Item 1A of this Quarterly Report. We undertake no obligation to publicly update or revise any forward-looking statements, including any changes that might result from any facts, events or circumstances after the date hereof that may bear upon forward-looking statements, except where we are expressly required to do so by law. Furthermore, we cannot guarantee future results, events, levels of activity, performance or achievements.

This MD&A is intended to assist in understanding and assessing the trends and significant changes in our results of operations and financial condition. As used in this MD&A, the words, “we,” “our” and “us” refer to Stride, Inc. and its consolidated subsidiaries. This MD&A should be read in conjunction with our condensed consolidated financial statements and related notes included elsewhere in this report, as well as the consolidated financial statements and MD&A of our Annual Report. The following overview provides a summary of the sections included in our MD&A:

●

Executive Summary — a general description of our business and key highlights of the three months ended September 30, 2026.

●

Critical Accounting Estimates — a discussion of critical accounting estimates requiring judgments and the application of critical accounting policies.

●

Results of Operations — an analysis of our results of operations in our condensed consolidated financial statements.

●

Liquidity and Capital Resources — an analysis of cash flows, sources and uses of cash, commitments and contingencies, and quantitative and qualitative disclosures about market risk.

Executive Summary

We are a technology company providing an educational platform to deliver online learning to students throughout the U.S. Our platform hosts products and services to attract, enroll, educate, track progress, and support students. These products and services, spanning curriculum, systems, instruction, and support services, are designed to help learners of all ages reach their full potential through inspired teaching and personalized learning. Our clients are primarily public and private schools, school districts, and charter boards. Additionally, we provide solutions to employers, government agencies and consumers.

We provide a wide range of products and services across our platform with the ability to deliver customized solutions. Our comprehensive school-as-a-service offering supports our clients in operating full-time virtual schools in the K-12 market. Together with our network of online schools, Stride has served millions of students with our products and services. In our most recent academic year ended June 30, 2026, we graduated 20,815 high school students from our partner schools.

Our platform addresses two markets in the K-12 space: General Education and Career Learning.

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General Education

Career Learning

Career Learning products and services are focused on developing skills to enter and succeed in careers in high-growth, in-demand industries—including information technology, healthcare and general business. We provide middle and high school students with Career Learning programs that complement their core general education coursework. Stride offers multiple career pathways through a broad catalog of courses. The middle school program exposes students to a variety of career options and introduces career skill development. In high school, students may engage in industry content pathway courses, project-based learning in virtual teams, and career development services. High school students have the opportunity to progress toward certifications, connect with industry professionals, earn college credits while in high school, and participate in job shadowing and/or work-based learning experiences that facilitate success in today’s digital, tech-enabled economy. A student is reported as a Career Learning enrollment and associated Career Learning revenue only if the student is enrolled in a Career Learning program. Like General Education products and services, the products and services for Career Learning are sold as a comprehensive school-as-a-service offering or as stand-alone products and services.

We also provide focused post-secondary career learning programs to adult learners, for the software engineering, healthcare, and medical fields. These programs are sold directly to consumers, employers and government agencies.

For both the General Education and Career Learning markets, the majority of revenue is derived from our comprehensive school-as-a-service offering which includes an integrated package of curriculum, technology systems, instruction, and support services that we administer on behalf of our customers. The average duration of the agreements for our school-as-a-service offering is greater than five years, and most provide for automatic renewals absent a customer notification of non-renewal.

For the 2026-2027 school year, we provide our school-as-a-service offering to 97 schools in 32 states and the District of Columbia in the General Education market, and 59 schools or programs in 26 states in the Career Learning market.

In 2020, we significantly expanded our Career Learning opportunity by acquiring three adult learning companies, Galvanize, Tech Elevator, and MedCerts. These Adult Learning brands deliver training in software engineering and allied healthcare to consumers and enterprises.

We generate a significant portion of our revenues from the sale of curriculum, administration support and technology services to virtual and blended public schools. The amount of revenue generated from these contracts is impacted largely by the number of enrollments, the mix of enrollments across grades and states, state or district per student funding levels and attendance requirements, among other items.

The two key financial metrics that we use to assess financial performance are revenues and operating income. During the three months ended September 30, 2026, revenues increased to $639.4 million from $620.9 million in the same period in the prior year, an increase of 3.0%. Over the same period, operating income increased to $84.3 million from $69.0 million in the same period in the prior year, an increase of 22.2%. The increase in operating income was driven by revenue growth and lower selling, general, and administrative expenses. Additionally, we use the non-financial metric of total enrollments to assess performance, as enrollment is a key driver of our revenues. Total enrollments for the three months ended September 30, 2026 were 241.4 thousand, a decrease of 6.3 thousand, or 2.5%, over the same period in the prior year. Our revenues are subject to annual school district financial audits, which incorporate enrollment counts, funding and other routine financial audit considerations. The results from these audits and other routine changes in funding estimates are incorporated into the Company’s monthly funding estimates for the current and prior periods. Historically, aggregate funding estimates have differed from actual reimbursements, generally in the range of 2% of annual revenue or less, which may vary from quarter to quarter.

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Critical Accounting Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Therefore, the determination of estimates requires the exercise of judgment. Actual results could differ from those estimates, and any such differences may be material to our condensed consolidated financial statements. Critical accounting policies and estimates are disclosed in our Annual Report. There have been no significant updates to our critical accounting estimates disclosed in our Annual Report.

Results of Operations

Lines of Revenue

We operate in one operating and reportable business segment as a technology company providing an educational platform to deliver proprietary and third-party curriculum, software systems and educational services designed to facilitate individualized learning. The Chief Operating Decision Maker evaluates profitability based on consolidated results. We have two lines of revenue: (i) General Education and (ii) Career Learning.

Enrollment Data

The following table sets forth total enrollment data for students in our General Education and Career Learning lines of revenue. Enrollments for General Education and Career Learning only include those students in full service public or private programs where Stride provides a combination of curriculum, technology, instructional and support services inclusive of administrative support. No enrollments are included in Career Learning for Galvanize, Tech Elevator or MedCerts. This data includes enrollments for which Stride receives no public funding or revenue.

If the mix of enrollments changes, our revenues will be impacted to the extent the average revenue per enrollment is significantly different. We do not award or permit incentive compensation to be paid to our public school program enrollment staff or contractors based on the number of students enrolled.

The following represents our current enrollment for each of the periods indicated:


	Three Months Ended
	September 30,				2026 / 2025
	2026		2025		Change		Change %

	(In thousands, except percentages)
General Education (1)		129.2		137.7		(8.5)	(6.2%)
Career Learning (1) (2)		112.2		110.0		2.2	2.0%
Total Enrollment		241.4		247.7		(6.3)	(2.5%)

(1)	Enrollments reported for the first quarter are equal to the official count date number, which was September 30, 2026 for the first quarter of fiscal year 2027 and September 30, 2025 for the first quarter of fiscal year 2026.

(2)	No enrollments are included in Career Learning for Galvanize, Tech Elevator or MedCerts.

Revenue Data

Revenues are captured by market based on the underlying customer contractual agreements. Where customers purchase products and services for both General Education and Career Learning markets, we allocate revenues based on the program for which each student is enrolled. All kindergarten through fifth grade students are considered General Education students. Periodically, a middle school or high school student enrollment may change the line of revenue classification.

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The following represents our current revenues for each of the periods indicated:


	Three Months Ended
	September 30,				Change 2026 / 2025
	2026		2025		$		%

	(In thousands, except percentages)
General Education	$	356,606	$	363,116	$	(6,510)	(1.8%)
Career Learning
Middle - High School		272,098		241,500		30,598	12.7%
Adult		10,674		16,268		(5,594)	(34.4%)
Total Career Learning		282,772		257,768		25,004	9.7%
Total Revenues	$	639,378	$	620,884	$	18,494	3.0%

Products and Services

We have developed curriculum, systems, instructional practices and support services that enable us to support hundreds of thousands of students. The following describes the various products and services that we provide to customers. Products and services are provided on an individual basis as well as customized solutions, such as our most comprehensive school-as-a-service offering which supports our clients in operating full-time virtual or blended schools. Stride is continuously innovating to remain at the forefront of effective educational techniques to meet students’ needs. It continues to expand upon its personalized learning model, improve the user experience of its products, and develop tools and partnerships to more effectively engage and serve students, teachers, and administrators.

Curriculum and Content – We have one of the largest digital research-based curriculum portfolios for the K-12 online education industry that includes some of the best-in-class content available in the market. Our customers can select from hundreds of high-quality, engaging, online coursework and content, as well as many state customized versions of those courses, electives, and instructional supports. Since our inception, we have built core courses on a foundation of rigorous standards, following the guidance and recommendations of leading educational organizations at the national and state levels. State standards are continually evolving, and we continually invest in our curriculum to meet these changing requirements. We provide high-quality, engaging, online coursework and content in software engineering, healthcare, and medical fields.

Systems – We continue to focus on establishing a secure and reliable technology platform, which integrates proprietary and industry-standard third-party systems, to provide a high-quality educational environment and gives us the capability to grow our customer programs and enrollment. Our end-to-end platform includes single sign-on capability for our content management, learning management, student information, data reporting and analytics, and various support systems that allow customers to provide a high-quality and personalized educational experience for students. Stand-alone products and services can provide curriculum and content hosting on customers’ learning management systems, or integration with customers’ student information systems.

Instructional Services – We provide a broad range of instructional services that includes customer support for instructional teams, including recruitment of state certified teachers, training in research-based online instruction methods and Stride systems, oversight and evaluation services, and ongoing professional development. Stride also provides training options to support teachers and parents to meet students’ learning needs. Stride’s range of training options is designed to enhance skills needed to teach using an online learning platform, and include hands-on training, on-demand courses, and support materials.

Support Services – We provide a broad range of support services, including marketing and enrollment, supporting prospective students through the admission process, assessment management, administrative support (e.g., budget proposals, financial reporting, and student data reporting), and technology and materials support (e.g., provisioning of student computers, offline learning kits, internet access and technology support services).

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Financial Information

The following table sets forth statements of operations data and the amounts as a percentage of revenues for each of the periods indicated:


	Three Months Ended September 30,
	2026				2025

	(In thousands, except percentages)
Revenues	$	639,378	100.0	%	$	620,884	100.0	%
Instructional costs and services		398,261	62.3			378,761	61.0
Gross margin		241,117	37.7			242,123	39.0
Selling, general, and administrative expenses		156,849	24.5			173,140	27.9
Income from operations		84,268	13.2			68,983	11.1
Interest expense, net		(2,906)	(0.5)			(3,075)	(0.5)
Other income, net		1,477	0.2			16,914	2.7
Income before income taxes and income (loss) from equity method investments		82,839	13.0			82,822	13.3
Income tax expense		(17,840)	(2.8)			(14,423)	(2.3)
Income (loss) from equity method investments		(80)	(0.0)			401	0.1
Net income attributable to common stockholders	$	64,919	10.2	%	$	68,800	11.1	%

Comparison of the Three Months Ended September 30, 2026 and 2025

Revenues. Our revenues for the three months ended September 30, 2026 were $639.4 million, an increase of $18.5 million, or 3.0%, from $620.9 million for the same period in the prior year. General Education revenues decreased $6.5 million, or 1.8%, year over year. The primary drivers for the decrease in General Education revenue were changes in school mix and a 6.2% decrease in enrollments. Career Learning revenues increased $25.0 million, or 9.7%, primarily due to a 2.0% increase in enrollments and school mix. In addition, revenue recognized in each of the periods includes certain adjustments resulting from the completion of state and district audits and reconciliation processes related to services provided in prior years. These adjustments were not material and were recognized in the period in which the audit or reconciliation was finalized and the outcome became known and reasonably estimable. While these items contributed to reported revenue in each period, they were not a significant driver of the year over year change.

Instructional costs and services expenses. Instructional costs and services expenses for the three months ended September 30, 2026 were $398.3 million, an increase of $19.5 million, or 5.1%, from $378.8 million for the same period in the prior year. This increase in expense was due to personnel and salary increases, as well as an increase in student computer costs. Instructional costs and services expenses were 62.3% of revenues during the three months ended September 30, 2026, an increase from 61.0% for the three months ended September 30, 2025.

Selling, general, and administrative expenses. Selling, general, and administrative expenses for the three months ended September 30, 2026 were $156.8 million, a decrease of $16.3 million, or 9.4%, from $173.1 million for the same period in the prior year. The decrease was primarily due to a decrease of $19.9 million in personnel and related benefit costs (including negative stock-based compensation expense related to the forfeiture of certain awards) and a decrease of $1.2 million in bad debt expense, partially offset by an increase of $8.1 million in professional services. Selling, general, and administrative expenses were 24.5% of revenues during the three months ended September 30, 2026, a decrease from 27.9% for the three months ended September 30, 2025.

Interest expense, net. Net interest expense for the three months ended September 30, 2026 was $2.9 million as compared to $3.1 million for the same period in the prior year. The decrease in net interest expense was primarily due to finance leases ending or aging and new leases executed at lower average rates.

Other income, net. Other income, net for the three months ended September 30, 2026 was $1.5 million as compared to $16.9 million for the same period in the prior year. The change in other income, net was primarily due to changes in the fair market value related to our investments in publicly held equity securities.

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Income tax expense. Income tax expense was $17.8 million for the three months ended September 30, 2026, or 21.6% of income before income taxes, as compared to $14.4 million, or 17.3% of income before income taxes for the same period in the prior year. The increase in the effective income tax rate for the three months ended September 30, 2026, as compared to the effective tax rate for the three months ended September 30, 2025, was primarily due to stock-based compensation.

Liquidity and Capital Resources

As of September 30, 2026, we had net working capital, or current assets minus current liabilities, of $1,068.8 million. Our working capital includes cash and cash equivalents of $547.8 million and accounts receivable of $854.8 million. Our working capital provides a significant source of liquidity for our normal operating needs. Our accounts receivable balance fluctuates throughout the fiscal year based on the timing of customer billings and collections and tends to be highest in our first fiscal quarter as we begin billing for students. In addition, our cash and accounts receivable were significantly in excess of our accounts payable and short-term accrued liabilities at September 30, 2026.

During the first quarter of fiscal year 2021, we issued $420.0 million aggregate principal amount of 1.125% Convertible Senior Notes due 2027 (“Notes”). The Notes are governed by the indenture between us and U.S. Bank National Association, as trustee. The net proceeds from the offering of the Notes were approximately $408.6 million after deducting the underwriting fees and other expenses paid by the Company. The Notes bear interest at a rate of 1.125% per annum, payable semi-annually in arrears on March 1^st and September 1^st of each year, beginning on March 1, 2021. The Notes will mature on September 1, 2027. In connection with the Notes, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain counterparties. The Capped Call Transactions are expected to cover the aggregate number of shares of the Company’s common stock that initially underlie the Notes, and are expected to reduce potential dilution to the Company’s common stock upon any conversion of Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Notes. The upper strike price of the Capped Call Transactions is $86.174 per share. The cost of the Capped Call Transactions was $60.4 million and was recorded within additional paid-in capital.

Before June 1, 2027, noteholders will have the right to convert their Notes only upon the occurrence of certain events. After June 1, 2027, noteholders may convert their Notes at any time at their election until two days prior to the maturity date. We must settle conversions by paying cash up to the outstanding principal amount of $420.0 million, and at our election, will settle the conversion spread by paying or delivering cash or shares of our common stock, or a combination of cash and shares of our common stock. The initial conversion rate is 18.9109 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $52.88 per share of common stock. The Notes are redeemable at our option at any time after September 6, 2024 at a cash redemption price equal to the principal amount of the Notes, plus accrued and unpaid interest, subject to certain stock price hurdles as discussed in the Indenture.

We are a lessee under finance leases for computers and peripherals under agreements with Banc of America Leasing & Capital, LLC (“BALC”) and CSI Leasing, Inc. (“CSI Leasing”). As of September 30, 2026 and June 30, 2026, the finance lease liability was $190.1 million and $116.9 million, respectively, with lease interest rates ranging from 4.12% to 6.35%.

We entered into agreements with BALC and CSI Leasing in April 2020 and August 2022, respectively, to provide financing for our computers and peripherals. Individual leases with BALC include 36-month payment terms, fixed rates ranging from 4.75% to 6.23%, and a $1 purchase option at the end of each lease term. We pledged the assets financed to secure the outstanding leases. Individual leases under the agreement with CSI Leasing include 36-month payment terms, but do not include a stated interest rate. We use our incremental borrowing rate as the implied interest rate and the total lease payments to calculate our lease liability.

On November 3, 2025, our Board of Directors authorized a stock repurchase program for the purchase of up to $500 million of the Company’s common stock until October 31, 2026. On August 3, 2026, the Audit Committee of the Board of Directors authorized an extension through October 31, 2027. Share repurchases may be made for cash in open market transactions at prevailing market prices or in privately negotiated transactions or otherwise.

Our cash requirements consist primarily of day-to-day operating expenses, capital expenditures and contractual obligations with respect to interest on our Notes, office facility leases, capital equipment leases and other operating leases.

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We expect to make future payments on existing leases from cash generated from operations. We believe that the combination of funds to be generated from operations and net working capital on hand will be adequate to finance our ongoing operations on a short-term (the next 12 months) and long-term (beyond the next 12 months) basis. In addition, we continue to explore acquisitions, strategic investments and joint ventures related to our business that we may acquire using cash, stock, debt, contribution of assets or a combination thereof.

Operating Activities

Net cash used in operating activities for the three months ended September 30, 2026 was $124.8 million compared to $195.8 million for the three months ended September 30, 2025. The $71.0 million decrease in cash used in operating activities was primarily due to favorable changes in working capital, driven mainly by changes in accounts receivable, and accrued liabilities, partially offset by lower net income adjusted for non-cash items.

Investing Activities

Net cash used in investing activities for the three months ended September 30, 2026 was $45.9 million compared to $24.7 million for the three months ended September 30, 2025. The $21.2 million increase in cash used in investing activities was primarily due to a $55.3 million increase in net purchases of marketable securities, partially offset by $35.1 million in sales of other investments.

Financing Activities

Net cash used in financing activities for the three months ended September 30, 2026 was $36.0 million compared to $43.6 million during the three months ended September 30, 2025. The $7.6 million decrease in cash used in financing activities was primarily due to a $12.1 million decrease in repurchases of restricted stock for income tax withholding, partially offset by a $4.5 million increase in repayments of finance lease obligations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Inflation Risk

Current inflation has resulted in higher personnel costs, marketing expenses and supply chain expenses. There can be no assurance that future inflation will not have an adverse or material impact on our operating results and financial condition.

Interest Rate Risk

At September 30, 2026 and June 30, 2026, we had cash and cash equivalents totaling $547.8 million and $754.5 million, respectively. Our excess cash has been invested in money market funds, government securities, corporate debt securities and similar investments. At September 30, 2026, a 1% gross increase in interest rates for our variable-interest instruments would result in a $5.5 million annualized increase in interest income. Additionally, the fair value of our investment portfolio is subject to changes in market interest rates.

Foreign Currency Exchange Risk

We do not transact a material amount of business in a foreign currency. If we enter into any material transactions in a foreign currency or establish or acquire any subsidiaries that measure and record their financial condition and results of operations in a foreign currency, we will be exposed to currency transaction risk and/or currency translation risk. Exchange rates between U.S. dollars and many foreign currencies have fluctuated significantly over the last few years and may continue to do so in the future. Accordingly, we may decide in the future to undertake hedging strategies to minimize the effect of currency fluctuations on our financial condition and results of operations.

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Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (the “SEC”) rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost benefit relationship of possible controls and procedures.

We carried out an evaluation, required by paragraph (b) of Rule 13a-15 under the Exchange Act, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this review, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2026.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II. Other Information

Item 1. Legal Proceedings.

See Item 1 of Part I, “Financial Statements – Note 10 – Commitments and Contingencies - Litigation.”

Item 1A. Risk Factors.

There have been no material changes to the risk factors disclosed in “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended June 30, 2026, as filed with the SEC on August 4, 2026.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Recent Sales of Unregistered Securities – None.

Use of Proceeds - Not Applicable.

Purchases of Equity Securities.

On November 3, 2025, our Board of Directors authorized a stock repurchase program for the purchase of up to $500 million of the Company’s common stock until October 31, 2026, of which approximately $311.3 million remained available for repurchase as of September 30, 2026. On August 3, 2026, the Audit Committee of the Board of Directors authorized an extension through October 31, 2027. There were no shares repurchased during the three months ended September 30, 2026, and no other stock repurchase programs existed during this period. See Note 9, “Stock Repurchase Program” to the condensed consolidated financial statements for further information on our stock repurchases.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

During the period covered by this Quarterly Report on Form 10-Q, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

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Item 6. Exhibits.

(a) Exhibits.


Number		Description

10.1*		Separation Agreement and Release of All Claims with James J. Rhyu, dated September 17, 2026.
10.2*		Employment Agreement of Robert E. Knowling, Jr., dated August 14, 2026.
31.1		Certification of Principal Executive Officer Required Under Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
31.2		Certification of Principal Financial Officer Required Under Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.
32.1**		Certification of Principal Executive Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350.
32.2**		Certification of Principal Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350.
101		The following financial statements and footnotes from the Stride, Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026, formatted in Inline XBRL (Inline eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets (unaudited), (ii) Condensed Consolidated Statements of Operations (unaudited), (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statement of Stockholders’ Equity (unaudited), (v) Condensed Consolidated Statements of Cash Flows (unaudited), and (vi) Notes to Condensed Consolidated Financial Statements (unaudited).
104		The cover page from this Quarterly Report on Form 10-Q, formatted in Inline XBRL (contained in Exhibit 101).

* Denotes management contract or compensation plan, contract or arrangement.

** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Stride, Inc.

		/s/ DONNA M. BLACKMAN
	Name:	Donna M. Blackman
	Title:	Chief Financial Officer, Principal Accounting Officer and Authorized Signatory

Date: October 20, 2026

Exhibit 10.1

SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS

This Separation Agreement and Release of All Claims ( this “Agreement”) is made by and between James Rhyu, his heirs, executors, administrators, successors, and assigns (collectively referred to throughout this Agreement as “Employee”) and Stride, Inc., including its subsidiaries, successors and assigns (“Stride,” “Company” or “Employer”) (collectively referred to as the “Parties” or individually referred to as a “Party”).

WHEREAS, the Parties have previously entered into that certain Employment Agreement (as defined below) and that certain Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement (as defined below);

WHEREAS, Employee has resigned his employment and from his positions as Chief Executive Officer and as Chair of the Board of Directors (the “Board”) of the Company, in each case effective July 29, 2026; and

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that Employee may have against the Company and any of the Releasees (as defined below).

NOW, THEREFORE, in consideration of the severance payments and benefits described in Section 2 below, and in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:

1.Last Day of Employment. Employee’s last day of employment was July 29, 2026 (the “Separation Date”). The parties acknowledge and agree that all amounts payable under this Agreement are intended to fit within the “short term deferral” exception under Section 409A of the Internal Revenue Code or the “separation pay plan” exception specified in Treas. Reg. § 1.409A-1(b)(9), or both of them, and shall be interpreted in a manner consistent with the applicable exceptions.

2.Consideration. In consideration for Employee’s signing this Agreement within the time period set forth herein and allowing it to become effective, and Employee’s compliance with its terms and the terms of the Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement, Stride agrees:

a.to continue to pay Employee’s current annual base salary (at a rate of $1,000,000 per annum) for a period of twenty-four (24) months following the Separation Date, which shall be payable, less standard payroll deductions and withholding, in equal installments at the same time and in the same manner as such base salary was paid prior to the Separation Date; provided, that any payments required to be made prior to the thirtieth (30^th) day following the Separation Date (the “First Pay Date”) shall be paid in a single lump sum on the first regularly scheduled payroll date on or following the First Pay Date;

b.to pay an amount equal to Employee’s annual bonus earned for the 2026 fiscal year based on actual performance (as determined by the Board or Compensation Committee of the Board in good faith), less standard payroll deductions and withholding, payable as soon as practicable after the Separation Date;

c.to pay an amount equal to Employee’s annual bonus for the 2027 fiscal year, prorated for the portion of the 2027 fiscal year that has elapsed as of the Separation Date, based on actual performance (as determined by the Board or Compensation Committee of the Board in good faith), less standard payroll deductions and withholding, payable after the end of the 2027 fiscal year and at the same time as annual performance bonus payments are made to other senior executives of Stride, but in all events prior to September 15, 2027;

d.to provide reimbursement (or direct payment to the carrier) for the Company-paid portion of the applicable premiums for Employee and Employee’s covered dependents under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) (at the same cost sharing levels as in effect for similarly-situated active employees), less standard payroll deductions and withholding (if any), for the medical, dental and vision plan benefits in which Employee was enrolled (if any) on the Separation Date, for a period commencing immediately upon the Separation Date and ending on the earliest of (i) the twelve (12) month anniversary of the Separation Date, (ii) the date that Employee and/or Employee’s covered dependents become no longer eligible for COBRA, and (iii) the date Employee becomes eligible to receive healthcare coverage from a subsequent employer (and Employee agrees to promptly notify Stride of such eligibility); subject to the conditions precedent that Employee returns all required forms and information to elect the COBRA benefit within the time period defined by regulation and Employee timely pays the remaining amounts due for the COBRA coverage; and

e.to permit Employee to continue to vest in (i) those time-based Company restricted stock awards Employee held as of the Separation Date scheduled to vest in August 2026 pursuant to their terms (consisting of 44,187 shares of Company restricted stock in the aggregate) and (ii) the performance stock units granted to Employee on August 18, 2023 and held by Employee as of the Separation Date that are eligible to vest, based on actual performance, on certification of the Company’s operating income for the performance period that ended on June 30, 2026, pursuant to their terms (consisting of 265,340 performance stock units earned based on actual performance) (and, for the avoidance of doubt, all of Employee’s outstanding Company restricted stock awards and performance stock units as of the Separation Date, other than those that remain eligible to vest under this clause (e), were forfeited as of the Separation Date).

For avoidance of doubt, it is agreed that Employee is not required to seek or accept other employment, or otherwise to mitigate damages, as a condition to the receipt of any of the compensation described in this Section 2, and that such compensation is not subject to offset by any compensation or other amounts Employee may receive from other sources.

3.No Consideration Absent Execution of and Compliance With this Agreement. Employee understands and agrees that Employee would not receive the additional monies and/or

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benefits specified in Section 2 above, except for Employee’s execution and non-revocation of this Agreement and the fulfillment of the promises contained herein.

4.Release of All Claims. Employee knowingly and voluntarily fully releases and forever discharges Stride, its affiliates, subsidiaries, divisions, predecessors, insurers, successors and assigns, and their current and former employees, attorneys, officers, directors, shareholders and agents thereof, both individually and in their business capacities, and their employee benefit plans and programs and their administrators and fiduciaries (collectively referred to throughout the remainder of this Agreement as “Releasees”), of and from any and all claims, known and unknown, asserted or unasserted (“Claims”), which the Employee has or may have against Releasees as of the date of execution of this Agreement, under any and all theories of law, including but not limited to:

■	any and all claims relating to or arising out of Employee’s employment at Stride and the separation from that employment, including any claims for any compensation, wages, and bonuses to which Employee claims to be entitled to receive from Stride;

■

any and all claims for any form of discrimination, harassment or retaliation on the basis of age, sex, race, color, religion, genetic information, veteran status, marital status, or disability; or any failure to prevent such discrimination, harassment, retaliation on the basis of age, sex, race, color, religion, marital status or disability in violation of Title VII of the U.S. Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; the Civil Rights Act of 1991, §§ 1981-1988 of Title 42 of the United States Code; or the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq;

■	any and all claims for any form of age discrimination, harassment or retaliation (or any claim for failure to prevent such discrimination, harassment or retaliation) prohibited under the Age Discrimination in Employment Act of 1967, as amended, or the Older Workers’ Benefit Protection Act (OWBPA);

■

any and all claims for violation of any other federal, state, county or municipal law, statute, regulation, rule, or ordinance, except when not permitted by applicable law, including but not limited to claims for violating any provision of the United States Occupational Safety and Health Act; the Employee Retirement Income Security Act of 1974 (except for any vested benefits under any tax qualified benefit plan); the Immigration Reform and Control Act of 1986; the Worker Adjustment and Retraining Notification Act; the Fair Credit Reporting Act; the Equal Pay Act; the Genetic Information Nondiscrimination Act of 2008; the Virginia Human Rights Act (VHRA); the Virginians with Disabilities Act (VDA); the Virginia Equal Pay Act; the Virginia Genetic Testing Law; the Virginia Occupational Safety and Health Act (VOSH Act); the Virginia Fraud Against Taxpayers Act; the Virginia Minimum Wage Act; the Virginia Wage Payment Act; the Virginia Whistleblower Protection Law (Va. Code Ann. § 40.1-27.3); the Virginia Right-to-Work Law; and the Virginia Military Leave Law;

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■

any and all public policy, tort, contract or other common law claims, including but not limited to breach of any implied or express contract, breach of any implied covenant of good faith and fair dealing, misrepresentation, wrongful termination in violation of public policy, constructive termination, intentional infliction of emotional distress, assault, battery, defamation, any form of negligence, fraud, deceit, false promise, intentional interference with prospective economic relations, negligent interference with prospective economic relations, or retaliation;

■	any and all claims for personal injury, including physical injury, mental anguish, emotional distress, pain and suffering, embarrassment, humiliation, damage to name or reputation, liquidated damages, and punitive damages; and

■	any and all claims for recovering costs, fees, or other expenses, including attorneys’ fees, incurred in these matters.

If any claim is not subject to release, to the extent permitted by law, Employee waives any right or ability to be a class or collective action representative or to otherwise participate in any putative or certified class, collective or multi-party action or proceeding based on such a claim in which Employer or any other Releasee identified in this Agreement is a party.

5.Claims Not Released. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Employee’s right to report possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or any other whistleblower protection provisions of state or federal law or regulation and any right to receive an award for information provided thereunder, Employee’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company for discrimination (with the understanding that Employee’s release of claims herein bars Employee from recovering such monetary relief from the Company or any Releasee for any alleged discriminatory treatment), claims for unemployment compensation or any state disability insurance benefits pursuant to the terms of applicable state law, claims to continued participation in certain of the Company’s group benefit plans pursuant to the terms and conditions of COBRA, claims to any benefit entitlements vested as of the Separation Date, pursuant to the written terms of Stride health, welfare, or retirement benefit plans, Employee’s right to indemnification by the Company or any of its affiliates pursuant to contract, the Company’s governing instruments, or applicable law, or Employee’s rights as a shareholder of the Company.

Representations and Warranties.

Employee represents and warrants that Employee has not previously filed, and will not hereafter file or cause or permit to be filed on Employee’s behalf, any lawsuits or any charges,

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complaints, petitions, or other accusatory pleadings or statements against any of the Releasees in any court, with any governmental agency, or in any other forum based upon, arising out of or related in any way to Employee’s employment with or severance of employment with Stride. Employee acknowledges that Employee has been informed under this Agreement that an individual may not be held criminally or civilly liable under any federal or state trade secret law for disclosure of a trade secret: (i) made in confidence to a federal, state or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law; and/or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Employee also acknowledges that Employee has been informed under this Agreement that an individual suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to their attorney and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal and the individual does not disclose the trade secret except pursuant to court order. Employee understands and agrees that the filing of any action, other than one to collect the consideration promised hereunder or as explicitly permitted in this Agreement, would be a material breach of this Agreement and would make Employee liable for the repayment of all consideration paid to Employee. It is understood that the remainder of this Agreement would, nevertheless, remain in full force and effect.

Employee represents and warrants that neither Stride nor its legal counsel has made any representations regarding the proper tax treatment of the consideration set out in Section 2.

Employee represents and warrants that Employee has been granted all leave to which Employee was entitled under the Family and Medical Leave Act, the Americans with Disabilities Act or related state or local leave or disability accommodation laws.

Employee represents and warrants that Employee has no known work-related injuries or occupational diseases.

Employee represents and warrants that Employee has not been retaliated against for reporting any allegations of wrongdoing by Releasees, including any allegations of corporate fraud.

Employee represents and warrants that Employee has no knowledge of any facts that would give rise to any claim that could be brought by or on behalf of any federal, state, or local agency with respect to Stride.

Employee represents and warrants that all of Employer’s decisions regarding Employee’s employment and separation therefrom (including but not limited to pay and benefits) through the date of Employee’s separation of employment were not discriminatory based on age, disability, race, color, sex, religion, national origin or any other classification protected by law.

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Employee represents and warrants that Employee has been paid at least the minimum wage to which Employee was entitled.

Employee represents and warrants that Employee has received all paid sick leave to which Employee was entitled.

Employee represents and warrants that during the period from the Separation Date and ending eighteen (18) months thereafter, for the consideration provided hereunder, Employee agrees to cooperate with and assist Stride in any audits, internal investigations or administrative, judicial or other proceedings without additional compensation.

Employee represents and warrants that Employee has submitted to Stride all expenses for which Employee believes Employee is entitled to reimbursement and that Employee has received reimbursement for all such expenses.

Employee represents and warrants that Employee has been paid or has received all compensation, wages, bonuses and/or benefits which are due and payable to Employee as of the date Employee signs this Agreement, except as otherwise expressly provided in this Agreement.

Restrictive Covenants.

a.Employee acknowledges his prior execution of that certain (i) Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement (the “Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement”) and (ii) Agreement to Arbitrate (the “Agreement to Arbitrate”), each of which were executed by Employee in connection with his employment with the Company. Employee expressly acknowledges and agrees that the Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement and Agreement to Arbitrate remain in full force and effect in accordance with their terms and such agreements are expressly incorporated herein by reference. In addition, during the period in which Employee is receiving any compensation from the Company (including and no less than the severance period specified in Section 2(a) above) and for a twelve (12)-month period thereafter, Employee shall not engage in, or be employed by, a business or organization that renders the same or similar services as the Company or otherwise competes with the Company or its business. In applying this non-competition provision, the Company will not unreasonably withhold its consent for future employment with entities that are not direct competitors or do not offer substantially the same or similar services as the Company.

b.Employee represents and warrants that no later than the Separation Date Employee has returned or will return to Stride all Stride equipment and property (and, all equipment and property of Stride’s customers and vendors) that was in the Employee’s care, custody or control. “Property” as used in this Agreement includes, but is not limited to, hard-copy files, electronic files, data compilations, correspondence, calendar appointments and responses, e-mails (including attachments), voice mails, education records (as defined in the Family

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Educational Rights and Privacy Act), images, video files, video-conference records, personal working files and notes, text messages, and electronic messages sent or received via electronic messaging applications, without regard to whether such items (tangible or intangible) are located at Employee’s home, off-site storage, personal or work computers, cell phones, laptops, tablets, and desktops, “cloud” storage, network storage, portable hard drives, disks, CD-ROM or flash drives, personal e-mail accounts, personal software and app accounts, personal phone accounts or any other location. Notwithstanding the foregoing, Employee and the Company agree that Employee may retain Stride computers disclosed by Employee to the Company, subject to the Company’s remote removal of all user data from such devices.

c.Employee represents and warrants that Employee is in possession of all of Employee’s property that Employee had at Stride’s premises and that Stride is not in possession of any of Employee’s property.

d.Employee represents and warrants that Employee will not make any negative, disparaging, detrimental or derogatory comments about the Releasees or otherwise communicate with investors or other third parties regarding the business of the Company. For the purpose of this Agreement, “disparage” includes, without limitation, making comments or statements on social media or the internet, or to any person or entity including, but not limited to, the press and/or media, current or former employees of the Company, significant shareholders of the Company, or any entity with whom the Company has a business relationship, that would adversely affect in any manner (a) the conduct of the business of the Company or any of the Releasees (including, but not limited to, any business plans or prospects) or (b) the reputation of the Company or any of the Releasees. This does not in any way restrict or impede the Employee from exercising protected rights, including rights under federal securities laws or the Dodd-Frank Act, to the extent that such rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation, or order. The Employee shall promptly provide written notice of any such order to the General Counsel at Stride, Inc., 11720 Plaza America Drive, Reston, VA 20190.

8.Agreement to Arbitrate. Employer and Employee agree that any dispute, claim or controversy that may arise, whether before, on or after the date of execution of this Agreement, between them arising from or relating to Employee’s employment or the termination of Employee’s employment shall be resolved pursuant to the Agreement to Arbitrate. However, nothing in this Agreement or the Agreement to Arbitrate will limit the right of either party to bring a motion or petition in either federal or state court to compel arbitration pursuant to the terms of this Agreement or the Agreement to Arbitrate, or to have judgment entered on any award or determination of an arbitrator resulting from an arbitration conducted pursuant to the Agreement to Arbitrate.

9.Governing Law and Interpretation. This Agreement shall be governed and conformed in accordance with the laws of the Commonwealth of Virginia without regard to its

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conflict of laws provisions. Every provision of this Agreement is intended to be severable from every other provision of this Agreement. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, excluding the release language, such provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect.

10.Effective Date. Employee has seven (7) calendar days after Employee signs this Agreement to revoke it, and this Agreement will become effective on the day immediately following the seventh (7^th) calendar day after Employee signed this Agreement, so long as it has been signed by the Parties and has not been revoked by Employee before that date. Any revocation within this seven (7) calendar day period must be submitted, in writing, to the General Counsel of Stride and state, “I hereby revoke my acceptance of our Separation Agreement and Release of All Claims.” The revocation must be personally delivered to the General Counsel or his designee, or mailed to General Counsel, Stride, Inc., 11720 Plaza America Drive, Reston, VA 20190 and postmarked within seven (7) calendar days after Employee signs this Agreement.

11.Nonadmission of Wrongdoing. The Parties agree that neither this Agreement nor the furnishing of the consideration for this Agreement shall be deemed or construed at any time for any purpose as an admission by Employee or Releasees of wrongdoing or evidence of any liability or unlawful conduct of any kind.

12.Amendment. This Agreement may not be modified, altered or changed except in writing and signed by both Parties wherein specific reference is made to this Agreement.

13.Entire Agreement. This Agreement, the Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement and the Agreement to Arbitrate set forth the entire agreement between the Parties hereto, and fully supersedes any prior agreements or understandings between the Parties, including that certain employment letter agreement dated February 25, 2022, between the Parties, as amended by that certain First Amendment to the Employment Agreement between the Parties dated March 25, 2025 (together, the “Employment Agreement”), except: (a) the Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement; (b) Employee’s Inventions Owned Prior to Employment Agreement, (c) Employee’s Agreement to Arbitrate, and (d) Section 11.1 and Section 18 of the Employment Agreement, each of which is incorporated herein by reference and shall continue to apply following the Separation Date. Employee acknowledges that Employee has not relied on any representations, promises, or agreements of any kind made to Employee in connection with Employee’s decision to accept this Agreement, except for those set forth in this Agreement. If any provision of any agreement, plan, program, policy, arrangement or other written document between or relating to the Company and Employee conflicts with any provision of this Agreement, the Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement and the Agreement to Arbitrate, the provision of this Agreement, the Employee Confidentiality, Proprietary Rights and Non-Solicitation Agreement and the Agreement to Arbitrate, as applicable, shall control and prevail.

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14.No Assignment of Claims/No Bankruptcy. Employee stipulates that Employee has not sold, assigned or transferred any of the claims that Employee is releasing, and Employee agrees to indemnify and defend Stride from any and all claims brought against Stride by anyone to whom Employee has assigned, sold or transferred any such claims. Employee represents that, as of the date on which Employee signs this Agreement, Employee has not filed for bankruptcy.

15.Agreement Voluntarily Entered Into. Employee acknowledges that Employee has had the right and opportunity to review the terms and meaning of this Agreement with an attorney. Employee further acknowledges Employee has carefully read and fully understands all of the provisions of this Agreement. Employee voluntarily and of free will enters into this Agreement.

16.Execution in Counterparts. This Agreement may be executed in counterparts and by facsimile transmission of signatures. The parties agree their signatures on the facsimile transmissions or via PDF attachment shall be fully binding upon them in the same manner as if the parties had each signed the same original document.

EMPLOYEE IS ADVISED THAT EMPLOYEE HAS TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS AGREEMENT. IN THE EVENT EMPLOYEE DOES NOT EXECUTE AND RETURN THIS AGREEMENT BY SUCH DATE AND TIME, THIS AGREEMENT SHALL NOT TAKE EFFECT AND EMPLOYEE SHALL NOT BE ELIGIBLE FOR THE SEVERANCE BENEFITS HEREUNDER. EMPLOYEE ALSO IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO EMPLOYEE’S SIGNING OF THIS AGREEMENT.

THIS AGREEMENT APPLIES TO ANY RIGHTS OR CLAIMS THAT WERE OR COULD HAVE BEEN ASSERTED BY OR ON BEHALF OF EMPLOYEE AS OF THE DATE THIS AGREEMENT WAS EXECUTED, AND DOES NOT PERTAIN TO ANY EVENTS THAT MAY TAKE PLACE BETWEEN THE PARTIES SUBSEQUENT TO THE EXECUTION OF THIS AGREEMENT.

EMPLOYEE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT BY MUTUAL AGREEMENT BETWEEN EMPLOYEE AND STRIDE DOES NOT RESTART OR AFFECT IN ANY MANNER THE ORIGINAL CONSIDERATION AND REVOCATION PERIODS, EXCEPT AS EXPRESSLY SET FORTH HEREIN.

EMPLOYEE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION, ENTERS INTO THIS AGREEMENT INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EMPLOYEE HAS OR MIGHT HAVE AGAINST RELEASEES.

[Signature Page Follows]

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The Parties knowingly and voluntarily sign this Agreement as of the date(s) set forth below:


Employee			Stride, Inc.

By:

By:	James Rhyu			Greerson G. McMullen, Sr.
				Executive Vice President, General Counsel & Secretary


Date:	September 11, 2026		Date:

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The Parties knowingly and voluntarily sign this Agreement as of the date(s) set forth below:


Employee			Stride, Inc.

By:			By:
	James Rhyu			Greerson G. McMullen, Sr.
				Executive Vice President, General Counsel & Secretary


Date:			Date:	September 21, 2026

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Exhibit 10.2

August 14, 2026

Dear Bob:

It gives me great pleasure to offer you (“Executive”) employment as the Chief Executive Officer of Stride, Inc., a Delaware corporation (the “Company”), on the terms set forth in this letter (this “Agreement”), effective as of July 29, 2026 (the “Effective Date”). If you agree with the terms and conditions of this Agreement, please sign the last page of this Agreement and return it to me.

1.Employment. The Company hereby employs Executive on the terms and conditions set forth in this Agreement and Executive hereby accepts such employment. Executive shall serve as the Chief Executive Officer of the Company and report to the Company’s board of directors (the “Board”). Executive shall perform such duties and have such responsibilities as are normally commensurate with Executive’s position, including such other duties as are reasonably assigned to Executive from time to time. Executive agrees that the Company shall be his exclusive employer and Executive shall devote his full business time to performing Executive’s responsibilities under this Agreement. During the term of his employment as Chief Executive Officer, Executive shall continue to serve as a member of the Board, to serve until his successor is duly appointed or elected in accordance with the Company’s organizational documents. Executive shall cease to be eligible for compensation under the Company’s non-employee director compensation program for periods following the Effective Date during the term of his employment, although any equity awards Executive received in his capacity as a non-employee member of the Board will continue to vest based on his continued employment or service under this Agreement.

2.Salary. Effective as of the Effective Date, Executive’s annualized base salary shall be $1,000,000 (the “Base Salary”). The Base Salary shall be paid on the Company’s regular payroll dates in accordance with the Company’s normal payroll practices. Executive’s Base Salary shall be reviewed annually, and the Board or its compensation committee (the “Compensation Committee”) shall determine, in their sole and absolute discretion, whether to grant Executive any increases to the Base Salary based on the performance of Executive and the Company.

3.Performance Bonus. Executive will be eligible to receive an annual end of fiscal year bonus (the “Performance Bonus”) with a target equal to two hundred percent (200%) of the Executive’s Base Salary. Actual bonus payments may vary (above or below target) based on the overall performance of the Company, including Company performance metrics to be determined by the Board or Compensation Committee, the successful completion of the Executive’s personal

performance goals and objectives and the discretion of the Board or Compensation Committee. Payment of any amount is conditioned upon Executive’s employment with the Company on the scheduled payroll date when bonus payments are issued. Executive’s Performance Bonus will not be prorated for the Company’s 2027 fiscal year.

Any Performance Bonus shall be paid in accordance with the terms of the Company’s bonus plan, but in any event within the period required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) such that it qualifies as a “short-term deferral” pursuant to Treasury Regulation Section 1.409A-1(b)(4).

4.Annual Equity Incentive Awards. During Executive’s employment as Chief Executive Officer, commencing with fiscal year 2027, Executive will be eligible to participate in and will receive awards under the Company’s equity incentive award plans and programs as in effect from time to time at a level and on terms commensurate with his position as Chief Executive Officer (“Ongoing Equity Awards”). Ongoing Equity Awards are currently granted on an annual basis at or near the beginning of each fiscal year of the Company, in each case as determined by the Board or the Compensation Committee of the Board, and are expected to be granted in the form of performance-based restricted stock units, restricted stock awards or similar awards, in each case as determined by the Board or the Compensation Committee of the Board in their discretion from time to time. For the avoidance of doubt, all equity compensation awards are subject to approval by the Board on an annual basis or otherwise at the time of grant. This Agreement is not intended to impact any outstanding equity compensation awards that were previously granted, which awards remain unchanged and in effect in accordance with their terms. For the avoidance of doubt, Executive will be eligible for continued vesting of any Ongoing Equity Awards he receives during his employment based on continued service in any capacity, including as a non-employee member of the Board or as a consultant.

5.Personal Time Off. Executive shall be eligible to take vacation and personal time off in accordance with the Company’s policy, which is subject to change or deletion at the discretion of the Company.

6.Expenses. During Executive’s employment, the Company shall reimburse Executive for reasonable travel, business entertainment, and other business expenses incurred in the performance of Executive’s duties, upon presentation of supporting documentation, in accordance with and subject to all Company policies that may be in effect from time to time, including any bring-your-own-device or similar policy. In addition, the Company shall pay the costs of temporary housing for Executive near the Company’s headquarters on terms mutually agreed by Executive and the Company.

7.Benefits. Executive will be eligible to participate in such health, welfare and retirement benefit plans as may be adopted from time to time by the Company on the same basis as similarly situated employees, including participation in any senior-level executive benefit plans that may be adopted by the Company. Executive’s participation shall be subject to: (i) the terms of the applicable plan documents; (ii) generally applicable Company policies; and (iii) the

discretion of the Board or any administrative or other committee provided for in, or contemplated by, such plan or programs. These plans and programs are subject to amendment or termination at the discretion of the Company.

8.Holidays. Executive will be eligible for paid holidays in accordance with the Company’s holiday policy and schedule, as may be amended by the Company from time to time at the sole discretion of the Company.

Employment at Will; Termination.

9.1.Employment at Will. Executive’s employment with the Company will be on an “at will” basis, meaning that Executive’s employment is not for a specified period of time and can be terminated by Executive or the Company at any time, with or without Cause (as defined below), and with or without notice.

9.2.Termination by Company for Cause. The Company may terminate this Agreement at any time, effective immediately, for “Cause,” which shall be defined as: (i) a Willful and continued material failure to perform Executive’s duties under this Agreement in a satisfactory manner (other than as a result of total or partial incapacity due to physical or mental illness or Disability, as defined in Section 9.3 below), where “Willful” means, when applied to any action or omission made by Executive, that Executive did so without a good faith belief that such action or omission was in, or was not contrary to, the best interests of the Company; (ii) acts of dishonesty, fraud, embezzlement, misrepresentation, and misappropriation involving the Company or any of its affiliates; (iii) unprofessional conduct which may adversely affect the reputation of the Company and/or its relationship with its customers, employees or suppliers; or (iv) a conviction of, or entry of a guilty plea or no contest to, any crime involving moral turpitude or dishonesty. In the event of termination of this Agreement for Cause, Executive shall be paid all accrued Base Salary in accordance with applicable law and any reasonable and necessary business expenses properly incurred by Executive in connection with the duties hereunder and timely submitted for reimbursement, all through the date of termination. All Stock Awards held by Executive shall expire at the date of termination for any of the above-enumerated reasons to terminate for Cause. In addition, the parties’ obligations hereunder, except as set forth in the COBA (as defined below), Agreement to Arbitrate (as defined below), and Sections 9, 10 and 11 of this Agreement, shall terminate.

9.3.Termination upon Disability or Death. Executive’s employment with the Company shall terminate upon the death of Executive. If Executive has incurred a Disability, the Company may terminate Executive’s employment with the Company. In the event of such termination, Executive shall be paid all accrued Base Salary in accordance with applicable law and any reasonable and necessary business expenses properly incurred by Executive in connection with the duties hereunder and timely submitted for reimbursement, all through the date of termination. As used herein, the term “Disability” means a physical or mental disability that renders Executive unable to perform Executive’s normal duties for the Company for a period of ninety (90) or more days as determined in the good faith judgment of the Compensation Committee or the Board. If

Executive disagrees with the good faith determination of Disability, the matter shall be submitted to arbitration pursuant to the Agreement to Arbitrate, which is incorporated herein by reference as provided in Section 10.1 of this Agreement.

9.4.Termination by Company without Cause. The Company may terminate Executive’s employment and this Agreement at any time, effective immediately, without Cause. In the event that the Company terminates Executive’s employment and this Agreement without Cause, Executive shall be paid all accrued Base Salary in accordance with applicable law and any reasonable and necessary business expenses properly incurred by Executive in connection with Executive’s duties hereunder and timely submitted for reimbursement, all through the date of termination, and, provided that such termination of employment constitutes a “separation from service” with the Company as such term is defined in Treasury Regulation Section 1.409A-1(h) and any successor provision thereto (a “Separation from Service”), Executive shall be eligible to receive the severance pay set forth in Section 9.6 or Section 9.7, as applicable, below. In addition, the parties’ obligations hereunder, except as set forth in the COBA, Agreement to Arbitrate, and Sections 9, 10 and 11 of this Agreement, shall terminate.

9.5.Termination by Employee. In the event that Executive resigns his employment and terminates this Agreement other than for Good Reason (as defined in Section 9.5.1 below), Executive shall be paid all accrued Base Salary in accordance with applicable law and any reasonable and necessary business expenses properly incurred by Executive in connection with the duties hereunder and timely submitted for reimbursement, all through the date of termination. Executive shall not be entitled to or eligible for any additional salary, bonus, benefits, severance pay or other remuneration after the effective date of termination. In addition, the parties’ obligations hereunder, except as set forth in the COBA, Agreement to Arbitrate, and Sections 9, 10 and 11 of this Agreement, shall terminate.

9.5.1.Resignation for Good Reason. In the event that Executive resigns his employment and terminates this Agreement for Good Reason, then, Executive shall be paid all accrued Base Salary in accordance with applicable law and any reasonable and necessary business expenses properly incurred by Executive in connection with Executive’s duties hereunder and timely submitted for reimbursement, all through the date of termination, and, provided that such resignation constitutes a Separation from Service, Executive shall be eligible to receive the severance pay set forth in Section 9.6 or Section 9.7, as applicable, below. In addition, the parties’ obligations hereunder, except as set forth in the COBA, Agreement to Arbitrate, and Sections 9, 10 and 11 of this Agreement, shall terminate. “Good Reason” shall be defined as the occurrence of any of the following events or conditions without Executive’s written consent:

(i)

a material diminution in Executive’s authority, duties or responsibilities;

(ii)

a material diminution in Executive’s base salary or target annual bonus

level;

(iii)a material change in the geographic location at which Executive must perform his duties, which shall not include a relocation of Executive’s principal place of employment to any location within a fifty (50) mile radius of the location from which Executive served the Company immediately prior to the relocation; or

(iv)a material breach of this Agreement by the Company or the failure of the Company to obtain an agreement from any successor to the Company in a Change in Control (as defined below) to assume and agree to perform this Agreement.

Executive must provide written notice to the Company of the occurrence of any of the foregoing events or conditions within ninety (90) days of the occurrence of such event or the date upon which Executive reasonably became aware that such an event or condition had occurred. The Company or any successor or affiliate shall have a period of thirty (30) days to cure such event or condition after receipt of written notice of such event from Executive. Any voluntary termination for “Good Reason” following such thirty (30) day cure period must occur no later than the date that is six (6) months following the date notice was provided by Executive.

9.6.Effect of Termination (Severance Pay). Upon termination of Executive’s employment and this Agreement by the Company without Cause pursuant to Section 9.4 or by Executive for Good Reason pursuant to Section 9.5.1 above, and provided that such termination constitutes a Separation from Service and provided further that Executive executes a general release of claims satisfactory to the Company within thirty (30) days following the date of termination that includes a restatement of the non-competition and non-solicitation obligations in the COBA (“Release”) and does not revoke the Release as may be permitted therein, and provided further Executive complies with the Release, Section 10.1 below, and the COBA, Executive shall be entitled to: (1) twenty-four (24) months of severance pay at the then-existing Base Salary (the “Severance Pay”), (2) an amount equal to any accrued and earned annual bonus for the completed fiscal year immediately preceding the date of termination that has been declared by the Compensation Committee but not yet paid as of the date of termination, payable at the same time as annual performance bonus payments are made to other senior Company executives, (3) a pro-rated annual bonus for the year of termination, payable based on actual performance (as determined by the Board or Compensation Committee in good faith) after the end of the fiscal year in which the termination date occurs and at the same time as annual performance bonus payments are made to other senior Company executives (the “Pro Rata Bonus”), and (4) if Executive elects to receive continued medical, dental or vision coverage under one or more of the Company’s group medical, dental or vision plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), reimbursement (or direct payment to the carrier) for the Company-paid portion of the applicable COBRA premiums for Executive and Executive’s covered dependents under such plans (at the same cost sharing levels as in effect for similarly-situated active employees) during a period commencing immediately upon the date of termination and ending on the earliest of (x) the twelve (12) month anniversary of the Executive’s Separation from Service,

(y) the date that Executive and/or Executive’s covered dependents become no longer eligible for COBRA and (z) the date Executive becomes eligible to receive healthcare coverage from a subsequent employer (and Executive agrees to promptly notify the Company of such eligibility).

The Severance Pay shall be payable in equal installments over twenty-four months, at the same intervals and in the same manner as the Base Salary had been paid prior to such termination; provided that any payments required to be made prior to the thirtieth (30th) day following the date of termination of employment (the “First Pay Date”) shall be paid in a single lump sum on the first regularly scheduled payroll date on or following the First Pay Date. For purposes of Section 409A of the Code (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(iii)), each payment that Executive may be eligible to receive under this Agreement shall be treated as a separate and distinct payment.

9.7.Change in Control. In the event Executive’s employment is terminated by the Company without Cause pursuant to Section 9.4 or by Executive for Good Reason pursuant to Section 9.5.1 above, in either case within two years after the date of a Change in Control, and provided that such termination constitutes a Separation from Service, then, provided Executive timely signs and does not revoke the Release and provided further Executive complies with the Release and the COBA, Executive shall receive the same severance benefits as are set forth in Section 9.6 above, except that (i) the Severance Pay Executive is eligible to receive shall be paid in a single lump sum as soon as practicable after the First Pay Date, (ii) the Pro Rata Bonus shall be based on Executive’s target annual bonus amount and paid as soon as practicable after the First Pay Date, (iii) Executive shall additionally receive an amount equal to 200% of Executive’s target annual bonus for the year of the Separation from Service, paid as soon as practicable after the First Pay Date, (iv) all unvested equity or equity-based awards granted under any equity compensation plans of the Company shall immediately become 100% vested, provided that, unless a provision more favorable to Executive is included in an applicable award agreement, any such awards that are subject to performance-based vesting conditions shall only be payable subject to the attainment of the performance measures for the applicable performance period as provided under the terms of the applicable award agreement, and (v) the maximum period of reimbursement of the Company-paid portion of the applicable COBRA premiums shall be twenty-four (24) months following the Executive’s Separation from Service (and, for the avoidance of doubt, such period shall remain subject to earlier termination as set forth in Section 9.6 above). For purposes of this Agreement, “Change in Control” means:

(i)a transaction or series of transactions occurring after the Effective Date whereby any “person” or related “group” of “persons” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (other than the Company, any of its subsidiaries, an employee benefit plan maintained by the Company or any of its subsidiaries or a “person” that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company’s securities outstanding immediately after such transaction; or

(ii)the consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) after the Effective Date of (x) a merger, consolidation, reorganization, or business combination or (y) a sale

or other disposition of all or substantially all of the Company’s assets in any single transaction or series of related transactions or (z) the acquisition of assets or stock of another entity, in each case other than a transaction:

(A)which results in the Company’s voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (such person, the “Successor Entity”)) directly or indirectly, at least a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction, and

(B)after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this paragraph as beneficially owning 50% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

Notwithstanding the foregoing, no transaction, event or occurrence shall constitute a Change in Control for purposes of this Agreement, unless such transaction, event or occurrence also constitutes a “change in control event” as defined in Treasury Regulation Section 1.409A-3(i)(5).

10.

Other Conditions of Employment.

10.1.Employee Continuing Obligations Agreement and Agreement to Arbitrate. On the Effective Date, as a condition to his commencement of employment, Executive will have executed and delivered to the Company (i) the Employee Continuing Obligations Agreement (“COBA”) and (ii) Agreement to Arbitrate (“Agreement to Arbitrate”). Executive agrees to abide by the terms of the COBA and Agreement to Arbitrate, which are hereby expressly incorporated by reference into this Agreement. Executive acknowledges that there are obligations in the COBA and Agreement to Arbitrate that will survive the termination of Executive’s employment. In addition, during the period in which Executive is receiving any compensation from the Company (including and no less than the severance period) and for a twelve-month period thereafter, Executive shall not engage in, or be employed by, a business or organization that renders the same or similar services as the Company or otherwise competes with the Company or its business. In applying this non-competition provision, the Company will not unreasonably withhold its consent for future employment with entities that are not direct competitors or offer substantially the same or similar services as the Company. Executive expressly acknowledges that the Severance Pay and the other payments under Section 9.6 or Section 9.7 above, as applicable, that Executive is eligible to receive in the event Executive’s employment terminates without Cause each, individually, constitute sufficient severance benefits or an “other monetary payment” under Virginia law to support both the non-compete in this Section 10.1 and any non-compete or non-solicits in the COBA. In the event Executive is terminated without Cause and does not timely sign

the Release, revokes the Release, or otherwise is not eligible for the Severance Pay and/or the other payments under Section 9.6 or Section 9.7 above, as applicable, the Company may provide Executive, in its sole discretion, $1,000, less applicable withholdings and deductions, within sixty (60) days of the termination of Executive’s employment, which Executive acknowledges is a sufficient “other monetary payment” under Virginia law to support both the non-compete in this Section 10.1 and any non-compete or non-solicits in the COBA.

10.2.Policies and Procedures. Executive’s employment is subject to the Company’s personnel policies and procedures as they may be interpreted, adopted, revised or deleted from time to time in the Company’s sole discretion.

11.

Miscellaneous.

11.1.Entire Agreement. The terms described in this Agreement, together with the COBA, and Agreement to Arbitrate, both incorporated herein by reference, set forth the entire understanding between Executive and the Company, and supersede any prior representations or agreements, whether written or oral, with respect to the subject matter hereof. No term or provision of this Agreement may be amended, waived, released, discharged or modified except in writing, signed by Executive and an authorized officer of the Company, except as otherwise specifically provided herein.

11.2.Governing Law and Venue. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without reference to conflict of law principles. If any legal action is initiated by either party arising from or related to this Agreement, the parties agree to the exclusive jurisdiction of the courts of Fairfax County, Virginia.

11.3.Successors. This Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns. In that this Agreement constitutes a non-delegable personal services agreement, it may not be assigned by Executive and any attempted assignment by Executive in violation of this Agreement shall be null and void.

11.4.Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby, and all such remaining provisions shall remain in full force and effect.

11.5.Waiver. The failure of either party to insist on strict compliance with any of the terms of this Agreement will not be deemed to be a waiver of any terms of this Agreement or of the party’s right to require strict compliance with the terms of this Agreement in any other instance.

11.6.Notices. All notices, demands, or requests provided for or permitted to be given pursuant to this Agreement must be given in writing, unless otherwise specified, and shall be deemed to have been properly given, delivered, or served by depositing the same in the United

States mail, postage prepaid, certified or registered mail, with deliveries to be made to the following addresses:

If to Executive:

Robert E. Knowling, Jr., at the address contained in the Company’s Human Resources records.

If to the Company:

Attn: General Counsel Stride, Inc.

11720 Plaza America Drive 9th Floor

Reston, VA 20190

Either party may change such party’s address for notices as necessary by notice given pursuant to this Section.

12.Captions. Section headings used in this Agreement are for convenience of reference only and shall not be considered a part of this Agreement.

13.Amendments and Further Assurances. This Agreement may be amended or modified from time to time, but only by written instrument executed by all the parties hereto. No variations, modifications, or changes herein or hereof shall be binding upon any party except as set forth in such a written instrument. The parties will execute such further instruments and take such further action as may be reasonably necessary to carry out the intent of this Agreement.

14.Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and all of which together shall constitute one instrument.

15.

Representations by Executive: Executive represents and warrants that:

(a)Executive is free to enter into and perform each of the terms and conditions of this Agreement. Executive is not subject to any agreement, judgment, order or restriction that would be violated by Executive being employed by the Company or that in any way restricts the services that may be rendered by Executive for the Company. Executive’s execution of this Agreement and performance of Executive’s obligations under this Agreement does not and will not violate or breach any other agreement between Executive and any other person or entity. In addition, Executive has disclosed to the Company the educational and religious institutions to which Executive has made charitable contributions and donated his services prior to entering into this Agreement, and the Company has determined that a continuation of those activities after execution of this Agreement, absent a material change in the status of those institutions as they relate to the Company, is consistent with the Company’s Code of Business Conduct and Ethics.

(b)Executive has carefully considered the nature and extent of the restrictions and covenants in this Agreement and the COBA and Executive agrees that they will not prevent Executive from earning a livelihood after employment with the Company and that they are fair, reasonable and necessary to protect and maintain the proprietary interests, goodwill and other legitimate business interests of the Company in view of the following facts: (i) Executive will hold a position of confidence and trust with the Company as a result of Executive’s employment with the Company, access to confidential financial and other information, and relationship with the customers, suppliers and other employees of the Company, (ii) it would be impossible for Executive to be employed or engaged in a directly competitive business to that of the Company without inevitably using the Company’s proprietary information, and (iii) Executive has broad skills that will permit gainful employment in many areas and businesses outside the scope of the Company’s business.

(c)Executive acknowledges that but for the above representations and warranties of Executive, the Company would not employ Executive or enter into this Agreement.

16.

Parachute Payments.

(i)It is the objective of this Agreement to maximize Executive’s Net After-Tax Benefit (as defined herein) if payments or benefits provided under this Agreement are subject to excise tax under Section 4999 of the Code. Notwithstanding any other provisions of this Agreement, in the event that any payment or benefit by the Company or otherwise to or for the benefit of Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (all such payments and benefits being hereinafter referred to as the “Total Payments”), would be subject (in whole or in part) to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the cash severance payments shall first be reduced, and the non-cash severance payments shall thereafter be reduced, to the extent necessary so that no portion of the Total Payments shall be subject to the Excise Tax, but only if the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).

(ii)The Total Payments shall be reduced by the Company in the following order: (w) reduction of any cash severance payments otherwise payable to Executive that are exempt from Section 409A of the Code, (x) reduction of any other cash payments or benefits otherwise payable to Executive that are exempt from Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting or payments with respect to any equity award with respect to the Company’s common stock that is exempt from Section 409A of the Code, (y) reduction of any other payments or benefits otherwise payable to Executive on a pro-rata basis or such other

manner that complies with Section 409A of the Code, but excluding any payments attributable to the acceleration of vesting and payments with respect to any equity award with respect to the Company’s common stock that are exempt from Section 409A of the Code, and (z) reduction of any payments attributable to the acceleration of vesting or payments with respect to any other equity award with respect to the Company’s common stock that are exempt from Section 409A of the Code.

(iii)All determinations regarding the application of this Section 16 shall be made by an accounting firm with experience in performing calculations regarding the applicability of Section 280G of the Code and the Excise Tax selected by the Company (“Independent Advisors”). For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (x) no portion of the Total Payments the receipt or enjoyment of which Executive shall have waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account, (y) no portion of the Total Payments shall be taken into account which, in the opinion of the Independent Advisors, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the “base amount” (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation and (z) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. The costs of obtaining such determination and all related fees and expenses (including related fees and expenses incurred in any later audit) shall be borne by the Company.

(iv)In the event it is later determined that a greater reduction in the Total Payments should have been made to implement the objective and intent of this Section 16, the excess amount shall be returned immediately by Executive to the Company, plus interest at a rate equal to 120% of the semi-annual applicable federal rate as in effect at the time of the Change in Control.

17.

Section 409A.

(a)Compliance. In the event that following the date hereof the Company or Executive reasonably determines that any compensation or benefits payable under this Agreement may be subject to Section 409A of the Code, the Company and Executive shall work together to adopt such amendments to this Agreement or adopt other policies or procedures (including amendments, policies and procedures with retroactive effect), or take any other commercially reasonable actions necessary or appropriate to (x) exempt the compensation and benefits payable under this Agreement from Section 409A of the Code and/or preserve the intended tax treatment of the compensation and benefits provided with respect to this Agreement or (y) comply with the requirements of Section 409A of the Code and related Department of Treasury guidance.

(b)In-Kind Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement, in-kind benefits and reimbursements provided under this Agreement shall be provided in accordance with the requirements of Treasury Regulation Section 1.409A-3(i)(1)(iv), such that any in-kind benefits and reimbursements provided under this Agreement during any calendar year shall not affect in-kind benefits or reimbursements to be provided in any other calendar year, other than an arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code, and any in-kind benefits and reimbursements shall not be subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary in this Agreement, reimbursement requests must be timely submitted by Executive and, if timely submitted, reimbursement payments shall be promptly made to Executive following such submission, but in no event later than December 31st of the calendar year following the calendar year in which the expense was incurred. In no event shall Executive be entitled to any reimbursement payments after December 31st of the calendar year following the calendar year in which the expense was incurred. This paragraph shall only apply to in-kind benefits and reimbursements that would result in taxable compensation income to Executive.

(c)Distribution. Notwithstanding anything to the contrary in this Agreement, to the maximum extent permitted by applicable law, amounts payable to Executive pursuant to Section 9.6 or 9.7 shall be made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals). However, to the extent any payments are treated as non-qualified deferred compensation subject to Section 409A of the Code, then if Executive is deemed at the time of his Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s termination benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured from the date of Executive’s Separation from Service or (ii) the date of Executive’s death. Upon the earlier of such dates, all payments deferred pursuant to this Section 17(c) shall be paid in a lump sum to Executive. Thereafter, payments will resume in accordance with this Agreement. The determination of whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of the time of his Separation from Service shall be made by the Company in accordance with the terms of Section 409A of the Code and applicable guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i)). This Agreement is intended to be written, administered, interpreted and construed in a manner such that no payment or benefits provided under the Agreement become subject to (a) the gross income inclusion set forth within Section 409A(a)(1)(A) of the Code or (b) the interest and additional tax set forth within Section 409A(a)(1)(B) of the Code (together, referred to herein as the “Section 409A Penalties”), including, where appropriate, the construction of defined terms to have meanings that would not cause the imposition of Section 409A Penalties. In no event shall the Company be required to provide a tax gross-up payment to Executive or otherwise reimburse Executive with respect to Section 409A Penalties.

18.Withholding. The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to applicable law or governmental regulation or ruling or other required withholdings.

Please acknowledge your acceptance of the terms of this Agreement by signing the enclosed copy of this letter and returning it to me as soon as possible. Should you have any questions, please feel free to contact me.

Sincerely,

Steven B. Fink, Chairman of the Board

[Countersignature Page Follows]

Agreed and Accepted:

Robert E. Knowling, Jr. Date: 8/14/2026 | 6:28 PM PDT

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, Robert E. Knowling, Jr., certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Stride, Inc.;

(2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4) The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5) The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 20, 2026


/s/ ROBERT E. KNOWLING, JR.
Robert E. Knowling, Jr.
Chief Executive Officer
(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, Donna M. Blackman, certify that:

(1) I have reviewed this Quarterly Report on Form 10-Q of Stride, Inc.;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 20, 2026


/s/ DONNA M. BLACKMAN
Donna M. Blackman
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Exhibit 32.1

The following certification is being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350 and in accordance with SEC Release No. 33-8238. This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Section 906 Certification

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Stride, Inc., a Delaware corporation (the “Company”), hereby certifies, to such officer’s knowledge, that:

(1)

the accompanying Quarterly Report of the Company on Form 10-Q for the quarterly period ended September 30, 2026 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 20, 2026


/s/ ROBERT E. KNOWLING, JR.
Robert E. Knowling, Jr.
Chief Executive Officer
(Principal Executive Officer)

Exhibit 32.2

Section 906 Certification

(1)

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 20, 2026

Pri
/s/ DONNA M. BLACKMAN
Donna M. Blackman
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)