Stride Inc reported a robust start to fiscal year 2025, delivering revenue of $551.1 million for QQ1 2025, up 15% year over year, with a notable acceleration in enrollment driving top-line gains. The quarter featured a sharp improvement in profitability driven by scale benefits and disciplined SG&A, delivering adjusted operating income of $58.4 million (up 295% YoY) and adjusted EBITDA of $83.9 million (up 111% YoY). Management highlighted sustained demand for core offerings, with total enrollments exceeding 222,000, and highlighted that Career Learning revenue rose more than 30% year over year, while General Education revenue rose 10% on an 11.3% enrollment increase. Adult Learning revenue declined due to a slowdown in software development products, signaling mix-related headwinds in a portion of the portfolio. Management reaffirmed guidance for FY2025, projecting Q2 revenue of $560â$580 million and full-year revenue of $2.225â$2.300 billion, with adjusted operating income of $395â$425 million and capex of $60â$65 million. The company continues to emphasize demand-driven growth, cost discipline, and a multi-year playbook around school choice and virtual education, while noting ESSER funding headwinds to revenue per enrollment that are expected to be offset by state funding improvements. This analysis blends the QQ1 data with management commentary to assess the investment thesis, competitive positioning, and risk factors facing Stride as it navigates a dynamic policy and funding backdrop.