Stride Inc. delivered a solid QQ2 2025 performance anchored by sustained enrollment momentum and a favorable funding environment. Revenues of $587.2 million rose 16% year over year and 6.6% quarter over quarter, supported by a diversified mix with Career Learning, Middle/High School General Education, and a softer but still meaningful Adult Learning segment. Gross margins expanded to 40.8%, up 100 basis points year over year, as the company continues to improve operating efficiency. Adjusted operating income rose 43% to $135.6 million, with Adjusted EBITDA of $160.4 million (up 36%), and diluted EPS of $2.03. Free cash flow stood at $208.6 million for the quarter, contributing to a cash balance of $515.1 million. Management raised full-year revenue guidance to $2.320–$2.355 billion and adjusted operating income guidance to $430–$450 million, signaling confidence in continued enrollment strength and margin expansion. The quarterly results reflect several important strategic levers: (1) a persistent enrollment funnel across core segments, (2) a growing contribution from Career Learning (up 29% to $213.1 million) and General Education (up 13%), (3) ongoing investment in tutoring and skill-based programs with MedCerts and K-12 tutoring as strategic growth vehicles, and (4) progress on leveraging state funding mix while remaining cognizant of a modest drag from state mix on revenue per enrollment. Near-term watchpoints include softness in Adult Learning, potential variability from federal funding policy, and the pace of converting tutoring and career-learning pilots into material P&L contributions. Overall, Stride appears well-positioned to capture secular demand for alternative education models, with a constructive path to higher profitability and cash generation in the remainder of FY2025.