Stride Inc delivered a solid Q3 2025 across key financial and operating metrics, underscored by continued demand outpacing prior year levels and meaningful enrollment growth. Total revenue reached $613.4 million, up 17.8% year over year, driven by a 33% rise in career learning middle/high school program revenue to $223.9 million on a 34% enrollment increase to roughly 98,700 students. General Education revenue rose 13% to $370.8 million, supported by average enrollments of about 141,500 (up 14% YoY). Gross margin expanded to 40.6% (up ~190 basis points YoY), and adjusted operating income climbed 47% to $141.7 million, with adjusted EBITDA at $168.3 million (+40%). Net income was $99.3 million, and GAAP diluted EPS was $1.98, while reported EPS was $2.02 for the quarter, reflecting the impact of convertible debt accounting. Management raised FY25 revenue guidance to $2.370–$2.385 billion and AOI guidance to $455–$465 million, signaling confidence in continued in-year enrollment gains into fiscal 2026. The quarter also featured strong cash generation (operating cash flow of $53.1 million and free cash flow of $67.1 million) and a healthy balance sheet with $531.1 million cash at period end and limited leverage (net debt of approximately $33 million). Management emphasized continued demand strength, ongoing product investments (including tutoring expansion and socialization platforms), and a generally favorable funding backdrop for FY26, while noting that federal funding remains a small share of revenue (<5%). Looking ahead, Stride frames a durable long-term growth trajectory supported by product diversification (career learning, tutoring, socialization tools), scale benefits, and disciplined capital allocation, but faces execution risk around lower-grade enrollment opportunities and policy-driven funding volatility.