What move does the options market price into Strategic Education's report?

Implied ±8.7%, either direction.

How often does Strategic Education move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

STRANasdaqServices-Educational Services

Strategic Education, Inc. (STRA) earnings date, market-implied expected move, and options open interest by expiry

74.14

Closed16:00 ET

Open74.50Volume335,069Mkt cap$1.6BP/E12.07EPS6.14Div yield3.24%

Day74.14 – 75.620%52-wk68.66 – 89.0727%

STRA

Strategic Education, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±8.7%implied · straddle

67.6280.46

spot 74.04exp Nov 20ATM strike 75ATM straddle 7.55IV 59%

Nov 3 close

Expected move

Inputs

Next report

Today

before open

est.Q3 FY26

Calendar

Next report

Last report

+7.65%

vs ±11.0% implied · ×0.69

shaded = implied · ▲▼ = realized

Jul 29 '26 · confirmed

Implied vs realized

Largest filed tie

—

Supply chain

13F top-10 QoQ

−1.41%

shares held · 10 largest managers

13F · Jun 30 '26128d lag

292 managers

Top fund weight

0.05%

STRA weight · IWM

N-PORTJun 30 '26

4 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Strategic Education (STRA) is expected to report on Nov 5 before open (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±8.6%
avg realized: ±6.8%

Nov 7 '24Nov 7 '24confirmed±7.7%▲+2.17%×0.28

Feb 27 '25Feb 27 '25confirmed±7.8%▼−18.52%×2.37

Apr 24 '25Apr 24 '25confirmed±8.2%▼−0.16%×0.02

Jul 30 '25Jul 30 '25confirmed±6.9%▼−6.54%×0.95

Nov 6 '25Nov 6 '25confirmed±9.3%▲+0.70%×0.08

Feb 26 '26Feb 26 '26confirmed±9.6%▲+4.94%×0.52

Q1 FY26Apr 23 '26confirmed±8.1%▼−13.67%×1.68

Q2 FY26Jul 29 '26confirmed±11.0%▲+7.65%×0.69

quarterimplied−20%0+20%realized×

Q2 FY26±11.0%▲+7.65%×0.69

Q1 FY26±8.1%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 4 expiries · Nov 3 close

1.69OI · 4 expiries · Nov 3 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

183+23%Nov 2015d108+38%

5+67%Dec 1843d0.717+17%0.71

183+2%Jan 1571d2.6569−1%2.65

14+17%Apr 16162d0.6721+5%0.67

ExpiryPutsCallsP/C

Nov 2015d183+23%108+38%1.69

Dec 1843d5+67%7+17%0.71

Jan 1571d183+2%69−1%2.65

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±8.7%

Funds 4

IWM±0.0%

UWM±0.0%

VTI±0.0%

VT±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

11.02%as filednet margin · revenue +10.24% QoQ · +4.91% YoY

Revenue

$337M+10.24% QoQ

Gross profit

$337M+10.24% QoQ

100.00% margin

Operating income

$50M+22.87% QoQ

14.97% margin

Pre-tax income

$52M+22.56% QoQ

Net income

$37M+13.26% QoQ

11.02% margin

Operating expenses

$287M+8.28% QoQ

SG&A $284M

Other operating $2M

Tax

$15M+54.75% QoQ

Other income

$1M+12.12% QoQ

Revenue$337M+10.24%

Gross profit

$337M+10.24%

100.00% margin

Operating income

$50M+22.87%

14.97% margin

Pre-tax income

$52M+22.56%

Net income

$37M+13.26%

11.02% margin

Cost of revenue

Operating expenses

$287M+8.28%

SG&A $284M

Other operating $2M

Other income$1M+12.12%

Tax$15M+54.75%

flow · deduction · inflow · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 16:00 ET

Intraday

Event sensitivity

FOMC ×1.76· ±2.3% vs ±1.3% · 24 releases

eventrelease day|move|up · n×base

FOMCrate decision±2.3%13 of 24×1.76

GDPgross domestic product±2.2%9 of 19×1.67

PPIproducer prices±2.1%6 of 10×1.63

NFPjobs report±1.6%7 of 10×1.24

CPIconsumer prices±1.1%6 of 10×0.84

PCEpersonal income & outlays±0.9%7 of 19×0.65

CPROFcorporate profits±0.8%6 of 12×0.64

Bar = avg |move| to ±3% · tick = ±1.3% avg day · ×base = |move| ÷ ±1.3% · min 6 releases

Earnings history

EPS 1.71 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Jul 29 '26 · confirmed	1.71	—
Q1 FY26	Apr 23 '26 · confirmed	1.48	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod