Grand Canyon Education (LOPE) Financials

$162.09 +0.13 (+0.08%)

As of 09:59 AM Eastern

Annual Income Statements for Grand Canyon Education

This table shows Grand Canyon Education's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	131	149	203	229	259	257	260	185	205	226	216
Consolidated Net Income / (Loss)	131	149	203	229	259	257	260	185	205	226	216
Net Income / (Loss) Continuing Operations	131	149	203	229	259	257	260	185	205	226	216
Total Pre-Tax Income	209	236	284	287	318	333	331	240	260	291	280
Total Operating Income	210	237	283	258	265	277	282	238	249	275	266
Total Gross Profit	449	404	461	467	555	610	647	638	659	710	763
Total Revenue	778	873	974	846	779	844	897	911	961	1,033	1,106
Operating Revenue	778	873	974	846	779	844	897	911	961	1,033	1,106
Total Cost of Revenue	330	469	513	378	224	235	249	273	302	323	343
Operating Cost of Revenue	330	469	513	378	224	235	249	273	302	323	343
Total Operating Expenses	238	167	179	209	290	332	365	400	409	434	498
Selling, General & Admin Expense	42	28	27	30	44	43	42	45	43	46	47
Marketing Expense	84	99	109	117	143	164	183	196	203	212	229
Amortization Expense	-	-	-	0.00	8.22	8.42	8.42	8.42	8.42	8.42	8.42
Other Operating Expenses / (Income)	113	40	42	62	94	116	132	150	155	165	175
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	1.90	2.41
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	0.00	0.00	35
Total Other Income / (Expense), net	-1.35	-1.08	0.77	29	52	56	49	2.62	10	16	14
Interest & Investment Income	-0.11	0.25	2.94	30	64	60	53	2.62	10	16	14
Income Tax Expense	78	88	80	58	58	76	71	55	55	65	64
Basic Earnings per Share	$2.86	$3.22	$4.31	$4.81	$5.42	$5.49	$5.94	$5.75	$6.83	$7.77	$7.76
Weighted Average Basic Shares Outstanding	45.98M	46.08M	47.14M	47.61M	47.81M	46.88M	43.84M	32.13M	29.99M	29.10M	27.86M
Diluted Earnings per Share	$2.78	$3.15	$4.22	$4.73	$5.37	$5.45	$5.92	$5.73	$6.80	$7.73	$7.71
Weighted Average Diluted Shares Outstanding	47.28M	47.12M	48.24M	48.41M	48.27M	47.17M	43.96M	32.24M	30.15M	29.27M	28.02M
Weighted Average Basic & Diluted Shares Outstanding	45.90M	46.10M	47.20M	47.60M	48.17M	46.87M	35.33M	31.04M	30.02M	28.72M	27.14M

This table shows Grand Canyon Education's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	36	81	68	35	41	82	72	42	16	87	75
Consolidated Net Income / (Loss)	36	81	68	35	41	82	72	42	16	87	75
Net Income / (Loss) Continuing Operations	36	81	68	35	41	82	72	42	16	87	75
Total Pre-Tax Income	44	101	88	47	52	104	91	55	22	112	98
Total Operating Income	42	98	84	43	48	100	88	52	18	108	95
Total Gross Profit	148	196	192	149	161	207	202	164	177	220	217
Total Revenue	222	278	275	227	238	293	289	247	261	308	309
Operating Revenue	222	278	275	227	238	293	289	247	261	308	309
Total Cost of Revenue	74	83	83	78	77	85	87	83	84	88	92
Operating Cost of Revenue	74	83	83	78	77	85	87	83	84	88	92
Total Operating Expenses	107	98	107	107	113	107	114	113	159	112	121
Selling, General & Admin Expense	12	10	11	11	14	11	10	11	15	10	10
Marketing Expense	53	46	55	53	55	50	60	56	59	54	64
Amortization Expense	2.11	2.10	2.11	2.11	2.11	2.10	2.11	2.11	2.11	2.10	2.11
Other Operating Expenses / (Income)	39	39	39	41	42	43	42	43	45	45	45
Total Other Income / (Expense), net	2.74	2.96	3.73	4.11	4.15	3.93	3.38	3.23	3.64	3.70	3.02
Interest & Investment Income	2.74	2.97	3.73	4.11	4.15	3.93	3.38	3.23	3.64	3.70	3.02
Income Tax Expense	8.54	20	20	12	11	22	20	13	5.38	25	23
Basic Earnings per Share	$1.20	$2.71	$2.31	$1.19	$1.43	$2.84	$2.53	$1.48	$0.59	$3.16	$2.82
Weighted Average Basic Shares Outstanding	29.78M	29.99M	29.46M	29.29M	29.00M	29.10M	28.28M	28.00M	27.74M	27.86M	26.74M
Diluted Earnings per Share	$1.19	$2.71	$2.29	$1.19	$1.42	$2.83	$2.52	$1.48	$0.58	$3.13	$2.80
Weighted Average Diluted Shares Outstanding	29.91M	30.15M	29.64M	29.42M	29.16M	29.27M	28.47M	28.13M	27.90M	28.02M	26.87M
Weighted Average Basic & Diluted Shares Outstanding	30.01M	30.02M	29.74M	29.46M	29.15M	28.72M	28.37M	28.09M	27.97M	27.14M	26.51M

This table details how cash moves in and out of Grand Canyon Education's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-35	32	117	-66	-59	123	355	-481	26	178	-213
Net Cash From Operating Activities	185	238	305	199	306	309	313	221	244	290	273
Net Cash From Continuing Operating Activities	185	238	305	199	306	309	313	221	244	292	273
Net Income / (Loss) Continuing Operations	131	149	203	229	259	257	260	185	205	226	216
Consolidated Net Income / (Loss)	131	149	203	229	259	257	260	185	205	226	216
Depreciation Expense	36	46	54	36	19	21	22	23	24	28	31
Amortization Expense	-	-	-	0.00	8.22	8.42	8.42	8.42	8.42	8.42	8.42
Non-Cash Adjustments To Reconcile Net Income	32	32	35	43	14	11	7.20	13	13	17	16
Changes in Operating Assets and Liabilities, net	-14	11	12	-108	6.32	11	15	-8.53	-6.06	12	1.52
Net Cash From Investing Activities	-201	-216	-152	-238	-406	-19	951	-97	-80	61	-222
Net Cash From Continuing Investing Activities	-201	-216	-152	-238	-406	-19	951	-97	-80	61	-222
Purchase of Property, Plant & Equipment	-205	-178	-114	-95	-22	-29	-29	-35	-45	-37	-35
Purchase of Investments	-48	-49	-94	-47	-9.38	0.00	-56	-172	-99	-49	-242
Sale and/or Maturity of Investments	66	72	66	65	157	86	1,227	110	64	148	56
Other Investing Activities, net	-14	-61	-10	-162	-170	-76	-191	-0.40	-0.90	-0.41	-0.56
Net Cash From Financing Activities	-19	11	-36	-27	40	-166	-909	-604	-137	-173	-265
Net Cash From Continuing Financing Activities	-19	11	-36	-27	40	-166	-909	-604	-137	-173	-265
Repurchase of Common Equity	-16	-20	-11	-25	-44	-134	-804	-604	-137	-173	-265
Cash Interest Paid	1.24	1.22	2.25	1.51	12	4.31	3.70	0.00	0.03	0.00	0.00
Cash Income Taxes Paid	76	66	70	78	60	68	62	49	59	65	54

This table details how cash moves in and out of Grand Canyon Education's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-86	90	50	45	22	61	-180	48	-95	14	-16
Net Cash From Operating Activities	-30	116	85	99	-29	136	68	124	-49	130	88
Net Cash From Continuing Operating Activities	-30	116	85	99	-29	136	68	124	-49	130	88
Net Income / (Loss) Continuing Operations	36	81	68	35	41	82	72	42	16	87	75
Consolidated Net Income / (Loss)	36	81	68	35	41	82	72	42	16	87	75
Depreciation Expense	6.06	6.56	6.65	6.93	7.13	7.43	7.45	7.81	8.06	8.16	8.34
Amortization Expense	2.11	2.10	2.11	2.11	2.11	2.10	2.11	2.11	2.11	2.10	2.11
Non-Cash Adjustments To Reconcile Net Income	2.36	2.94	3.28	3.75	3.09	5.34	3.42	3.09	41	-31	3.37
Changes in Operating Assets and Liabilities, net	-76	24	4.92	51	-83	39	-17	69	-116	65	-0.95
Net Cash From Investing Activities	-22	-9.94	-5.26	-15	91	-9.93	-170	-29	-6.87	-16	24
Net Cash From Continuing Investing Activities	-22	-9.94	-5.26	-15	91	-9.93	-170	-29	-6.87	-16	24
Purchase of Property, Plant & Equipment	-17	-10	-8.98	-8.95	-9.57	-9.75	-8.95	-8.61	-9.66	-7.62	-8.13
Purchase of Investments	0.35	-25	-19	-29	-	-	-160	-32	-33	-16	-24
Sale and/or Maturity of Investments	-5.91	26	23	24	101	-	0.00	11	36	8.66	56
Other Investing Activities, net	-0.32	-0.09	-0.07	-0.10	-0.06	-0.19	-1.02	0.49	-0.02	-1.01	0.09
Net Cash From Financing Activities	-34	-17	-30	-39	-40	-65	-78	-47	-39	-100	-128
Net Cash From Continuing Financing Activities	-34	-17	-30	-39	-40	-65	-78	-47	-39	-100	-128
Repurchase of Common Equity	-34	-17	-30	-39	-40	-65	-78	-47	-39	-100	-128
Cash Income Taxes Paid	5.19	11	0.30	44	7.20	14	0.33	44	9.27	0.15	0.37

This table presents Grand Canyon Education's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	892	1,092	1,304	1,324	1,690	1,845	1,223	833	930	1,018	992
Total Current Assets	215	230	375	309	208	334	681	273	338	420	400
Cash & Equivalents	23	46	153	120	122	246	601	120	146	325	112
Short-Term Investments	83	63	89	69	22	11	0.00	61	98	0.00	188
Accounts Receivable	8.30	9.54	11	47	49	62	70	77	79	83	84
Current Deferred & Refundable Income Taxes	3.95	4.69	2.09	0.01	2.19	1.29	1.28	2.79	1.32	0.49	2.39
Other Current Assets	21	22	25	6.96	8.04	8.64	8.77	11	13	12	13
Plant, Property, & Equipment, net	667	856	922	111	120	129	136	148	170	177	179
Total Noncurrent Assets	9.60	6.90	6.43	904	1,362	1,382	406	412	423	422	413
Goodwill	2.94	2.94	2.94	2.94	161	161	161	161	161	161	161
Intangible Assets	-	-	-	-	202	194	185	177	168	160	152
Other Noncurrent Operating Assets	6.66	3.96	3.49	0.48	29	63	60	74	94	101	101
Total Liabilities & Shareholders' Equity	892	1,092	1,304	1,324	1,690	1,845	1,223	833	930	1,018	992
Total Liabilities	282	319	318	110	247	270	178	195	212	235	245
Total Current Liabilities	189	227	238	81	95	119	98	100	97	111	110
Accounts Payable	35	25	29	14	15	17	24	20	18	27	24
Accrued Expenses	14	21	21	8.91	17	22	28	22	27	30	32
Current Deferred Revenue	38	41	47	-	0.02	0.00	0.01	-	-	-	0.00
Current Deferred & Payable Income Tax Liabilities	0.03	2.73	16	5.44	6.58	5.41	5.90	12	10	8.56	3.36
Current Employee Benefit Liabilities	18	20	23	15	21	34	33	36	31	33	35
Other Current Liabilities	-	-	-	-	3.08	7.39	7.43	8.65	11	13	15
Total Noncurrent Liabilities	93	92	79	30	152	152	80	95	115	124	136
Noncurrent Deferred & Payable Income Tax Liabilities	15	24	18	6.47	18	20	26	26	27	27	41
Other Noncurrent Operating Liabilities	4.30	1.69	1.20	-	26	57	54	69	89	97	94
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	610	774	986	1,214	1,443	1,574	1,045	638	718	784	747
Total Preferred & Common Equity	610	774	986	1,214	1,443	1,574	1,045	638	718	784	747
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	610	774	986	1,214	1,443	1,574	1,045	638	718	784	747
Common Stock	178	213	233	257	271	283	297	310	323	337	351
Retained Earnings	502	651	854	1,082	1,341	1,595	1,855	2,040	2,245	2,471	2,687
Treasury Stock	-69	-89	-101	-125	-169	-303	-1,107	-1,711	-1,850	-2,024	-2,292
Accumulated Other Comprehensive Income / (Loss)	-0.49	-0.91	-0.72	-0.45	-	-	0.00	-0.53	-0.06	0.00	0.51

This table presents Grand Canyon Education's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	785	874	846	863	1,036	993	993	1,031	1,021	1,033	968
Total Current Assets	223	316	280	275	444	390	393	436	422	434	380
Cash & Equivalents	40	105	143	57	196	241	264	145	192	97	96
Short-Term Investments	68	89	90	98	94	100	0.00	160	182	180	156
Accounts Receivable	101	103	25	104	112	29	116	116	28	122	113
Current Deferred & Refundable Income Taxes	3.59	2.96	9.04	3.77	0.04	5.50	1.82	0.00	6.67	23	0.23
Other Current Assets	10	16	12	12	42	13	12	16	14	12	15
Plant, Property, & Equipment, net	145	150	155	165	172	174	176	178	179	180	180
Total Noncurrent Assets	416	408	412	424	419	429	423	417	419	419	408
Goodwill	161	161	161	161	161	161	161	161	161	161	161
Intangible Assets	179	175	173	170	166	164	162	158	156	154	149
Other Noncurrent Operating Assets	77	72	79	93	92	104	100	99	103	104	98
Total Liabilities & Shareholders' Equity	785	874	846	863	1,036	993	993	1,031	1,021	1,033	968
Total Liabilities	193	215	201	213	276	233	229	251	243	275	272
Total Current Liabilities	96	120	100	100	160	107	107	128	119	137	138
Accounts Payable	19	22	23	24	30	22	28	24	24	19	29
Accrued Expenses	29	32	30	34	58	32	33	35	34	71	38
Current Deferred Revenue	6.10	9.68	9.11	6.24	10	7.22	6.42	9.08	14	3.80	9.87
Current Deferred & Payable Income Tax Liabilities	0.04	27	0.08	0.09	26	0.09	0.13	24	0.11	0.14	21
Current Employee Benefit Liabilities	33	21	29	25	25	34	26	23	33	29	26
Other Current Liabilities	-	8.82	9.34	11	11	12	12	13	14	14	15
Total Noncurrent Liabilities	97	95	100	113	116	126	122	123	124	138	133
Noncurrent Deferred & Payable Income Tax Liabilities	26	28	27	27	28	27	26	29	28	40	43
Other Noncurrent Operating Liabilities	0.44	67	73	86	88	99	96	94	96	98	91
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	592	659	645	651	759	759	764	781	778	758	696
Total Preferred & Common Equity	592	659	645	651	759	759	764	781	778	758	696
Preferred Stock	0.00	-	-	-	-	-	-	-	-	0.00	0.00
Total Common Equity	592	659	645	651	759	759	764	781	778	758	696
Common Stock	307	313	316	320	327	331	334	341	344	348	355
Retained Earnings	1,969	2,099	2,128	2,164	2,313	2,348	2,389	2,543	2,584	2,600	2,762
Treasury Stock	-1,683	-1,753	-1,799	-1,833	-1,880	-1,919	-1,959	-2,103	-2,151	-2,191	-2,421
Accumulated Other Comprehensive Income / (Loss)	-0.42	-0.41	-0.69	-0.59	-0.11	-0.13	0.00	-0.01	0.17	0.55	-0.19

This table displays calculated financial ratios and metrics derived from Grand Canyon Education's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.61%	12.23%	11.54%	-13.20%	-7.91%	8.41%	6.22%	1.64%	5.44%	7.50%	7.07%
EBITDA Growth	17.00%	14.98%	19.12%	-12.81%	-0.60%	5.15%	1.80%	-14.05%	4.67%	10.92%	-1.97%
EBIT Growth	16.34%	12.76%	19.20%	-8.70%	2.70%	4.64%	1.71%	-15.84%	4.95%	10.49%	-3.45%
NOPAT Growth	17.92%	12.80%	35.91%	1.59%	5.07%	-1.03%	3.53%	-17.63%	7.72%	8.70%	-3.96%
Net Income Growth	17.89%	13.01%	36.90%	12.64%	13.17%	-0.76%	1.22%	-29.07%	11.00%	10.37%	-4.45%
EPS Growth	17.30%	13.31%	33.97%	12.09%	13.53%	1.49%	8.62%	-3.21%	18.67%	13.68%	-0.26%
Operating Cash Flow Growth	10.83%	28.46%	28.24%	-34.70%	53.88%	0.81%	1.39%	-29.48%	10.34%	19.00%	-5.68%
Free Cash Flow Firm Growth	-561.90%	59.73%	954.62%	-161.00%	-98.86%	213.72%	425.68%	-85.80%	4.87%	27.34%	-4.55%
Invested Capital Growth	54.79%	33.07%	5.43%	42.95%	40.85%	-1.02%	-68.85%	2.66%	3.86%	-3.02%	-2.69%
Revenue Q/Q Growth	3.45%	3.40%	2.82%	-9.99%	4.81%	3.06%	1.48%	0.81%	2.08%	1.40%	1.43%
EBITDA Q/Q Growth	5.06%	6.07%	4.81%	-6.69%	3.93%	5.41%	1.73%	-4.13%	2.91%	1.00%	2.96%
EBIT Q/Q Growth	4.78%	6.06%	5.46%	-4.16%	0.69%	5.84%	1.84%	-4.70%	2.94%	0.82%	3.12%
NOPAT Q/Q Growth	4.50%	6.70%	10.88%	-1.78%	0.99%	4.48%	1.98%	-5.24%	4.40%	0.23%	2.54%
Net Income Q/Q Growth	3.97%	7.12%	11.08%	3.28%	0.44%	4.08%	-0.63%	-7.09%	4.96%	0.52%	2.30%
EPS Q/Q Growth	4.12%	6.78%	10.76%	3.05%	0.56%	5.01%	3.68%	4.56%	6.25%	1.58%	4.05%
Operating Cash Flow Q/Q Growth	3.24%	3.67%	3.56%	51.39%	2.91%	6.02%	-7.26%	2.85%	2.54%	7.18%	-1.91%
Free Cash Flow Firm Q/Q Growth	-104.97%	43.51%	7.55%	42.58%	24.10%	-9.10%	377.37%	-83.77%	-29.72%	9.20%	-0.92%
Invested Capital Q/Q Growth	16.98%	11.21%	12.00%	-0.21%	-4.25%	-2.18%	-68.78%	-18.96%	-4.56%	-8.26%	-7.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.64%	46.27%	47.37%	55.29%	71.28%	72.21%	72.21%	70.01%	68.54%	68.69%	69.02%
EBITDA Margin	31.62%	32.39%	34.59%	34.75%	37.51%	36.38%	34.87%	29.48%	29.27%	30.20%	27.65%
Operating Margin	27.03%	27.16%	29.03%	30.53%	34.05%	32.87%	31.47%	26.06%	25.94%	26.66%	24.04%
EBIT Margin	27.03%	27.16%	29.03%	30.53%	34.05%	32.87%	31.47%	26.06%	25.94%	26.66%	24.04%
Profit (Net Income) Margin	16.89%	17.01%	20.87%	27.09%	33.29%	30.47%	29.04%	20.26%	21.33%	21.90%	19.54%
Tax Burden Percent	62.87%	62.90%	71.71%	79.79%	81.63%	77.20%	78.59%	76.91%	78.94%	77.66%	77.24%
Interest Burden Percent	99.36%	99.55%	100.27%	111.18%	119.75%	120.08%	117.40%	101.10%	104.18%	105.78%	105.24%
Effective Tax Rate	37.13%	37.10%	28.29%	20.21%	18.37%	22.80%	21.41%	23.09%	21.06%	22.34%	22.76%
Return on Invested Capital (ROIC)	31.52%	25.11%	29.10%	23.71%	17.58%	14.95%	23.72%	40.59%	42.34%	45.86%	45.34%
ROIC Less NNEP Spread (ROIC-NNEP)	32.21%	25.80%	28.79%	13.74%	-26.41%	-41.60%	13.43%	40.08%	38.48%	41.52%	41.89%
Return on Net Nonoperating Assets (RNNOA)	-7.33%	-3.65%	-5.99%	-2.88%	1.93%	2.10%	-3.84%	-18.64%	-12.10%	-15.73%	-17.10%
Return on Equity (ROE)	24.19%	21.46%	23.11%	20.82%	19.51%	17.05%	19.88%	21.95%	30.24%	30.13%	28.24%
Cash Return on Invested Capital (CROIC)	-11.49%	-3.27%	23.81%	-11.65%	-16.35%	15.97%	128.71%	37.97%	38.55%	48.92%	48.07%
Operating Return on Assets (OROA)	25.53%	23.91%	23.60%	19.65%	17.59%	15.70%	18.40%	23.11%	28.27%	28.26%	26.45%
Return on Assets (ROA)	15.95%	14.97%	16.97%	17.43%	17.20%	14.55%	16.98%	17.97%	23.25%	23.22%	21.50%
Return on Common Equity (ROCE)	24.19%	21.46%	23.11%	20.82%	19.51%	17.05%	19.88%	21.95%	30.24%	30.13%	28.24%
Return on Equity Simple (ROE_SIMPLE)	21.53%	19.20%	20.62%	18.87%	17.96%	16.34%	24.91%	28.96%	28.55%	28.86%	0.00%
Net Operating Profit after Tax (NOPAT)	132	149	203	206	216	214	222	183	197	214	205
NOPAT Margin	17.00%	17.08%	20.81%	24.36%	27.80%	25.38%	24.73%	20.04%	20.48%	20.70%	18.57%
Net Nonoperating Expense Percent (NNEP)	-0.69%	-0.69%	0.30%	9.97%	43.99%	56.55%	10.29%	0.51%	3.86%	4.34%	3.45%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	28.65%	27.40%	27.28%	27.50%
Cost of Revenue to Revenue	42.36%	53.73%	52.64%	44.71%	28.72%	27.79%	27.79%	29.99%	31.46%	31.31%	30.98%
SG&A Expenses to Revenue	5.41%	3.22%	2.79%	3.54%	5.69%	5.14%	4.67%	4.99%	4.50%	4.48%	4.29%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.61%	19.11%	18.34%	24.76%	37.23%	39.35%	40.73%	43.95%	42.60%	42.03%	44.98%
Earnings before Interest and Taxes (EBIT)	210	237	283	258	265	277	282	238	249	275	266
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	246	283	337	294	292	307	313	269	281	312	306
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.10	3.58	4.37	3.81	3.20	2.77	3.29	5.16	5.52	6.09	6.23
Price to Tangible Book Value (P/TBV)	3.11	3.59	4.38	3.82	4.27	3.58	4.91	10.97	10.19	10.31	10.70
Price to Revenue (P/Rev)	2.43	3.17	4.42	5.47	5.93	5.17	3.83	3.61	4.12	4.62	4.21
Price to Earnings (P/E)	14.39	18.63	21.19	20.21	17.82	16.96	13.19	17.82	19.33	21.10	21.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.95%	5.37%	4.72%	4.95%	5.61%	5.90%	7.58%	5.61%	5.17%	4.74%	4.65%
Enterprise Value to Invested Capital (EV/IC)	3.51	3.94	5.64	4.34	3.21	2.96	6.38	6.82	7.85	9.69	9.74
Enterprise Value to Revenue (EV/Rev)	2.30	3.06	4.14	5.25	5.93	4.99	3.16	3.41	3.87	4.31	3.93
Enterprise Value to EBITDA (EV/EBITDA)	7.28	9.44	11.98	15.10	15.81	13.72	9.07	11.57	13.22	14.26	14.23
Enterprise Value to EBIT (EV/EBIT)	8.51	11.26	14.28	17.19	17.41	15.19	10.04	13.09	14.92	16.16	16.36
Enterprise Value to NOPAT (EV/NOPAT)	13.54	17.91	19.91	21.54	21.33	19.67	12.78	17.02	18.90	20.80	21.18
Enterprise Value to Operating Cash Flow (EV/OCF)	9.68	11.24	13.24	22.28	15.07	13.65	9.05	14.08	15.26	15.35	15.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	24.34	0.00	0.00	18.41	2.36	18.20	20.75	19.50	19.98
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.13	0.13	0.07	0.05	0.10	0.07	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.12	0.09	0.06	0.02	0.07	0.05	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.23	-0.14	-0.21	-0.21	-0.07	-0.05	-0.29	-0.47	-0.31	-0.38	-0.41
Leverage Ratio	1.52	1.43	1.36	1.19	1.13	1.17	1.17	1.22	1.30	1.30	1.31
Compound Leverage Factor	1.51	1.43	1.37	1.33	1.36	1.41	1.37	1.24	1.36	1.37	1.38
Debt to Total Capital	11.76%	11.27%	6.33%	4.70%	8.89%	6.41%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	1.06%	3.63%	0.64%	2.86%	2.09%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	10.71%	7.64%	5.69%	1.84%	6.80%	4.44%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	88.24%	88.73%	93.67%	95.30%	91.11%	93.59%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.33	0.35	0.20	0.20	0.48	0.35	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	-0.41	-0.34	-0.80	-0.65	-0.01	-0.48	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.30	0.24	0.18	0.08	0.37	0.24	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.62	0.66	0.33	0.29	0.65	0.50	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	-0.76	-0.64	-1.33	-0.93	-0.02	-0.69	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.56	0.45	0.30	0.11	0.50	0.35	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	6.50	7.56	10.64	27.78	13.40	11.99	15.79	15.83	16.80	17.88	17.52
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.14	1.01	1.57	3.84	2.19	2.81	6.95	2.74	3.48	3.78	3.65
Quick Ratio	0.61	0.52	1.07	2.99	2.08	2.73	6.85	2.60	3.33	3.67	3.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-48	-19	166	-101	-201	229	1,203	171	179	228	218
Operating Cash Flow to CapEx	90.41%	133.73%	268.43%	210.61%	1,368.16%	1,049.78%	1,084.39%	626.76%	547.10%	778.45%	784.92%
Free Cash Flow to Firm to Interest Expense	-38.63	-14.62	76.49	-65.89	-17.79	51.99	334.11	85,425.87	5,429.31	57,037.93	0.00
Operating Cash Flow to Interest Expense	148.30	179.04	140.57	129.61	27.08	70.16	86.95	110,409.50	7,383.70	72,489.50	0.00
Operating Cash Flow Less CapEx to Interest Expense	-15.74	45.16	88.20	68.07	25.10	63.47	78.93	92,793.50	6,034.09	63,177.50	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.94	0.88	0.81	0.64	0.52	0.48	0.58	0.89	1.09	1.06	1.10
Accounts Receivable Turnover	97.87	97.93	95.29	29.29	16.26	15.19	13.56	12.36	12.30	12.77	13.23
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.36	1.15	1.10	1.64	6.75	6.80	6.77	6.43	6.06	5.96	6.22
Accounts Payable Turnover	11.38	15.73	19.00	17.42	15.36	14.93	12.19	12.34	16.05	14.57	13.42
Days Sales Outstanding (DSO)	3.73	3.73	3.83	12.46	22.45	24.03	26.92	29.53	29.67	28.58	27.59
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	32.08	23.20	19.21	20.96	23.76	24.45	29.95	29.59	22.75	25.05	27.20
Cash Conversion Cycle (CCC)	-28.35	-19.47	-15.38	-8.50	-1.31	-0.42	-3.03	-0.05	6.92	3.53	0.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	510	678	715	1,022	1,440	1,425	444	456	474	459	447
Invested Capital Turnover	1.85	1.47	1.40	0.97	0.63	0.59	0.96	2.03	2.07	2.22	2.44
Increase / (Decrease) in Invested Capital	180	169	37	307	418	-15	-981	12	18	-14	-12
Enterprise Value (EV)	1,791	2,671	4,038	4,436	4,616	4,214	2,834	3,109	3,718	4,449	4,351
Market Capitalization	1,891	2,767	4,308	4,628	4,619	4,363	3,435	3,291	3,963	4,774	4,651
Book Value per Share	$12.95	$16.35	$20.49	$25.21	$29.93	$33.60	$26.08	$20.47	$23.93	$26.89	$26.71
Tangible Book Value per Share	$12.88	$16.28	$20.43	$25.15	$22.41	$26.04	$17.44	$9.63	$12.96	$15.89	$15.54
Total Capital	692	872	1,053	1,274	1,584	1,682	1,045	638	718	784	747
Total Debt	81	98	67	60	141	108	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	74	67	60	23	108	75	0.00	0.00	0.00	0.00	0.00
Net Debt	-100	-95	-271	-191	-3.26	-149	-601	-182	-245	-325	-300
Capital Expenditures (CapEx)	205	178	114	95	22	29	29	35	45	37	35
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-148	-159	-194	14	2.09	-8.44	-18	-8.14	-4.02	-16	-9.65
Debt-free Net Working Capital (DFNWC)	34	35	143	265	146	248	583	174	240	309	290
Net Working Capital (NWC)	26	3.27	137	229	113	215	583	174	240	309	290
Net Nonoperating Expense (NNE)	0.85	0.68	-0.56	-23	-43	-43	-39	-2.01	-8.22	-12	-11
Net Nonoperating Obligations (NNO)	-100	-95	-271	-191	-3.26	-149	-601	-182	-245	-325	-300
Total Depreciation and Amortization (D&A)	36	46	54	36	27	30	30	31	32	37	40
Debt-free, Cash-free Net Working Capital to Revenue	-19.03%	-18.16%	-19.90%	1.70%	0.27%	-1.00%	-1.99%	-0.89%	-0.42%	-1.51%	-0.87%
Debt-free Net Working Capital to Revenue	4.33%	4.00%	14.72%	31.39%	18.78%	29.40%	65.04%	19.05%	25.03%	29.91%	26.26%
Net Working Capital to Revenue	3.39%	0.37%	14.04%	27.08%	14.53%	25.47%	65.04%	19.05%	25.03%	29.91%	26.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.86	$3.22	$4.31	$4.81	$5.42	$0.00	$5.94	$5.75	$6.83	$7.77	$7.76
Adjusted Weighted Average Basic Shares Outstanding	45.98M	46.08M	47.14M	47.61M	47.81M	0.00	43.84M	32.13M	29.99M	29.10M	27.86M
Adjusted Diluted Earnings per Share	$2.78	$3.15	$4.22	$4.73	$5.37	$0.00	$5.92	$5.73	$6.80	$7.73	$7.71
Adjusted Weighted Average Diluted Shares Outstanding	47.28M	47.12M	48.24M	48.41M	48.27M	0.00	43.96M	32.24M	30.15M	29.27M	28.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	46.49M	47.74M	48.29M	48.24M	48.17M	0.00	35.33M	31.04M	30.02M	28.72M	27.14M
Normalized Net Operating Profit after Tax (NOPAT)	132	149	203	206	216	214	222	183	197	215	234
Normalized NOPAT Margin	17.00%	17.08%	20.81%	24.36%	27.80%	25.38%	24.73%	20.04%	20.48%	20.85%	21.18%
Pre Tax Income Margin	26.86%	27.04%	29.11%	33.94%	40.78%	39.47%	36.95%	26.35%	27.02%	28.20%	25.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	168.56	178.62	130.36	168.07	23.44	63.03	78.36	118,750.00	7,553.21	68,849.75	0.00
NOPAT to Interest Expense	105.98	112.34	93.48	134.11	19.13	48.66	61.58	91,330.37	5,962.43	53,468.43	0.00
EBIT Less CapEx to Interest Expense	4.52	44.74	77.99	106.52	21.46	56.34	70.35	101,134.00	6,203.61	59,537.75	0.00
NOPAT Less CapEx to Interest Expense	-58.06	-21.53	41.11	72.57	17.15	41.97	53.56	73,714.37	4,612.83	44,156.43	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	11.84%	13.51%	5.56%	10.81%	16.94%	52.11%	308.76%	327.18%	66.89%	76.55%	122.48%

This table displays calculated financial ratios and metrics derived from Grand Canyon Education's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	27,143,454.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	27,143,454.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.78
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.32%	7.57%	9.82%	8.02%	7.38%	5.13%	5.33%	8.81%	9.59%	5.31%	6.72%
EBITDA Growth	14.81%	8.07%	13.54%	20.50%	15.51%	2.91%	4.66%	19.23%	-50.90%	8.02%	8.54%
EBIT Growth	16.97%	7.85%	13.43%	20.53%	15.98%	2.28%	4.20%	21.23%	-62.60%	8.05%	8.45%
NOPAT Growth	14.08%	11.91%	12.49%	17.82%	13.86%	0.58%	5.88%	22.92%	-64.53%	6.44%	5.90%
Net Income Growth	19.10%	13.63%	14.18%	20.38%	16.03%	1.45%	5.31%	19.12%	-60.75%	5.93%	5.21%
EPS Growth	23.96%	17.32%	18.04%	23.96%	19.33%	4.43%	10.04%	24.37%	-59.15%	10.60%	11.11%
Operating Cash Flow Growth	16.19%	5.47%	34.86%	4.71%	1.56%	16.70%	-20.40%	25.82%	-65.50%	-3.93%	30.43%
Free Cash Flow Firm Growth	-88.76%	4.38%	-35.45%	-65.31%	-66.27%	53.21%	0.92%	97.84%	-2.08%	3.41%	69.60%
Invested Capital Growth	-11.82%	3.86%	0.87%	1.29%	0.90%	-3.02%	1.56%	-3.19%	-3.89%	-2.69%	-6.63%
Revenue Q/Q Growth	5.38%	25.40%	-1.30%	-17.19%	4.76%	22.78%	-1.12%	-14.45%	5.51%	17.99%	0.21%
EBITDA Q/Q Growth	15.71%	114.22%	-12.42%	-44.49%	10.93%	90.85%	-10.93%	-36.77%	-54.32%	319.85%	-10.51%
EBIT Q/Q Growth	17.20%	135.44%	-13.62%	-49.43%	12.77%	107.63%	-12.00%	-41.16%	-65.21%	499.81%	-11.67%
NOPAT Q/Q Growth	24.16%	133.63%	-16.85%	-51.15%	19.98%	106.38%	-12.46%	-43.29%	-65.38%	519.33%	-12.91%
Net Income Q/Q Growth	23.35%	125.83%	-15.73%	-48.72%	18.89%	97.46%	-12.53%	-41.99%	-60.83%	432.95%	-13.13%
EPS Q/Q Growth	23.96%	127.73%	-15.50%	-48.03%	19.33%	99.30%	-10.95%	-41.27%	-60.81%	439.66%	-10.54%
Operating Cash Flow Q/Q Growth	-131.71%	489.89%	-27.00%	16.01%	-129.81%	562.20%	-50.20%	83.36%	-139.22%	368.31%	-32.40%
Free Cash Flow Firm Q/Q Growth	30.94%	-39.26%	0.60%	-56.65%	27.31%	175.93%	-33.73%	-15.01%	-36.99%	191.39%	8.69%
Invested Capital Q/Q Growth	20.40%	-4.56%	-1.00%	-10.96%	19.93%	-8.26%	3.66%	-15.12%	19.05%	-7.11%	-0.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.73%	70.26%	69.82%	65.66%	67.62%	70.84%	69.99%	66.46%	67.68%	71.31%	70.25%
EBITDA Margin	22.40%	38.26%	33.94%	22.75%	24.09%	37.45%	33.73%	24.93%	10.79%	38.41%	34.30%
Operating Margin	18.72%	35.14%	30.76%	18.78%	20.22%	34.19%	30.43%	20.92%	6.90%	35.08%	30.92%
EBIT Margin	18.72%	35.14%	30.76%	18.78%	20.22%	34.19%	30.43%	20.92%	6.90%	35.08%	30.92%
Profit (Net Income) Margin	16.11%	29.00%	24.76%	15.33%	17.40%	27.99%	24.75%	16.79%	6.23%	28.15%	24.40%
Tax Burden Percent	80.72%	80.10%	77.10%	74.48%	79.24%	78.77%	78.35%	75.52%	75.15%	77.59%	76.51%
Interest Burden Percent	106.59%	103.03%	104.41%	109.62%	108.62%	103.92%	103.84%	106.23%	120.18%	103.42%	103.16%
Effective Tax Rate	19.28%	19.90%	22.90%	25.52%	20.76%	21.23%	21.65%	24.48%	24.85%	22.41%	23.49%
Return on Invested Capital (ROIC)	26.87%	58.21%	50.07%	33.81%	32.75%	59.65%	52.87%	41.08%	11.52%	66.45%	57.84%
ROIC Less NNEP Spread (ROIC-NNEP)	24.46%	57.09%	48.88%	32.74%	31.17%	58.56%	51.98%	40.40%	10.51%	65.53%	57.01%
Return on Net Nonoperating Assets (RNNOA)	-3.61%	-17.95%	-16.72%	-13.41%	-9.21%	-22.19%	-20.09%	-18.81%	-3.73%	-26.74%	-21.48%
Return on Equity (ROE)	23.26%	40.26%	33.35%	20.40%	23.54%	37.46%	32.78%	22.27%	7.79%	39.71%	36.37%
Cash Return on Invested Capital (CROIC)	48.16%	38.55%	42.84%	49.05%	41.93%	48.92%	44.54%	58.03%	44.78%	48.07%	52.37%
Operating Return on Assets (OROA)	21.39%	38.30%	31.74%	20.47%	22.19%	36.24%	30.84%	22.19%	7.43%	38.59%	34.81%
Return on Assets (ROA)	18.40%	31.61%	25.56%	16.72%	19.10%	29.67%	25.09%	17.80%	6.71%	30.97%	27.48%
Return on Common Equity (ROCE)	23.26%	40.26%	33.35%	20.40%	23.54%	37.46%	32.78%	22.27%	7.79%	39.71%	36.37%
Return on Equity Simple (ROE_SIMPLE)	30.02%	0.00%	28.10%	28.89%	29.45%	0.00%	29.44%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	34	78	65	32	38	79	69	39	14	84	73
NOPAT Margin	15.11%	28.15%	23.71%	13.99%	16.02%	26.93%	23.84%	15.80%	5.19%	27.22%	23.65%
Net Nonoperating Expense Percent (NNEP)	2.41%	1.11%	1.18%	1.06%	1.58%	1.09%	0.89%	0.68%	1.01%	0.92%	0.83%
Return On Investment Capital (ROIC_SIMPLE)	-	10.91%	-	-	-	10.05%	8.83%	5.03%	1.79%	11.23%	10.49%
Cost of Revenue to Revenue	33.27%	29.74%	30.18%	34.34%	32.38%	29.16%	30.01%	33.54%	32.32%	28.69%	29.75%
SG&A Expenses to Revenue	5.49%	3.74%	3.91%	4.68%	6.03%	3.61%	3.58%	4.61%	5.80%	3.40%	3.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	48.01%	35.12%	39.07%	46.88%	47.40%	36.65%	39.56%	45.53%	60.78%	36.23%	39.33%
Earnings before Interest and Taxes (EBIT)	42	98	84	43	48	100	88	52	18	108	95
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	50	106	93	52	57	110	98	62	28	118	106
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.44	5.52	5.38	5.48	5.47	6.09	6.37	6.89	8.13	6.23	6.63
Price to Tangible Book Value (P/TBV)	11.08	10.19	9.45	9.58	9.47	10.31	10.76	11.62	13.90	10.70	11.96
Price to Revenue (P/Rev)	3.76	4.12	4.15	4.15	4.10	4.62	4.74	5.02	5.65	4.21	4.10
Price to Earnings (P/E)	18.12	19.33	19.15	18.97	18.57	21.10	21.62	22.67	29.18	21.52	20.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.52%	5.17%	5.22%	5.27%	5.39%	4.74%	4.62%	4.41%	3.43%	4.65%	4.76%
Enterprise Value to Invested Capital (EV/IC)	6.82	7.85	8.10	9.15	7.82	9.69	9.80	12.35	12.24	9.74	9.82
Enterprise Value to Revenue (EV/Rev)	3.60	3.87	3.85	3.81	3.84	4.31	4.45	4.67	5.40	3.93	3.88
Enterprise Value to EBITDA (EV/EBITDA)	12.38	13.22	12.99	12.68	12.68	14.26	14.75	15.29	19.83	14.23	13.89
Enterprise Value to EBIT (EV/EBIT)	13.98	14.92	14.65	14.33	14.33	16.16	16.72	17.32	22.84	16.36	15.96
Enterprise Value to NOPAT (EV/NOPAT)	17.96	18.90	18.61	18.30	18.35	20.80	21.43	22.17	29.40	21.18	20.83
Enterprise Value to Operating Cash Flow (EV/OCF)	14.24	15.26	14.29	14.14	14.47	15.35	17.11	16.74	21.12	15.91	14.84
Enterprise Value to Free Cash Flow (EV/FCFF)	13.27	20.75	18.99	18.77	18.74	19.50	22.17	20.93	26.79	19.98	18.10
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.15	-0.31	-0.34	-0.41	-0.30	-0.38	-0.39	-0.47	-0.36	-0.41	-0.38
Leverage Ratio	1.33	1.30	1.35	1.31	1.31	1.30	1.34	1.31	1.33	1.31	1.35
Compound Leverage Factor	1.41	1.34	1.41	1.44	1.43	1.35	1.39	1.39	1.60	1.36	1.40
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	14.99	16.26	13.56	15.50	15.86	17.31	17.00	18.35	18.45	16.99	15.98
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.76	3.48	2.78	3.63	3.69	3.78	3.40	3.55	3.17	3.65	2.75
Quick Ratio	2.60	3.33	2.51	3.45	3.57	3.67	3.28	3.38	2.92	3.50	2.64
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	100	61	61	26	34	93	62	52	33	96	105
Operating Cash Flow to CapEx	-179.97%	1,124.38%	946.24%	1,100.77%	-307.12%	1,393.42%	755.82%	1,439.78%	-503.24%	1,712.85%	1,085.10%
Free Cash Flow to Firm to Interest Expense	100,003.92	10,123.65	30,554.66	13,246.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-29,851.00	19,397.50	42,481.50	49,281.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-46,438.00	17,672.33	37,992.00	44,804.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.14	1.09	1.03	1.09	1.10	1.06	1.01	1.06	1.08	1.10	1.13
Accounts Receivable Turnover	9.15	12.30	9.20	37.03	9.22	12.77	9.21	37.36	9.15	13.23	9.83
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	6.08	6.06	6.11	6.10	5.98	5.96	5.99	6.05	6.12	6.22	6.30
Accounts Payable Turnover	13.74	16.05	12.08	14.02	12.40	14.57	12.15	14.20	14.34	13.42	13.04
Days Sales Outstanding (DSO)	39.87	29.67	39.68	9.86	39.57	28.58	39.61	9.77	39.90	27.59	37.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.57	22.75	30.21	26.04	29.45	25.05	30.05	25.71	25.46	27.20	28.00
Cash Conversion Cycle (CCC)	13.30	6.92	9.47	-16.18	10.12	3.53	9.57	-15.94	14.45	0.39	9.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	496	474	469	417	501	459	476	404	481	447	444
Invested Capital Turnover	1.78	2.07	2.11	2.42	2.04	2.22	2.22	2.60	2.22	2.44	2.45
Increase / (Decrease) in Invested Capital	-66	18	4.03	5.32	4.45	-14	7.30	-13	-19	-12	-32
Enterprise Value (EV)	3,384	3,718	3,797	3,819	3,915	4,449	4,665	4,989	5,889	4,351	4,364
Market Capitalization	3,539	3,963	4,088	4,161	4,179	4,774	4,970	5,363	6,166	4,651	4,615
Book Value per Share	$21.49	$23.93	$25.78	$25.53	$25.94	$26.89	$27.18	$27.42	$26.99	$26.71	$25.65
Tangible Book Value per Share	$10.55	$12.96	$14.68	$14.60	$14.98	$15.89	$16.09	$16.26	$15.79	$15.54	$14.22
Total Capital	651	718	759	759	764	784	781	778	758	747	696
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-154	-245	-291	-342	-264	-325	-305	-374	-277	-300	-252
Capital Expenditures (CapEx)	17	10	8.98	8.95	9.57	9.75	8.95	8.61	9.66	7.62	8.13
Debt-free, Cash-free Net Working Capital (DFCFNWC)	21	-4.02	-6.37	-59	23	-16	3.58	-70	20	-9.65	-10
Debt-free Net Working Capital (DFNWC)	175	240	284	282	287	309	308	303	297	290	242
Net Working Capital (NWC)	175	240	284	282	287	309	308	303	297	290	242
Net Nonoperating Expense (NNE)	-2.21	-2.37	-2.87	-3.06	-3.29	-3.09	-2.65	-2.44	-2.73	-2.87	-2.31
Net Nonoperating Obligations (NNO)	-154	-245	-291	-342	-264	-325	-305	-374	-277	-300	-252
Total Depreciation and Amortization (D&A)	8.16	8.66	8.76	9.03	9.23	9.53	9.56	9.91	10	10	10
Debt-free, Cash-free Net Working Capital to Revenue	2.21%	-0.42%	-0.65%	-5.93%	2.28%	-1.51%	0.34%	-6.59%	1.86%	-0.87%	-0.90%
Debt-free Net Working Capital to Revenue	18.61%	25.03%	28.85%	28.17%	28.16%	29.91%	29.42%	28.43%	27.26%	26.26%	21.46%
Net Working Capital to Revenue	18.61%	25.03%	28.85%	28.17%	28.16%	29.91%	29.42%	28.43%	27.26%	26.26%	21.46%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.20	$2.71	$2.31	$1.19	$1.43	$2.84	$2.53	$1.48	$0.59	$3.16	$2.82
Adjusted Weighted Average Basic Shares Outstanding	29.78M	29.99M	29.46M	29.29M	29.00M	29.10M	28.28M	28.00M	27.74M	27.86M	26.74M
Adjusted Diluted Earnings per Share	$1.19	$2.71	$2.29	$1.19	$1.42	$2.83	$2.52	$1.48	$0.58	$3.13	$2.80
Adjusted Weighted Average Diluted Shares Outstanding	29.91M	30.15M	29.64M	29.42M	29.16M	29.27M	28.47M	28.13M	27.90M	28.02M	26.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.01M	30.02M	29.74M	29.46M	29.15M	28.72M	28.37M	28.09M	27.97M	27.14M	26.51M
Normalized Net Operating Profit after Tax (NOPAT)	34	78	65	32	38	79	69	39	42	84	73
Normalized NOPAT Margin	15.11%	28.15%	23.71%	13.99%	16.02%	26.93%	23.84%	15.80%	15.95%	27.22%	23.65%
Pre Tax Income Margin	19.95%	36.21%	32.11%	20.59%	21.96%	35.53%	31.59%	22.23%	8.29%	36.28%	31.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	41,538.00	16,299.83	42,239.00	21,359.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	33,528.92	13,055.82	32,568.16	15,908.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	24,951.00	14,574.67	37,749.50	16,882.50	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	16,941.92	11,330.65	28,078.66	11,431.45	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	75.93%	66.89%	58.97%	54.38%	55.61%	76.55%	96.18%	97.13%	108.64%	122.48%	143.16%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Grand Canyon Education (NASDAQ: LOPE) based on the last four years of quarterly statements. The focus is on the relationship between revenue, profitability, cash flow, and balance-sheet strength that could affect the stock’s risk and upside for retail investors.

Revenue growth: Operating revenue rose from about $258.7 million in Q4 2022 to about $308.1 million in Q4 2025 (roughly a 19% four-year increase), with a broadly upward revenue trajectory across the period.
Gross margin strength: Gross margin remained elevated, generally in the mid-70% range (Q4 2025 gross profit of $219.7M on $308.1M revenue implies about a 71% gross margin), indicating solid pricing power and cost control over time.
Net income trajectory: Net income rose from roughly $71.0 million in Q4 2022 to about $86.7 million in Q4 2025, reflecting a trend of improving profitability over the four-year window.
Earnings per share momentum: Diluted EPS was $3.13 in Q4 2025, up from about $2.83 in Q4 2024 (basic EPS also rising to $3.16 versus $2.84 in Q4 2024), suggesting better profitability per share for holders.
Operating cash flow in the latest quarter: Net cash from continuing operating activities was about $130.5 million in Q4 2025, underscoring strong cash generation that complemented profitability. This followed other positive cash-flow quarters (e.g., Q2 2025 and Q4 2024).
Solid balance-sheet base: Total assets around $1.0 billion and total equity near $758 million in mid-2025, with liabilities around $275 million, indicating a healthy balance sheet with an ample equity cushion and modest leverage.
Intangible assets and goodwill: Goodwill around $160.8 million and substantial intangible assets (roughly $154–174 million across 2024–2025), which reflects acquisition-driven growth but also introduces impairment risk if enrollment dynamics shift.
Growth-focused expense profile: Marketing and other operating expenses remain meaningful (marketing expense around $53–56 million in late-2025 quarters), signaling ongoing investments to support enrollment and growth, which could influence near-term margins.
Quarterly cash-flow volatility: Net cash from operating activities turned negative in Q3 2025 (roughly -$48.6 million), highlighting quarterly swings due to working capital and operating-asset/liability movements that can affect liquidity on a short-term basis.
Capital returns impacting cash: There were sizable financing outflows tied to share repurchases (e.g., around $100 million in Q4 2025), which reduces cash on hand and could limit liquidity for other uses unless operating cash recovers.

05/12/26 09:31 AM ETAI Generated. May Contain Errors.

Grand Canyon Education Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Grand Canyon Education's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Grand Canyon Education's net income appears to be on an upward trend, with a most recent value of $216.17 million in 2025, rising from $131.41 million in 2015. The previous period was $226.23 million in 2024. See Grand Canyon Education's forecast for analyst expectations on what's next for the company.

Grand Canyon Education's total operating income in 2025 was $265.91 million, based on the following breakdown:

Total Gross Profit: $763.42 million
Total Operating Expenses: $497.51 million

Over the last 10 years, Grand Canyon Education's total revenue changed from $778.20 million in 2015 to $1.11 billion in 2025, a change of 42.1%.

Grand Canyon Education's total liabilities were at $245.37 million at the end of 2025, a 4.6% increase from 2024, and a 12.9% decrease since 2015.

In the past 10 years, Grand Canyon Education's cash and equivalents has ranged from $23.04 million in 2015 to $600.94 million in 2021, and is currently $111.76 million as of their latest financial filing in 2025.

Over the last 10 years, Grand Canyon Education's book value per share changed from 12.95 in 2015 to 26.71 in 2025, a change of 106.3%.

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Financial statements for NASDAQ:LOPE last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Grand Canyon Education (LOPE) Financials

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Grand Canyon Education Financials - Frequently Asked Questions

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Grand Canyon Education (LOPE) Financials

Annual Income Statements for Grand Canyon Education

Quarterly Income Statements for Grand Canyon Education

Annual Cash Flow Statements for Grand Canyon Education

Quarterly Cash Flow Statements for Grand Canyon Education

Annual Balance Sheets for Grand Canyon Education

Quarterly Balance Sheets for Grand Canyon Education

Annual Metrics And Ratios for Grand Canyon Education

Quarterly Metrics And Ratios for Grand Canyon Education

Financials Breakdown Chart

Key Financial Trends

Grand Canyon Education Financials - Frequently Asked Questions

When does Grand Canyon Education's fiscal year end?

How has Grand Canyon Education's net income changed over the last 10 years?

What is Grand Canyon Education's operating income?

How has Grand Canyon Education's revenue changed over the last 10 years?

How much debt does Grand Canyon Education have?

How much cash does Grand Canyon Education have?

How has Grand Canyon Education's book value per share changed over the last 10 years?

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