Grand Canyon Education, Inc. LOPE
Grand Canyon Education, Inc., a Delaware corporation ("GCE" or the "Company") is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE's most significant university partner is Grand Canyon University ("GCU"), an Arizona non-profit corporation that operates a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across ten colleges both online and on ground at its campus in Phoenix, Arizona and at eleven off-campus classroom and laboratory sites. As of December 31, 2025, GCE provided education services and support to over 136,200 students with more than 131,800 students enrolled in GCU's programs, emphases and certificates.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.03B | $960.9M | $911.3M | $896.6M | $844.1M | $778.6M | $845.5M | $974.1M | $873.3M |
| SG&A | $47.4M | $46.3M | $43.2M | $45.5M | $41.8M | $43.4M | $44.3M | $30.0M | $27.2M | $28.1M |
| Total operating expenses | $840.2M | $757.6M | $711.6M | $673.8M | $614.4M | $566.7M | $513.5M | $587.4M | $691.4M | $636.1M |
| Operating income | $265.9M | $275.4M | $249.3M | $237.5M | $282.2M | $277.4M | $265.1M | $258.1M | $282.8M | $237.2M |
| Interest expense | — | $4.0K | $33.0K | $2.0K | $3.6M | $4.4M | $11.3M | $1.5M | $2.2M | $1.3M |
| Pre-tax income | $279.9M | $291.3M | $259.7M | $240.1M | $331.3M | $333.1M | $317.5M | $287.0M | $283.5M | $236.1M |
| Income tax | $63.7M | $65.1M | $54.7M | $55.4M | $70.9M | $75.9M | $58.3M | $58.0M | $80.2M | $87.6M |
| Net income | $216.2K | $226.2K | $205.0K | $184.7K | $260.3K | $257.2M | $259.2M | $229.0M | $203.3M | $148.5M |
| EPS, basic | 7.76 | 7.77 | 6.83 | 5.75 | 5.94 | 5.49 | 5.42 | 4.81 | 4.31 | 3.22 |
| EPS, diluted | 7.71 | 7.73 | 6.80 | 5.73 | 5.92 | 5.45 | 5.37 | 4.73 | 4.22 | 3.15 |
| Shares, diluted (wtd. avg.) | $28.0M | $29.3M | $30.1M | $32.2M | $44.0M | $47.2M | $48.3M | $48.4M | $48.2M | $47.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $111.8M | $324.6M | $146.5M | $120.4M | $600.9M | $245.8M | $122.6M | $182.0M | $248.0M | $130.9M |
| Short-term investments | $188.3M | $0 | $98.0M | $61.3M | $0 | — | — | — | $89.3M | $138.2M |
| Receivables | $84.3M | $82.9M | $78.8M | $77.4M | $70.1M | $62.2M | $48.9M | $46.8M | $10.9M | $9.5M |
| Total current assets | $400.2M | $420.0M | $337.5M | $273.3M | $681.0M | $333.7M | $208.3M | $309.5M | $374.9M | $230.1M |
| Property, plant and equipment | $179.0M | $176.8M | $169.7M | $147.5M | $136.1M | $128.7M | $119.7M | $111.0M | $922.3M | $855.5M |
| Goodwill | $160.8M | $160.8M | $160.8M | $160.8M | $160.8M | $160.8M | $160.8M | $2.9M | $2.9M | $2.9M |
| Other intangibles | $151.5M | $160.0M | $168.4M | $176.8M | $185.2M | $193.6M | $202.1M | — | — | — |
| Total assets | $992.3M | $1.02B | $930.5M | $832.7M | $1.22B | $1.84B | $1.69B | $1.32B | $1.30B | $1.09B |
| Accounts payable | $24.3M | $26.7M | $17.7M | $20.0M | $24.3M | $16.6M | $14.8M | $14.3M | $29.1M | $24.8M |
| Total current liabilities | $109.8M | $111.0M | $97.0M | $99.7M | $97.9M | $118.7M | $95.2M | $80.5M | $238.1M | $226.8M |
| Long-term debt | — | — | — | — | — | $107.8M | $140.9M | — | — | — |
| Total liabilities | $245.4M | $234.6M | $212.4M | $195.1M | $177.7M | $270.2M | $246.9M | $110.4M | $317.6M | $318.8M |
| Retained earnings | $2.69B | $2.47B | $2.24B | $2.04B | $1.86B | $1.59B | $1.34B | $1.08B | $854.2M | $650.9M |
| Total equity | $746.9M | $783.9M | $718.0M | $637.6M | $1.05B | $1.57B | $1.44B | $1.21B | $986.0M | $773.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $273.5M | $290.0M | $243.7M | $220.8M | $313.1M | $308.8M | $306.3M | $199.1M | $304.9M | $237.8M |
| Depreciation and amortisation | $31.2M | $27.8M | $23.1M | $22.1M | $21.4M | $20.8M | $18.4M | $35.5M | $53.6M | $44.8M |
| Capital expenditure | $34.8M | $37.2M | $44.5M | $35.2M | $28.9M | $29.4M | $22.4M | $94.5M | $113.6M | $178.3M |
| Investing cash flow | -$221.6M | $61.4M | -$80.5M | -$97.1M | $951.0M | -$19.4M | -$405.9M | -$238.2M | -$152.1M | -$216.0M |
| Financing cash flow | -$264.8M | -$173.2M | -$137.1M | -$604.2M | -$908.9M | -$166.3M | $40.1M | -$26.8M | -$35.7M | $10.7M |
| Buybacks | $264.8M | $173.2M | $137.1M | $604.2M | $803.8M | $134.0M | $43.9M | $24.8M | $11.3M | $20.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-047719.
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| LAUR | LAUREATE EDUCATION, INC. | $5.06B | 19.4x | 8.6% |
| GHC | Graham Holdings Co | $4.84B | 17.1x | 2.5% |
| CVSA | Covista Inc. | $4.36B | 18.2x | 9.3% |
| LRN | Stride, Inc. | $3.52B | 11.9x | 4.7% |
| PRDO | PERDOCEO EDUCATION Corp | $2.08B | 13.7x | 24.2% |
| STRA | Strategic Education, Inc. | $1.81B | 15.1x | 4.0% |
| UTI | UNIVERSAL TECHNICAL INSTITUTE INC | $1.22B | 19.6x | 14.0% |
| NRDY | Nerdy Inc. | $1.18B | — | -5.9% |