Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company (Nasdaq: LOPE) in 2008.3 It is headquartered in Phoenix, United States.1Wikipedia text CC BY-SA 4.0
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company (Nasdaq: LOPE) in 2008.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue8910117$1.1B in 2025+42% since 2019Operating income8910117$265.9M in 2025+0% since 2019Net income8910117$216.2M in 2025−17% since 2019
Revenue1213$264.0M in Q2 FY2026−14% since Q1 FY2026Operating income1213$58.2M in Q2 FY2026−39% since Q1 FY2026Net income1213$45.9M in Q2 FY2026−39% since Q1 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Service revenue
$1.1B
$1.0B
$960.9M
Technology and academic services
$175.1M
$165.1M
$154.9M
Counseling services and support
$342.6M
$323.5M
$302.3M
Marketing and communication
$229.2M
$212.4M
$202.8M
General and administrative
$47.4M
$46.3M
$43.2M
Litigation settlement
$35.0M
Lease termination, impairment and other
$2.4M
$1.9M
Amortization of intangible assets
$8.4M
$8.4M
$8.4M
Total costs and expenses
$840.2M
$757.6M
$711.6M
Operating income
$265.9M
$275.4M
$249.3M
Investment interest and other
$13.9M
$15.9M
$10.4M
Income before income taxes
$279.9M
$291.3M
$259.7M
Income tax expense
$63.7M
$65.1M
$54.7M
Net income
$216.2M
$226.2M
$205.0M
Basic income per share
$7.76
$7.77
$6.83
Diluted income per share
$7.71
$7.73
$6.80
Basic weighted average shares outstanding
27.9M shares
29.1M shares
30.0M shares
Diluted weighted average shares outstanding
28.0M shares
29.3M shares
30.1M shares
No quarter-by-quarter statement was filed.
Total assets148910117$992.3M in 2025−41% since 2019Total liabilities148910117$245.4M in 2025−1% since 2019Shareholders’ equity910117$746.9M in 2025−48% since 2019Cash148910117$111.8M in 2025−9% since 2019Long-term debt1514$107.8M in 2020−24% since 2019
Total assets1213$919.2M in Q2 FY2026−7% since Q1 FY2025Total liabilities1213$249.7M in Q2 FY2026+2% since Q1 FY2025Shareholders’ equity1213$669.5M in Q2 FY2026−10% since Q1 FY2025Cash1213$171.1M in Q2 FY2026+53% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$111.8M
$324.6M
Investments
$188.3M
$0
Accounts receivable, net
$84.3M
$82.9M
Income tax receivable
$2.4M
$490.0K
Other current assets
$13.4M
$11.9M
Total current assets
$400.2M
$420.0M
Property and equipment, net
$179.0M
$176.8M
Right-of-use assets
$96.6M
$99.5M
Amortizable intangible assets, net
$151.5M
$160.0M
Goodwill
$160.8M
$160.8M
Other assets
$4.3M
$1.4M
Total assets
$992.3M
$1.0B
Accounts payable
$24.3M
$26.7M
Accrued compensation and benefits
$35.2M
$33.2M
Accrued liabilities
$32.3M
$29.6M
Income taxes payable
$3.4M
$8.6M
Current portion of lease liability
$14.6M
$12.9M
Total current liabilities
$109.8M
$111.0M
Deferred income taxes, noncurrent
$41.4M
$26.5M
Other long-term liability
$1.4M
$1.4M
Lease liability, less current portion
$92.8M
$95.6M
Total liabilities
$245.4M
$234.6M
Common stock, $0.01 par value, 100,000 shares authorized; 54,178 and 54,090 shares issued and 27,393 and 28,858 shares outstanding at December 31, 2025 and December 31, 2024, respectively
$542.0K
$541.0K
Treasury stock, at cost, 26,785 and 25,232 shares of common stock at December 31, 2025 and December 31, 2024, respectively
-$2.3B
-$2.0B
Additional paid-in capital
$350.4M
$336.7M
Accumulated other comprehensive gain
$511.0K
Retained earnings
$2.7B
$2.5B
Total stockholders' equity
$746.9M
$783.9M
$718.0M
$637.6M
Total liabilities and stockholders' equity
$992.3M
$1.0B
Preferred stock, par value
$0.01
$0.01
Preferred stock, shares authorized
10.0M shares
10.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
100.0M shares
100.0M shares
Common stock, shares issued
54.2M shares
54.1M shares
Common stock, shares outstanding
27.4M shares
28.9M shares
Treasury stock, common shares
26.8M shares
25.2M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$111.8M
$324.6M
Investments
$188.3M
$0
Accounts receivable, net
$84.3M
$82.9M
Income tax receivable
$2.4M
$490.0K
Other current assets
$13.4M
$11.9M
Total current assets
$400.2M
$420.0M
Property and equipment, net
$179.0M
$176.8M
Right-of-use assets
$96.6M
$99.5M
Amortizable intangible assets, net
$151.5M
$160.0M
Goodwill
$160.8M
$160.8M
Other assets
$4.3M
$1.4M
Total assets
$992.3M
$1.0B
Accounts payable
$24.3M
$26.7M
Accrued compensation and benefits
$35.2M
$33.2M
Accrued liabilities
$32.3M
$29.6M
Income taxes payable
$3.4M
$8.6M
Current portion of lease liability
$14.6M
$12.9M
Total current liabilities
$109.8M
$111.0M
Deferred income taxes, noncurrent
$41.4M
$26.5M
Other long-term liability
$1.4M
$1.4M
Lease liability, less current portion
$92.8M
$95.6M
Total liabilities
$245.4M
$234.6M
Common stock, $0.01 par value, 100,000 shares authorized; 54,178 and 54,090 shares issued and 27,393 and 28,858 shares outstanding at December 31, 2025 and December 31, 2024, respectively
$542.0K
$541.0K
Treasury stock, at cost, 26,785 and 25,232 shares of common stock at December 31, 2025 and December 31, 2024, respectively
-$2.3B
-$2.0B
Additional paid-in capital
$350.4M
$336.7M
Accumulated other comprehensive gain
$511.0K
Retained earnings
$2.7B
$2.5B
Total stockholders' equity
$746.9M
$783.9M
$718.0M
$637.6M
Total liabilities and stockholders' equity
$992.3M
$1.0B
Preferred stock, par value
$0.01
$0.01
Preferred stock, shares authorized
10.0M shares
10.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.01
$0.01
Common stock, shares authorized
100.0M shares
100.0M shares
Common stock, shares issued
54.2M shares
54.1M shares
Common stock, shares outstanding
27.4M shares
28.9M shares
Treasury stock, common shares
26.8M shares
25.2M shares
Cash from operations8910117$273.5M in 2025−11% since 2019Share buybacks8910117$264.8M in 2025+503% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.7
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$216.2M
$226.2M
$205.0M
Share-based compensation
$13.6M
$14.2M
$13.2M
Depreciation and amortization
$31.5M
$28.1M
$23.6M
Amortization of intangible assets
$8.4M
$8.4M
$8.4M
Deferred income taxes
$14.7M
-$165.0K
$402.0K
Lease termination, impairment and other
$2.4M
$1.9M
Other, including fixed asset disposals
-$154.0K
$1.2M
-$442.0K
Accounts receivable from university partners
-$1.3M
-$4.1M
-$1.4M
Other assets
-$4.2M
$1.2M
-$1.6M
Right-of-use assets and lease liabilities
$671.0K
$1.8M
$2.1M
Accounts payable
-$3.5M
$9.7M
-$3.1M
Accrued liabilities
$2.2M
$4.3M
-$2.0M
Income taxes receivable/payable
-$7.1M
-$865.0K
-$445.0K
Net cash provided by operating activities
$273.5M
$290.0M
$243.7M
Capital expenditures
-$34.8M
-$37.2M
-$44.5M
Additions of amortizable content
-$60.0K
-$412.0K
-$897.0K
Purchase of equity investment
-$1.0M
Loss on equity investment
$500.0K
Purchases of investments
-$241.7M
-$48.6M
-$98.9M
Proceeds from sale or maturity of investments
$55.5M
$147.6M
$63.8M
Net cash (used in) provided by investing activities
-$221.6M
$61.4M
-$80.5M
Repurchase of common shares and shares withheld in lieu of income taxes
-$264.8M
-$173.2M
-$137.1M
Net cash used in financing activities
-$264.8M
-$173.2M
-$137.1M
Net (decrease) increase in cash and cash equivalents and restricted cash
-$212.9M
$178.1M
$26.1M
Cash paid for interest
$4.0K
$33.0K
Cash paid for income taxes
$53.9M
$65.3M
$59.0M
Purchases of property and equipment included in accounts payable
Grand Canyon Education sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Grand Canyon Education
FMR LLCFiled SCHEDULE 13G/A on Grand Canyon Education, latest Aug 6, 2026 (5 filings since Feb 12, 2025)
Grand Canyon EducationPhoenix, California, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Grand Canyon Education reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
GCE owns a four story 325,000 square foot administrative building, which includes office space for approximately 2,700 employees, and a parking garage in close proximity to GCU’s ground campus. We constructed this space in 2016 and every aspect of the design was intended to maximize energy efficiency and minimize environmental impact. Lighting load and related electricity usage is a major environmental drain for most office buildings, and this is especially true in Arizona. GCE’s office building is orientated with north/south exposure in order to minimize direct sun, and exterior courtyards were arranged to ensure summer shade thus creating outdoor areas that can be used throughout the year. The design also utilized significant window glazing to allow for daylighting thus reducing the need for supplemental electrical lighting. As a result, the building is designed to use just .41 watts per square foot of electrical energy for lighting, which is half of what a typical environmentally efficient building uses. Water usage is another environmental factor for office space that is magnified by the Arizona weather. GCE’s office building utilizes a rooftop rainwater collection system for irrigating the landscaping below, which reduces water consumption. Additional environment-friendly design features include low VOC paints, use of recycled building materials, interior and exterior LED light bulbs, and implementation of an energy-efficient VRF mechanical system. Overall, GCE’s office building is 60% more energy efficient than a standard office building.
In addition to its owned facilities, GCE leases 42 off-campus classroom and laboratory sites for use in serving its university partners, three office locations in California, and office space in Indianapolis, Indiana. GCE has commitments to add more off-campus classroom and laboratory sites as of December 31, 2025 that have not yet commenced and plans to add additional off-campus classroom and laboratory sites in Arizona and in other states in the U.S. to accommodate our growth plans in 2026 and beyond. GCE works to maximize energy efficiency and minimize environmental impact in operating its leased facilities just as it does with its owned properties.
Grand Canyon Education was originally founded as Significant Education, LLC and was based in California as a subsidiary of education entrepreneur Michael K. Clifford's company. Clifford became managing director of Grand Canyon University when Significant Education's 2004 acquisition of the, at the time, financially-struggling University was approved by the GCU Board of trustees. After the acquisition, the former board of trustees served Clifford in an advisory role. Significant Education was incorporated in 2005 and became publicly traded under Grand Canyon Education, Inc starting in 2008. GCE trades on NASDAQ under the ticker symbol "LOPE".
In December 2018, Grand Canyon Education announced it acquired Orbis Education Services, an education services provider that assists universities with pre-licensure healthcare program management
There have been growing controversies regarding Grand Canyon Education's relationship with Grand Canyon University as it has been widely believed that the two entities are too intertwined. One frequently cited reason for said belief is because Brian Mueller, the president and CEO of GCE, concurrently serves as the president of GCU.
It was alleged that GCU attempted to switch from for-profit status to non-profit status via its relationship with GCE to reduce the burden of its yearly $9.2 million property tax bill. Some critics of for-profit education criticized the relationship between GCU and Grand Canyon Education, Inc. as being too intertwined.
Although some organizations have approved this transition, the U.S. Department of Education still classifies the university as a for-profit university. The government specifically stated that GCU is a captive client of Grand Canyon Education, and the college is operating for the benefit of shareholders of a for-profit company.
Grand Canyon Education has also been accused of securities-law fraud due to its relation to GCU.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
257 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 39 major events, 126 insider forms, 27 large holders, 45 other. The latest 20:
26 open-market trades by officers, directors and large owners since October 2021: 0 buys and 26 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How Grand Canyon Education is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Grand Canyon Education names in Item 1A of its 10-K filed Feb 18, 2026: 39 risks under these headings, as written.16
Risks Related to Our Relationship with GCU
We earn a large percentage of our revenue through our contractual relationship as a service provider to GCU, and a decline in GCU’s enrollment could significantly reduce our revenue and impact our overall financial performance.
GCU’s board of trustees and management have fiduciary and other duties that require them to focus on the best interests of GCU and, over time, those interests could diverge from those of GCE.
Our Chief Executive Officer’s role as President of GCU may adversely affect his ability to run GCE.
Other Risks Related to Our Business
If we are determined to have paid improper incentive compensation to our covered employees, or tuition sharing arrangements are deemed to violate the incentive compensation regulations, our business will be impaired.
Our success depends, in part, on our ability to recruit new students to enroll with our university partners.
Macroeconomic conditions and aversion to debt could adversely affect the ability of our university partner institutions to recruit new students and adversely affect our business.
Our failure to keep pace with changing market needs and technology could harm our ability to meet the needs of our university partner institutions.
A decline in the overall growth of enrollment in post-secondary institutions, or in the number of students seeking degrees online, could cause our university partner institutions to experience lower enrollment, which could negatively impact our future growth.
We face competition from established and other emerging companies, which could divert university partners to our competitors, result in pricing pressure and significantly reduce our revenue.
Artificial intelligence is an emerging area of technology that has and may further impact various aspects of our business operations and that of our university partners, and we may not be successful in our artificial intelligence initiatives, which could adversely affect our business, financial condition and/or operating results.
The other 29 risks
We are subject to rapidly changing laws and regulations relating to privacy and data security as a result of our collection and use of personal information, and any failure to comply with such laws or regulations could lead to government enforcement actions or private litigation or adversely affect our reputation and operations.
We face risks of cyber and other security incidents, which can impact our business, result in harm to our operations, and require costly remediation measures.
We are required to comply with The Family Educational Rights and Privacy Act, or FERPA, and failure to do so could harm our reputation and negatively affect our business.
Capacity constraints, system disruptions, or security breaches in our online computer networks and phone systems could have a material adverse effect on our ability to attract and retain students.
We may have difficulty integrating future acquisitions, which would reduce the anticipated benefits of those transactions.
Risks Related to the Extensive Regulation of the Higher Education Industry
Our failure, or our university partners’ failure, to comply with the extensive regulatory requirements governing institutions of higher education could result in financial penalties, restrictions on our operations or growth, or loss of external financial aid funding for our university partners’ students.
Rulemaking by ED and Congressional legislation could materially and adversely affect our business.
Recently published regulations could materially and adversely affect our business.
If ED does not recertify a university partner institution to continue participating in the Title IV programs, the students we assist would lose their access to Title IV program funds, or a university partner institution could be recertified but be required to accept significant limitations as a condition of its continued participation in the Title IV programs.
A university partner institution could lose the ability to participate in the Title IV programs if it fails to maintain its institutional accreditation, and our university partners’ student enrollments could decline if a university partner institution fails to maintain any of its specialized accreditations or approvals.
A university partner institution may lose eligibility to participate in the Title IV programs if its student loan default rates are too high.
If our university partner institutions do not meet specific financial responsibility standards established by ED, they may be required to post a letter of credit or accept other limitations in order to continue participating in the Title IV programs, or could lose eligibility to participate in the Title IV programs.
If our university partner institutions do not comply with ED’s administrative capability standards, we could suffer harm.
A finding by ED or other regulators that we or our university partner institutions misrepresented the nature of our partner institutions’ educational programs could materially and adversely affect our business.
To the extent we are performing return to Title IV calculations for our university partner institutions, we are subject to sanctions if we fail to correctly calculate and timely return Title IV program funds for students who withdraw before completing their educational program.
A reduction in funding or new restrictions on eligibility for the Federal Pell Grant Program, or the elimination of subsidized Stafford loans, could make college less affordable for certain students at our university partner institutions, which could negatively impact our university partner institutions’ enrollments, and thus our revenue and results of operations.
We cannot offer new programs for our university partners or expand university partner operations into certain states if such actions are not timely approved by the applicable regulatory agencies, and our university partners may have to repay Title IV funds disbursed to students enrolled in any such programs, schools, or states if they do not obtain prior approval.
If our university partner institutions do not maintain state authorization, they may not operate or participate in the Title IV programs.
Government agencies, regulatory agencies, and third parties may conduct compliance reviews, bring claims, or initiate litigation against us or our university partners based on alleged violations of the extensive regulatory requirements applicable to us and our university partners.
The regulatory guidance governing third-party servicers imposes a number of requirements on our business and may expose us to liability for certain regulatory violations that are coextensive with our university partner institutions.
Proposed legislation, additional rulemaking or additional examinations from U.S. Congress may impact general public perception of the industry in a negative manner resulting in a material and adverse impact on our business.
Changing requirements related to data privacy may create increased costs and operational difficulties for university partner institutions and, potentially, for GCE.
Other General Risks
Our success depends upon our ability and our university partners’ ability to recruit and retain key personnel.
A failure of our information systems to properly store, process and report relevant data may reduce our management’s effectiveness, interfere with our regulatory compliance and increase our operating expenses.
If we fail to maintain proper and effective internal controls, our ability to produce accurate financial statements on a timely basis could be impaired.
Occurrence of natural or man-made catastrophes could materially and adversely affect our business, financial condition, results of operations and prospects.
Risks Related to Owning our Common Stock
Provisions in our charter documents and the Delaware General Corporation Law could make it more difficult for a third party to acquire us and could discourage a takeover and adversely affect existing stockholders.
If securities analysts do not publish research or reports about our business or industry or if they downgrade their evaluations of our stock, the price of our stock could decline.
Because we do not anticipate paying any cash dividends on our common stock in the foreseeable future, capital appreciation, if any, will be your sole source of gains and you may never receive a return on your investment.
Legal proceedings
For information regarding our other material pending legal proceedings, see the sections entitled Pending Litigation Matters within Note 7 Commitments and Contingencies of our notes to consolidated financial statements included in Part IV, Item 15 of this report, which section is incorporated by reference into this Part I, Item 3.
