Grand Canyon Education (LOPE) FY2024 results: revenue $1.0 billion, up 7.5% on the year

Grand Canyon Education, Inc. (LOPE) reported revenue of $1.0 billion for fiscal 2024, the year ended 31 December 2024, up 7.5% on the year before. Net income was $226 million, up 10.4%, and diluted earnings per share $7.73. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$1.0 billion

+7.5% on the year

FY2017FY2024

Operating margin

26.7%

25.9% a year earlier

FY2017FY2024

Net income

$226 million

+10.4% on the year

FY2017FY2024

Diluted EPS

$7.73

+13.7% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	1,033	961	911	+7.5%
Operating income	275	249	238	+10.5%
Operating margin	26.7%	25.9%	26.1%
Interest expense	0.0	0.0	0.0	-87.9%
Pre-tax income	291	260	240	+12.2%
Income tax	65.1	54.7	55.4	+19.0%
Effective tax rate	22.3%	21.1%	23.1%
Net income	226	205	185	+10.4%
Net margin	21.9%	21.3%	20.3%
Diluted EPS	$7.73	$6.80	$5.73	+13.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	290	244	221	+19.0%
Capital expenditure	37.2	44.5	35.2	-16.4%
Free cash flow	253	199	186	+26.9%
Free cash flow margin	24.5%	20.7%	20.4%
Cash from investing	61.4	-80.5	-97.1
Cash from financing	-173	-137	-604
Depreciation and amortisation	27.8	23.1	22.1	+20.1%
Share-based compensation	14.2	13.2	12.6	+7.7%
Buybacks	173	137	604	+26.3%
Diluted shares, weighted	29m	30m	32m	-2.9%
Shares outstanding at period end	29m	30m	31m	-3.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	784	718	638	+9.2%
Debt	0.0	0.0	0.0
Operating lease liabilities	95.6	88.3	68.8	+8.4%
Other liabilities	139	124	126	+11.9%
Total liabilities and equity	1,018	930	833	+9.5%
Fixed assets	177	170	148	+4.2%
Goodwill	161	161	161	0.0%
Intangible assets	160	168	177	-5.0%
Investments	0.0	98.0	61.3
Cash and equivalents	325	146	120	+121.6%
Receivables	82.9	78.8	77.4	+5.2%
Other assets	113	108	88.6	+4.6%
Total assets	1,018	930	833	+9.5%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.