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Grand Canyon Education (LOPE) FY2025 results: revenue $1.1 billion, up 7.1% on the year

Grand Canyon Education, Inc. (LOPE) reported revenue of $1.1 billion for fiscal 2025, the year ended 31 December 2025, up 7.1% on the year before. Net income was $216 million, down 4.4%, and diluted earnings per share $7.71. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$1.1 billion
+7.1% on the year
FY2018FY2025
Operating margin
24.0%
26.7% a year earlier
FY2018FY2025
Net income
$216 million
-4.4% on the year
FY2018FY2025
Diluted EPS
$7.71
-0.3% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 25 new.

  • Q4 service revenue rose 5.3%: Fourth-quarter service revenue was $308.1 million, up $15.5 million or 5.3% from $292.6 million a year earlier, driven by a 7.1% rise in university partner enrollments.
  • Full-year service revenue grew 7.1%: Full-year 2025 service revenue was $1,106.1 million, up $73.1 million or 7.1%, again driven mainly by enrollment growth of 7.1% to 136,239 students.
  • Full-year operating margin fell: Full-year operating income was $265.9 million, down 3.4%. Operating margin was 24.0% against 26.7%, after a $35.0 million litigation settlement and other charges.
  • University enrollment up 7.1%: University partner enrollments reached 136,239 at December 31, 2025, against 127,155 a year earlier. Enrollment growth is the main driver of service revenue growth in the release.
  • Revenue per student slipped on contracts: Revenue per student fell slightly in the quarter, mainly because revenue share percentages were reduced under contract modifications with some university partners.
Read the Q4 FY2025 earnings call summary

From this 10-K

Grand Canyon Education is a Delaware corporation that provides education services to colleges and universities, running much of the technology, marketing, admissions, financial aid and support work behind their programs. Its main university partner is Grand Canyon University, an Arizona non-profit corporation with a campus in Phoenix, Arizona, eleven off-campus classroom and laboratory sites, and degree programs online and on ground across ten colleges. The company is based in Phoenix, where it owns an administrative building with office space for approximately 2,700 employees.

Grand Canyon Education, Inc., the 10-K for 2025

Grand Canyon Education is a Delaware corporation that provides education services to colleges and universities, running much of the technology, marketing, admissions, financial aid and support work behind their programs. Its main university partner is Grand Canyon University, an Arizona non-profit corporation with a campus in Phoenix, Arizona, eleven off-campus classroom and laboratory sites, and degree programs online and on ground across ten colleges. The company is based in Phoenix, where it owns an administrative building with office space for approximately 2,700 employees.

Scale

At December 31, 2025, it provided education services and support to over 136,200 students, more than 131,800 of them enrolled in Grand Canyon University's programs. It had 20 university partners across the United States, and works with universities and healthcare networks to offer healthcare programs at off-campus classroom and laboratory sites near healthcare providers. It provides its services under master services agreements with each partner.

What it provides

Its technology services include Halo, its own learning management system, which all of Grand Canyon University's students use; Mosaic, its own platform for AI tools; customer relations and student records systems; two data centers in the Phoenix area; and technical support for students and faculty 18 hours a day, seven days a week. Its academic services include curriculum design and conversion, recruiting, training and scheduling faculty, and class scheduling. It also counsels prospective and current students on admissions, schedules and finances, processes financial aid, and markets its partners' programs. For Grand Canyon University it also handles back-office work such as finance and accounting, human resources, internal audit and procurement.

From Grand Canyon Education's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue1,1061,033961+7.1%
Operating income266275249-3.4%
Operating margin24.0%26.7%25.9%
Interest expensen/a0.00.0
Pre-tax income280291260-3.9%
Income tax63.765.154.7-2.2%
Effective tax rate22.8%22.3%21.1%
Net income216226205-4.4%
Net margin19.5%21.9%21.3%
Diluted EPS$7.71$7.73$6.80-0.3%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow273290244-5.7%
Capital expenditure34.837.244.5-6.5%
Free cash flow239253199-5.6%
Free cash flow margin21.6%24.5%20.7%
Cash from investing-22261.4-80.5
Cash from financing-265-173-137
Depreciation and amortisation31.227.823.1+12.3%
Share-based compensation13.614.213.2-4.1%
Buybacks265173137+52.9%
Diluted shares, weighted28m29m30m-4.3%
Shares outstanding at period end27m29m30m-5.1%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity747784718-4.7%
Debt0.00.00.0
Operating lease liabilities92.895.688.3-3.0%
Other liabilities153139124+9.8%
Total liabilities and equity9921,018930-2.6%
Fixed assets179177170+1.2%
Goodwill1611611610.0%
Intangible assets152160168-5.3%
Investments1880.098.0
Cash and equivalents112325146-65.6%
Receivables84.382.978.8+1.6%
Other assets117113108+3.0%
Total assets9921,018930-2.6%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.