Grand Canyon Education Inc (LOPE) financial statements: income statement, balance sheet and cash flow

Grand Canyon Education Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Grand Canyon Education Inc reported net income of $216.2M (-4.4% year on year).

Income statement

Grand Canyon Education Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Service revenue	$1.1B	$1.0B	$960.9M	$911.3M
Technology and academic services	$175.1M	$165.1M	$154.9M	$150.5M
Counseling services and support	$342.6M	$323.5M	$302.3M	$273.3M
Marketing and communication	$229.2M	$212.4M	$202.8M	$196.1M
General and administrative	$47.4M	$46.3M	$43.2M	$45.5M
Litigation settlement	$35.0M	—	—	—
Lease termination, impairment and other	$2.4M	$1.9M	—	—
Amortization of intangible assets	$8.4M	$8.4M	$8.4M	$8.4M
Total costs and expenses	$840.2M	$757.6M	$711.6M	$673.8M
Operating income	$265.9M	$275.4M	$249.3M	$237.5M
Investment interest and other	$13.9M	$15.9M	$10.5M	$2.6M
Income before income taxes	$279.9M	$291.3M	$259.7M	$240.1M
Income tax expense	$63.7M	$65.1M	$54.7M	$55.4M
Net income	$216.2M	$226.2M	$205.0M	$184.7M
Basic income per share	$7.76	$7.77	$6.83	$5.75
Diluted income per share	$7.71	$7.73	$6.80	$5.73
Basic weighted average shares outstanding	27.9M	29.1M	30.0M	32.1M
Diluted weighted average shares outstanding	28.0M	29.3M	30.1M	32.2M

Grand Canyon Education Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Service revenue	$264.0M	$308.8M	$261.1M	$247.5M
Technology and academic services	$45.6M	$45.0M	$44.9M	$43.1M
Counseling services and support	$88.1M	$91.9M	$84.4M	$83.0M
Marketing and communication	$60.0M	$64.0M	$59.1M	$56.0M
General and administrative	$10.1M	$10.3M	$15.1M	$11.4M
Amortization of intangible assets	$2.1M	$2.1M	$2.1M	$2.1M
Total costs and expenses	$205.9M	$213.3M	$243.1M	$195.7M
Operating income	$58.2M	$95.5M	$18.0M	$51.8M
Investment interest and other	$2.7M	$3.0M	$3.6M	$3.2M
Income before income taxes	$60.9M	$98.5M	$21.7M	$55.0M
Income tax expense	$15.0M	$23.1M	$5.4M	$13.5M
Net income	$45.9M	$75.3M	$16.3M	$41.5M
Basic income per share	$1.75	$2.82	$0.59	$1.48
Diluted income per share	$1.75	$2.80	$0.58	$1.48
Basic weighted average shares outstanding	26.2M	26.7M	27.7M	28.0M
Diluted weighted average shares outstanding	26.2M	26.9M	27.9M	28.1M

Balance sheet

Grand Canyon Education Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$111.8M	$324.6M	$146.5M	$120.4M
Investments	$188.3M	$0	$98.0M	$61.3M
Accounts receivable, net	$84.3M	$82.9M	$78.8M	$77.4M
Income tax receivable	$2.4M	$490.0K	$1.3M	$2.8M
Other current assets	$13.4M	$11.9M	$12.9M	$11.4M
Total current assets	$400.2M	$420.0M	$337.5M	$273.3M
Property and equipment, net	$179.0M	$176.8M	$169.7M	$147.5M
Right-of-use assets	$96.6M	$99.5M	$92.5M	$72.7M
Amortizable intangible assets, net	$151.5M	$160.0M	$168.4M	$176.8M
Goodwill	$160.8M	$160.8M	$160.8M	$160.8M
Other assets	$4.3M	$1.4M	$1.6M	$1.7M
Total assets	$992.3M	$1.0B	$930.5M	$832.7M
Accounts payable	$24.3M	$26.7M	$17.7M	$20.0M
Accrued compensation and benefits	$35.2M	$33.2M	$31.4M	$36.4M
Accrued liabilities	$32.3M	$29.6M	$26.7M	$22.5M
Income taxes payable	$3.4M	$8.6M	$10.3M	$12.2M
Current portion of lease liability	$14.6M	$12.9M	$11.0M	$8.6M
Total current liabilities	$109.8M	$111.0M	$97.0M	$99.7M
Deferred income taxes, noncurrent	$41.4M	$26.5M	$26.7M	$26.2M
Other long-term liability	$1.4M	$1.4M	$410.0K	$436.0K
Lease liability, less current portion	$92.8M	$95.6M	$88.3M	$68.8M
Total liabilities	$245.4M	$234.6M	$212.4M	$195.1M
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	540.0K	538.0K
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	-1.8B	-1.7B
Additional paid-in capital	$350.4M	$336.7M	$322.5M	$309.3M
Accumulated other comprehensive gain	$511.0K	—	($57.0K)	($533.0K)
Retained earnings	$2.7B	$2.5B	$2.2B	$2.0B
Total stockholders' equity	$746.9M	$783.9M	$718.0M	$637.6M
Total liabilities and stockholders' equity	$992.3M	$1.0B	$930.5M	$832.7M

Grand Canyon Education Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$171.1M	$96.1M	$97.3M	$192.3M
Investments	$103.5M	$155.6M	$179.7M	$181.6M
Accounts receivable, net	$34.2M	$113.3M	$122.0M	$27.7M
Income tax receivable	$7.9M	$231.0K	$22.7M	$6.7M
Other current assets	$14.8M	$14.8M	$12.3M	$14.2M
Total current assets	$331.5M	$380.0M	$434.0M	$422.5M
Property and equipment, net	$181.1M	$179.7M	$180.0M	$179.4M
Right-of-use assets	$93.8M	$93.5M	$99.9M	$98.5M
Amortizable intangible assets, net	$147.3M	$149.4M	$153.6M	$155.8M
Goodwill	$160.8M	$160.8M	$160.8M	$160.8M
Other assets	$4.8M	$4.6M	$4.5M	$4.1M
Total assets	$919.2M	$967.9M	$1.0B	$1.0B
Accounts payable	$16.8M	$29.3M	$19.3M	$24.4M
Accrued compensation and benefits	$35.3M	$25.6M	$28.8M	$32.8M
Accrued liabilities	$35.0M	$37.9M	$70.5M	$34.0M
Income taxes payable	$69.0K	$20.8M	$144.0K	$112.0K
Deferred revenue	$15.1M	$9.9M	$3.8M	$14.2M
Current portion of lease liability	$15.3M	$15.1M	$14.2M	$13.6M
Total current liabilities	$117.6M	$138.4M	$136.7M	$119.0M
Deferred income taxes, noncurrent	$41.8M	$42.8M	$40.2M	$28.2M
Other long-term liability	$1.3M	$1.4M	$1.5M	$1.6M
Lease liability, less current portion	$88.9M	$89.1M	$96.3M	$94.3M
Total liabilities	$249.7M	$271.7M	$274.8M	$243.0M
Common stock, $0.01 par value, 100,000 shares authorized; 54,265 and 54,178 shares issued and 26,234 and 27,393 shares outstanding at June 30, 2026 and December 31, 2025, respectively	543.0K	543.0K	542.0K	542.0K
Treasury stock, at cost, 28,031 and 26,785 shares of common stock at June 30, 2026 and December 31, 2025, respectively	-2.5B	-2.4B	-2.2B	-2.2B
Additional paid-in capital	$357.4M	$354.0M	$347.1M	$343.9M
Accumulated other comprehensive (loss) gain	($145.0K)	($185.0K)	$551.0K	$165.0K
Retained earnings	$2.8B	$2.8B	$2.6B	$2.6B
Total stockholders' equity	$669.5M	$696.2M	$758.0M	$778.0M
Total liabilities and stockholders' equity	$919.2M	$967.9M	$1.0B	$1.0B

Cash flow statement

Grand Canyon Education Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$216.2M	$226.2M	$205.0M	$184.7M
Share-based compensation	$13.6M	$14.2M	$13.2M	$12.6M
Depreciation and amortization	$31.5M	$28.1M	$23.6M	$22.8M
Amortization of intangible assets	$8.4M	$8.4M	$8.4M	$8.4M
Deferred income taxes	$14.7M	($165.0K)	$402.0K	$401.0K
Lease termination, impairment and other	$2.4M	—	—	—
Other, including fixed asset disposals	($154.0K)	$1.2M	($442.0K)	$853.0K
Accounts receivable from university partners	($1.3M)	($4.1M)	($1.4M)	($7.3M)
Other assets	($4.2M)	$1.2M	($1.6M)	($2.6M)
Right-of-use assets and lease liabilities	$671.0K	$1.8M	$2.1M	$1.2M
Accounts payable	($3.5M)	$9.7M	($3.1M)	($3.9M)
Accrued liabilities	$2.2M	$4.3M	($2.0M)	($1.0M)
Income taxes receivable/payable	($7.1M)	($865.0K)	($445.0K)	$4.8M
Net cash provided by operating activities	$273.5M	$290.0M	$243.7M	$220.8M
Capital expenditures	($34.8M)	($37.2M)	($44.5M)	($35.2M)
Additions of amortizable content	($60.0K)	($412.0K)	($897.0K)	($397.0K)
Purchase of equity investment	($1.0M)	—	—	—
Loss on equity investment	$500.0K	—	—	—
Purchases of investments	($241.7M)	($48.6M)	($98.9M)	($171.5M)
Proceeds from sale or maturity of investments	$55.5M	$147.6M	$63.8M	$110.0M
Net cash (used in) provided by investing activities	($221.6M)	$61.4M	($80.5M)	($97.1M)
Repurchase of common shares and shares withheld in lieu of income taxes	-264.8M	-173.2M	-137.1M	-604.2M
Net cash used in financing activities	($264.8M)	($173.2M)	($137.1M)	($604.2M)
Net (decrease) increase in cash and cash equivalents and restricted cash	($212.9M)	$178.1M	$26.1M	($480.5M)
Cash and cash equivalents and restricted cash, beginning of period	$324.6M	$146.5M	$120.4M	$600.9M
Cash and cash equivalents and restricted cash, end of period	$111.8M	$324.6M	$146.5M	$120.4M
Cash paid for income taxes	$53.9M	$65.3M	$59.0M	$48.6M
Purchases of property and equipment included in accounts payable	$835.0K	$1.1M	$1.9M	$1.1M
Excise tax on treasury stock repurchases	$2.5M	$1.5M	$1.1M	—

Grand Canyon Education Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$121.2M	$75.3M	$129.4M	$113.2M
Share-based compensation	$7.1M	$3.6M	$10.4M	$7.1M
Depreciation and amortization	$17.0M	$8.3M	$23.3M	$15.3M
Amortization of intangible assets	$4.2M	$2.1M	$6.3M	$4.2M
Deferred income taxes	$618.0K	$1.6M	$13.5M	$1.7M
Other, including fixed asset disposals	($307.0K)	($232.0K)	($444.0K)	($602.0K)
Accounts receivable	$50.0M	($29.0M)	($39.1M)	$55.2M
Other assets	($2.1M)	($1.8M)	($3.2M)	($4.7M)
Right-of-use assets and lease liabilities	($307.0K)	($67.0K)	$576.0K	$379.0K
Accounts payable	($7.8M)	$4.0M	($8.5M)	($2.6M)
Accrued liabilities	$892.0K	($5.2M)	$70.0K	$3.0M
Income taxes receivable/payable	($8.8M)	$19.6M	($30.6M)	($14.6M)
Deferred revenue	$15.1M	$9.9M	$3.8M	$14.2M
Net cash provided by operating activities	$196.9M	$88.2M	$143.0M	$191.6M
Capital expenditures	($18.9M)	($8.1M)	($27.2M)	($17.6M)
Additions of amortizable content	($44.0K)	($15.0K)	($47.0K)	($28.0K)
Loss on equity investment	$100.0K	$100.0K	$500.0K	$500.0K
Purchases of investments	($36.7M)	($23.5M)	($224.7M)	($191.7M)
Proceeds from sale or maturity of investments	$121.1M	$55.6M	$46.9M	$11.0M
Net cash provided by (used in) investing activities	$65.6M	$24.1M	($205.6M)	($198.7M)
Repurchase of common shares and shares withheld in lieu of income taxes	-203.2M	-127.9M	-164.7M	-125.2M
Net cash used in financing activities	($203.2M)	($127.9M)	($164.7M)	($125.2M)
Net increase (decrease) in cash and cash equivalents and restricted cash	$59.3M	($15.6M)	($227.3M)	($132.3M)
Cash and cash equivalents and restricted cash, beginning of period	$111.8M	$111.8M	$324.6M	$324.6M
Cash and cash equivalents and restricted cash, end of period	$171.1M	$96.1M	$97.3M	$192.3M
Cash paid for income taxes	$43.7M	$370.0K	$53.7M	$44.5M
Purchases of property and equipment included in accounts payable	$1.1M	$1.7M	$798.0K	$1.3M
Excise tax on treasury stock repurchases	$1.8M	$1.1M	$1.5M	$1.1M

Grand Canyon Education Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.