LOPE

MKT CAP:$5B

Grand Canyon Education, Inc.

Market Cap

$5B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NASDAQ

Consumer Def.·Education·🇺🇸·NASDAQ

Stock Price

$165.04-$0.35 (-0.21%)

Apr 23, 2026

Company Details

Grand Canyon Education, Inc. provides education services to colleges and universities in the United States. The company's technology services include learning management system, internal administration, infrastructure, and support services;...

CEO

Brian E. Mueller

IPO Date

Nov 20, 2008

Website

www.gce.com

Key Metrics TTM

Revenue

$1.1B

+7.1% YoY

Net Income

$216M

EPS (Diluted)

$7.72

Free Cash Flow

$239M

Revenue / Share

$40.06

Gross Margin

52.8%

Operating Margin

27.4%

Net Margin

19.5%

FCF Margin

21.6%

P/S

4.1x

P/E

21.0x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 18, 2026

$1.1B+7.1%EPS $7.71

Q4 2025

Feb 18, 2026

$308M+5.3%EPS $3.14

Q3 2025

Nov 5, 2025

$261M+9.6%EPS $0.58

Q2 2025

Aug 6, 2025

$247M+8.8%EPS $1.48

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$244M	$140M	$77M
Q2 22	$200M	$96M	$34M
Q3 22	$209M	$104M	$36M
Q4 22	$259M	$148M	$91M
Q1 23	$250M	$139M	$74M
Q2 23	$211M	$99M	$35M
Q3 23	$222M	$109M	$42M
Q4 23	$278M	$156M	$98M
Q1 24	$275M	$153M	$84M
Q2 24	$227M	$108M	$43M
Q3 24	$238M	$119M	$48M
Q4 24	$293M	$164M	$100M
Q1 25	$289M	$161M	$88M
Q2 25	$247M	$121M	$52M
Q3 25	$261M	$130M	$55M
Q4 25	$308M	$172M	$108M

Valuation

Quarter	P/S	P/E
Q1 22	5.0x	18.9x
Q2 22	5.0x	21.0x
Q3 22	5.0x	22.8x
Q4 22	5.0x	24.6x
Q1 23	5.0x	24.4x
Q2 23	4.9x	24.0x
Q3 23	4.8x	23.3x
Q4 23	4.7x	22.2x
Q1 24	4.6x	21.3x
Q2 24	4.5x	20.7x
Q3 24	4.5x	20.2x
Q4 24	4.4x	20.1x
Q1 25	4.3x	19.8x
Q2 25	4.3x	19.2x
Q3 25	4.2x	21.5x
Q4 25	4.1x	21.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$70M	$63M
Q2 22	$76M	$67M
Q3 22	-$36M	-$47M
Q4 22	$110M	$101M
Q1 23	$63M	$54M
Q2 23	$94M	$85M
Q3 23	-$30M	-$47M
Q4 23	$116M	$106M
Q1 24	$85M	$76M
Q2 24	$99M	$90M
Q3 24	-$29M	-$39M
Q4 24	$136M	$126M
Q1 25	$68M	$59M
Q2 25	$124M	$115M
Q3 25	-$49M	-$58M
Q4 25	$130M	$123M

Capital Expenditures

Quarter	CapEx
Q1 22	$7M
Q2 22	$8M
Q3 22	$11M
Q4 22	$9M
Q1 23	$9M
Q2 23	$9M
Q3 23	$17M
Q4 23	$10M
Q1 24	$9M
Q2 24	$9M
Q3 24	$9M
Q4 24	$10M
Q1 25	$9M
Q2 25	$9M
Q3 25	$10M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.0%	+9.1%
Q2 22	-0.9%	+9.7%
Q3 22	+0.9%	+7.3%
Q4 22	+2.9%	+12.8%
Q1 23	+2.5%	+5.4%
Q2 23	+5.4%	+5.6%
Q3 23	+6.3%	+4.1%
Q4 23	+7.6%	+7.4%
Q1 24	+9.8%	+8.3%
Q2 24	+8.0%	+5.5%
Q3 24	+7.4%	+5.4%
Q4 24	+5.1%	+6.7%
Q1 25	+5.3%	+5.8%
Q2 25	+8.8%	+5.9%
Q3 25	+9.6%	+8.2%
Q4 25	+5.3%	+3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	1.3%
Q2 22	$3M	1.6%
Q3 22	$3M	1.5%
Q4 22	$3M	1.2%
Q1 23	$3M	1.3%
Q2 23	$3M	1.5%
Q3 23	$3M	1.5%
Q4 23	$3M	1.2%
Q1 24	$3M	1.3%
Q2 24	$4M	1.8%
Q3 24	$3M	1.4%
Q4 24	$3M	1.2%
Q1 25	$4M	1.3%
Q2 25	$3M	1.4%
Q3 25	$3M	1.3%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$10M	$51M
Q2 22	$10M	$50M
Q3 22	$16M	$51M
Q4 22	$10M	$45M
Q1 23	$10M	$53M
Q2 23	$11M	$51M
Q3 23	$12M	$53M
Q4 23	$10M	$46M
Q1 24	$11M	$55M
Q2 24	$11M	$53M
Q3 24	$14M	$55M
Q4 24	$11M	$50M
Q1 25	$10M	$60M
Q2 25	$11M	$56M
Q3 25	$15M	$59M
Q4 25	$10M	$54M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$202M	$62M	$264M
Q2 22	$139M	$64M	$203M
Q3 22	$40M	$68M	$108M
Q4 22	$120M	$61M	$182M
Q1 23	$105M	$89M	$195M
Q2 23	$143M	$90M	$233M
Q3 23	$57M	$98M	$154M
Q4 23	$146M	$98M	$245M
Q1 24	$196M	$94M	$291M
Q2 24	$241M	$100M	$342M
Q3 24	$264M	$0	$264M
Q4 24	$325M	$0	$325M
Q1 25	$145M	$160M	$305M
Q2 25	$192M	$182M	$374M
Q3 25	$97M	$0	$97M
Q4 25	$112M	$188M	$300M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	35M	-12.0%	-24.6%
Q2 22	32M	-8.7%	-30.1%
Q3 22	31M	-1.5%	-29.1%
Q4 22	31M	-1.8%	-22.3%
Q1 23	31M	-0.6%	-12.2%
Q2 23	30M	-1.1%	-5.0%
Q3 23	30M	-1.2%	-4.7%
Q4 23	30M	-0.5%	-3.5%
Q1 24	30M	-0.4%	-3.3%
Q2 24	29M	-0.8%	-2.9%
Q3 24	29M	-0.9%	-2.5%
Q4 24	29M	-1.0%	-3.0%
Q1 25	28M	-1.4%	-3.9%
Q2 25	28M	-1.2%	-4.4%
Q3 25	28M	-0.8%	-4.3%
Q4 25	28M	-1.0%	-4.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$66.4K	4K
Q2 22	$54.4K	4K
Q3 22	$56.8K	4K
Q4 22	$95.8K	3K
Q1 23	$92.6K	3K
Q2 23	$78.0K	3K
Q3 23	$82.2K	3K
Q4 23	$103.1K	3K
Q1 24	$101.7K	3K
Q2 24	$84.2K	3K
Q3 24	$88.3K	3K
Q4 24	$50.2K	6K
Q1 25	$49.6K	6K
Q2 25	$42.5K	6K
Q3 25	$44.8K	6K
Q4 25	$114.1K	3K

Revenue / Employee