Grand Canyon Education (LOPE) financial statements
Grand Canyon Education reported revenue of $1.1B in fiscal 2025, up 2.7% a year over 9 years.
Net income was $216M and the operating margin 24.0%, against 27.2% in 2016.
Free cash flow was $239M, and the company returned $265M in net buybacks.
The diluted share count fell 41% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Grand Canyon Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $873M | $974M | $846M | $779M | $844M | $897M | $911M | $961M | $1.0B | $1.1B |
| Selling, general and admin | $127M | $136M | $147M | $187M | $208M | $225M | $242M | $246M | $259M | $277M |
| Operating income | $237M | $283M | $258M | $265M | $277M | $282M | $238M | $249M | $275M | $266M |
| Interest expense | $1M | $2M | $2M | $11M | $4M | $4M | $2,000 | $33,000 | $4,000 | — |
| Pre-tax income | $236M | $284M | $287M | $318M | $333M | $331M | $240M | $260M | $291M | $280M |
| Income tax | $88M | $80M | $58M | $58M | $76M | $71M | $55M | $55M | $65M | $64M |
| Net income | $149M | $203M | $229M | $259M | $257M | $260M | $185M | $205M | $226M | $216M |
| EPS (diluted) | $3.15 | $4.22 | $4.73 | $5.37 | $5.45 | $5.92 | $5.73 | $6.80 | $7.73 | $7.71 |
| Diluted shares | 47M | 48M | 48M | 48M | 47M | 44M | 32M | 30M | 29M | 28M |
| Operating margin | 27.2% | 29.0% | 30.5% | 34.1% | 32.9% | 31.5% | 26.1% | 25.9% | 26.7% | 24.0% |
| Net margin | 17.0% | 20.9% | 27.1% | 33.3% | 30.5% | 29.0% | 20.3% | 21.3% | 21.9% | 19.5% |
Balance sheet
Fiscal years, from Grand Canyon Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $109M | $243M | $120M | $122M | $246M | $601M | $182M | $245M | $325M | $300M |
| Receivables | $10M | $11M | $47M | $49M | $62M | $70M | $77M | $79M | $83M | $84M |
| Total current assets | $230M | $375M | $309M | $208M | $334M | $681M | $273M | $338M | $420M | $400M |
| Property, plant and equipment | $856M | $922M | $111M | $120M | $129M | $136M | $148M | $170M | $177M | $179M |
| Goodwill | $3M | $3M | $3M | $161M | $161M | $161M | $161M | $161M | $161M | $161M |
| Total assets | $1.1B | $1.3B | $1.3B | $1.7B | $1.8B | $1.2B | $833M | $930M | $1.0B | $992M |
| Total current liabilities | $227M | $238M | $81M | $95M | $119M | $98M | $100M | $97M | $111M | $110M |
| Total liabilities | $319M | $318M | $110M | $247M | $270M | $178M | $195M | $212M | $235M | $245M |
| Shareholders' equity | $774M | $986M | $1.2B | $1.4B | $1.6B | $1.0B | $638M | $718M | $784M | $747M |
| Net debt | -$46M | -$153M | -$120M | -$122M | -$246M | -$601M | -$120M | -$146M | -$325M | -$112M |
Cash flow
Fiscal years, from Grand Canyon Education's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $238M | $305M | $199M | $306M | $309M | $313M | $221M | $244M | $290M | $273M |
| Capital spending | $178M | $114M | $95M | $22M | $29M | $29M | $35M | $45M | $37M | $35M |
| Free cash flow | $59M | $191M | $105M | $284M | $279M | $284M | $186M | $199M | $253M | $239M |
| Stock-based compensation | $12M | $13M | $20M | $10M | $11M | $12M | $13M | $13M | $14M | $14M |
| Share buybacks (net) | -$20M | -$11M | -$25M | -$44M | -$134M | -$804M | -$604M | -$137M | -$173M | -$265M |
| Free cash flow margin | 6.8% | 19.6% | 12.4% | 36.5% | 33.1% | 31.7% | 20.4% | 20.7% | 24.5% | 21.6% |
Questions
What was Grand Canyon Education's revenue in 2025?
$1.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Grand Canyon Education generate?
$239M in fiscal 2025 (operating cash flow minus capital spending).
From Grand Canyon Education's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.