$LOPE

Grand Canyon Education, Inc.

CIK:0001434588|SEC Filings

Consolidated Income Statements - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Consolidated Income Statements
Service revenue	$ 264,045	$ 247,499	$ 572,805	$ 536,809
Costs and expenses:
Technology and academic services	45,645	43,134	90,675	84,798
Counseling services and support	88,072	83,023	179,929	169,845
Marketing and communication	59,963	56,037	123,950	116,367
General and administrative	10,109	11,411	20,428	21,777
Amortization of intangible assets	2,105	2,105	4,210	4,210
Total costs and expenses	205,894	195,710	419,192	396,997
Operating income	58,151	51,789	153,613	139,812
Investment interest and other	2,702	3,226	5,723	6,607
Income before income taxes	60,853	55,015	159,336	146,419
Income tax expense	15,001	13,469	38,136	33,255
Net income	$ 45,852	$ 41,546	$ 121,200	$ 113,164
Earnings per share:
Basic income per share	$ 1.75	$ 1.48	$ 4.58	$ 4.02
Diluted income per share	$ 1.75	$ 1.48	$ 4.57	$ 4
Basic weighted average shares outstanding	26,162	27,996	26,451	28,136
Diluted weighted average shares outstanding	26,221	28,134	26,543	28,301

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows provided by operating activities:
Net income	$ 121,200	$ 113,164
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	7,054	7,117
Depreciation and amortization	17,028	15,260
Amortization of intangible assets	4,210	4,210
Deferred income taxes	618	1,657
Other, including fixed asset disposals	(307)	(602)
Changes in assets and liabilities:
Accounts receivable	50,041	55,249
Other assets	(2,095)	(4,732)
Right-of-use assets and lease liabilities	(307)	379
Accounts payable	(7,841)	(2,605)
Accrued liabilities	892	3,014
Income taxes receivable/payable	(8,757)	(14,622)
Deferred revenue	15,119	14,150
Net cash provided by operating activities	196,855	191,639
Cash flows provided by (used in) investing activities:
Capital expenditures	(18,863)	(17,561)
Additions of amortizable content	(44)	(28)
Purchase of equity investment		(1,000)
Loss on equity investment	100	500
Purchases of investments	(36,672)	(191,666)
Proceeds from sale or maturity of investments	121,108	11,007
Net cash provided by (used in) investing activities	65,629	(198,748)
Cash flows used in financing activities:
Repurchase of common shares and shares withheld in lieu of income taxes	(203,186)	(125,236)
Net cash used in financing activities	(203,186)	(125,236)
Net increase (decrease) in cash and cash equivalents and restricted cash	59,298	(132,345)
Cash and cash equivalents and restricted cash, beginning of period	111,762	324,623
Cash and cash equivalents and restricted cash, end of period	171,060	192,278
Supplemental disclosure of cash flow information
Cash paid for income taxes	43,728	44,476
Supplemental disclosure of non-cash investing and financing activities
Purchases of property and equipment included in accounts payable	1,110	1,302
Excise tax on treasury stock repurchases	$ 1,836	$ 1,087

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 171,060	$ 111,762
Investments	103,466	188,317
Accounts receivable, net	34,237	84,278
Income tax receivable	7,863	2,392
Other current assets	14,830	13,430
Total current assets	331,456	400,179
Property and equipment, net	181,051	178,957
Right-of-use assets	93,767	96,571
Amortizable intangible assets, net	147,333	151,543
Goodwill	160,766	160,766
Other assets	4,806	4,289
Total assets	919,179	992,305
Current liabilities
Accounts payable	16,781	24,347
Accrued compensation and benefits	35,332	35,199
Accrued liabilities	34,989	32,283
Income taxes payable	69	3,355
Deferred revenue	15,119
Current portion of lease liability	15,346	14,568
Total current liabilities	117,636	109,752
Deferred income taxes, noncurrent	41,840	41,426
Other long-term liability	1,328	1,439
Lease liability, less current portion	88,866	92,755
Total liabilities	249,670	245,372
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at June 30, 2026 and December 31, 2025
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	542
Treasury stock, at cost, 28,031 and 26,785 shares of common stock at June 30, 2026 and December 31, 2025, respectively	(2,496,632)	(2,291,610)
Additional paid-in capital	357,427	350,374
Accumulated other comprehensive (loss) gain	(145)	511
Retained earnings	2,808,316	2,687,116
Total stockholders' equity	669,509	746,933
Total liabilities and stockholders' equity	$ 919,179	$ 992,305