Grand Canyon Education, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Grand Canyon Education, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	873	974	846	779	844	897	911	961	1,033	1,106
General and administrative	28.1	27.2	30	44.3	43.4	41.8	45.5	43.2	46.3	47.4
Operating income	237	283	258	265	277	282	238	249	275	266
Interest expense	1.33	2.17	1.54	11.3	4.4	3.6	0	0.03	0
Pre-tax income	236	284	287	318	333	331	240	260	291	280
Income tax	87.6	80.2	58	58.3	75.9	70.9	55.4	54.7	65.1	63.7
Net income	149	203	229	259	257	260	185	205	226	216
EBITDA	282	336	294	284	298	304	260	272	303	297
EPS, basic	3.22	4.31	4.81	5.42	5.49	5.94	5.75	6.83	7.77	7.76
EPS, diluted	3.15	4.22	4.73	5.37	5.45	5.92	5.73	6.80	7.73	7.71
Shares, basic (weighted)	46.1	47.1	47.6	47.8	46.9	43.8	32.1	30	29.1	27.9
Shares, diluted (weighted)	47.1	48.2	48.4	48.3	47.2	44	32.2	30.1	29.3	28

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46	153	120	122	246	601	120	146	325	112
Short-term investments	138	89.3				0	61.3	98	0	188
Receivables	9.54	10.9	46.8	48.9	62.2	70.1	77.4	78.8	82.9	84.3
Other current assets	22.3	24.6	6.96	8.04	8.64	8.77	11.4	12.9	11.9	13.4
Total current assets	230	375	309	208	334	681	273	338	420	400
Property, plant and equipment	856	922	111	120	129	136	148	170	177	179
Lease right-of-use assets				27.8	61	57.7	72.7	92.5	99.5	96.6
Goodwill	2.94	2.94	2.94	161	161	161	161	161	161	161
Intangible assets				202	194	185	177	168	160	152
Other non-current assets	0.9	0.72	0.48	1.71	1.84	1.94	1.69	1.64	1.36	4.29
Total assets	1,092	1,304	1,324	1,690	1,845	1,223	833	930	1,018	992
Accounts payable	24.8	29.1	14.3	14.8	16.6	24.3	20	17.7	26.7	24.3
Accrued liabilities	21.3	20.8	8.91	16.8	21.9	27.6	22.5	26.7	29.6	32.3
Deferred revenue	40.7	95.3		0.02		0.01
Total current liabilities	227	238	80.5	95.2	119	97.9	99.7	97	111	110
Long-term debt	66.6	59.9	23.4	108	74.6	53.8
Lease liabilities				25.5	56.6	53.8	68.8	88.3	95.6	92.8
Other non-current liabilities	1.69	1.2		0.01	0	0.04	0.44	0.41	1.44	1.44
Total liabilities	319	318	110	247	270	178	195	212	235	245
Total debt				141	108
Paid-in capital	213	233	257	271	282	297	309	323	337	350
Retained earnings	651	854	1,082	1,341	1,595	1,855	2,040	2,245	2,471	2,687
Treasury stock	-89.4	-101	-125	-169	-303	-1,107	-1,711	-1,850	-2,024	-2,292
Other comprehensive income	-0.91	-0.72	-0.45				-0.53	-0.06		0.51
Shareholders' equity	774	986	1,214	1,443	1,574	1,045	638	718	784	747
Total equity	774	986	1,214	1,443	1,574	1,045	638	718	784	747
Total liabilities and equity	1,092	1,304	1,324	1,690	1,845	1,223	833	930	1,018	992
Shares outstanding	47.6	48.1	48.2	48.1	46.6	37.7	31.1	30	28.9	27.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	149	203	229	259	257	260	185	205	226	216
Depreciation and amortization	44.8	53.6	35.5	18.4	20.8	21.4	22.1	23.1	27.8	31.2
Stock-based compensation	12.3	12.7	19.5	10.3	10.7	11.5	12.6	13.2	14.2	13.6
Deferred income tax	8.85	-5.35	-11.5	2.32	3.14	5.67	0.23	0.55	-0.22	14.9
Change in receivables	-20.6	-19.8	-51.5	0.77	-13.3	-2.86	-7.35	-1.4	-4.14	-1.33
Cash from operations	238	305	199	306	309	313	221	244	290	273
Capital expenditures	-178	-114	-94.5	-22.4	-29.4	-28.9	-35.2	-44.5	-37.2	-34.8
Acquisitions				-361
Purchases of investments		-94.1	-46.9	-9.38		-56.3	-172	-98.9	-48.6	-242
Sales and maturities of investments		65.3	65.1	57.2	10.6	66.8	110	63.8	148	55.5
Cash from investing	-216	-152	-238	-406	-19.4	951	-97.1	-80.5	61.4	-222
Stock issued	13.2	7.37	4.63	3.82	0.88	2.68
Share buybacks	-20.1	-11.3	-24.8	-43.9	-134	-804	-604	-137	-173	-265
Cash from financing	10.7	-35.7	-26.8	40.1	-166	-909	-604	-137	-173	-265
Net change in cash	32.5	117	-66	-59.4	123	355	-481	26.1	178	-213
Free cash flow	59.5	191	105	284	279	284	186	199	253	239
Interest paid	1.22	2.25	1.51	11.5	4.31	3.7	0	0.03	0
Income taxes paid	66.2	69.6	78.2	59.9	68.4	61.9	48.6	56.7	65.3	53.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $147.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	24.5%	Operating income / revenue.
Pre-tax margin	25.6%	Pre-tax income / revenue.
Net margin	19.6%	Net income / revenue.
FCF margin	21.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.4%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	24.4%	Net income / average total assets.
Return on invested capital (ROIC)	43.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-3.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	3.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-0.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-4.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-0.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	10.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-2.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-5.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-13.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-2.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-11.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-4.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-9.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.82x	Current assets / current liabilities.
Quick ratio	2.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.33x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	27.2%	Total liabilities / total assets.
Working capital	$213.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	33.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$361.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.24x	Revenue / average total assets.
Fixed asset turnover	6.31x	Revenue / average property, plant and equipment.
Receivables turnover	33.4x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.
FCF conversion	108.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.55	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$43.56	Revenue / diluted weighted shares.
FCF per share	$9.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.63	Cash from operations / diluted weighted shares.
Book value per share	$25.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.78	Tangible book value / shares outstanding.
Cash per share	$10.46	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	141.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.84B	Share price x shares outstanding.
Enterprise value	$3.56B	Market cap + total debt - cash - short-term investments.
P/E	17.1x	Market cap / net income. Only when net income is positive.
P/S	3.36x	Market cap / revenue.
P/B	5.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.6x	Market cap / tangible book value, when positive.
P/FCF	15.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.8x	Market cap / cash from operations, when positive.
EV/Sales	3.12x	Enterprise value / revenue.
EV/EBIT	12.7x	Enterprise value / operating income, when both are positive.
EV/FCF	14.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	5.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	8.9%	(Dividends paid + share buybacks) / market cap.
PEG	1.65x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Grand Canyon Education, Inc.'s revenue in fiscal 2025?

Grand Canyon Education, Inc. reported revenue of $1.11B for fiscal 2025, 7.1% higher than the year before.

Was Grand Canyon Education, Inc. profitable in fiscal 2025?

Yes. Net income was $216.2M, a net margin of 19.5%.

How much free cash flow did Grand Canyon Education, Inc. generate in fiscal 2025?

Cash from operations of $273.5M minus capital expenditures of $34.8M left free cash flow of $238.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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