GRAND CANYON EDUCATION, INC.

GRAND CANYON EDUCATION, INC._June 30, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

	For the quarterly period ended June 30, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from to

Commission File Number: 001-34211

GRAND CANYON EDUCATION, INC.

(Exact name of registrant as specified in its charter)


Delaware		20-3356009
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

2600 W. Camelback Road

Phoenix, Arizona 85017

(Address, including zip code, of principal executive offices)

(602) 247-4400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	LOPE	Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:


Large Accelerated Filer ☒		Accelerated Filer ☐
Non-accelerated Filer ☐		Smaller Reporting Company ☐
		Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The total number of shares of common stock outstanding as of August 1, 2025, was 28,087,210.

Table of Contents

GRAND CANYON EDUCATION, INC.

FORM 10-Q

INDEX


	Page
PART I – FINANCIAL INFORMATION	3

Item 1 Financial Statements	3
Item 2 Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
Item 3 Quantitative and Qualitative Disclosures About Market Risk	29
Item 4 Controls and Procedures	29

PART II – OTHER INFORMATION	30

Item 1 Legal Proceedings	30
Item 1A Risk Factors	30
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3 Defaults Upon Senior Securities	31
Item 4 Mine Safety Disclosures	31
Item 5 Other Information	31
Item 6 Exhibits	31
SIGNATURES	33

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.Financial Statements

GRAND CANYON EDUCATION, INC.

Consolidated Income Statements

(Unaudited)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per share data)	2025		2024		2025		2024
Service revenue	$	247,499	$	227,463	$	536,809	$	502,138
Costs and expenses:
Technology and academic services		43,134		41,001		84,798		80,126
Counseling services and support		83,023		78,107		169,845		160,991
Marketing and communication		56,037		52,895		116,367		108,248
General and administrative		11,411		10,636		21,777		21,366
Amortization of intangible assets		2,105		2,105		4,210		4,210
Total costs and expenses		195,710		184,744		396,997		374,941
Operating income		51,789		42,719		139,812		127,197
Interest expense		—		(2)		—		(4)
Investment interest and other		3,226		4,112		6,607		7,841
Income before income taxes		55,015		46,829		146,419		135,034
Income tax expense		13,469		11,951		33,255		32,146
Net income	$	41,546	$	34,878	$	113,164	$	102,888
Earnings per share:
Basic income per share	$	1.48	$	1.19	$	4.02	$	3.50
Diluted income per share	$	1.48	$	1.19	$	4.00	$	3.48
Basic weighted average shares outstanding		27,996		29,285		28,136		29,372
Diluted weighted average shares outstanding		28,134		29,415		28,301		29,527

The accompanying notes are an integral part of these consolidated financial statements.

Table of Contents

GRAND CANYON EDUCATION, INC.

Consolidated Balance Sheets


	June 30,		December 31,
(In thousands, except par value)	2025		2024
	(Unaudited)
ASSETS:
Current assets
Cash and cash equivalents	$	192,278	$	324,623
Investments		181,621		—
Accounts receivable, net		27,699		82,948
Income tax receivable		6,665		490
Other current assets		14,218		11,915
Total current assets		422,481		419,976
Property and equipment, net		179,384		176,823
Right-of-use assets		98,477		99,541
Amortizable intangible assets, net		155,752		159,962
Goodwill		160,766		160,766
Other assets		4,147		1,357
Total assets	$	1,021,007	$	1,018,425
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities
Accounts payable	$	24,353	$	26,721
Accrued compensation and benefits		32,789		33,183
Accrued liabilities		34,009		29,620
Income taxes payable		112		8,559
Deferred revenue		14,150		—
Current portion of lease liability		13,577		12,883
Total current liabilities		118,990		110,966
Deferred income taxes, noncurrent		28,235		26,527
Other long-term liability		1,550		1,444
Lease liability, less current portion		94,256		95,635
Total liabilities		243,031		234,572
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at June 30, 2025 and December 31, 2024		—

SEC Form 10-Q filed by Grand Canyon Education Inc.