GRAND CANYON EDUCATION, INC.

GRAND CANYON EDUCATION, INC._March 31, 2026

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 EXCHANGE ACT OF 1934

	For the quarterly period ended March 31, 2026


☐	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 April 28, 2026, was 26,514,296.

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	20
Item 3 Quantitative and Qualitative Disclosures About Market Risk	26
Item 4 Controls and Procedures	26

PART II – OTHER INFORMATION	27

Item 1 Legal Proceedings	27
Item 1A Risk Factors	27
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3 Defaults Upon Senior Securities	27
Item 4 Mine Safety Disclosures	27
Item 5 Other Information	27
Item 6 Exhibits	28
SIGNATURES	29

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.Financial Statements

GRAND CANYON EDUCATION, INC.

Consolidated Income Statements

(Unaudited)


	Three Months Ended
	March 31,
(In thousands, except per share data)	2026			2025
Service revenue	$	308,760		$	289,310
Costs and expenses:
Technology and academic services		45,030			41,664
Counseling services and support		91,857			86,822
Marketing and communication		63,987			60,330
General and administrative		10,319			10,366
Amortization of intangible assets		2,105			2,105
Total costs and expenses		213,298			201,287
Operating income		95,462			88,023
Investment interest and other		3,021			3,381
Income before income taxes		98,483			91,404
Income tax expense		23,135			19,786
Net income	$	75,348		$	71,618
Earnings per share:
Basic income per share	$	2.82		$	2.53
Diluted income per share	$	2.80		$	2.52
Basic weighted average shares outstanding		26,744			28,277
Diluted weighted average shares outstanding		26,869			28,469

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

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GRAND CANYON EDUCATION, INC.

Consolidated Balance Sheets


	March 31,			December 31,
(In thousands, except par value)	2026			2025
	(Unaudited)
ASSETS:
Current assets
Cash and cash equivalents	$	96,145		$	111,762
Investments		155,555			188,317
Accounts receivable, net		113,251			84,278
Income tax receivable		231			2,392
Other current assets		14,793			13,430
Total current assets		379,975			400,179
Property and equipment, net		179,656			178,957
Right-of-use assets		93,495			96,571
Amortizable intangible assets, net		149,438			151,543
Goodwill		160,766			160,766
Other assets		4,564			4,289
Total assets	$	967,894		$	992,305
LIABILITIES AND STOCKHOLDERS’ EQUITY:
Current liabilities
Accounts payable	$	29,258		$	24,347
Accrued compensation and benefits		25,574			35,199
Accrued liabilities		37,873			32,283
Income taxes payable		20,792			3,355
Deferred revenue		9,868			—
Current portion of lease liability		15,054			14,568
Total current liabilities		138,419			109,752
Deferred income taxes, noncurrent		42,775			41,426
Other long-term liability		1,384			1,439
Lease liability, less current portion		89,126			92,755
Total liabilities		271,704			245,372
Commitments and contingencies
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025		—			—
Common stock, $0.01 par value, 100,000 shares authorized; 54,263 and 54,178 shares issued and 26,705 and 27,393 shares outstanding at March 31, 2026 and December 31, 2025, respectively		543			542
Treasury stock, at cost, 27,558 and 26,785 shares of common stock at March 31, 2026 and December 31, 2025, respectively		(2,420,603)			(2,291,610)
Additional paid-in capital		353,971			350,374
Accumulated other comprehensive (loss) gain		(185)			511
Retained earnings		2,762,464			2,687,116
Total stockholders’ equity		696,190			746,933
Total liabilities and stockholders’ equity	$	967,894		$	992,305

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

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GRAND CANYON EDUCATION, INC.

Consolidated Statements of Comprehensive Income

(Unaudited)


	Three Months Ended
	March 31,
(In thousands)	2026			2025
Net income	$	75,348		$	71,618
Other comprehensive income, net of tax:
Unrealized losses on available-for-sale securities, net of taxes of $217 and $1 for the three months ended March 31, 2026 and 2025, respectively		(696)			(7)
Comprehensive income	$	74,652		$	71,611

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

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GRAND CANYON EDUCATION, INC.

Consolidated Statement of Stockholders’ Equity

(In thousands)

(Unaudited)


	Three Months Ended March 31, 2026
									Accumulated
							Additional		Other
	Common Stock			Treasury Stock			Paid-in		Comprehensive		Retained
	Shares	Par Value		Shares	Cost		Capital		Loss		Earnings		Total
Balance at December 31, 2025	54,178	$	542	26,785	$	(2,291,610)	$	350,374	$	511	$	2,687,116	$	746,933
Comprehensive income	—		—	—		—		—		(696)		75,348		74,652
Common stock purchased for treasury	—		—	725		(121,472)		—		—		—		(121,472)
Restricted shares forfeited	—		—	1		—		—		—		—		—
Share-based compensation	85		1	47		(7,521)		3,597		—		—		(3,923)
Balance at March 31, 2026	54,263	$	543	27,558	$	(2,420,603)	$	353,971	$	(185)	$	2,762,464	$	696,190


	Three Months Ended March 31, 2025
									Accumulated
							Additional		Other
	Common Stock			Treasury Stock			Paid-in		Comprehensive		Retained
	Shares	Par Value		Shares	Cost		Capital		Loss		Earnings		Total
Balance at December 31, 2024	54,090	$	541	25,232	$	(2,024,370)	$	336,736	$	—	$	2,470,946	$	783,853
Comprehensive income	—		—	—		—		—		(7)		71,618		71,611
Common stock purchased for treasury	—		—	395		(68,927)		—		—		—		(68,927)
Restricted shares forfeited	—		—	—		—		—		—		—		—
Share-based compensation	86		1	53		(9,463)		3,629		—		—		(5,833)
Balance at March 31, 2025	54,176	$	542	25,680	$	(2,102,760)