Loading financials from SEC filings…
Education & training · Consumer Defensive · Fiscal year ends Dec 31
Grand Canyon Education reported revenue of $1.1B in the fiscal year ended Dec 2025, up 7.1% from the year before. Operating income was $266M, an operating margin of 24.0%, and net income was $216M. Operating cash flow of $273M less capital expenditure of $35M left free cash flow of $239M.
Ranks among the 9 education & training companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 897 | 911 | 961 | 1,033 | 1,106 |
| Operating income | 282 | 238 | 249 | 275 | 266 |
| Interest expense | 3.6 | 0.0 | 0.0 | 0.0 | – |
| Pre-tax income | 331 | 240 | 260 | 291 | 280 |
| Income tax | 70.9 | 55.4 | 54.7 | 65.1 | 63.7 |
| Net income | 260 | 185 | 205 | 226 | 216 |
| Diluted EPS | 5.92 | 5.73 | 6.80 | 7.73 | 7.71 |
| Diluted shares | 44.0 | 32.2 | 30.1 | 29.3 | 28.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 601 | 120 | 146 | 325 | 112 |
| Receivables | 70.1 | 77.4 | 78.8 | 82.9 | 84.3 |
| Current assets | 681 | 273 | 338 | 420 | 400 |
| Net PP&E | 136 | 148 | 170 | 177 | 179 |
| Goodwill | 161 | 161 | 161 | 161 | 161 |
| Total assets | 1,223 | 833 | 930 | 1,018 | 992 |
| Payables | 24.3 | 20.0 | 17.7 | 26.7 | 24.3 |
| Deferred revenue | 0.0 | – | – | – | – |
| Current liabilities | 97.9 | 99.7 | 97.0 | 111 | 110 |
| Long-term debt | 53.8 | – | – | – | – |
| Total liabilities | 178 | 195 | 212 | 235 | 245 |
| Shareholders' equity | 1,045 | 638 | 718 | 784 | 747 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 313 | 221 | 244 | 290 | 273 |
| Capital expenditure | 28.9 | 35.2 | 44.5 | 37.2 | 34.8 |
| Free cash flow | 284 | 186 | 199 | 253 | 239 |
| Depreciation & amortisation | 21.4 | 22.1 | 23.1 | 27.8 | 31.2 |
| Stock-based compensation | 11.5 | 12.6 | 13.2 | 14.2 | 13.6 |
| Share buybacks | 804 | 604 | 137 | 173 | 265 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.6% | 5.4% | 7.5% | 7.1% |
| Operating income growth (YoY) | – | −15.8% | 4.9% | 10.5% | −3.4% |
| EPS growth (YoY) | – | −3.2% | 18.7% | 13.7% | −0.3% |
| Operating margin | 31.5% | 26.1% | 25.9% | 26.7% | 24.0% |
| Net margin | 29.0% | 20.3% | 21.3% | 21.9% | 19.5% |
| Return on equityBlank when equity is negative | 24.9% | 29.0% | 28.5% | 28.9% | 28.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.1% | 32.4% | 29.9% | 30.3% | 30.1% |
| Free cash flow margin | 31.7% | 20.4% | 20.7% | 24.5% | 21.6% |
| Cash conversion (CFO ÷ net income) | 1.20x | 1.20x | 1.19x | 1.28x | 1.27x |
| Receivable days | 29 | 31 | 30 | 29 | 28 |
| Interest cover | 78.4x | 118750x | 7553x | 68850x | – |
| Debt ÷ equity | 0.05x | – | – | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −547 | – | – | – | – |
| Current ratio | 6.95x | 2.74x | 3.48x | 3.78x | 3.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.