Grand Canyon Education adds $355M to buyback plan

As of November 2, 2026, $394.5 million remained available under the repurchase authorization, which currently expires March 1, 2028.

Available on EDGAR 11/04/2026 - 04:06 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:05 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Grand Canyon Education, Inc. reported third-quarter 2026 service revenue of $267.346 million, compared with $261.142 million a year earlier, and net income of $43.013 million versus $16.274 million. The year-earlier quarter included a $35 million litigation settlement cost; adjusted non-GAAP diluted income per share was $1.77, versus $1.78.

For the first nine months, service revenue was $840.151 million versus $797.951 million, and net income was $164.213 million versus $129.438 million. As adjusted, non-GAAP diluted income-per-share guidance is $3.63 to $3.67 for Q4 2026 and $10.09 to $10.13 for full-year 2026.

Unrestricted cash and investments were $162.1 million at September 30, 2026, down $137.9 million since December 31, 2025; the company said repurchases and capital expenditures exceeded cash provided by operations. The board approved a $355 million increase to the repurchase authorization on October 28, 2026; $394.5 million remained available as of November 2, 2026, and the current authorization expires March 1, 2028.

2 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

How the balance works

Positive

• Moderate pointNine-month service revenue was $840.151 million, compared with $797.951 million a year earlier.
• Moderate pointNine-month net income was $164.213 million, compared with $129.438 million a year earlier.

Negative

• Moderate pointThird-quarter adjusted non-GAAP net income was $45.583 million, versus $49.685 million a year earlier.
• Moderate pointLiquidity declined $137.9 million amid repurchases and capital expenditures exceeding operating cash.

Filing Explained

The repurchase authorization remains optional; the filing also records prior share-related cash use and fewer outstanding shares by September.

This Form 8-K reports third-quarter results and states that the $394.5 million remaining repurchase authorization is not a purchase commitment: GCE need not buy any particular amount and may suspend or discontinue the plan.

For the nine months ended September 30, 2026, financing cash flow reports $278,327 thousand for common-share repurchases and shares withheld in lieu of taxes; outstanding common shares were 27,393 thousand on December 31, 2025, and 25,726 thousand on September 30, 2026.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Third-quarter service revenue: $267.346 million Third-quarter net income: $43.013 million Third-quarter adjusted non-GAAP net income: $45.583 million +5 more

8 metrics

Third-quarter service revenue $267.346 million Three months ended September 30, 2026

Third-quarter net income $43.013 million Three months ended September 30, 2026

Third-quarter adjusted non-GAAP net income $45.583 million Three months ended September 30, 2026

Third-quarter adjusted non-GAAP diluted income per share $1.77 Three months ended September 30, 2026

Nine-month service revenue $840.151 million Nine months ended September 30, 2026

Nine-month net income $164.213 million Nine months ended September 30, 2026

Repurchase authorization increase $355 million Approved October 28, 2026

Available repurchase authorization $394.5 million As of November 2, 2026

Key Terms

Adjusted EBITDA, non-GAAP diluted income per share, weighted average shares outstanding, Revolving Credit Facility

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA (Non-GAAP Financial Measure)"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-GAAP diluted income per share financial

"As Adjusted, Non-GAAP Diluted income per share"

weighted average shares outstanding financial

"Basic weighted average shares outstanding"

The weighted average shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted so each change (like new shares issued or shares bought back) counts only for the portion of the period it was in effect. Investors use it to calculate per-share measures such as earnings per share, so it shows how ownership dilution or buybacks affect what each share is entitled to—like averaging how many people were at a potluck over time to determine each person’s share of the food.

Revolving Credit Facility financial

"Revolving Credit Facility issuance costs"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Earnings Snapshot

Service revenue: $267.346 million · Guidance included

Three months ended September 30, 2026

Service revenue $267.346 million Compared with $261.142 million in the three months ended September 30, 2025

Net income $43.013 million Compared with $16.274 million in the three months ended September 30, 2025

Adjusted non-GAAP net income $45.583 million Compared with $49.685 million in the three months ended September 30, 2025

Adjusted non-GAAP diluted income per share $1.77 Compared with $1.78 in the three months ended September 30, 2025

Guidance

As adjusted, non-GAAP diluted income per share of $3.63 to $3.67 for Q4 2026 and $10.09 to $10.13 for full-year 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were LOPE's third-quarter 2026 results?

LOPE reported third-quarter service revenue of $267.346 million and net income of $43.013 million. Adjusted non-GAAP diluted income per share was $1.77, compared with $1.78 a year earlier. The year-earlier quarter included a $35 million litigation settlement cost.

What is LOPE's 2026 adjusted diluted EPS guidance?

As adjusted, non-GAAP diluted income per share is guided at $3.63 to $3.67 for Q4 2026 and $10.09 to $10.13 for full-year 2026. The full-year guidance includes non-cash amortization of intangible assets, non-recurring costs, and loss on disposal of fixed assets.

How can LOPE make share repurchases under its authorization?

The plan permits purchases in the open market at prevailing market prices or in privately negotiated transactions. It does not obligate the company to acquire a particular amount of common stock and may be suspended or discontinued at any time.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

0001434588false00014345882026-11-042026-11-04

​

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 4, 2026

Grand Canyon Education, Inc.

(Exact name of registrant as specified in its charter)

	​		​
Delaware	​ ​ ​	001-34211	​ ​ ​	20-3356009
(State or other Jurisdiction of	​	(Commission File Number)	​	(IRS Employer Identification No.)
Incorporation)	​	​	​	​

​

​

	​
2600 W. Camelback Road	​
Phoenix, Arizona	85017
(Address of Principal Executive Offices)	(Zip Code)

​

Registrant’s telephone number, including area code: (602) 247-4400

​

​

(Former name or former address if changed since last report.)

​

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

​

​

​

​

​

​

Item 2.02. Results of Operations and Financial Condition.

On November 4, 2026, Grand Canyon Education, Inc. reported its results for the quarter ended September 30, 2026.  The press release dated November 4, 2026 is furnished as Exhibit 99.1 to this report.

Item 9.01. Financial Statements and Exhibits.

99.1       Press Release dated November 4, 2026

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

​

EXHIBIT INDEX

Exhibit No.	​ ​ ​	Description
​	​	​
99.1	​	Press Release dated November 4, 2026
104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document)

​

​

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

​	​	​
​	GRAND CANYON EDUCATION, INC.
​	​	​
Date: November 4, 2026	By:	/s/ Lori Browning
​	​	Lori Browning
​	​	Interim Chief Financial Officer and Senior Vice President & Controller – Chief Accounting Officer
​	​	(Interim Principal Financial Officer and Principal Accounting Officer)

​

Exhibit 99.1

​

NEWS RELEASE

​

FOR IMMEDIATE RELEASE

​

Contact:

Lori Browning

Interim Chief Financial Officer

Grand Canyon Education, Inc.

602-639-6622

Lori.Browning@gce.com

​

GRAND CANYON EDUCATION, INC. REPORTS

THIRD QUARTER 2026 RESULTS

​

PHOENIX, AZ, November 4, 2026—Grand Canyon Education, Inc. (NASDAQ: LOPE), (“GCE” or the “Company”), is a publicly traded education services company that currently provides services to 20 university partners. GCE provides a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE today announced financial results for the quarter ended September 30, 2026.

​

​

(more)

​

1

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results

For the three months ended September 30, 2026:

● Service revenue for the three months ended September 30, 2026 was $267.3 million, an increase of $6.2 million, or 2.4%, as compared to service revenue of $261.1 million for the three months ended September 30, 2025. The increase year over year in service revenue was primarily due to an increase in university partner enrollments of 5.2% to 145,270 at September 30, 2026 as compared to 138,073 at September 30, 2025. Revenue from GCU, our largest university partner, for the three months ended September 30, 2026, was earned on tuition and academic-related fees under the Amended MSA, whereas revenue for the three months ended September 30, 2025, was earned under the Original MSA and included, in addition to tuition and academic-related fees, the agreed percentage of ancillary fees related to student housing, food service, athletic ticket sales, arena events, hotel, golf course and apparel operations. Revenue per student slightly decreased between years primarily due to six fewer days of revenue for ground traditional students based on the start date of the Fall semester, resulting in a shift of revenue from the third quarter to the fourth quarter in 2026 which had a $7.5 million impact. Also, we saw a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate. These decreases were offset by service revenue per student for accelerated Bachelor of Science in Nursing (“ABSN”) students at off-campus classroom and laboratory sites generating a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of our partners’ students take more credits on average per semester.

● GCU enrollments increased to 139,170 at September 30, 2026, an increase of 5.1% over enrollments at September 30, 2025. University partner enrollments at our off-campus classroom and laboratory sites were 7,780, an increase of 12.6% over enrollments at September 30, 2025, which includes 1,680 and 1,325 GCU students at September 30, 2026, and 2025, respectively. Excluding sites that have been closed or are in teach out, total enrollments at our off-campus classroom and laboratory sites increased 14.1% between years. We opened two new sites in the nine months ended September 30, 2026 and closed one site in which we stopped recruiting new students in 2025, thus the total number of sites were 48 at September 30, 2026. Enrollments for GCU ground students were 23,650 at September 30, 2026, down 4.1% from 24,671 at September 30, 2025. GCU online enrollments were 115,520 at September 30, 2026, up from 107,815 at September 30, 2025, an increase of 7.1% between years.

● Operating income for the three months ended September 30, 2026 was $51.5 million, an increase of $33.5 million, or 185.6%, as compared to $18.0 million for the same period in 2025. The operating margin for the three months ended September 30, 2026 and 2025 was 19.3% and 6.9%, respectively. Operating income and operating margin excluding amortization, non-recurring costs and fixed asset disposals for the three months ended September 30, 2026 was $54.7 million and 20.5%, respectively. Operating income and operating margin excluding amortization, litigation settlement, lease termination, impairment and other, severance and fixed asset disposals for the three months ended September 30, 2025 was $58.2 million and 22.3%, respectively.

● Income tax expense for the three months ended September 30, 2026 was $10.7 million, an increase of $5.3 million, or 99.5%, as compared to income tax expense of $5.4 million for the three months ended September 30, 2025. Our effective tax rate was 20.0% during the three months ended September 30, 2026 compared to 24.9% during the three months ended September 30, 2025. The increase in income tax expense is due to the increase in income before taxes due to the litigation settlement in the third quarter of 2025, partially offset by a lower effective tax rate. The effective tax rate was favorably impacted by contributions in lieu of state income taxes of $5.0 million for both of the third quarters in 2026 and 2025. The higher effective tax rate in the third quarter of 2025 was due to the nondeductibility of the penalties associated with the litigation settlement.

● Net income for the three months ended September 30, 2026 was $43.0 million, an increase of $26.7 million, or 164.3% as compared to $16.3 million for the same period in 2025. As adjusted net income was $45.6 million and $49.7 million for the third quarters of 2026 and 2025, respectively.

● Diluted net income per share was $1.67 and $0.58 for the third quarters of 2026 and 2025, respectively. As adjusted diluted net income per share was $1.77 and $1.78 for the third quarters of 2026 and 2025, respectively.

2

● Adjusted EBITDA decreased 3.2% to $73.5 million for the third quarter of 2026, compared to $75.9 million for the same period in 2025.

For the nine months ended September 30, 2026:

● Service revenue for the nine months ended September 30, 2026 was $840.2 million, an increase of $42.2 million, or 5.3%, as compared to service revenue of $798.0 million for the nine months ended September 30, 2025. The increase year over year in service revenue was primarily due to an increase in university partner enrollments of 5.2% to 145,270 at September 30, 2026 as compared to 138,073 at September 30, 2025. Revenue from GCU, our largest university partner, for the nine months ended September 30, 2026 includes revenue for the 3 months ended September 30, 2026 earned under the Amended MSA including only tuition and academic-related fees plus revenue for the six months ended June 30, 2026 earned under the Original MSA including, in addition to tuition and academic-related fees, the agreed percentage of ancillary fees related to student housing, food service, athletic ticket sales, arena events, hotel, golf course and apparel operations. By contrast, service revenue for the nine months ended September 30, 2025 was entirely earned under the Original MSA. Revenue per student stayed flat between years primarily due to the service revenue per student for ABSN students at off-campus classroom and laboratory sites generating a significantly higher revenue per student than we earn under our agreement with GCU, as these agreements generally provide us with a higher revenue share percentage, the partners have higher tuition rates than GCU and the majority of our partners’ students take more credits on average per semester. This increase was offset by six fewer days of revenue for ground traditional students based on the start date of the Fall semester, resulting in a shift of revenue from the third quarter to the fourth quarter in 2026 which had a $7.5 million impact. We also experienced a slight decline year over year in revenue per student for online students due to the continued mix shift to students that have a slightly lower net tuition rate.

● Operating income for the nine months ended September 30, 2026 was $205.1 million, an increase of $47.3 million, or 29.9%, as compared to $157.8 million for the same period in 2025. The operating margin for the nine months ended September 30, 2026 and 2025 was 24.4% and 19.8%, respectively. Operating income and operating margin excluding amortization, non-recurring costs and fixed asset disposals for the nine months ended September 30, 2026 was $212.5 million and 25.3%, respectively. Operating income and operating margin excluding amortization, litigation settlement, lease termination, impairment and other, severance and fixed asset disposals for the nine months ended September 30, 2025 was $202.3 million and 25.4%, respectively.

● Income tax expense for the nine months ended September 30, 2026 was $48.9 million, an increase of $10.3 million, or 26.5%, as compared to income tax expense of $38.6 million for the nine months ended September 30, 2025. Our effective tax rate was 22.9% during the nine months ended September 30, 2026 compared to 23.0% during the nine months ended September 30, 2025. The effective tax rate for both of the nine months ended September 30, 2026 and 2025 was favorably impacted by the contribution in lieu of state income taxes of $5.0 million. The effective tax rate stayed relatively flat year over year due to changes in state income taxes, an increase in taxable income and a decrease in excess tax benefits to $1.4 million in the nine months ended September 30, 2026 due to the decline in our stock price as compared to $2.7 million in the nine months ended September 30, 2025. The inclusion of excess tax benefits and deficiencies as a component of our income tax expense increases the volatility within our provision for income taxes as the amount of excess tax benefits or deficiencies from share-based compensation awards are dependent on our stock price at the date the restricted stock awards vest. Our restricted stock awards vest in March each year so any benefit or expense will primarily impact the first quarter each year.

● Net income for the nine months ended September 30, 2026 was $164.2 million, an increase of $34.8 million, or 26.9% as compared to $129.4 million for the same period in 2025. As adjusted net income was $170.0 million and $166.1 million for the nine months ended September 30, 2026 and 2025, respectively.

● Diluted net income per share was $6.25 and $4.60 for the nine months ended September 30, 2026 and 2025, respectively. As adjusted diluted net income per share was $6.47 and $5.90 for the nine months ended September 30, 2026 and 2025, respectively.

● Adjusted EBITDA increased 5.0% to $257.5 million for the nine months ended September 30, 2026, compared to $245.3 million for the same period in 2025.

Liquidity and Capital Resources

Our liquidity position, as measured by cash and cash equivalents and investments decreased by $137.9 million between December 31, 2025 and September 30, 2026, which was largely attributable to cash expended for share repurchases

3

and capital expenditures exceeding our cash provided by operations during the nine months ended September 30, 2026. Our unrestricted cash and cash equivalents and investments were $162.1 million and $300.1 million at September 30, 2026 and December 31, 2025, respectively.

Share Repurchase Plan

GCE announced today that on October 28, 2026, the Company’s Board of Directors approved a $355.0 million increase under its existing stock repurchase program, reflecting an aggregate authorization for share repurchases by the Company since the initiation of the program of $2.9 billion. The current expiration date on the repurchase authorization by the Board of Directors is March 1, 2028. As of November 2, 2026, there remained $394.5 million available under the current share repurchase authorization, which includes the increased authorization of $355.0 million. As of November 2, 2026, the Company had 25,510,517 shares of common stock outstanding. The plan permits the Company to make purchases in the open market at prevailing market prices or in privately negotiated transactions in compliance with applicable securities laws and other legal requirements. The level of purchase activity is subject to market conditions and other investment opportunities. The plan does not obligate GCE to acquire any particular amount of common stock and may be suspended or discontinued at any time. The repurchase program may be funded using the Company’s available cash, investments, positive operating cash flows and revolving line of credit.

​

4

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results and Full Year Outlook 2026

​

Q4 2026:

● Service revenue of between $320.5 million and $321.5 million;

● Operating margin of between 36.0% and 36.2%;

● Effective tax rate of 23.0%;

● Diluted EPS of between $3.57 and $3.61; and

● 25.3 million diluted shares.

The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $1.6 million, which equates to a $0.06 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $3.63 and $3.67.

Full Year 2026:

● Service revenue of between $1,160.7 million and $1,161.7 million;

● Operating margin of between 27.6% and 27.7%;

● Effective tax rate of 23.0%;

● Diluted EPS between $9.81 and $9.85; and

● 26.0 million diluted shares.

The diluted EPS guidance includes non-cash amortization of intangible assets net of taxes of $6.5 million, non-recurring costs net of taxes of $0.8 million and loss on disposal of fixed assets net of taxes of nil which equates to a $0.28 impact on diluted EPS. Thus, as adjusted, non-GAAP diluted income per share of between $10.09 and $10.13.

Forward-Looking Statements

​

This news release contains “forward-looking statements” within the meaning of federal securities laws including information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; whether regulatory, economic, or business developments or other matters may or may not have a material adverse effect on our financial position, results of operations, or liquidity; projections, predictions, expectations, estimates, and forecasts as to our business, financial and operating results, and future economic performance; and management’s goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar expressions, the negative of these expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause our actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements include, but are not limited to: (i) legal and regulatory actions taken against us related to our services business, or against our university partners that impact their businesses and that directly or indirectly reduce the service revenue we can earn under our master services agreements; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of any of the key university partner agreements; (iii) our ability to properly manage risks and challenges associated with strategic initiatives, including potential acquisitions or divestitures of, or investments in, new businesses, acquisitions of new properties and new university partners, and expansion of services provided to our existing university partners; (iv) our ability to comply with the extensive regulatory framework applicable to us either directly as a third-party service provider or indirectly through our university partners; (v) our ability to manage risks associated with epidemics, pandemics, or public health crises; (vi) our ability to manage risks resulting from system disruptions, interruptions, or outages associated with our technology platforms or those of third-party service providers; (vii) the ability of our university partners’ students to obtain federal Title IV funds, state financial aid, and private financing; (viii) potential damage to our reputation or other adverse effects as a result of negative publicity in the media, in the industry or in connection with governmental reports or investigations or otherwise; (ix) risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards; (x) competition from other education service companies in our geographic region and market sector; (xi) our ability to hire and train new, and develop and train existing employees; (xii) the pace of growth of our university partners’ enrollment and its effect on the pace of our own growth; (xiii) fluctuations in our revenues due to seasonality; (xiv) our ability to, on behalf of our university partners, convert prospective students to enrolled students and to retain active students to graduation; and (xv) other risks and uncertainties identified from time to time in documents filed with

5

the Securities and Exchange Commission (the “SEC”) by us, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed on February 18, 2026.

Forward-looking statements speak only as of the date the statements are made.  You should not put undue reliance on any forward-looking statements.  We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws.  If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.  This press release should be read in conjunction with the information included in our other press releases, reports and other filings with the SEC.  Understanding the information contained in these filings is important in order to fully understand GCE’s reported financial results and our business outlook for future periods.

​

6

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results

​

Conference Call

Grand Canyon Education, Inc. will discuss its third quarter 2026 results and full year 2026 outlook during a conference call scheduled for today, November 4, 2026 at 4:30 p.m. Eastern time (ET).

Live Conference Dial-In:

Those interested in participating in the question-and-answer session should follow the conference dial-in instructions below. Participants may register for the call here to receive the dial-in numbers and unique PIN to access the call seamlessly. Please dial in at least ten minutes prior to the start of the call.  Journalists are invited to listen only.

Webcast and Replay:

Investors, journalists and the general public may access a live webcast of this event at: Q3 2026 Grand Canyon Education Inc. Earnings Conference Call. A webcast replay will be available approximately two hours following the conclusion of the call at the same link.

​

About Grand Canyon Education, Inc.

Grand Canyon Education, Inc. (“GCE”), incorporated in 2008, is a publicly traded education services company that currently provides services to 20 university partners. GCE is uniquely positioned in the education services industry in that its leadership has over 30 years of proven expertise in providing a full array of support services in the post-secondary education sector and has developed significant technological solutions, infrastructure and operational processes to provide superior services in these areas on a large scale. GCE provides services that support students, faculty and staff of partner institutions such as marketing, strategic enrollment management, counseling services, financial services, technology, technical support, compliance, human resources, classroom operations, content development, faculty recruitment and training, among others. For more information about GCE visit the Company's website at www.gce.com.

Grand Canyon Education, Inc., 2600 W. Camelback Road, Phoenix, AZ 85017, www.gce.com.

​

###

​

​

7

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results

​

GRAND CANYON EDUCATION, INC.

Consolidated Income Statements

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

(In thousands, except per share data)

​

​

​

​

​

​

​

​

Service revenue

​

$

267,346

​

$

261,142

​

$

840,151

​

$

797,951

Costs and expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Technology and academic services

​

43,060

​

44,908

​

133,735

​

129,706

Counseling services and support

​

88,343

​

84,405

​

268,272

​

254,250

Marketing and communication

​

65,453

​

59,145

​

189,403

​

175,512

General and administrative

​

16,919

​

15,149

​

37,347

​

36,926

Litigation settlement

​

​

—

​

​

35,000

​

​

—

​

​

35,000

Lease termination, impairment and other

​

—

​

2,411

​

—

​

2,411

Amortization of intangible assets

​

2,105

​

2,105

​

6,315

​

6,315

Total costs and expenses

​

215,880

​

243,123

​

635,072

​

640,120

Operating income

​

51,466

​

18,019

​

205,079

​

157,831

Investment interest and other

​

2,289

​

3,637

​

8,012

​

10,244

Income before income taxes

​

53,755

​

21,656

​

213,091

​

168,075

Income tax expense

​

10,742

​

5,382

​

48,878

​

38,637

Net income

​

$

43,013

​

$

16,274

​

$

164,213

​

$

129,438

Earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

Basic income per share

​

$

1.67

​

$

0.59

​

$

6.27

​

$

4.62

Diluted income per share

​

$

1.67

​

$

0.58

​

$

6.25

​

$

4.60

Basic weighted average shares outstanding

​

25,698

​

27,740

​

26,197

​

28,002

Diluted weighted average shares outstanding

​

25,771

​

27,897

​

26,283

​

28,165

​

​

8

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results

​

GRAND CANYON EDUCATION, INC.

Consolidated Balance Sheets

​

​	​	​	​	​	​	​
​	​	As of September 30,		​	As of December 31,
(In thousands, except par value)	​ ​ ​	2026		​ ​ ​	2025
ASSETS:	​	​	(Unaudited)	​	​	​
Current assets		​	​		​	​
Cash and cash equivalents	​	$	58,760	​	$	111,762
Investments	​		103,382	​		188,317
Accounts receivable, net	​		114,470	​		84,278
Income taxes receivable	​		8,703	​		2,392
Other current assets	​		12,400	​		13,430
Total current assets	​		297,715	​		400,179
Property and equipment, net	​		183,224	​		178,957
Right-of-use assets	​		103,671	​		96,571
Amortizable intangible assets, net	​		145,228	​		151,543
Goodwill	​		160,766	​		160,766
Other assets	​		3,887	​		4,289
Total assets	​	$	894,491	​	$	992,305
LIABILITIES AND STOCKHOLDERS’ EQUITY:	​		​	​		​
Current liabilities	​		​	​		​
Accounts payable	​	$	18,816	​	$	24,347
Accrued compensation and benefits	​		29,816	​		35,199
Accrued liabilities	​		41,840	​		32,283
Income taxes payable	​		68	​		3,355
Deferred revenue	​		6,945	​		—
Current portion of lease liability	​		15,253	​		14,568
Total current liabilities	​		112,738	​		109,752
Deferred income taxes, noncurrent	​		42,320	​		41,426
Other long-term liabilities	​		1,273	​		1,439
Lease liability, less current portion	​	​	98,758	​	​	92,755
Total liabilities	​		255,089	​		245,372
Commitments and contingencies	​		​	​		​
Stockholders’ equity	​		​	​		​
Preferred stock, $0.01 par value, 10,000 shares authorized; 0 shares issued and outstanding at September 30, 2026 and December 31, 2025	​		—	​		—
Common stock, $0.01 par value, 100,000 shares authorized; 54,265 and 54,178 shares issued and 25,726 and 27,393 shares outstanding at September 30, 2026 and December 31, 2025, respectively	​		543	​		542
Treasury stock, at cost, 28,539 and 26,785 shares of common stock at September 30, 2026 and December 31, 2025, respectively	​		(2,572,525)	​		(2,291,610)
Additional paid-in capital	​		360,818	​		350,374
Accumulated other comprehensive (loss) gain	​		(763)	​		511
Retained earnings	​		2,851,329	​		2,687,116
Total stockholders’ equity	​		639,402	​		746,933
Total liabilities and stockholders’ equity	​	$	894,491	​	$	992,305

​

​

9

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results

​

GRAND CANYON EDUCATION, INC.

Consolidated Statements of Cash Flows

(Unaudited)

​	​	​	​	​	​	​
​	​	Nine Months Ended
​	​	September 30,
(In thousands)	​	2026		​	2025
​	​	​	​	​	​	​
Cash flows provided by operating activities:	​	​	​	​	​	​
Net income	​ ​ ​	$	164,213	​ ​ ​	$	129,438
Adjustments to reconcile net income to net cash provided by operating activities:	​		​	​		​
Share-based compensation	​		10,445	​		10,411
Depreciation and amortization	​		25,804	​		23,323
Amortization of intangible assets	​	​	6,315	​	​	6,315
Deferred income taxes	​		1,291	​		13,497
Litigation settlement	​	​	—	​	​	35,000
Lease termination, impairment and other	​	​	—	​	​	2,411
Other, including fixed asset disposals	​		48	​		(444)
Changes in assets and liabilities:	​		​	​		​
Accounts receivable	​		(30,192)	​		(39,093)
Other assets	​		1,682	​		(3,218)
Right-of-use assets and lease liabilities	​	​	(412)	​	​	576
Accounts payable	​		(6,372)	​		(8,477)
Accrued liabilities	​		1,420	​		70
Income taxes receivable/payable	​		(9,598)	​		(30,604)
Deferred revenue	​	​	6,945	​	​	3,801
Net cash provided by operating activities	​		171,589	​		143,006
Cash flows provided by (used in) investing activities:	​		​	​		​
Capital expenditures	​		(29,608)	​		(27,225)
Additions of amortizable content	​	​	(186)	​	​	(47)
Purchase of equity investment	​	​	—	​	​	(1,000)
Loss on equity investment	​	​	100	​	​	500
Purchases of investments	​		(57,352)	​		(224,715)
Proceeds from sale or maturity of investments	​		141,134	​		46,872
Net cash provided by (used in) investing activities	​		54,088	​		(205,615)
Cash flows used in financing activities:	​		​	​		​
Repurchase of common shares and shares withheld in lieu of income taxes	​		(278,327)	​		(164,730)
Revolving Credit Facility issuance costs	​		(352)	​		—
Net cash used in financing activities	​		(278,679)	​		(164,730)
Net decrease in cash and cash equivalents and restricted cash	​		(53,002)	​		(227,339)
Cash and cash equivalents and restricted cash, beginning of period	​		111,762	​		324,623
Cash and cash equivalents and restricted cash, end of period	​	$	58,760	​	$	97,284
Supplemental disclosure of cash flow information	​		​	​		​
Cash paid for interest	​	$	—	​	$	—
Cash paid for income taxes	​	$	53,929	​	$	53,748
Supplemental disclosure of non-cash investing and financing activities	​		​	​		​
Purchases of property and equipment included in accounts payable	​	$	1,676	​	$	798
ROU Asset and Liability recognition	​	$	7,100	​	$	330
Excise tax on treasury stock repurchases	​	$	2,588	​	$	1,482

​

10

Grand Canyon Education, Inc. Reports Third Quarter 2026 Results

​

GRAND CANYON EDUCATION, INC.

​

Adjusted EBITDA  (Non-GAAP Financial Measure)

Adjusted EBITDA is defined as net income plus interest expense, less interest income and other gain (loss) recognized on investments, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) contributions to private Arizona school tuition organizations in lieu of the payment of state income taxes; (ii) share-based compensation; and (iii) unusual charges or gains, such as litigation and regulatory costs, non-recurring costs, impairment charges and asset write-offs, severance costs, and exit or lease termination costs. We present Adjusted EBITDA because we consider it to be an important supplemental measure of our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA. All of the adjustments made in our calculation of Adjusted EBITDA are adjustments to items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period and does not consider the items for which we make adjustments (as listed above) to be reflective of our core performance.

We believe Adjusted EBITDA allows us to compare our current operating results with corresponding historical periods and with the operational performance of other companies in our industry because it does not give effect to potential differences caused by variations in capital structures (affecting relative interest expense, including the impact of write-offs of deferred financing costs when companies refinance their indebtedness), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses), the book amortization of intangibles (affecting relative amortization expense), and other items that we do not consider reflective of underlying operating performance. We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors, and other interested parties as a measure of performance.

In evaluating Adjusted EBITDA, investors should be aware that in the future we may incur expenses similar to the adjustments described above. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by expenses that are unusual, non-routine, or non-recurring. Adjusted EBITDA has limitations as an analytical tool in that, among other things, it does not reflect:

● cash expenditures for capital expenditures or contractual commitments;

● changes in, or cash requirements for, our working capital requirements;

● interest expense, or the cash required to replace assets that are being depreciated or amortized; and

● the impact on our reported results of earnings or charges resulting from the items for which we make adjustments to our EBITDA, as described above and set forth in the table below.

In addition, other companies, including other companies in our industry, may calculate these measures differently than we do, limiting the usefulness of Adjusted EBITDA as a comparative measure. Because of these limitations, Adjusted EBITDA should not be considered as a substitute for net income, operating income, or any other performance measure derived in accordance with and reported under GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity. We compensate for these limitations by relying primarily on our GAAP results and only use Adjusted EBITDA as a supplemental performance measure.

​

11

The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30,

​

September 30,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

​

(Unaudited, in thousands)

​

​

(Unaudited, in thousands)

Net income

​

$

43,013

​

$

16,274

​

$

164,213

​

$

129,438

Less: investment interest and other

​

(2,289)

​

(3,637)

​

(8,012)

​

(10,244)

Plus: income tax expense

​

10,742

​

5,382

​

48,878

​

38,637

Plus: amortization of intangible assets

​

​

2,105

​

​

2,105

​

​

6,315

​

​

6,315

Plus: depreciation and amortization

​

8,776

​

8,063

​

25,804

​

23,323

EBITDA

​

62,347

​

28,187

​

237,198

​

187,469

Plus: contributions in lieu of state income taxes

​

5,000

​

5,000

​

5,000

​

5,000

Plus: share-based compensation

​

​

3,391

​

​

3,293

​

​

10,445

​

​

10,411

Plus: litigation and regulatory costs

​

​

1,622

​

​

36,318

​

​

3,764

​

​

39,220

Plus: non-recurring costs

​

​

1,095

​

​

—

​

​

1,095

​

​

—

Plus: lease termination, impairment and other

​

​

—

​

​

2,411

​

​

—

​

​

2,411

Plus: severance costs

​

​

—

​

​

299

​

​

—

​

​

299

Plus: loss on fixed asset disposal

​

12

​

392

​

46

​

470

Adjusted EBITDA

​

$

73,467

​

$

75,900

​

$

257,548

​

$

245,280

​

Non-GAAP Net Income and Non-GAAP Diluted Income Per Share

The Company believes the presentation of non-GAAP net income and non-GAAP diluted income per share information that excludes amortization of intangible assets, non-recurring costs, litigation settlement, lease termination, impairment and other costs, severance costs and loss on disposal of fixed assets allows investors to develop a more meaningful understanding of the Company’s performance over time. Accordingly, for the three and nine months ended September 30, 2026 and 2025, the table below provides reconciliations of these non-GAAP items to GAAP net income and GAAP diluted income per share, respectively:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended

​

​

September 30,

​

​

September 30,

​

​ ​ ​

2026

​

2025

​ ​ ​

2026

​

2025

​

(Unaudited, in thousands except per share data)

​

​

​

​

​

GAAP Net income

​

$

43,013

​

$

16,274

​

$

164,213

​

$

129,438

Plus: Amortization of intangible assets

​

2,105

​

2,105

​

6,315

​

6,315

Plus: Non-recurring costs

​

​

1,095

​

​

—

​

​

1,095

​

​

—

Plus: Litigation settlement

​

​

—

​

​

35,000

​

​

—

​

​

35,000

Plus: Lease termination, impairment and other

​

​

—

​

​

2,411

​

​

—

​

​

2,411

Plus: Severance costs

​

—

​

299

​

—

​

299

Plus: Loss on disposal of fixed assets

​

​

12

​

​

392

​

​

46

​

​

470

Less: Income tax effects of adjustments (1)

​

(642)

​

(6,796)

​

(1,710)

​

(7,848)

As Adjusted, Non-GAAP Net income

​

$

45,583

​

$

49,685

​

$

169,959

​

$

166,085

​

​

​

​

​

​

​

​

​

​

​

​

​

GAAP Diluted income per share

​

$

1.67

​

$

0.58

​

$

6.25

​

$

4.60

Plus: Amortization of intangible assets (2)

​

​

0.07

​

​

0.06

​

​

0.19

​

​

0.17

Plus: Non-recurring costs (3)

​

​

0.03

​

​

-

​

​

0.03

​

​

-

Plus: Litigation settlement (4)

​

​

-

​

​

1.05

​

​

-

​

​

1.05

Plus: Lease termination, impairment and other (5)

​

​

-

​

​

0.07

​

​

-

​

​

0.06

Plus: Severance costs (6)

​

​

-

​

​

0.01

​

​

-

​

​

0.01

Plus: Loss on disposal of fixed assets (7)

​

​

0.00

​

​

0.01

​

​

0.00

​

​

0.01

As Adjusted, Non-GAAP Diluted income per share

​

$

1.77

​

$

1.78

​

$

6.47

​

$

5.90

(1) The income tax effects of adjustments are based on the effective income tax rate applicable to adjusted (non-GAAP) results. The tax effect for the reserve for litigation was 16.49% for both the three and nine months ended September 30, 2025, due to non-deductible components.

12

(2) The amortization of acquired intangible assets per diluted share is net of an income tax benefit of $0.02 and $0.01 for the three months ended September 30, 2026 and 2025, respectively, and net of an income tax benefit of $0.06 and $0.05 for the nine months ended September 30, 2026 and 2025, respectively.

(3) The non-recurring costs per diluted shares is net of an income tax benefit of $0.01 for both the three and nine months ended September 30, 2026.

(4) The litigation settlement per diluted share is net of an income tax benefit of $0.21 and $0.20 for the three and nine months ended September 30, 2025, respectively.

(5) The lease termination, impairment and other per diluted share is net of an income tax benefit of $0.02 for both the three and nine months ended September 30, 2025.

(6) The severance costs per diluted share is net of an income tax benefit of nil for the three and nine months ended September 30, 2025, respectively.

(7) The loss on disposal of fixed assets per diluted share is net of an income tax benefit of nil for both of the three months ended September 30, 2026 and 2025 and nil for both of the nine months ended September 30, 2026 and 2025.

13

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 410.7 KB

Other Documents

• EX-101 EX-101.SCH 2.8 KB
• EX-101 EX-101.LAB 15.0 KB
• EX-101 EX-101.PRE 10.1 KB