Grand Canyon Education (NASDAQ: LOPE) lifts repurchase plan after GCU nonprofit nod

Rhea-AI Filing Summary

Grand Canyon Education, Inc. reported two key corporate developments tied to its relationship with Grand Canyon University (GCU) and capital return strategy. GCU announced that the U.S. Department of Education has formally recognized GCU’s status as a non-profit institution of higher education, resolving an outstanding review related to its participation in federal Title IV programs.

The company’s Board of Directors also approved a $300.0 million increase to its existing stock repurchase program, bringing total share repurchase authorization since the program began to $2,545.0 million. The authorization currently extends through March 1, 2027, and repurchases may be executed in the open market or through privately negotiated transactions under applicable SEC rules.

Positive

• U.S. Department of Education recognition of GCU’s nonprofit status resolves a key review related to the company’s most significant university partner and its Title IV participation.
• $300.0 million increase in share repurchase authorization brings total approvals under the program to $2,545.0 million, with authorization currently extending through March 1, 2027.

Negative

• None.

Insights

Education and regulatory analyst

Federal recognition of GCU’s nonprofit status removes a key regulatory overhang.

Grand Canyon University, the most significant university partner of Grand Canyon Education, had been under U.S. Department of Education review regarding its participation in Title IV as a non-profit institution. The company previously noted that other government-initiated or government-related actions had concluded on favorable terms, leaving this nonprofit determination as the main open item.

The announcement that ED has formally recognized GCU’s status as a non-profit institution of higher education clarifies an important regulatory question around federal student aid eligibility. This outcome may stabilize the operating environment for the partner university relationship, with implications for enrollment and funding frameworks tied to Title IV programs.

Capital allocation and equity analyst

A larger buyback authorization signals continued emphasis on returning capital to shareholders.

The Board approved a $300.0 million increase under the existing stock repurchase program, raising cumulative authorization since inception to $2,545.0 million. The authorization now runs through March 1, 2027, allowing the company to repurchase shares over an extended period.

Repurchases may occur in open-market transactions or privately negotiated deals in line with SEC rules, giving flexibility in how and when shares are bought. Actual impact for shareholders will depend on the pace and scale of repurchases executed under this enlarged authorization over time.

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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): December 10, 2025

Grand Canyon Education, Inc.

(Exact name of registrant as specified in its charter)

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

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

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

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

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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:

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

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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. ☐

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Item 7.01 Regulation FD Disclosure.

On October 30, 2025, Grand Canyon Education, Inc. (the “Company”) filed a Current Report on Form 8-K (the “Prior 8-K”) that provided an update on various legal matters affecting the Company and its most significant university partner, Grand Canyon University (“GCU”). In the Prior 8-K, we described how various government-initiated or government-related actions against the Company and GCU had been concluded on favorable terms other than GCU’s participation in Title IV as a non-profit institution, which at that time continued to be under review by the U.S. Department of Education (“ED”). On December 12, 2025, GCU announced that ED has formally recognized GCU’s status as a non-profit institution of higher education.

Item 8.01. Other Events.

On December 10, 2025, the Board of Directors of the Company approved a $300.0 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 $2,545.0 million. The current expiration date on the repurchase authorization by the Board of Directors is March 1, 2027. Repurchases may be made in the open market or in privately negotiated transactions, pursuant to the applicable Securities and Exchange Commission rules.

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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.

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​	GRAND CANYON EDUCATION, INC.
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Date: December 15, 2025	By:	/s/ Daniel E. Bachus
​	​	Daniel E. Bachus
​	​	Chief Financial Officer
​	​	(Principal Financial Officer)

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FAQ

What regulatory update did Grand Canyon Education (LOPE) provide about Grand Canyon University?

Grand Canyon Education reported that Grand Canyon University announced the U.S. Department of Education has formally recognized its status as a non-profit institution of higher education.

How does the U.S. Department of Education decision affect GCU’s Title IV participation?

The company previously noted GCU’s Title IV participation as a non-profit was under review; ED’s recognition of GCU as a non-profit institution resolves that outstanding issue.

How much did Grand Canyon Education (LOPE) increase its stock repurchase program by?

The Board approved a $300.0 million increase to the existing stock repurchase program.

What is the total share repurchase authorization for Grand Canyon Education after the increase?

After the increase, Grand Canyon Education has aggregate authorization for share repurchases of $2,545.0 million since the program began.

When does Grand Canyon Education’s current share repurchase authorization expire?

The current expiration date on the repurchase authorization set by the Board is March 1, 2027.

How can Grand Canyon Education (LOPE) execute its share repurchases?

The company may make repurchases in the open market or through privately negotiated transactions, subject to applicable SEC rules.