GRAND CANYON EDUCATION, INC. REPORTS THIRD QUARTER 2026 RESULTS

(NASDAQ: LOPE) Grand Canyon Education, Inc. announced financial results for the third quarter and nine months ended September 30, 2026. Service revenue for Q3 2026 was $267.3 million, up $6.2 million or 2.4% from $261.1 million in Q3 2025, primarily due to a 5.2% increase in university partner enrollments to 145,270. Revenue from GCU, the largest university partner, for Q3 2026 was earned on tuition and academic-related fees under the Amended MSA, while Q3 2025 included additional ancillary fees under the Original MSA. Revenue per student slightly decreased due to six fewer days of revenue for ground traditional students, resulting in a $7.5 million impact, and a mix shift to online students with lower net tuition rates, partially offset by higher revenue per student from ABSN students at off-campus sites. GCU enrollments increased to 139,170, up 5.1% year-over-year. Off-campus classroom and laboratory site enrollments were 7,780, up 12.6%, including 1,680 GCU students in 2026 and 1,325 in 2025. Excluding closed or teach-out sites, off-campus enrollments increased 14.1%. Two new sites were opened and one closed in the nine months ended September 30, 2026, totaling 48 sites. GCU ground student enrollments were 23,650, down 4.1%, while GCU online enrollments were 115,520, up 7.1%. Operating income for Q3 2026 was $51.5 million, up $33.5 million or 185.6% from $18.0 million in Q3 2025. Operating margin for Q3 2026 was 19.3% versus 6.9% in Q3 2025. Operating income excluding amortization, non-recurring costs, and fixed asset disposals was $54.7 million (20.5% margin) in Q3 2026 and $58.2 million (22.3% margin) in Q3 2025. Income tax expense for Q3 2026 was $10.7 million, up $5.3 million or 99.5% from $5.4 million in Q3 2025, with an effective tax rate of 20.0% versus 24.9%. The effective tax rate was favorably impacted by $5.0 million in contributions in lieu of state income taxes in both periods. Net income for Q3 2026 was $43.0 million, up $26.7 million or 164.3% from $16.3 million in Q3 2025. As adjusted net income was $45.6 million in Q3 2026 and $49.7 million in Q3 2025. Diluted net income per share was $1.67 in Q3 2026 and $0.58 in Q3 2025. As adjusted diluted net income per share was $1.77 in Q3 2026 and $1.78 in Q3 2025. Adjusted EBITDA for Q3 2026 was $73.5 million, down 3.2% from $75.9 million in Q3 2025. For the nine months ended September 30, 2026, service revenue was $840.2 million, up $42.2 million or 5.3% from $798.0 million in 2025. Operating income for the nine months was $205.1 million, up $47.3 million or 29.9% from $157.8 million in 2025. Operating margin for the nine months was 24.4% in 2026 and 19.8% in 2025. Operating income excluding amortization, non-recurring costs, and fixed asset disposals was $212.5 million (25.3% margin) in 2026 and $202.3 million (25.4% margin) in 2025. Income tax expense for the nine months was $48.9 million, up $10.3 million or 26.5% from $38.6 million in 2025, with an effective tax rate of 22.9% versus 23.0%. The effective tax rate was favorably impacted by $5.0 million in contributions in lieu of state income taxes in both periods. Excess tax benefits from share-based compensation awards decreased to $1.4 million in 2026 from $2.7 million in 2025. Net income for the nine months was $164.2 million, up $34.8 million or 26.9% from $129.4 million in 2025. As adjusted net income was $170.0 million in 2026 and $166.1 million in 2025. Diluted net income per share was $6.25 in 2026 and $4.60 in 2025. As adjusted diluted net income per share was $6.47 in 2026 and $5.90 in 2025. Adjusted EBITDA for the nine months was $257.5 million, up 5.0% from $245.3 million in 2025. Liquidity, as measured by cash and cash equivalents and investments, decreased by $137.9 million between December 31, 2025 and September 30, 2026, primarily due to share repurchases and capital expenditures exceeding cash provided by operations. Unrestricted cash and cash equivalents and investments were $162.1 million at September 30, 2026 and $300.1 million at December 31, 2025. On October 28, 2026, the Board approved a $355.0 million increase to the stock repurchase program, bringing total authorization since inception to $2.9 billion, with $394.5 million remaining as of November 2, 2026. As of November 2, 2026, there were 25,510,517 shares of common stock outstanding. The repurchase program expires March 1, 2028 and may be funded by available cash, investments, operating cash flows, and a revolving line of credit. Q4 2026 guidance includes service revenue of $320.5–$321.5 million, operating margin of 36.0–36.2%, effective tax rate of 23.0%, diluted EPS of $3.57–$3.61, and 25.3 million diluted shares. As adjusted, non-GAAP diluted income per share is expected to be $3.63–$3.67. Full year 2026 guidance includes service revenue of $1,160.7–$1,161.7 million, operating margin of 27.6–27.7%, effective tax rate of 23.0%, diluted EPS of $9.81–$9.85, and 26.0 million diluted shares. As adjusted, non-GAAP diluted income per share is expected to be $10.09–$10.13.

GRAND CANYON EDUCATION, INC. REPORTS FIRST QUARTER 2026 RESULTS

Grand Canyon Education, Inc. (NASDAQ: LOPE) reported its financial results for the first quarter ended March 31, 2026. Service revenue for the quarter was $308.8 million, up 6.7% from the prior year, driven by a 7.1% increase in university partner enrollments to 136,884. Operating income rose to $95.5 million, and net income increased to $75.3 million. The company provided detailed financial outlooks for Q2, Q3, Q4, and the full year 2026, including projected service revenues, operating margins, and diluted EPS. Liquidity decreased by $48.4 million due to share repurchases and capital expenditures exceeding cash provided by operations.