Grand Canyon Education Inc

gce.com

What Do They Do?

Provides colleges and universities with technology, academic and student support, and marketing services for their education programs.

How Do They Make Money?

University partners pay GCE a percentage of tuition and fee revenue for technology, academic, marketing and back-office services; fees are based on services provided each day or semester and are settled in under a year.

FY2025 revenue

Who Are Their Customers?

Universities contract with GCE under master services agreements for education services; for healthcare programs, GCE works with universities and healthcare networks at off-campus classroom and laboratory sites.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 89% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 20 cents of every revenue dollar as net income in FY2025 and turned 22 cents into free cash flow.

Operating income, FY2025

24% of revenue

▼ −3% vs FY2024 ($275.4M, 27%)

Net income, FY2025

20% of revenue

▼ −4% vs FY2024 ($226.2M, 22%)

Free cash flow, FY2025

22% of revenue

▼ −6% vs FY2024 ($252.7M, 24%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +7%; vs $247.5M in Q2 FY2025
Net income: ▲ +10%; vs $41.5M in Q2 FY2025

Aug 24, 2026 CFO placed on leave and interim CFO appointed The leave is connected to a government investigation involving a third party’s trades in company stock.
Jul 30, 2026 Set third-quarter revenue and operating-margin outlook For Q3 2026, it projected service revenue of between $268.5 million and $270.5 million and operating margin of between 19.5% and 20.0%.

Growing. Revenue grew 23% in 4 years, from $896.6M in FY2021 to $1.1B in FY2025, about 5% a year.

Who Do They Compete With?

Competes with Pearson Online Learning Services, Academic Partnerships, and 2U

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