Grand Canyon Education Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	1,091	1,033	960.9	911.31	896.56	844.1
Revenue Growth (YoY)	7.05%	7.50%	5.44%	1.64%	6.22%	8.41%
Cost of Revenue	512.29	488.57	457.19	423.81	381.26	350.55
Gross Profit	578.24	544.43	503.71	487.5	515.31	493.55
Selling, General & Admin	272.65	258.72	246.04	241.58	224.7	207.69
Amortization of Goodwill & Intangibles	8.42	8.42	8.42	8.42	8.42	8.42
Operating Expenses	281.07	267.14	254.45	250	233.12	216.11
Operating Income	297.17	277.3	249.26	237.5	282.19	277.44
Interest Expense	-0	-0	-0.03	-0	-3.6	-4.4
Interest & Investment Income	14.17	15.92	10.45	2.62	52.7	60.11
EBT Excluding Unusual Items	311.34	293.21	259.68	240.12	331.29	333.14
Asset Writedown	-1.9	-1.9	-	-	-	-
Other Unusual Items	-2.41	-	-	-	-	-
Pretax Income	272.03	291.32	259.68	240.12	331.29	333.14
Income Tax Expense	60.71	65.08	54.69	55.44	70.95	75.94
Net Income	211.32	226.23	204.99	184.68	260.34	257.2
Net Income to Common	211.32	226.23	204.99	184.68	260.34	257.2
Net Income Growth	-6.11%	10.37%	11.00%	-29.07%	1.22%	-0.76%
Shares Outstanding (Basic)	28	29	30	32	44	47
Shares Outstanding (Diluted)	28	29	30	32	44	47
Shares Change (YoY)	-3.91%	-2.91%	-6.48%	-26.66%	-6.80%	-2.28%
EPS (Basic)	7.50	7.77	6.83	5.75	5.94	5.49
EPS (Diluted)	7.46	7.73	6.80	5.73	5.92	5.45
EPS Growth	-2.31%	13.68%	18.67%	-3.21%	8.62%	1.49%
Free Cash Flow	241.85	252.71	199.13	185.59	94.24	204.41
Free Cash Flow Per Share	8.53	8.63	6.61	5.76	2.14	4.33
Gross Margin	53.02%	52.70%	52.42%	53.50%	57.48%	58.47%
Operating Margin	27.25%	26.84%	25.94%	26.06%	31.47%	32.87%
Profit Margin	19.38%	21.90%	21.33%	20.27%	29.04%	30.47%
Free Cash Flow Margin	22.18%	24.46%	20.72%	20.36%	10.51%	24.22%
EBITDA	336.34	313.85	281.23	268.68	312.6	307.09
EBITDA Margin	30.84%	30.38%	29.27%	29.48%	34.87%	36.38%
D&A For EBITDA	39.17	36.55	31.97	31.18	30.41	29.65
EBIT	297.17	277.3	249.26	237.5	282.19	277.44
EBIT Margin	27.25%	26.84%	25.94%	26.06%	31.47%	32.87%
Effective Tax Rate	22.32%	22.34%	21.06%	23.09%	21.41%	22.80%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.