Grand Canyon Education Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	1,106	1,033	960.9	911.31	896.56
Revenue Growth (YoY)	7.07%	7.50%	5.44%	1.64%	6.22%
Cost of Revenue	517.71	488.57	457.19	423.81	381.26
Gross Profit	588.36	544.43	503.71	487.5	515.31
Selling, General & Admin	276.62	257.59	246.04	241.58	224.7
Amortization of Goodwill & Intangibles	8.42	8.42	8.42	8.42	8.42
Operating Expenses	285.04	266	254.45	250	233.12
Operating Income	303.32	278.43	249.26	237.5	282.19
Interest Expense	-	-	-	-0	-3.6
Interest & Investment Income	13.94	15.92	10.42	2.62	52.7
EBT Excluding Unusual Items	317.26	294.35	259.68	240.12	331.29
Asset Writedown	-	-1.9	-	-	-
Legal Settlements	-35	-	-	-	-
Other Unusual Items	-2.41	-1.13	-	-	-
Pretax Income	279.85	291.32	259.68	240.12	331.29
Income Tax Expense	63.68	65.08	54.69	55.44	70.95
Net Income	216.17	226.23	204.99	184.68	260.34
Net Income to Common	216.17	226.23	204.99	184.68	260.34
Net Income Growth	-4.45%	10.37%	11.00%	-29.07%	1.22%
Shares Outstanding (Basic)	28	29	30	32	44
Shares Outstanding (Diluted)	28	29	30	32	44
Shares Change (YoY)	-4.26%	-2.91%	-6.48%	-26.66%	-6.80%
EPS (Basic)	7.76	7.77	6.83	5.75	5.94
EPS (Diluted)	7.71	7.73	6.80	5.73	5.92
EPS Growth	-0.26%	13.68%	18.67%	-3.21%	8.62%
Free Cash Flow	238.65	252.71	199.13	185.59	94.24
Free Cash Flow Per Share	8.52	8.63	6.61	5.76	2.14
Gross Margin	53.19%	52.70%	52.42%	53.50%	57.48%
Operating Margin	27.42%	26.95%	25.94%	26.06%	31.47%
Profit Margin	19.54%	21.90%	21.33%	20.27%	29.04%
Free Cash Flow Margin	21.58%	24.46%	20.72%	20.36%	10.51%
EBITDA	343.22	314.98	281.23	268.68	312.6
EBITDA Margin	31.03%	30.49%	29.27%	29.48%	34.87%
D&A For EBITDA	39.9	36.55	31.97	31.18	30.41
EBIT	303.32	278.43	249.26	237.5	282.19
EBIT Margin	27.42%	26.95%	25.94%	26.06%	31.47%
Effective Tax Rate	22.75%	22.34%	21.06%	23.09%	21.41%

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