Grand Canyon Education, Inc. (FRA:GKD)

Grand Canyon Education Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	216.17	226.23	204.99	184.68	260.34
Depreciation & Amortization	39.9	36.55	31.97	31.18	30.41
Stock-Based Compensation	13.64	14.23	13.2	12.64	11.53
Provision & Write-off of Bad Debts	-	-	-	-	-5
Other Operating Activities	17	1.06	-0.04	1.25	6.35
Change in Accounts Receivable	-1.33	-4.14	-1.4	-7.35	-2.86
Change in Accounts Payable	-3.45	9.66	-3.11	-3.89	7.39
Change in Unearned Revenue	-	-	-	-0.01	0.01
Change in Income Taxes	-7.11	-0.87	-0.45	4.76	0.51
Change in Other Net Operating Assets	-1.33	7.22	-1.51	-2.43	4.44
Operating Cash Flow	273.49	289.96	243.66	220.82	313.12
Operating Cash Flow Growth	-5.68%	19.00%	10.35%	-29.48%	1.39%
Capital Expenditures	-34.84	-37.25	-44.54	-35.23	-218.88
Sale (Purchase) of Intangibles	-0.06	-0.41	-0.9	-0.4	-0.52
Investment in Securities	-187.19	99.03	-35.04	-61.51	10.46
Other Investing Activities	0.5	-	-	-	1,160
Investing Cash Flow	-221.59	61.37	-80.47	-97.14	950.98
Long-Term Debt Repaid	-	-	-	-	-107.77
Net Debt Issued (Repaid)	-	-	-	-	-107.77
Issuance of Common Stock	-	-	-	-	2.68
Repurchase of Common Stock	-264.76	-173.18	-137.12	-604.21	-803.83
Financing Cash Flow	-264.76	-173.18	-137.12	-604.21	-908.93
Net Cash Flow	-212.86	178.15	26.07	-480.53	355.17
Free Cash Flow	238.65	252.71	199.13	185.59	94.24
Free Cash Flow Growth	-5.56%	26.91%	7.29%	96.92%	-53.89%
Free Cash Flow Margin	21.58%	24.46%	20.72%	20.36%	10.51%
Free Cash Flow Per Share	8.52	8.63	6.61	5.76	2.14
Cash Interest Paid	-	0	0.03	0	3.7
Cash Income Tax Paid	53.9	65.26	59.03	48.57	61.9
Levered Free Cash Flow	200.57	196.87	149.03	145.7	6.03
Unlevered Free Cash Flow	200.57	196.87	149.03	145.7	8.28
Change in Working Capital	-13.22	11.88	-6.46	-8.93	9.49

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