Grand Canyon Education, Inc. (LOPE) Income Statement
LOPE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLOPE revenue and net income
Where LOPE's revenue goes
2025Each bar shows an amount and its share of revenue. LOPE kept 19.5% of revenue as net income.
LOPE profit margins
LOPE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.1% | +6.7% | +5.6% | +3.6% |
| Gross profit | +8.1% | +6.5% | +3.6% | +2.8% |
| Operating income | +10.1% | +8.5% | +1.8% | +3.7% |
| Net income | −4.4% | +5.4% | −3.4% | +5.1% |
| EPS (diluted) | +12.9% | +15.2% | +10.2% | +11.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LOPE quarterly EPS vs estimates
Grand Canyon Education beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.77).
LOPE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.11B | $1.03B | $960.9M | $911.3M | $896.6M | $844.1M | $778.6M | $845.5M | $974.1M | $873.3M |
| Cost of revenue | $517.7M | $488.6M | $457.2M | $423.8M | $381.3M | $350.5M | $314.1M | $421.6M | $554.6M | $508.3M |
| Gross profit | $588.4M | $544.4M | $503.7M | $487.5M | $515.3M | $493.6M | $464.5M | $423.9M | $419.6M | $365.0M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $276.6M | $258.7M | $246.0M | $241.6M | $224.7M | $207.7M | $187.2M | $147.4M | $172.3M | $162.5M |
| Total operating expenses | $285.0M | $269.0M | $254.5M | $250.0M | $233.1M | $216.1M | $199.4M | $165.8M | $136.8M | $127.8M |
| Operating income | $303.3M | $275.4M | $249.3M | $237.5M | $282.2M | $277.4M | $265.1M | $258.1M | $282.8M | $237.2M |
| Interest income | $13.9M | $15.9M | $8.8M | $2.6M | $52.7M | $59.2M | $59.3M | $26.9M | $2.9M | $249,000 |
| Interest expense | — | $4,000 | $33,000 | $2,000 | $3.6M | $4.4M | $11.3M | $1.5M | $2.2M | $1.3M |
| Income before taxes | $279.9M | $291.3M | $259.7M | $240.1M | $331.3M | $333.1M | $317.5M | $287.0M | $283.5M | $236.1M |
| Income taxes | $63.7M | $65.1M | $54.7M | $55.4M | $70.9M | $75.9M | $58.3M | $58.0M | $80.2M | $87.6M |
| Net income | $216.2M | $226.2M | $205.0M | $184.7M | $260.3M | $257.2M | $259.2M | $229.0M | $203.3M | $148.5M |
| EBITDA | $319.8M | $327.9M | $291.7M | $271.3M | $365.3M | $367.2M | $355.7M | $324.2M | $339.9M | $283.1M |
| EPS (diluted) | $9.09 | $8.05 | $7.04 | $5.95 | $6.07 | $5.59 | $5.52 | $5.14 | $4.03 | $3.20 |
| Gross margin | 53.2% | 52.7% | 52.4% | 53.5% | 57.5% | 58.5% | 59.7% | 50.1% | 43.1% | 41.8% |
| Operating margin | 27.4% | 26.7% | 25.9% | 26.1% | 31.5% | 32.9% | 34.1% | 30.5% | 29.0% | 27.2% |
| Net margin | 19.5% | 21.9% | 21.3% | 20.3% | 29.0% | 30.5% | 33.3% | 27.1% | 20.9% | 17.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $264.0M | $308.8M | $308.1M | $261.1M | $247.5M | $289.3M | $292.6M | $238.3M | $227.5M | $274.7M | $278.3M | $221.9M |
| Cost of revenue | $133.7M | $136.9M | $133.8M | $129.3M | $126.2M | $128.5M | $128.3M | $119.1M | $119.1M | $122.0M | $122.0M | $113.0M |
| Gross profit | $130.3M | $171.9M | $174.4M | $131.8M | $121.3M | $160.8M | $164.2M | $119.2M | $108.4M | $152.7M | $156.3M | $108.9M |
| Sales, general & admin | $70.1M | $74.3M | $64.2M | $74.3M | $67.4M | $70.7M | $60.2M | $68.9M | $63.5M | $66.1M | $56.4M | $65.3M |
| Total operating expenses | $72.2M | $76.4M | $66.3M | $76.4M | $69.6M | $72.8M | $64.2M | $71.0M | $65.6M | $68.2M | $58.5M | $67.4M |
| Operating income | $58.2M | $95.5M | $108.1M | $55.4M | $51.8M | $88.0M | $100.0M | $48.2M | $42.7M | $84.5M | $97.8M | $41.5M |
| Interest income | $2.7M | $3.0M | $3.7M | $3.6M | $3.2M | $3.4M | $3.9M | $4.2M | $4.1M | $3.7M | $3.0M | $2.7M |
| Interest expense | — | — | — | — | $0 | $0 | $0 | $0 | $2,000 | $2,000 | $6,000 | $1,000 |
| Income before taxes | $60.9M | $98.5M | $111.8M | $21.7M | $55.0M | $91.4M | $104.0M | $52.3M | $46.8M | $88.2M | $100.8M | $44.3M |
| Income taxes | $15.0M | $23.1M | $25.0M | $5.4M | $13.5M | $19.8M | $22.1M | $10.9M | $12.0M | $20.2M | $20.1M | $8.5M |
| Net income | $45.9M | $75.3M | $86.7M | $16.3M | $41.5M | $71.6M | $81.9M | $41.5M | $34.9M | $68.0M | $80.7M | $35.7M |
| EBITDA | $68.9M | $105.9M | $122.0M | $31.8M | $64.9M | $101.0M | $113.5M | $61.6M | $55.9M | $97.0M | $109.4M | $52.4M |
| EPS (diluted) | $1.81 | $2.86 | $3.21 | $1.78 | $1.53 | $2.57 | $2.95 | $1.48 | $1.27 | $2.35 | $2.77 | $1.26 |
| Gross margin | 49.4% | 55.7% | 56.6% | 50.5% | 49.0% | 55.6% | 56.1% | 50.0% | 47.6% | 55.6% | 56.2% | 49.1% |
| Operating margin | 22.0% | 30.9% | 35.1% | 21.2% | 20.9% | 30.4% | 34.2% | 20.2% | 18.8% | 30.8% | 35.1% | 18.7% |
| Net margin | 17.4% | 24.4% | 28.1% | 6.2% | 16.8% | 24.8% | 28.0% | 17.4% | 15.3% | 24.8% | 29.0% | 16.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LOPE's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LOPE financial results
In fiscal year 2025 (ended December 31, 2025), Grand Canyon Education reported revenue of $1.1 billion, up 7.1% from the year before. It had net income of $216.2 million (down 4.4%), a net profit margin of 19.5%. Diluted earnings per share came to $9.09. Over five years revenue grew at an average rate of 5.6% a year.
See the LOPE stock overview for the latest quote and news, or the LOPE chart for price history and technical indicators.
LOPE income statement FAQ
What is Grand Canyon Education's annual revenue?
Grand Canyon Education reported total revenue of $1.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.1% from $1.0 billion the previous year.
Is Grand Canyon Education profitable?
Yes. Grand Canyon Education reported net income of $216.2 million in fiscal 2025, a net profit margin of 19.5%; its operating margin was 27.4%.
What is Grand Canyon Education's gross margin?
Grand Canyon Education's gross margin was 53.2% in fiscal 2025: for every $100 of revenue, Grand Canyon Education kept $53 after the direct cost of its products and services.
How fast is Grand Canyon Education growing?
Revenue grew 5.6% a year on average over the last five fiscal years, from $844.1 million to $1.1 billion.
What are Grand Canyon Education's earnings per share?
Grand Canyon Education earned $9.09 per diluted share in fiscal 2025, compared with $8.05 a year earlier.
When will Grand Canyon Education report its next earnings?
Grand Canyon Education is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Grand Canyon Education's fiscal year end?
Grand Canyon Education's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.