Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $873M | $974M | $846M | $779M | $844M | $897M | $911M | $961M | $1.03B | $1.11B |
| Revenue growth | — | 11.5% | -13.2% | -7.9% | 8.4% | 6.2% | 1.6% | 5.4% | 7.5% | 7.1% |
| Operating income | $237M | $283M | $258M | $265M | $277M | $282M | $238M | $249M | $275M | $266M |
| Operating margin | 27.2% | 29.0% | 30.5% | 34.1% | 32.9% | 31.5% | 26.1% | 25.9% | 26.7% | 24.0% |
| Net income | $149M | $203M | $229M | $259M | $257M | $260M | $185M | $205M | $226M | $216M |
| Net margin | 17.0% | 20.9% | 27.1% | 33.3% | 30.5% | 29.0% | 20.3% | 21.3% | 21.9% | 19.5% |
| EPS (diluted) | $3.15 | $4.22 | $4.73 | $5.37 | $5.45 | $5.92 | $5.73 | $6.80 | $7.73 | $7.71 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $238M | $305M | $199M | $306M | $309M | $313M | $221M | $244M | $290M | $273M |
| Capital expenditures | $178M | $114M | $94.5M | $22.4M | $29.4M | $28.9M | $35.2M | $44.5M | $37.2M | $34.8M |
| Free cash flow | $59.5M | $191M | $105M | $284M | $279M | $284M | $186M | $199M | $253M | $239M |
| Share buybacks | $20.1M | $11.3M | $24.8M | $43.9M | $134M | $804M | $604M | $137M | $173M | $265M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $46.0M | $153M | $120M | $122M | $246M | $601M | $120M | $146M | $325M | $112M |
| Total assets | $1.09B | $1.30B | $1.32B | $1.69B | $1.84B | $1.22B | $833M | $930M | $1.02B | $992M |
| Total liabilities | $319M | $318M | $110M | $247M | $270M | $178M | $195M | $212M | $235M | $245M |
| Long-term debt | — | — | — | $141M | $108M | — | — | — | — | — |
| Shareholders' equity | $774M | $986M | $1.21B | $1.44B | $1.57B | $1.05B | $638M | $718M | $784M | $747M |
| Retained earnings | $651M | $854M | $1.08B | $1.34B | $1.59B | $1.86B | $2.04B | $2.24B | $2.47B | $2.69B |
| Shares (wtd avg diluted) | 47.1M | 48.2M | 48.4M | 48.3M | 47.2M | 44.0M | 32.2M | 30.1M | 29.3M | 28.0M |
Every figure is extracted from Grand Canyon Education, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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