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Grand Canyon Education cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$36.0M in Q3 2026 · $265M over twelve months

Operating cash flow−$25.3M
Capital spending−$10.7M
Free cash flow−$36.0M
Cash / net income-0.6×

Analysis

In Q3 2026, Grand Canyon Education generated −$25.3M of operating cash flow and spent $10.7M on capital projects, leaving free cash flow of −$36.0M. That is $22.3M more than in Q3 2025 (−$58.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $302M; the largest uses were buybacks ($378M), capital spending ($37.2M), other financing ($352K); besides operations, cash came from other investing ($75.3M); the cash balance fell by $38.5M.

Operating cash flow was −$25.3M against net income of $43.0M — -0.6× profit, less cash than reported earnings, worth checking against working capital. The largest differences: receivables −$80.2M, prepaid and other assets +$3.8M, stock-based pay +$3.4M.

Free cash flow

Grand Canyon Education: free cash flow by quarterGrand Canyon Education: free cash flow by quarter$126MQ4 2024$58.7MQ1 2025$115MQ2 2025−$58.3MQ3 2025$123MQ4 2025$80.1MQ1 2026$97.9MQ2 2026−$36.0MQ3 2026
Operating cash flow less capital spending.
Grand Canyon Education: operating cash flow against capital spendingGrand Canyon Education: operating cash flow against capital spendingOperating cash flowCapital spending$136M$9.7MQ4 2024$67.6M$8.9MQ1 2025$124M$8.6MQ2 2025−$48.6M$9.7MQ3 2025$130M$7.6MQ4 2025$88.2M$8.1MQ1 2026$109M$10.7MQ2 2026−$25.3M$10.7MQ3 2026
Latest (Q3 2026): Operating cash flow −$25.3M, Capital spending $10.7M.

Capital allocation, year by year

Grand Canyon Education: where the cash came from (up) and went (down), by fiscal yearGrand Canyon Education: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingBuybacksFY2021: Operating cash flow $313MFY2021: Net borrowing −$108MFY2021: Shares issued $2.7MFY2021: Capital spending −$28.9MFY2021: Buybacks −$804M$316MFY2021FY2022: Operating cash flow $221MFY2022: Capital spending −$35.2MFY2022: Buybacks −$604M$221MFY2022FY2023: Operating cash flow $244MFY2023: Capital spending −$44.5MFY2023: Buybacks −$137M$244MFY2023FY2024: Operating cash flow $290MFY2024: Capital spending −$37.2MFY2024: Buybacks −$173M$290MFY2024FY2025: Operating cash flow $273MFY2025: Capital spending −$34.8MFY2025: Buybacks −$265M$273MFY2025
Over these 5 years operating cash flow totalled $1.3B; the largest uses were buybacks ($2.0B) and capital spending ($181M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$162M
Debtnone
Net cash$162M

Grand Canyon Education funds itself: free cash flow was $265M over the last twelve months, with $162M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Grand Canyon Education: sources (+) and uses (−) of cash, Q3 2026Grand Canyon Education: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$112MBuybacks−$75.1MOperating cash flow−$25.3MCapital spending−$10.7MOther investing−$796KOther financing−$352K
Grand Canyon Education: sources (+) and uses (−) of cash, TTM to Q3 2026Grand Canyon Education: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$378MOperating cash flow$302MOther investing$75.3MCash drawn (+) / kept (−)$38.5MCapital spending−$37.2MOther financing−$352K

From profit to cash

Grand Canyon Education: net income to operating cash flow, Q3 2026Grand Canyon Education: net income to operating cash flow, Q3 2026Net income$43.0MStock-based pay$3.4MDeferred taxes$673KOther non-cash$355KReceivables−$80.2MPayables$1.5MAccrued liabilities$528KPrepaid and other assets$3.8MIncome taxes payable−$841KOperating cash flow−$25.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026−$25.3M−$10.7M−$75.1M$112M−$36.0M
Q2 2026$109M−$10.7M−$75.3M−$74.9M$97.9M
Q1 2026$88.2M−$8.1M−$128M$15.6M$80.1M
Q4 2025$130M−$7.6M−$100M−$14.5M$123M
Q3 2025−$48.6M−$9.7M−$39.5M$95.0M−$58.3M
Q2 2025$124M−$8.6M−$47.4M−$47.8M$115M
Q1 2025$67.6M−$8.9M−$77.9M$180M$58.7M
Q4 2024$136M−$9.7M−$64.8M−$61.0M$126M

Grand Canyon Education: income statement and cash flow

Grand Canyon Education, Q3 2026: revenue $267M (+2% year over year), operating margin 19.3%. The chart follows the revenue to costs, profit and cash.

Grand Canyon Education: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.