Filing Flows › Grand Canyon Education (LOPE) › Q3 2025
Grand Canyon Education (LOPE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Grand Canyon Education (LOPE) reported revenue of $261M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +6% from the quarter before. Operating margin was 6.9%, net earnings $16.3M (6.2% of revenue).
Grand Canyon Education, Q3 2025: revenue $261M (+10% year over year), operating margin 6.9%, net earnings $16.3M, operating cash flow −$48.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $261M | +6% | +10% |
| Operating profit | $18.0M | -65% | -63% |
| Net earnings | $16.3M | -61% | -61% |
| Operating cash flow | −$48.6M | -139% | — |
What changed
Revenue was $261.1M in Q3 2025, up 10% year over year and up 6% from the previous quarter.
Operating profit was $18.0M, a 6.9% margin (down 13.3 points year over year). Operating profit fell $30.2M even though revenue rose $22.9M versus a year earlier, so costs grew faster than sales. Total costs grew 28% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+30%). Net earnings were $16.3M, down 61% year over year. The effective tax rate was 24.9%.
Operating cash flow was −$48.6M. Non-cash charges added back $3.3M of share-based compensation. Working capital and other items used $68.2M. Capital expenditures of $9.7M exceeded it, leaving free cash flow of −$58.3M.
Questions
What was Grand Canyon Education's revenue in the third quarter 2025?
Grand Canyon Education (LOPE) reported revenue of $261M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +6% from the quarter before.
Was Grand Canyon Education profitable in the third quarter 2025?
Operating profit was $18.0M (6.9% of revenue) and net earnings $16.3M.