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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Grand Canyon Education (LOPE) investor relations material
Grand Canyon Education Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Service revenue for Q3 2025 rose 9.6% year-over-year to $261.1 million, driven by a 7.9% increase in partner enrollments to 138,073, with GCU enrollments up 7.7%.
Online enrollment grew 9.6% year-over-year, with hybrid enrollments up 19.3% excluding closed/teach-out sites, and new ground traditional enrollments rising in the high single-digits.
Net income for Q3 2025 was $16.3 million, down 60.8% from $41.5 million in Q3 2024, primarily due to a $35 million litigation settlement reserve.
Adjusted EBITDA for Q3 2025 increased 14.4% to $75.9 million year-over-year.
The company expanded to 47 off-campus sites in 2025, opening five new locations.
Financial highlights
Q3 2025 service revenue: $261.1 million (up 9.6% YoY); nine-month revenue: $798.0 million (up 7.8% YoY).
Adjusted operating income was $58.2 million (22.3% margin), up from $50.3 million (21.1%) in Q3 2024.
Net income for Q3 2025 was $16.3 million; adjusted non-GAAP diluted EPS was $1.78, up from $1.48 in Q3 2024.
Diluted EPS for Q3 2025 was $0.58, down from $1.42 in Q3 2024; as adjusted, diluted EPS was $1.78, up from $1.48.
CapEx for Q3 was $9.7 million (3.7% of service revenue); unrestricted cash and investments totaled $277 million at quarter-end.
Outlook and guidance
Full-year 2025 guidance updated to include Q3 results; Q4 guidance reaffirmed, with revenue expected in the top half of the range, excluding a $3 million impact from the government shutdown affecting military tuition assistance.
Q4 2025 service revenue expected between $305.0 million and $310.0 million, with operating margin of 35.1%–35.8%.
Q4 2025 diluted EPS guidance is $3.07–$3.18; as adjusted, $3.13–$3.24.
Full year 2025 service revenue projected at $1,103.0–$1,108.0 million, operating margin 24.0%–24.3%, and diluted EPS $7.66–$7.77; as adjusted, $9.02–$9.13.
New online enrollments expected to be up mid to high single-digits year-over-year in Q4; hybrid pillar expectations raised due to strong enrollments.
Future litigation risk post qui tam settlement?
Address online student net tuition rate decline
Strategy for high-revenue ABSN site expansion
ABSN growth from online prereq courses
Traditional campus marketing shift ROI
Competitive advantage in non-nursing licensure
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Next Grand Canyon Education earnings date
Q4 202519 Feb, 2026
Next Grand Canyon Education earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Grand Canyon Education, Inc. provides education services to colleges and universities in the United States, including tutoring minors in college and universities, delivering instruction and training for teaching majors, teacher certification courses, guidance counseling for first-year teachers, preparation for Florida certified tests (College Board Advanced Placement) such as AP English, AP Calculus AB & BC, College Entrance Exam Tests (SAT), College Entrance Exam Practice Exams (LSAT), SAT Subject Test and ACT Tests. Grand Canyon Education, Inc. is based in Phoenix, Arizona.
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