Every material Form 8-K Grand Canyon Education filed with the SEC in 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Grand Canyon Education reported third quarter 2026 service revenue of $267.3 million, up 2.4%, and GAAP diluted EPS of $1.67 versus $0.58 a year earlier. The prior-year quarter included a $35.0 million litigation settlement, and adjusted diluted EPS was $1.77 versus $1.78 while adjusted EBITDA fell 3.2%, so the profit gain is largely a comparison effect. The board also approved a $355.0 million increase to its buyback authorization, and the company issued fourth quarter and full-year 2026 guidance.
Service revenue was $267.3 million, up from $261.1 million; university partner enrollments rose 5.2% to 145,270.
Diluted EPS was $1.67 versus $0.58; adjusted diluted EPS was $1.77 versus $1.78, and the prior-year quarter included a $35.0 million litigation settlement.
Adjusted EBITDA decreased 3.2% to $73.5 million from $75.9 million.
On October 28, 2026 the board approved a $355.0 million buyback increase; $394.5 million remained available as of November 2, 2026. Q4 2026 diluted EPS guidance is $3.57 to $3.61.
On September 28, 2026, Grand Canyon Education entered a five-year, $100.0 million senior secured revolving credit facility with Zions Bancorporation, N.A. dba National Bank of Arizona as administrative agent. The company intends to use borrowings mainly to fund stock repurchases and for general corporate purposes, and the facility carries covenants and default triggers that shareholders should note, including a delisting event of default.
$100.0 million five-year senior secured revolving facility dated September 28, 2026; includes a $10.0 million letter of credit sublimit
Borrowings intended primarily to fund repurchases of common stock under the board-approved repurchase program
Interest at one-month Term SOFR plus a margin of 1.50% to 2.00% based on leverage; quarterly unused fee of 0.0625%
Covenants require minimum fixed charge coverage of 1.10 to 1.00 and maximum leverage of 2.00 to 1.00; capital expenditures capped at $50.0 million per fiscal year
Grand Canyon Education said its Chief Financial Officer, Daniel E. Bachus, was placed on paid administrative leave effective August 21, 2026, in connection with an ongoing governmental investigation involving a non-employee third party's trades in Company stock. The Company said the leave is not related to its financial statements or accounting, and that it is not a focus of the investigation. The board named Lori Browning, its Chief Accounting Officer, as interim CFO and interim principal financial officer.
Daniel E. Bachus, CFO, placed on paid administrative leave effective August 21, 2026
Lori Browning, SVP & Controller – Chief Accounting Officer, appointed interim CFO and interim principal financial officer effective August 21, 2026
Company says the leave is not due to financial statement or accounting issues and that it is not a focus of the government investigation
Company has engaged outside counsel, is conducting its own investigation and is cooperating with the government
Grand Canyon Education reported second quarter 2026 service revenue of $264.0 million, up 6.7%, with operating income up 12.3% to $58.2 million and diluted EPS of $1.75 versus $1.48 a year earlier. The company also issued third quarter 2026 diluted EPS guidance of $1.68 to $1.72 and full-year 2026 guidance of $9.93 to $10.07, while unrestricted cash and investments fell to $274.5 million from $300.1 million at year-end 2025, largely due to share repurchases.
Service revenue of $264.0 million, up 6.7% from $247.5 million; university partner enrollments rose 7.6% to 126,231 at June 30, 2026
Diluted EPS of $1.75 versus $1.48; operating margin of 22.0% versus 20.9%
Q3 2026 guidance: service revenue of $268.5 million to $270.5 million and diluted EPS of $1.68 to $1.72; full-year 2026 diluted EPS of $9.93 to $10.07
Unrestricted cash and investments of $274.5 million at June 30, 2026, down from $300.1 million at December 31, 2025
Grand Canyon Education said director Jack A. Henry resigned from its Board, a resignation the company accepted after receiving written confirmation on June 22, 2026. The Board also reassigned two committee chair roles, which matters to shareholders because it changes who oversees audit and executive pay.
Jack A. Henry resigned as a director; he had served on the Board since November 2008.
Dr. Chevy Humphrey was appointed Audit Committee Chair, effective June 23, 2026, replacing Henry.
Kevin Warren was named Compensation Committee Chair, replacing Dr. Humphrey.
Grand Canyon Education reported first quarter 2026 results, with service revenue up 6.7% to $308.8 million and diluted earnings per share of $2.80, compared with $2.52 a year earlier. The company also issued second quarter, third quarter, fourth quarter and full-year 2026 outlook figures, including full-year service revenue of $1,169.3 million to $1,189.8 million and diluted EPS of $9.69 to $10.26.
Q1 2026 service revenue was $308.8 million, up $19.5 million from $289.3 million; operating income rose 8.5% to $95.5 million.
Net income was $75.3 million, up 5.2% from $71.6 million; diluted EPS was $2.80 versus $2.52.
Q2 2026 guidance calls for service revenue of $260.0 million to $264.0 million and diluted EPS of $1.57 to $1.68.
Cash and investments fell to $251.7 million at March 31, 2026 from $300.1 million, mainly due to share repurchases and capital expenditures.
Grand Canyon Education reported fourth quarter 2025 service revenue of $308.1 million, up 5.3%, and diluted EPS of $3.14 versus $2.84 a year earlier. For full year 2025, net income fell 4.4% to $216.2 million, weighed down by a $35.0 million litigation settlement, and the company issued 2026 guidance with full-year diluted EPS of $9.55 to $10.16.
Q4 2025 service revenue $308.1 million, up 5.3%; operating income $108.1 million, up 8.1%
Q4 2025 diluted EPS $3.14 vs. $2.84; full-year diluted EPS $7.71 vs. $7.73
Full-year 2025 net income $216.2 million, down 4.4%, including a $35.0 million litigation settlement
2026 full-year service revenue guidance of $1,167.5 million to $1,189.0 million; diluted EPS $9.55 to $10.16
Grand Canyon Education appointed Dilek Marsh as Chief Information Officer effective February 9, 2026, while she keeps her Chief Technology Officer role. She signed a new employment agreement that raises her annual base salary to $346,000 and sets a target bonus of 50% of base salary.
Effective date of appointment: February 9, 2026
Base salary increases to $346,000 under the new Employment Agreement
Target annual cash bonus increases to 50% of base salary, tied to performance metrics
Marsh has served as Chief Technology Officer since July 2021 and joined the company in 2008
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