大峡谷教育 2025年度报告

A N N U A L R E P O R T D E A R S T O C K H O L D E R S , Grand Canyon Education (GCE) continues todeliver strong results for its university partners,students and the communities they serve. Asthe higher education landscape continues toevolve, we remain focused on expanding accessto high-quality, career-relevant educationwhile leveraging our decades of experience toadapt to changing student expectations andworkforce demands. offering high-achieving students enhancedrigor, leadership development opportunitiesand a differentiated academic experience. Additionally, since 2019, more than 15,000students have completed programs throughour other university partners in AcceleratedBachelor of Science in Nursing and OccupationalTherapy Assistant pathways, contributingmeaningfully to the health care workforcepipeline. Our hybrid pillar experienced growthof 18.7%, excluding closed sites and those inteach-out. Complementing this growth, ourprerequisite strategies continue to simplifywhat has historically been a complex enrollmentprocess. More than 20,500 students havetaken courses in GCU’s flexible and affordableonline nursing prerequisite pathway. Supportedby strong academic resources, these studentsare well-positioned to transition into ourpartners’ hybrid health care programs. GCE’s partnership with Grand Canyon University(GCU) remains a key driver of this success,delivering a differentiated value propositioncentered on quality, affordability and workforcealignment. Since becoming a service provider,GCE has supported GCU in graduating almost216,000 students. These graduates reflecta diverse and inclusive student population,representing a broad range of backgrounds,life experiences and communities. Many havepursued licensure degrees in high-demand fieldssuch as teaching, counseling, social work andnursing — disciplines essential to addressingcritical workforce shortages nationwide. GCE also continues to be a transformative forcein the communities we serve, supporting awide range of nonprofit organizations. In 2025,GCE contributed approximately $5 million toprivate school tuition organizations, helpingexpand educational access for students inneed. Employees are also encouraged to giveback through 16 hours of paid communityservice annually, while employee-drivengiving is supported through convenientpayroll contributions. In addition, GCE remainscommitted to scholarship fundraising effortsthat support the diverse student populationsserved by our university partners. Our online pillar continues to outperformlong-term growth expectations, fueled by anexpanding portfolio of programs and more than6,000 educational agreements across over37,300 locations. These partnerships enableemployers to develop talent from within whileproviding employees with flexible pathways toadvance their education and careers. Onlineenrollments grew 8.7% year over year. At the same time, GCU continues to expandprograms designed to lead directly toemployment, including new industry certificationpathways in technology and other high-demandfields. Recent program enhancements and newacademic offerings ensure continued alignmentwith employer needs and position GCU toremain relevant in a rapidly evolving workforcelandscape. As AI continues to reshape industries,GCU is intentionally developing programs thatemphasize durable, future-oriented skills whilethoughtfully integrating AI into the curriculum toenhance learning and prepare students for long-term career success. As we reflect on the past year and lookahead, GCE remains committed to buildinga reputation defined by strong academicoutcomes, operational excellence andmeaningful student impact. Guided bytransparency, integrity and accountability,we will continue to innovate, strengthen ourpartnerships and play a leadership role inshaping the future of higher education. We are confident in our ability to continuedelivering value to our partners, studentsand stockholders while expanding access toeducation and supporting workforce needsacross the country. We also anticipate continued momentumin our ground pillar. In the Fall 2025, newstudents studying on ground increased byalmost 10%.GCU’s launch of the IngramHonors College — expected to become oneof the largest and most impactful honorsprograms in the country — underscoresits commitment to academic excellence by Sincerely,/s/ Brian E. Mueller Chief Executive Officer and Chairman Form 10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended: December 31, 2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from [] to []Commission file number: 001-34211 GRAND CANYON EDUCATION, INC. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securitie