大峡谷教育 2026年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACTOF 1934 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrantwas required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required tobe submitted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or forsuch shorter period that the registrant was required to submit such files). Yes☒No◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-acceleratedfiler, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act.: Large Accelerated Filer☒Non-accelerated Filer☐ AcceleratedFiler☐SmallerReportingCompany☐Emerging GrowthCompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ The total number of shares of common stock outstanding as of July 28, 2026, was 26,065,037. GRAND CANYON EDUCATION,INC.FORM10-QINDEX PagePARTI– FINANCIAL INFORMATION3 Item1 Financial Statements3Item2 Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item3 Quantitative and Qualitative Disclosures About Market Risk28Item4 Controls and Procedures28 PARTII– OTHER INFORMATION Item1 Legal Proceedings28Item1A Risk Factors28Item2 Unregistered Sales of Equity Securities and Use of Proceeds28Item3 Defaults Upon Senior Securities29Item4 Mine Safety Disclosures29Item5 Other Information29Item6 Exhibits29SIGNATURES31 PARTI– FINANCIAL INFORMATION Item1.Financial Statements GRAND CANYON EDUCATION,INC.Consolidated Income Statements(Unaudited) GRAND CANYON EDUCATION,INC.Consolidated Balance Sheets GRAND CANYON EDUCATION,INC.Consolidated Statements of Comprehensive Income(Unaudited) The accompanying notes are an integral part of these consolidated financial statements. GRAND CANYON EDUCATION,INC.Consolidated Statement of Stockholders’ Equity(In thousands)(Unaudited) GRAND CANYON EDUCATION,INC.Consolidated Statements of Cash Flows(Unaudited) Six Months EndedJune30,(In thousands)20262025Cash flows provided by operating activities:Net income$121,200$113,164Adjustments to reconcile net income to net cash provided by operating activities:Share-based compensation7,0547,117Depreciation and amortization17,02815,260Amortization of intangible assets4,2104,210Deferred income taxes6181,657Other, including fixed asset disposals(307)(602)Changes in assets and liabilities:Accounts receivable50,04155,249Other assets(2,095)(4,732)Right-of-use assets and lease liabilities(307)379Accounts payable(7,841)(2,605)Accrued liabilities8923,014Income taxes receivable/payable(8,757)(14,622)Deferred revenue15,11914,150Net cash provided by operating activities196,855191,639Cash flows provided by (used in) investing activities:Capital expenditures(18,863)(17,561)Additions of amortizable content(44)(28)Purchase of equity investment—(1,000)Loss on equity investment100500Purchases of investments(36,672)(191,666)Proceeds from sale or maturity of investments121,10811,007Net cash provided by (used in) investing activities65,629(198,748)Cash flows used in financing activities:Repurchase of common shares and shares withheld in lieu of income taxes(203,186)(125,236)Net cash used in financing activities(203,186)(125,236)Net increase (decrease) in cash and cash equivalents and restricted cash59,298(132,345)Cash and cash equivalents and restricted cash, beginning of period111,762324,623Cash and cash equivalents and restricted cash, end of period$171,060$192,278Supplemental disclosure of cash flow informationCash paid for interest$—$—Cash paid for income taxes$43,728$44,476Supplemental disclosure of non-cash investing and financing activitiesPurchases of property and equipment included in accounts payable$1,110$1,302Excise tax on treasury stock repurchases$1,836$1,087 Grand Canyon Education, Inc.Notes to Consolidated Financial Statements(In thousands, except per share data) 1. Nature of Business Grand Canyon Education,Inc. (together with its subsidiaries, the “Company” or “GCE”) is apublicly traded education services company dedicated to serving colleges and universities. GCE hasdeveloped significant