Grand Canyon Education Q1 2026 Earnings Report and Full Year Outlook

Grand Canyon Education, Inc. reported strong first quarter 2026 results with service revenue of $308.8 million, up 6.7% year-over-year, driven by a 7.1% increase in university partner enrollments to 136,884 students. Net income rose 5.2% to $75.3 million, with diluted EPS of $2.80, up from $2.52 in Q1 2025. Operating income increased 8.5% to $95.5 million, with operating margin improving to 30.9%. Adjusted EBITDA grew 8.5% to $110.7 million. The company provided detailed 2026 guidance, forecasting full-year service revenue between $1.17-1.19 billion, diluted EPS of $9.69-10.26, and operating margin of 27.8-29.0%. Liquidity decreased by $48.4 million to $251.7 million due to share repurchases and capital expenditures exceeding operating cash flow. The report includes quarterly outlooks for Q2-Q4 2026 with specific revenue, margin, and EPS guidance.