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Grand Canyon Education, Inc. cash flow statement

In fiscal 2025, Grand Canyon Education, Inc.'s operations generated $273m of cash; it spent $34.8m on capital projects, leaving free cash flow of $239m. It returned $265m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations614088144118167185238305199306309313221244290273279
Depreciation and amortisation812172225293645543618212122232831—
Stock-based pay35681010111213201011121313141414
Capital spending6063819879169205178114952229293545373536
Free cash flow1−2274740−2−2059191105284279284186199253239243
Free cash flow after stock pay−3−2713930−12−314717985274269273173186238225229
Share buybacks1412315951620112544134804604137173265343
Shares issued15—————————————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Grand Canyon Education, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Grand Canyon Education, Inc.