Grand Canyon Education, Inc. Q3 2025 Earnings Recap

Grand Canyon Education delivered robust growth in the third quarter of 2025, characterized by a 9.6% increase in online enrollment and a strong performance in hybrid programs, despite slight declines in traditional campus enrollment.

Key Takeaways

• Online campus new starts rose mid-single digits, totaling 9.6% enrollment growth, aligning with long-term strategic objectives.
• Hybrid campus enrollments surged 17.4% year-over-year, driven by the introduction of affordable online prerequisite courses.
• Traditional ground campus enrollment remained flat due to prior year challenges, but early indicators for fall 2026 suggest positive recruitment momentum.
• Strategic partnerships with over 5,500 employers continue to support curriculum relevance and retention, enhancing GCU’s competitive position.
• Strong demand for healthcare programs, particularly in nursing, positions GCU well amidst rising interest among younger students.