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Grand Canyon Education helps U.S. universities recruit students, deliver courses and manage student administration. It combines marketing and admissions support with online teaching systems and academic support, with services tailored to each partner. Universities pay it a contractual share of tuition revenue. It also provides off-campus classrooms and laboratories for healthcare programs offered with universities and healthcare networks.
The business centers on Grand Canyon University (GCU), an Arizona nonprofit university offering online and campus-based programs. GCU accounts for the vast majority of students Grand Canyon Education supports and a large share of its revenue. Income depends on partners attracting and retaining students, the tuition those students pay and the agreed revenue share. The relationship with GCU is especially important, and GCU has the right to end the services agreement with advance notice.
Recruiting rules constrain this model: covered employees generally cannot receive pay tied to successful recruitment or enrollment. Tuition sharing relies on Department of Education guidance allowing an unaffiliated provider to bundle recruitment with other services; that guidance is not codified. Partners also need accreditation and regulatory eligibility for federal student aid, which supports enrollment.
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Grand Canyon Education’s results depend overwhelmingly on nonprofit partner Grand Canyon University, which accounted for more than 131,800 of its roughly 136,200 supported students at December 31, 2025.
Strategic Education and Grand Canyon Education both depend on demand for U.S. online degrees: Strategic Education educates students at Capella and Strayer, while Grand Canyon Education earns fees supporting GCU’s competing programs. Watch Capella and Strayer enrollment for a read on demand for undergraduate and graduate degrees.
Covista serves online and nursing students through Walden and Chamberlain in markets also served by Grand Canyon Education’s university clients, which pay it for program support. Chamberlain’s nursing enrollment offers a comparison for demand facing the healthcare programs Grand Canyon Education supports.
Perdoceo Education and Grand Canyon Education share exposure to online degree and healthcare enrollment, but Perdoceo earns revenue by educating students while Grand Canyon Education earns fees supporting universities. Watch Perdoceo’s online programs and USAHS’s graduate health-sciences programs as comparisons for demand at Grand Canyon Education’s partners.
Phoenix Education Partners and Grand Canyon Education both rely heavily on one university’s degree enrollment: Phoenix earns nearly all its revenue from University of Phoenix degree programs, while Grand Canyon Education earns university service fees dominated by GCU, especially its online programs. Watch Phoenix’s reports of competition for working adults, including rivals offering lower tuition.
American Public Education’s online and nursing schools serve demand that also matters to Grand Canyon Education, which earns fees supporting GCU’s online degrees and university partners’ healthcare programs. Watch enrollment at APUS and at Rasmussen and Hondros for separate views of online-degree and nursing demand.
Graham Holdings’ Kaplan business competes with Grand Canyon Education for university clients that pay for technology, marketing, admissions and other online-program support. Kaplan’s university-support fees are the relevant comparison, rather than Graham’s overall results, which also include broadcasting, healthcare and other businesses.
Covista Inc. earningsCVSA
Covista’s report will show Chamberlain nursing enrollment, offering a read on healthcare-program demand in markets also served by Grand Canyon Education’s university partners.
Focus on the change in Chamberlain nursing enrollment. Growth would suggest demand for healthcare programs in this shared market remains supportive of student recruitment at Grand Canyon Education’s partners; flat or falling enrollment would point to softer demand, but would not establish that GCE’s own enrollment is falling.
Grand Canyon Education, Inc earningsThis company
Grand Canyon Education earns fees for supporting university partners, and its report will show whether partner enrollment growth is still lifting service revenue and what is happening to revenue per student.
Read partner enrollment alongside service revenue, then check revenue per student. If enrollment and revenue grow together while revenue per student holds steady, added students are translating into fees. Slower enrollment growth or falling revenue per student would show that demand or factors such as contract revenue shares are constraining growth.
GRAHAM HOLDINGS COMPANY earningsGHC
Graham Holdings’ report will show whether universities are still paying Kaplan for online-program support, a market in which Grand Canyon Education also competes for partner contracts.
Look at Kaplan’s university-support revenue and performance, not Graham Holdings’ overall results. Growth in this business would show universities still pay for online-program support, supporting demand in the market where Grand Canyon Education seeks partner contracts. Weakness would point to softer client demand or tougher competition for those contracts.
