On this page of StockholderLetter.com we present the latest annual shareholder letter from Grand Canyon Education, Inc. — ticker symbol LOPE. Reading current and past LOPE letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
DEAR STOCKHOLDERS, Grand Canyon Education (GCE) continues to achieve remarkable outcomes for its university partners, students and communities while navigating the evolving higher education landscape. With over 30 years of expertise, its leadership team remains dedicated to expanding access to high-quality education and supporting workforce development initiatives. GCE maintains a strong partnership with Grand Canyon University (GCU), delivering a differentiated value proposition that benefits students and communities. Our online pillar continues to exceed long-term growth objectives, driven by expanding program offerings and 5,000+ educational agreements across more than 34,000 locations. These partnerships help organizations develop internal talent pipelines and address state-specific licensure requirements. Since becoming a service provider, GCE has helped GCU graduate 183,632 students, many earning licensure degrees in high-demand fields such as teaching, counseling, social work and nursing. A growing percentage of these graduates are first-generation college students. Additionally, since 2019, 17,644 students have graduated from our other university partners Accelerated Bachelor of Science in Nursing (ABSN) or Occupational Therapy Assistant (OTA) programs. Our hybrid pillar returned to double-digit growth in 2024, driven by adjustments allowing students with relevant educational experience but without a completed bachelor s degree to enter select programs. Most of our university partners implementing these changes experienced year-over-year enrollment growth in Summer and Fall of 2024. To further expand access to healthcare education, GCE continues to invest in new enrollment initiatives, simulation technology, virtual reality and prerequisite strategies. These efforts address challenges in nursing education, including clinical faculty shortages and complex enrollment pathways. Over 12,412 students have enrolled in GCU s online nursing pre-requisite courses including those who are currently enrolled, have completed or did not complete the courses. These courses provide robust academic support, affordability and frequent start dates, serving as a key feeder into our partners hybrid healthcare programs. We anticipate a return to growth in our campus pillar enrollments in Fall 2025 as FAFSA-related enrollment challenges improve. This growth will be supported by new GCU programs equipping students with in-demand technical skills. Initiatives such as the Pre-Apprenticeship for Electricians and CNC Machining programs offer hands-on training for high-growth industries. Additionally, GCU will launch a one-of-a-kind, 24/7 immersive cybersecurity living space, providing practical, continuous learning experiences for cybersecurity enthusiasts. GCE continues to be a transformative force in the communities we serve, supporting numerous nonprofit organizations, including GCU CityServe, Habitat for Humanity and the Youth Opportunity Foundation. Key 2024 initiatives included: $4.5 million in contributions to private school tuition organizations, ensuring educational access for students in need. 16 hours of paid community service per full-time employee to encourage volunteerism. Employee-driven giving through the Allocate to Elevate program, benefiting Habitat for Humanity, GCU CityServe and K-12 education. Scholarship fundraising efforts for university partners students, reinforcing our commitment to affordability and accessibility. As we reflect on 2024 and look ahead, GCE remains committed to expanding access to higher education across diverse modalities while ensuring equitable opportunities for all students. Transparency, integrity and accountability guide our operations, ensuring stakeholders understand our strategic direction and impact. Our 2024 achievements highlight our ability to drive sustainable growth while maintaining a student-first approach. In 2025, we remain focused on fostering social mobility, improving educational access and addressing workforce shortages, all while continuing to innovate and expand our reach in higher education. /s/ Brian E. Mueller Chief Executive Officer and Chairman
 • shareholder letter icon 4/24/2025 Letter Continued (Full PDF)
 • stockholder letter icon 4/26/2024 LOPE Stockholder Letter
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LOPE Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT

DEAR STOCKHOLDERS,
Grand Canyon Education (GCE) continues to
achieve remarkable outcomes for its university
partners, students and communities while
navigating the evolving higher education
landscape. With over 30 years of expertise, its
leadership team remains dedicated to expanding
access to high-quality education and supporting
workforce development initiatives.
GCE maintains a strong partnership with
Grand Canyon University (GCU), delivering a
differentiated value proposition that benefits
students and communities. Our online pillar
continues to exceed long-term growth
objectives, driven by expanding program
offerings and 5,000+ educational agreements
across more than 34,000 locations. These
partnerships help organizations develop internal
talent pipelines and address state-specific
licensure requirements.
Since becoming a service provider, GCE has
helped GCU graduate 183,632 students, many
earning licensure degrees in high-demand
fields such as teaching, counseling, social
work and nursing. A growing percentage of
these graduates are first-generation college
students. Additionally, since 2019, 17,644
students have graduated from our other
university partners    Accelerated Bachelor of
Science in Nursing (ABSN) or Occupational
Therapy Assistant (OTA) programs.
Our hybrid pillar returned to double-digit
growth in 2024, driven by adjustments
allowing students with relevant educational
experience   but without a completed bachelor   s
degree   to enter select programs. Most of our
university partners implementing these changes
experienced year-over-year enrollment growth
in Summer and Fall of 2024.
To further expand access to healthcare
education, GCE continues to invest in new
enrollment initiatives, simulation technology,
virtual reality and prerequisite strategies.
These efforts address challenges in nursing
education, including clinical faculty shortages
and complex enrollment pathways. Over 12,412
students have enrolled in GCU   s online nursing
pre-requisite courses   including those who are
currently enrolled, have completed or did not
complete the courses. These courses provide
robust academic support, affordability and
frequent start dates, serving as a key feeder
into our partners    hybrid healthcare programs.
We anticipate a return to growth in our
campus pillar enrollments in Fall 2025 as
FAFSA-related enrollment challenges improve.
This growth will be supported by new GCU
programs equipping students with in-demand
technical skills. Initiatives such as the
Pre-Apprenticeship for Electricians and CNC
Machining programs offer hands-on training
for high-growth industries. Additionally, GCU
will launch a one-of-a-kind, 24/7 immersive
cybersecurity living space, providing
practical, continuous learning experiences for
cybersecurity enthusiasts.
GCE continues to be a transformative force in
the communities we serve, supporting numerous
nonprofit organizations, including GCU CityServe,
Habitat for Humanity and the Youth Opportunity
Foundation. Key 2024 initiatives included:
    $4.5 million in contributions to private school
tuition organizations, ensuring educational
access for students in need.
    16 hours of paid community service per
full-time employee to encourage volunteerism.
    Employee-driven giving through the
Allocate to Elevate program, benefiting
Habitat for Humanity, GCU CityServe and
K-12 education.
    Scholarship fundraising efforts for university
partners    students, reinforcing our
commitment to affordability and accessibility.
As we reflect on 2024 and look ahead, GCE
remains committed to expanding access to
higher education across diverse modalities while
ensuring equitable opportunities for all students.
Transparency, integrity and accountability guide
our operations, ensuring stakeholders understand
our strategic direction and impact.
Our 2024 achievements highlight our ability
to drive sustainable growth while maintaining
a student-first approach. In 2025, we remain
focused on fostering social mobility, improving
educational access and addressing workforce
shortages, all while continuing to innovate and
expand our reach in higher education.
/s/ Brian E. Mueller
Chief Executive Officer and Chairman


shareholder letter icon 4/24/2025 Letter Continued (Full PDF)
 

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