Grand Canyon Education, Inc. (LOPE) · Nov 4, 2026 · Earnings

Grand Canyon Education earnings in line, but guidance cut

Guidance cut — FY diluted EPS $9.81-$9.85 vs prior $9.93-$10.07

Grand Canyon Education earnings were broadly in line, but weaker revenue and margins drove lower Q4 and full-year 2026 guidance.

Grand Canyon Education is expanding its education-services platform across 20 university partners, with growth increasingly coming from online programs and higher-value accelerated nursing sites while traditional GCU ground enrollment remains under pressure. The quarter confirms that enrollment growth is intact, but the economics and near-term outlook are softer than the headline EPS increase suggests.

The quarter was broadly in line, not a clean beat. Service revenue rose 2.4% to $267.3 million, helped by 5.2% growth in partner enrollment to 145,270, but it missed the published consensus of roughly $270.1 million. Adjusted diluted EPS of $1.77 was essentially in line with the roughly $1.76 consensus, while adjusted EBITDA fell 3.2% to $73.5 million. The reported GAAP EPS jump largely reflects the absence of the $35 million litigation settlement recorded in the year-ago quarter, not a comparable acceleration in core earnings.

	Q3 2026	Q3 2025	Consensus
Service revenue (Financial Highlights)	$267.3M (+2.4%)	$261.1M	~$270.1M
Diluted EPS (Income Statement)	$1.67	$0.58	~$1.76
Adjusted diluted EPS (Non-GAAP reconciliation)	$1.77	$1.78	~$1.76
Adjusted EBITDA (Adjusted EBITDA)	$73.5M (-3.2%)	$75.9M
Operating margin, adjusted (Financial Highlights)	20.5%	22.3%

The underlying mix is improving, but the revenue conversion is lagging enrollment. GCU online enrollment grew 7.1% and off-campus classroom and laboratory enrollment rose 12.6%, with ABSN sites generating higher revenue per student. That was offset by a 4.1% decline in GCU ground enrollment, lower online revenue per student, and a $7.5 million timing shift into Q4. The business is gaining students in the targeted growth channels, but lower yield and the changed GCU master-services economics mean enrollment growth is not translating into equivalent revenue growth. 〔0〕

The important change is the reset to a lower earnings path. Q4 revenue guidance fell to $320.5–$321.5 million from $324.0–$329.0 million, adjusted for the new presentation, while the operating-margin guide fell to 36.0–36.2% from 36.9–37.4%. Full-year diluted EPS was cut to $9.81–$9.85 from $9.93–$10.07, and full-year revenue was reduced to $1,160.7–$1,161.7 million from $1,165.3–$1,172.3 million. That is a clear deterioration versus the company’s own prior outlook, even though the Q3 EPS print itself was close to expectations.

Capital returns remain aggressive, but liquidity is materially thinner. GCE spent $278.3 million on share repurchases through nine months and authorized another $355 million, while unrestricted cash and investments declined to $162.1 million from $300.1 million at year-end. The buyback supports per-share results and has reduced the share count, but it also leaves less liquidity to fund site expansion or absorb further pressure in the core GCU relationship.

Bottom line: Enrollment growth and the ABSN expansion remain credible, but the lower revenue conversion and reduced Q4 and full-year outlook weaken the near-term operating story. This is a modestly negative update because the headline EPS was roughly in line while management reset expectations lower.

What to watch next

Q4 2026 results, early 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Grand Canyon Education earnings in line, but guidance cut

What to watch next

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