Investors interested in stocks from the Schools sector have probably already heard of Afya (AFYA) and Grand Canyon Education (LOPE) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores hi ...

Core Insights - The 17th Annual Phoenix C-Level Technology Leadership Summit will take place on March 5, 2026, focusing on the theme of Iconic Leadership and the evolving role of technology executives in a rapidly changing environment [3][4] - The summit will address the need for authentic and visionary leadership amidst global disruptions, emphasizing the importance of collaboration and insight-sharing among CIOs and other technology leaders [4][8] Event Details - The summit will feature discussions on how to lead like a CEO, harness data and AI for long-term business performance, and the role of security innovation as a strategic differentiator [6][8] - An exclusive session on Navigating AI Trade Offs Across the C Suite will be led by Chip Schenck from IBM, highlighting the importance of AI in strategic decision-making [5][6] Speaker Lineup - Notable speakers include CIOs and technology leaders from various organizations, such as Maryann Byrdak from Leslie's and Andrew Coyne from Banner Health, reflecting a diverse range of perspectives and local market challenges [5][6][7] - The speaker list is subject to change, indicating a dynamic approach to addressing current industry trends and challenges [7] Organizational Background - HMG Strategy, founded in 2008 by Hunter Muller, is a leading platform for CIO, CISO, and CEO leadership, with a global network of over 500,000 technology executives [10][11] - The organization focuses on empowering executives to drive innovation and shape the future of business technology through various events and resources [12][13]

Core Insights - The company's performance was significantly driven by an 8.7% growth in online enrollment and an 18.7% growth in hybrid programs, indicating a strong demand for flexible education models that align with labor market needs in nursing, teaching, and trades [1] Enrollment Growth - Online enrollment grew by 8.7%, while hybrid enrollment saw an impressive increase of 18.7%, showcasing the effectiveness of the company's educational offerings [1] Strategic Initiatives - The management attributes the success of the hybrid model to the 'advanced standing' student strategy, which allows students with partial degrees to complete prerequisites online before entering clinical sites [1] - The company is shifting its ground campus recruitment strategy by reallocating investments from high school counselors to social media and digital video platforms to engage students who are postponing college decisions [1] Operational Efficiency - The company is focusing on 're-careering' and enhancing human productivity through AI, with numerous proprietary AI products in development aimed at improving curriculum targeting and faculty efficiency [1] - Operational scale is being achieved by maintaining low tuition and debt levels, which is viewed as a critical competitive advantage amid a declining pool of high school graduates [1] Workforce Development - The Center for Workforce Development is expanding into manufacturing and construction sectors to align with the growing student preference for shorter, trade-oriented certificate programs [1] Revenue Dynamics - Revenue per student experienced a slight decline due to contract modifications, where GCE reduced its revenue share in exchange for partners taking on certain faculty costs [1]

Financial Data and Key Metrics Changes - Service revenue for Q4 2025 was $308.1 million, an increase of $15.5 million or 5.3% compared to $292.6 million in Q4 2024 [23][24] - Operating income for Q4 2025 was $108.1 million with an operating margin of 35.1%, compared to $100 million and 34.2% in Q4 2024 [25] - Net income for Q4 2025 was $86.7 million, with GAAP diluted income per share at $3.14 and non-GAAP diluted income per share at $3.21, exceeding consensus estimates by 2 cents [26][27] Business Line Data and Key Metrics Changes - Online enrollment growth was 8.7% in Q4 2025, while hybrid enrollment increased by 18.7% year-over-year, excluding closed sites [3][12] - Traditional campus enrollments were slightly down year-over-year, with new traditional campus enrollments up in the high single digits [9][10] - Hybrid campus enrollment increased by 16.6% year-over-year, with no new starts in Q4 but a higher than expected number of new students starting in the fall [12][13] Market Data and Key Metrics Changes - GCU has over 107,000 online students and 25,000 on-campus students, making it the largest private university in America [3] - The company has built 47 hybrid campuses to address healthcare field shortages and is expanding into workforce development programs in construction and manufacturing [4][18] - The number of high school graduates is declining, impacting traditional college enrollments, while online and shorter certificate programs are gaining popularity [10][11] Company Strategy and Development Direction - The company aims to leverage AI to enhance educational delivery and operational efficiency, focusing on producing graduates for future job markets [5][6] - GCE plans to continue expanding its program offerings and hybrid locations while being selective about new site openings to ensure scalability [17][39] - The company is investing in marketing and recruitment strategies to grow its ground campus and honors college, aiming to increase student enrollment significantly [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting long-term objectives despite challenging year-over-year comparisons, citing strong trends in enrollment and program demand [31][34] - The company anticipates mid- to high-single-digit growth in online enrollments for 2026, with ground campus enrollments expected to grow significantly due to improved marketing strategies [35][36] - Management highlighted the importance of adapting to regulatory changes and the evolving educational landscape, emphasizing a focus on responsible borrowing and student outcomes [78][82] Other Important Information - The effective tax rate for Q4 2025 was 22.4%, slightly higher than the previous year due to state income taxes [28] - The company repurchased 605,730 shares at a cost of approximately $100 million in Q4 2025, with $284.6 million remaining under the share repurchase authorization [29][44] - GCE has contributed $619 million in federal and state taxes while producing over 230,000 graduates since its inception as a service provider [22][23] Q&A Session Summary Question: Impact of government shutdown on military tuition assistance - The estimated impact was around $2.5 million to $3 million, slightly lower than initially expected [46][47] Question: Additional color on operating income and margin - Significant investments were made in the ground campus, particularly in recruitment efforts [48][49] Question: Future spending on marketing and recruitment - The company plans to continue spending on marketing, transitioning funds from counselor salaries to marketing efforts [54][56] Question: Update on corporate programs and employer relationships - Approximately a third of GCU starts come from corporate relationships, with plans to increase this percentage over time [66][70] Question: Regulatory environment and loan caps impact - Expected minimal impact from loan cap changes as GCU's tuition rates are below the caps, with no material changes at the bachelor's level [77][78]

Financial Data and Key Metrics Changes - Service revenue for Q4 2025 was $308.1 million, an increase of $15.5 million or 5.3% compared to $292.6 million in Q4 2024 [23][24] - Operating income for Q4 2025 was $108.1 million with an operating margin of 35.1%, compared to $100 million and 34.2% in Q4 2024 [25] - Net income for Q4 2025 was $86.7 million, with GAAP diluted income per share at $3.14 and non-GAAP diluted income per share at $3.21, exceeding consensus estimates by 2 cents [26][27] Business Line Data and Key Metrics Changes - Online enrollment growth was 8.7% in Q4 2025, with new starts in the mid-single digits [3][7] - Traditional campus enrollments were slightly down year-over-year, while total GCU ground enrollment remained flat [9][10] - Hybrid campus enrollment increased by 16.6% year-over-year, with a 18.7% increase excluding closed sites [12][24] Market Data and Key Metrics Changes - GCU has over 107,000 online students and 25,000 on-campus students, making it the largest private university in the U.S. [3] - The company has built 47 hybrid campuses to address healthcare field shortages and is expanding into construction and manufacturing workforce development [4][18] Company Strategy and Development Direction - The company aims to leverage AI to enhance educational delivery and operational efficiency, focusing on producing graduates for future job markets [5][6] - GCE plans to continue expanding its program offerings and hybrid locations while being selective about new site openings [17][39] - The company is investing in its honors college to attract high-achieving students and enhance its brand [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting long-term objectives despite challenging year-over-year comparisons [31][34] - The company anticipates continued growth in online enrollments, albeit at a slower rate due to increasing graduations and declining reentries [34][40] - Management highlighted the importance of adapting to macro trends in higher education, including the shift towards shorter certificate programs [10][11] Other Important Information - The effective tax rate for Q4 2025 was 22.4%, slightly lower than the previous year due to state income taxes [28] - The company repurchased 605,730 shares at a cost of approximately $100 million in Q4 2025, with $284.6 million remaining under the share repurchase authorization [29][44] Q&A Session Summary Question: Impact of government shutdown on military tuition assistance - The estimated impact was in the $2.5 million-$3 million range [46][47] Question: Additional color on operating income and margin - Significant investments were made related to the ground campus, impacting operating income and margin [48][49] Question: Update on corporate programs and employer relationships - About a third of GCU starts come from corporate relationships, with ongoing efforts to expand these partnerships [66][72]

Financial Data and Key Metrics Changes - Service revenue for Q4 2025 was $308.1 million, an increase of $15.5 million or 5.3% compared to $292.6 million in Q4 2024 [22][23] - Operating income was $108.1 million with an operating margin of 35.1%, compared to $100 million and 34.2% in the same period of 2024 [24] - Net income for Q4 2025 was $86.7 million, with GAAP diluted income per share at $3.14 and non-GAAP diluted income per share at $3.21, exceeding consensus estimates by 2 cents [25][26] Business Line Data and Key Metrics Changes - Online enrollment growth was 8.7%, while hybrid enrollment growth, excluding closed sites, was 18.7% [3][13] - Traditional campus enrollments were slightly down year-over-year, with new traditional campus enrollments up in the high single digits [10][11] - Hybrid campus enrollment increased by 16.6% year-over-year, with significant growth attributed to new online science courses [13][14] Market Data and Key Metrics Changes - GCU has over 107,000 online students and 25,000 on-campus students, making it the largest private university in America [3] - The company has built 47 hybrid campuses to address healthcare field shortages and is expanding into construction and manufacturing workforce development [4][18] - The company has helped graduate over 215,000 students in various fields, including nursing and education, addressing national labor shortages [20][21] Company Strategy and Development Direction - The company aims to leverage AI to enhance educational delivery and operational efficiency, focusing on producing graduates who can adapt to future job markets [5][8] - GCE is expanding its programmatic offerings and has made significant investments in marketing and recruitment strategies to grow its ground campus [12][49] - The company is being selective with new site openings, focusing on scalability and profitability while expanding its hybrid program offerings [17][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting long-term objectives despite challenging year-over-year comparisons, citing strong trends in enrollment and program relevance [29][32] - The company anticipates mid- to high-single-digit growth in online enrollments for 2026, with a focus on maintaining competitive pricing and high retention rates [30][34] - Management noted that regulatory changes are expected to have little to no impact on the company, particularly at the bachelor's level [77][78] Other Important Information - The effective tax rate for Q4 2025 was 22.4%, slightly higher than the previous year due to state income taxes [27] - The company repurchased 605,730 shares at a cost of approximately $100 million in Q4 2025, with plans to continue share buybacks [28][41] - Total unrestricted cash and cash equivalents were $300.1 million as of December 31, 2025, with anticipated capital expenditures for 2026 between $30 million and $35 million [28] Q&A Session Summary Question: Impact of government shutdown on military tuition assistance - Management estimated the impact to be in the $2.5 million to $3 million range [43][44] Question: Additional color on operating income and margin - Significant investments were made related to the ground campus, impacting operating income [45][46] Question: Enrollment growth and marketing strategies - The company is shifting funds from counselor salaries to marketing, expecting effective results [51][54] Question: Corporate programs and employer relationships - About a third of GCU starts come from corporate relationships, with ongoing efforts to expand these partnerships [66][69] Question: Regulatory environment and loan caps - Management expects little to no impact from upcoming regulatory changes, particularly at the bachelor's level [77][78]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Exact name of registrant as specified in its charter) Delaware 20-3356009 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ...

Revenue Performance - Service revenue for the year ended December 31, 2025 was $1,106.1 million, an increase of $73.1 million, or 7.1%, compared to $1,033.0 million for 2024, driven by a 7.1% increase in university partner enrollments to 136,239[4] - For the three months ended December 31, 2025, service revenue was $308.1 million, an increase of $15.5 million, or 5.3%, compared to $292.6 million for the same period in 2024, also due to a 7.1% increase in university partner enrollments[5] - Service revenue for Q4 2025 was $308,119,000, an increase of 5.3% from $292,573,000 in Q4 2024[25] - Full year 2026 diluted EPS guidance is projected to be between $9.79 and $10.40, with service revenue expected between $1,167.5 million and $1,189.0 million[13] Income and Earnings - Operating income for the year ended December 31, 2025 was $265.9 million, a decrease of $9.5 million, or 3.4%, compared to $275.4 million for 2024, with an operating margin of 24.0%[8] - Net income for the year ended December 31, 2025 was $216.2 million, a decrease of $10.0 million, or 4.4%, compared to $226.2 million for 2024, with adjusted net income of $254.5 million[8] - Operating income for Q4 2025 was $108,079,000, up from $100,027,000 in Q4 2024, representing an 8.2% increase[25] - Basic earnings per share for Q4 2025 was $3.16, compared to $2.86 in Q4 2024, marking a 10.5% increase[25] - Net income for Q4 2025 was $86.7 million, compared to $81.9 million in Q4 2024, reflecting a 4.5% increase[36] - Non-GAAP net income for Q4 2025 was $88.7 million, compared to $85.1 million in Q4 2024, indicating a 4.2% increase[36] - GAAP diluted income per share for Q4 2025 was $3.14, up from $2.84 in Q4 2024, marking a 10.6% increase[36] Enrollment Growth - GCU enrollments increased to 131,826 at December 31, 2025, a 7.0% increase over 2024, while online enrollments rose to 107,148, an increase of 8.7%[5] - The company plans to open five new off-campus sites in 2025, contributing to enrollment growth[5] Costs and Expenses - Total costs and expenses for the year ended December 31, 2025, were $840,160,000, an increase of 10.9% from $757,603,000 in 2024[25] - The company incurred $40.5 million in litigation and regulatory costs for the year ended December 31, 2025, significantly higher than $6.2 million in 2024[35] - The company reported a litigation settlement expense of $35,000,000 for the year ended December 31, 2025[25] - Contributions in lieu of state income taxes amounted to $5.0 million for the year ended December 31, 2025, compared to $4.5 million in 2024[35] - The company reported a loss on fixed asset disposal of $0.9 million for the year ended December 31, 2025, compared to $0.1 million in 2024[35] Adjusted EBITDA - Adjusted EBITDA increased 8.4% to $368.6 million for the year ended December 31, 2025, compared to $340.0 million for 2024[8] - Adjusted EBITDA for Q4 2025 was $123.3 million, up from $116.6 million in Q4 2024, representing a 2.5% increase year-over-year[35] - For the year ended December 31, 2025, Adjusted EBITDA reached $368.6 million, an increase of 8.4% from $340.0 million in 2024[35] Tax and Compliance - The effective tax rate for the year ended December 31, 2025 was 22.8%, compared to 22.3% for 2024, influenced by higher state income taxes[8] - The company plans to continue expanding its services and managing risks associated with strategic initiatives and regulatory compliance[19] - The company expects to continue facing unusual, non-routine, or non-recurring expenses in the future, which may affect Adjusted EBITDA[33] Assets and Cash Flow - Total assets as of December 31, 2025, were $992,305,000, down from $1,018,425,000 in 2024, a decrease of 2.6%[27] - Cash and cash equivalents decreased to $111,762,000 from $324,623,000, a decline of 65.5% year-over-year[29] - Amortization of intangible assets for the year ended December 31, 2025, was $8.4 million, consistent with the previous year[36]

Core Insights - Grand Canyon Education, Inc. reported a 5.8% increase in adjusted EBITDA to $123.3 million for Q4 2025 compared to $116.6 million in Q4 2024 [1] - The company experienced a net income of $86.7 million for Q4 2025, reflecting a 5.9% increase from $81.9 million in Q4 2024 [1] - For the full year 2025, adjusted EBITDA rose by 8.4% to $368.6 million, while net income decreased by 4.4% to $216.2 million compared to 2024 [2] Financial Performance - Q4 2025 diluted net income per share was $3.14, up from $2.84 in Q4 2024, with adjusted diluted net income per share at $3.21 compared to $2.95 [1] - Service revenue for Q4 2025 was $308.1 million, a 5.3% increase from $292.6 million in Q4 2024, driven by a 7.1% rise in university partner enrollments [1][2] - For the full year 2025, service revenue reached $1,106.1 million, marking a 7.1% increase from $1,033.0 million in 2024 [2] Enrollment Growth - Grand Canyon University (GCU) enrollments increased to 131,826 as of December 31, 2025, a 7.0% rise from the previous year [1] - Off-campus classroom and laboratory site enrollments grew by 16.6% to 5,738, with GCU online enrollments increasing by 8.7% to 107,148 [1] Tax and Operating Income - Income tax expense for Q4 2025 was $25.0 million, a 13.5% increase from $22.1 million in Q4 2024, with an effective tax rate of 22.4% [1] - Operating income for Q4 2025 was $108.1 million, an 8.1% increase from $100.0 million in Q4 2024, with an operating margin of 35.1% [1] Liquidity and Capital Resources - The company's liquidity position decreased by $24.5 million from December 31, 2024, primarily due to cash used for share repurchases and capital expenditures [2] - Unrestricted cash and cash equivalents were $300.1 million as of December 31, 2025, down from $324.6 million in 2024 [2] 2026 Outlook - For Q1 2026, the company expects diluted EPS between $2.70 and $2.73, with service revenue projected between $307.0 million and $308.0 million [3] - Full year 2026 diluted EPS is anticipated to be between $9.55 and $10.16, with service revenue expected between $1,167.5 million and $1,189.0 million [3]

Stock Performance - On January 6, 2026, Canyon Education (LOPE.US) experienced a rapid stock price increase of 5.10%, closing at $173.82 per share, with a trading volume of 155,984 shares. The overall education services industry saw a rise of 3.86% during the same period, but no investment recommendations were made by institutions for this stock [1]. Financial Performance - On November 15, 2025, the company reported its Q3 financial results for the fiscal year 2025, showing a net profit of $16.27 million, a year-over-year decline of 60.77%. The revenue was $261 million, reflecting a year-over-year growth of 9.66%. In terms of liabilities, total liabilities amounted to $27.5 million, with a current ratio of 3.17 [2].