Grand Canyon Education (GCE) is an education services company that provides technology, marketing, enrollment counseling, financial aid processing, and back-office support to colleges and universities. GCE does not operate a university itself — it sold Grand Canyon University (GCU) to a non-profit in 2018 and now operates as a third-party services provider. GCE earns revenue as a percentage of tuition collected by its university partners, so revenue grows as partner enrollments and tuition rates rise. GCU is by far GCE's most significant partner, accounting for the large majority of total enrolled students across GCE's three service pillars. The first and largest pillar supports GCU's online campus, which had over 107,000 students enrolled across 300+ programs. The second pillar supports GCU's traditional ground campus in Phoenix, which has grown to approximately 25,000 students. The third and fastest-growing pillar involves GCE building, funding, and operating off-campus classroom and lab sites for accelerated nursing and other healthcare programs, with 47 sites open across 20 university partners as of year-end 2025. GCE's cost structure is largely fixed, giving it operating leverage as enrollments grow. The hybrid healthcare pillar is more capital-intensive, as GCE funds physical site buildout, but site-level profitability improves as enrollment ramps. GCE targets 80 hybrid sites total and is expanding program types beyond nursing. GCE is debt-free, generates substantial free cash flow, and has been aggressively returning capital through share buybacks.