---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-21-013722"
form_type: "8-K"
ticker: "LOPE"
cik: "0001434588"
company_name: "Grand Canyon Education, Inc."
filed_at: "2021-10-28T23:59:59+00:00"
generated_at: "2026-06-28T16:43:20.220710+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# GCU refinancing $500M note; Q3 net income down 8.4%, EPS $1.08

## Summary
- GCU to repay $500M of Secured Note; Modification replaces first-priority lien with trust obligation at 6%, due 2025.
- Q3 service revenue $206.8M (+4.2% YoY); operating income fell to $45.3M from $51.0M (margin 21.9% vs 25.7%).
- Net income $47.7M ($1.08 diluted EPS) vs $52.0M ($1.11); adjusted EPS $1.11 vs $1.14.
- Partner enrollments 118,832 (+0.9% YoY); off-campus classroom enrollments up 12.1% to 5,652.
- Company to repay and terminate GCE credit agreement; plans to use balance for share repurchases.

## SEC filing metadata
- accession: 0001558370-21-013722
- form_type: 8-K
- ticker: LOPE
- cik: 0001434588
- company_name: Grand Canyon Education, Inc.
- filed_at: 2021-10-28T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1434588/000155837021013722/0001558370-21-013722-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1434588/000155837021013722/lope-20211028x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-21-013722
- JSON: https://secwatch.observer/filing/0001558370-21-013722.json
- Plain text: https://secwatch.observer/filing/0001558370-21-013722.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.