Grand Canyon Education Inc. reported service revenue of $261.1 million for the third quarter ended September 30, 2025, an increase of 9.6% from $238.3 million in the same period of 2024. Partner enrollments grew 7.9% to 138,073 from 127,977 the previous year. Operating income for the nine months ended September 30, 2025, was $157.8 million, down 10.0% from $175.4 million in 2024. The operating margin for this period was 19.8%, compared to 23.7% in 2024, primarily impacted by a $35.0 million litigation settlement reserve and other one-time costs. Adjusted operating income for the nine months was $202.3 million with an adjusted operating margin of 25.4%, up from $181.7 million and 24.5%, respectively, in 2024. Cash and cash equivalents and investments totaled $277.0 million as of September 30, 2025, down from $324.6 million at December 31, 2024. The company provides services to 20 university partners and reported that contract modifications and a shift in student mix affected revenue per student. For the fourth quarter of 2025, Grand Canyon Education forecasts service revenue between $305.0 million and $310.0 million, an operating margin between 35.1% and 35.8%, and diluted EPS between $3.07 and $3.18.