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Side-by-side financial comparison of Grand Canyon Education, Inc. (LOPE) and Upstart Holdings, Inc. (UPST). Click either name above to swap in a different company.
Grand Canyon Education, Inc. is the larger business by last-quarter revenue ($308.1M vs $296.1M, roughly 1.0× Upstart Holdings, Inc.). Grand Canyon Education, Inc. runs the higher net margin — 28.1% vs 6.3%, a 21.9% gap on every dollar of revenue. On growth, Upstart Holdings, Inc. posted the faster year-over-year revenue change (35.2% vs 5.3%). Grand Canyon Education, Inc. produced more free cash flow last quarter ($122.9M vs $108.4M). Over the past eight quarters, Upstart Holdings, Inc.'s revenue compounded faster (52.2% CAGR vs 5.9%).
Grand Canyon Education, Inc. (GCE) is an American for-profit corporation that provides services to universities, specializing in program development, online education, and operational support. Formerly affiliated with Grand Canyon University (GCU), a Christian university in Arizona, GCE became a separate publicly traded company in 2008.
Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
LOPE vs UPST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $308.1M | $296.1M |
| Net Profit | $86.7M | $18.6M |
| Gross Margin | — | — |
| Operating Margin | 35.1% | 6.4% |
| Net Margin | 28.1% | 6.3% |
| Revenue YoY | 5.3% | 35.2% |
| Net Profit YoY | 5.9% | 776.4% |
| EPS (diluted) | $3.13 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $308.1M | $296.1M | ||
| Q3 25 | $261.1M | $277.1M | ||
| Q2 25 | $247.5M | $257.3M | ||
| Q1 25 | $289.3M | $213.4M | ||
| Q4 24 | $292.6M | $219.0M | ||
| Q3 24 | $238.3M | $162.1M | ||
| Q2 24 | $227.5M | $127.6M | ||
| Q1 24 | $274.7M | $127.8M |
| Q4 25 | $86.7M | $18.6M | ||
| Q3 25 | $16.3M | $31.8M | ||
| Q2 25 | $41.5M | $5.6M | ||
| Q1 25 | $71.6M | $-2.4M | ||
| Q4 24 | $81.9M | $-2.8M | ||
| Q3 24 | $41.5M | $-6.8M | ||
| Q2 24 | $34.9M | $-54.5M | ||
| Q1 24 | $68.0M | $-64.6M |
| Q4 25 | 35.1% | 6.4% | ||
| Q3 25 | 6.9% | 8.5% | ||
| Q2 25 | 20.9% | 1.8% | ||
| Q1 25 | 30.4% | -2.1% | ||
| Q4 24 | 34.2% | -2.2% | ||
| Q3 24 | 20.2% | -27.8% | ||
| Q2 24 | 18.8% | -43.5% | ||
| Q1 24 | 30.8% | -52.8% |
| Q4 25 | 28.1% | 6.3% | ||
| Q3 25 | 6.2% | 11.5% | ||
| Q2 25 | 16.8% | 2.2% | ||
| Q1 25 | 24.8% | -1.1% | ||
| Q4 24 | 28.0% | -1.3% | ||
| Q3 24 | 17.4% | -4.2% | ||
| Q2 24 | 15.3% | -42.7% | ||
| Q1 24 | 24.8% | -50.5% |
| Q4 25 | $3.13 | $0.20 | ||
| Q3 25 | $0.58 | $0.23 | ||
| Q2 25 | $1.48 | $0.05 | ||
| Q1 25 | $2.52 | $-0.03 | ||
| Q4 24 | $2.83 | $-0.01 | ||
| Q3 24 | $1.42 | $-0.07 | ||
| Q2 24 | $1.19 | $-0.62 | ||
| Q1 24 | $2.29 | $-0.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $111.8M | $652.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $746.9M | $798.8M |
| Total Assets | $992.3M | $3.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $111.8M | $652.4M | ||
| Q3 25 | $97.3M | $489.8M | ||
| Q2 25 | $192.3M | $395.9M | ||
| Q1 25 | $144.5M | $599.8M | ||
| Q4 24 | $324.6M | $788.4M | ||
| Q3 24 | $263.6M | — | ||
| Q2 24 | $241.3M | — | ||
| Q1 24 | $196.2M | — |
| Q4 25 | $746.9M | $798.8M | ||
| Q3 25 | $758.0M | $743.7M | ||
| Q2 25 | $778.0M | $722.0M | ||
| Q1 25 | $780.7M | $676.6M | ||
| Q4 24 | $783.9M | $633.2M | ||
| Q3 24 | $764.1M | $595.5M | ||
| Q2 24 | $759.2M | $594.7M | ||
| Q1 24 | $759.4M | $612.8M |
| Q4 25 | $992.3M | $3.0B | ||
| Q3 25 | $1.0B | $2.9B | ||
| Q2 25 | $1.0B | $2.5B | ||
| Q1 25 | $1.0B | $2.3B | ||
| Q4 24 | $1.0B | $2.4B | ||
| Q3 24 | $992.9M | $1.8B | ||
| Q2 24 | $992.7M | $1.8B | ||
| Q1 24 | $1.0B | $1.9B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $130.5M | $108.6M |
| Free Cash FlowOCF − Capex | $122.9M | $108.4M |
| FCF MarginFCF / Revenue | 39.9% | 36.6% |
| Capex IntensityCapex / Revenue | 2.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 1.50× | 5.82× |
| TTM Free Cash FlowTrailing 4 quarters | $238.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.5M | $108.6M | ||
| Q3 25 | $-48.6M | $-122.6M | ||
| Q2 25 | $124.0M | $-120.2M | ||
| Q1 25 | $67.6M | $-13.5M | ||
| Q4 24 | $135.8M | $-110.9M | ||
| Q3 24 | $-29.4M | $179.3M | ||
| Q2 24 | $98.6M | $65.3M | ||
| Q1 24 | $85.0M | $52.6M |
| Q4 25 | $122.9M | $108.4M | ||
| Q3 25 | $-58.3M | $-122.7M | ||
| Q2 25 | $115.4M | $-120.3M | ||
| Q1 25 | $58.7M | — | ||
| Q4 24 | $126.1M | — | ||
| Q3 24 | $-39.0M | $179.2M | ||
| Q2 24 | $89.6M | $65.3M | ||
| Q1 24 | $76.0M | $51.9M |
| Q4 25 | 39.9% | 36.6% | ||
| Q3 25 | -22.3% | -44.3% | ||
| Q2 25 | 46.6% | -46.7% | ||
| Q1 25 | 20.3% | — | ||
| Q4 24 | 43.1% | — | ||
| Q3 24 | -16.3% | 110.5% | ||
| Q2 24 | 39.4% | 51.1% | ||
| Q1 24 | 27.7% | 40.6% |
| Q4 25 | 2.5% | 0.1% | ||
| Q3 25 | 3.7% | 0.0% | ||
| Q2 25 | 3.5% | 0.0% | ||
| Q1 25 | 3.1% | 0.0% | ||
| Q4 24 | 3.3% | 0.0% | ||
| Q3 24 | 4.0% | 0.1% | ||
| Q2 24 | 3.9% | 0.0% | ||
| Q1 24 | 3.3% | 0.5% |
| Q4 25 | 1.50× | 5.82× | ||
| Q3 25 | -2.99× | -3.86× | ||
| Q2 25 | 2.98× | -21.43× | ||
| Q1 25 | 0.94× | — | ||
| Q4 24 | 1.66× | — | ||
| Q3 24 | -0.71× | — | ||
| Q2 24 | 2.83× | — | ||
| Q1 24 | 1.25× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LOPE
Segment breakdown not available.
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
