Grand Canyon Education's Q2 results exceeded expectations, driven by strong enrollment growth in online and hybrid programs, especially ABSN, and robust cash generation. The 'One Big Beautiful Bill' (OBBB) is a major long-term tailwind, expanding the addressable market through Workforce Pell Grants and favoring GCE's affordable, job-focused programs. Aggressive share buybacks and a pristine balance sheet provide a 4-5% shareholder yield, with additional upside potential from future M&A or continued organic growth.