When working in the Academics or Core > Analysis > Manage Lists students the GPA's will not automatically update or calculate on the fly. These have to be manually updated as this list is pulling a stored value.

In order to update the GPAs:
  1. Go to Academics 
  2. Grades > Select Grade Calculations
  3. Select Calculations
  4. Select Calculate
  5. Filter on the preferred School Year, School Level and Term
  6. Select the preferred GPA calculation(s)
  7. Select the preferred records to include 
  8. Select Generate

Give it a few moments to process, and then go and check the list and make sure the appropriate columns have been selected to see the GPAs.