Graham Holdings Co

Previous wording

The Company reported netincome attributable to common shares of$281.1 million ($64.86 per share) for the second quarter of 2026, compared to $36.7 million ($8.35 per share) for the second quarter of 2025.

Current wording

The Company reported netincome attributable to common shares of$75.1 million ($17.60 per share) for the third quarter of 2026, compared to $122.9 million ($27.91 per share) for the third quarter of 2025.

Previous wording

•a $137.0 million settlement gain related to a retiree annuity pension purchase (after-tax impact of $101.3 million, or $23.38 per share);

Current wording

•a$15.0 million settlement gain related to a retiree annuity pension purchase (after-tax impact of$11.1 million, or$2.59 per share);

Previous wording

•$3.8 million in non-operating expenses related to Separation Incentive Programs (SIPs) and a Voluntary Retirement Incentive Program (VRIP) at the education, television broadcasting and manufacturing divisions, and other businesses (after-tax impact of $2.8 million, or $0.66 per share);

Current wording

•$3.2 million in non-operating expenses related to Separation Incentive Programs (SIPs) and a Voluntary Retirement Incentive Program (VRIP) (after-tax impact of $2.4 million, or $0.55 per share);

Previous wording

•$11.5 million in net losses on marketable equity securities (after-tax impactof $8.6 million, or$1.95 per share);

Current wording

•$15.0 million in net losses on marketable equity securities (after-tax impact of $11.2 million, or $2.62 per share);

Previous wording

•$19.2 million in income tax expense recorded in connection with global minimum corporate income tax obligations in non-U.S. jurisdictions ($4.43 per share).

Current wording

•a $3.9 million income tax benefit recorded in connection with global minimum income tax obligations in non-U.S. jurisdictions ($0.92 per share).

Previous wording

•a non-operating loss of $5.8 million from the impairment of an equity method investment (after-tax impact of $4.3 million, or $1.00 per share);

Current wording

•$5.8 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $4.3 million, or $0.98 per share); and

Previous wording

Revenue for the second quarter of 2026 was $1,302.5 million, up 7% from $1,215.8 million in the second quarter of 2025. Revenues increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education. The Company reported operating income of$83.6 million for the second quarter of 2026, compared to $72.8 million for the second quarter of 2025. The increase in operating results is due toimproved results at education, television broadcasting and other businesses, partially offset by declines at healthcare, manufacturing and automotive.

Current wording

Revenue for the third quarter of 2026 was $1,326.0 million, up 4% from $1,278.9 million in the third quarter of 2025. The Company reported operating income of$85.5 million for the third quarter of 2026, compared to $67.1 million for the third quarter of 2025. Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education.

Previous wording

For the first six months of 2026, the Company reported net income attributable to common shares of $310.2 million ($71.04 per share), compared to $60.6 million ($13.81 per share) for the firstsix months of 2025.

Current wording

For the first nine months of 2026, the Company reported net income attributable to common shares of $385.3 million ($88.92 per share), compared to $183.6 million ($41.75 per share) for the first nine months of 2025.

Previous wording

•$24.2 million of impairment charges and loss on sale related to KLG (after-tax impact of$24.8 million, or$5.67 per share);

Current wording

•$24.2 million of impairment charges and loss on sale related to KLG (after-tax impact of$24.8 million, or$5.72 per share);

Previous wording

•a $137.0 million settlement gain related to a retiree annuity pension purchase (after-tax impact of $101.3 million, or $23.21 per share);

Current wording

•a $151.9 million settlement gain related to a retiree annuity pension purchase (after-tax impact of $112.4 million, or $25.94 per share);

Previous wording

•$13.1 million in net earnings of affiliates whose operations are not managed by the Company (after-tax impact of$9.7 million, or$2.23 per share);

Current wording

•$6.8 million in net earnings of affiliates whose operations are not managed by the Company (after-tax impact of$5.0 million, or$1.16 per share);

Previous wording

•a $69.6 million income tax benefit related to the KLG business ($16.05 per share); and

Current wording

•a $68.1 million income tax benefit related to the KLG business ($15.72 per share); and

Previous wording

•$19.2 million in income tax expense recorded in connection with global minimum income tax obligations in non- U.S. jurisdictions ($4.39 per share).

Current wording

•$15.3 million in income tax expense recorded in connection with global minimum income tax obligations in non- U.S. jurisdictions ($3.52 per share).

Previous wording

Revenue for the first six months of 2026 was $2,538.5 million, up 7% from $2,381.7 million in the first six months of 2025. Revenues increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a slight decline at education. The Company reported operating income of $141.5 million for the first six months of 2026, compared to $120.2 million for the first six months of 2025. The increase in operating results is due to improved results at television broadcasting, manufacturing and other businesses, partially offset by declines at education, healthcare and automotive.

Current wording

Revenue for the first nine months of 2026 was $3,864.5 million, up 6% from $3,660.5 million in the first nine months of 2025. The Company reported operating income of $227.0 million for the first nine months of 2026, compared to $187.4 million for the first nine months of 2025. Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education.

Previous wording

Education division revenue totaled$417.8 million for the second quarter of 2026, down 4% from $436.8 million for the same period of 2025. Kaplan reported operating income of$50.3 million for the second quarter of 2026, compared to $46.2 million for the second quarter of 2025.

Current wording

Education division revenue totaled$404.3 million for the third quarter of 2026, down 14% from $472.7 million for the same period of 2025. Kaplan reported operating income of$39.3 million for the third quarter of 2026, compared to $49.1 million for the third quarter of 2025.

Previous wording

For the first six months of 2026, education division revenue totaled $858.3 million, down slightly from $861.5 million for the same period of 2025. Kaplan reported operating income of $82.7 million for the first six months of 2026, compared to $86.2 million for the first six months of 2025.

Current wording

For the first nine months of 2026, education division revenue totaled $1,262.6 million, down 5% from $1,334.2 million for the same period of 2025. Kaplan reported operating income of $121.9 million for the first nine months of 2026, compared to $135.3 million for the first nine months of 2025.

Previous wording

In the first quarter of 2026, the Company entered into an agreement to sell KLG included in Kaplan International and recorded a $19.0 million pre-tax impairment charge. Excluding the impairment charge, Kaplan’s operating income was up significantly in the first six months of 2026. The transaction closed on May 1, 2026 and the Company recorded a $5.2 million non-operating pre-tax loss on the sale of the business in the second quarter of 2026.

Current wording

In the first quarter of 2026, the Company entered into an agreement to sell KLG included in Kaplan International and recorded a $19.0 million pre-tax impairment charge. Excluding the impairment charge, Kaplan’s operating income was up in the first nine months of 2026. The KLG transaction closed on May 1, 2026 and the Company recorded a $5.2 million non-operating pre-tax loss on the sale of the business in the second quarter of 2026.

Previous wording

Kaplan International includes postsecondary education and professional training businesses largely outside the United States (U.S.). Kaplan International revenue decreased 7%for the second quarterof 2026 (10% decrease on a constant currency basis) and decreased 2% for the first six months of 2026 (7% decrease on a constant currency basis) due to the sale of KLG and declines at Pathways, partially offset by increases at Singapore and UK Professional. Kaplan International reported operating income of $32.9 million in the second quarter of 2026, compared to $29.9 million in the second quarter of 2025. Operating income increased to $64.3 million in the first six months of 2026, compared to $60.0 million in the first six months of 2025. Operating results at Singapore, Kaplan Open Learning, UK Professional and Australia grew as a result of strong enrollment growth. The increase was partially offset by broad declines at the Pathways businesses in the United Kingdom (U.K.), Australia and the U.S.

Current wording

Kaplan International includes postsecondary education and professional training businesses largely outside the United States (U.S.). Kaplan International revenue decreased 22%for the third quarterof 2026 (23% decrease on a constant currency basis) and decreased 9% for the first nine months of 2026 (12% decrease on a constant currency basis) due to the sale of KLG and broad declines at Pathways, partially offset by increases at Singapore and UK Professional. Kaplan International reported operating income of $17.3 million in the third quarter of 2026, down from $28.9 million in the third quarter of 2025. The decline in operating results was due to broad declines at the Pathways businesses, particularly in the U.S., and meaningful operating income at KLG in the third quarter of 2025 from the seasonally high summer enrollment months. Improved results at UK Professional, Singapore and Kaplan Higher Education UK (formerly Kaplan Open Learning) partially offset this decline. Operating income declined to $81.5 million in the first nine months of 2026, from $88.9 million in the first nine months of 2025. The decline in operating results was from broad declines at the Pathways businesses and increased losses at KLG. Partially offsetting the decline, operating results increased at Singapore, UK Professional, Kaplan Higher Education UK (formerly Kaplan Open Learning) and Australia.

Previous wording

Higher Education includes the results of Kaplan as a service provider to higher education institutions. Higher Education revenue increased 2% and 3% for the second quarter and first six months of 2026, respectively, due primarily to an increase in the Purdue Global fee recorded. Enrollments at Purdue Global, the largest institutional client, increased 5% for the first six months of 2026 compared to the first six months of 2025. For the second quarters and first six months of 2026 and 2025, Kaplan recorded the full fee from Purdue Global. The Company will continue to assess the fee it records from Purdue Global on a quarterly basis to make a determination as to whether to record all or part of the fee in the future and whether to adjust fee amounts recognized in earlier periods. Higher Education operating results declined in the second quarter of 2026, as operating results in the second quarter of 2025 included a portion of the Purdue Global full fee recognition related to the first quarter of 2025. Higher Education operating results improved in the first six months of 2026 due to an increase in the Purdue Global fee recorded, and a decline in higher education development costs.

Current wording

Higher Education includes the results of Kaplan as a service provider to higher education institutions. Higher Education revenue increased 2% and 3% for the third quarter and first nine months of 2026, respectively, due primarily to an increase in the Purdue Global fee recorded. Enrollments at Purdue Global, the largest institutional client, increased 4% for the first nine months of 2026 compared to the first nine months of 2025. For the third quarters and first nine months of 2026 and 2025, Kaplan recorded the full fee from Purdue Global. The Company will continue to assess the fee it records from Purdue Global on a quarterly basis to make a determination as to whether to record all or part of the fee in the future and whether to adjust fee amounts recognized in earlier periods. Higher Education operating results improved in the third quarter and first nine months of 2026 due to an increase in the Purdue Global fee recorded, and a decline in higher education development costs.

Previous wording

Supplemental Education includes Kaplan’s standardized test preparation programs and domestic professional and other continuing education businesses. Supplemental Education revenue was up slightly in the first half of 2026 due to growth in some of its professional preparation program offerings, offset by softness in publishing sales volume. Operating results increased in the second quarter and first six months of 2026 from improved margins.

Current wording

Supplemental Education includes Kaplan’s standardized test preparation programs and domestic professional and other continuing education businesses. Supplemental Education revenue was down 2% for the first nine months of 2026 due to declines in the retail channel of its exam preparation programs; offset in part by growth in the institutional channel. Operating results decreased in the third quarter and first nine months of 2026 due to revenue declines.

Previous wording

In the second quarter of 2026, the Company offered a SIP to certain employees at Supplemental Education, Higher Education, Kaplan International and Kaplan corporate; $1.2 million in related non-operating pension expense was recorded in the second quarter of 2026. In the first quarter of 2026, the Company offered a SIP to certain employees at Kaplan International, Higher Education and Supplemental Education; $1.9 million in related non-operating pension expense was recorded in the first quarter of 2026. In the second quarter of 2025, the Company offered a SIP to certain employees at Higher Education and Supplemental Education; $0.7 million in related non-operating pension expense was recorded in the second quarter of 2025. These programs were funded from the assets of the Company’s pension plan.

Current wording

In the third quarter of 2026, the Company offered a SIP to certain employees at Supplemental Education, Higher Education and Kaplan corporate; $1.3 million in related non-operating pension expense was recorded in the third quarter of 2026. In the second quarter of 2026, the Company offered a SIP to certain employees at Supplemental Education, Higher Education, Kaplan International and Kaplan corporate; $1.2 million in related non-operating pension expense was recorded in the second quarter of 2026. In the first quarter of 2026, the Company offered a SIP to certain employees at Kaplan International, Higher Education and Supplemental Education; $1.9 million in related non-operating pension expense was recorded in the first quarter of 2026. In the third quarter of 2025, the Company offered a SIP to certain employees at Higher Education and Supplemental Education; $1.3 million in related non-operating pension expense was recorded in the third quarter of 2025. In the second quarter of 2025, the Company offered a SIP to certain employees at Higher Education and Supplemental Education; $0.7 million in related non-operating pension expense was recorded in the second quarter of 2025. These programs were funded from the assets of the Company’s pension plan.

Previous wording

Revenue at the television broadcasting division increased 3% to $109.6 million in the second quarter of 2026, from $106.0 million in the same period of 2025. The revenue increase is due to an $8.5 million increase in political advertising revenue, partially offset by a $2.3 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the second quarter of 2026 was up 9% to $30.5 million, from $27.9 million in the same period of 2025, due to higher revenues.

Current wording

Revenue at the television broadcasting division increased 19% to $125.3 million in the third quarter of 2026, from $105.1 million in the same period of 2025. The revenue increase is due to a $29.3 million increase in political advertising revenue, partially offset by a $1.4 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the third quarter of 2026 was up 81% to $48.5 million, from $26.8 million in the same period of 2025, due to higher revenues.

Previous wording

Revenue at the television broadcasting division was up 6% to $221.2 million in the first six months of 2026, from $209.5 million in the same period of 2025. The revenue increase is due to a $15.8 million increase in political advertising revenue and increases from winter Olympics and Super Bowl advertising revenue at the Company’s NBC affiliates in the first quarter of 2026, partially offset by a $5.2 million decrease in retransmission revenue. Operating income for the first six months of 2026 was up 23% to $64.4 million, from $52.3 million in the same period of 2025, due to higher revenues.

Current wording

Revenue at the television broadcasting division was up 10% to $346.5 million in the first nine months of 2026, from $314.6 million in the same period of 2025. The revenue increase is due to a $45.0 million increase in political advertising revenue and increases from winter Olympics and Super Bowl advertising revenue at the Company’s NBC affiliates in the first quarter of 2026, partially offset by a $6.6 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the first nine months of 2026 was up 43% to $112.9 million, from $79.1 million in the same period of 2025, due to higher revenues.

Previous wording

In the first and second quarters of 2026, the Company offered SIPs to certain employees at the television broadcasting division; $0.6 million and $0.3 million, respectively, in related non-operating pension expense was recorded. In the second quarter of 2025, the Company offered a SIP to certain employees at the television broadcasting division; $0.1 million in related non-operating pension expense was recorded. These programs were funded from the assets of the Company’s pension plan.

Current wording

In the first and second quarters of 2026, the Company offered SIPs to certain employees at the television broadcasting division; $0.6 million and $0.3 million, respectively, in related non-operating pension expense was recorded. In the second and third quarters of 2025, the Company offered SIPs to certain employees at the television broadcasting division; $0.1 million in related non-operating pension expense was recorded. These programs were funded from the assets of the Company’s pension plan.

Previous wording

Healthcare division revenue totaled$247.7 million for the second quarter of 2026, up 22% from$202.2 million for the same period of 2025. Healthcare reported operating income of$24.6 million for the second quarter of 2026, compared to$25.1 million for the second quarter of 2025.

Current wording

Healthcare division revenue totaled$260.3 million for the third quarter of 2026, up 25% from$208.4 million for the same period of 2025. Healthcare reported operating income of$23.2 million for the third quarter of 2026, compared to$21.0 million for the third quarter of 2025.

Previous wording

Healthcare division revenue totaled$457.0 million for the first six months of 2026, up 22% from$376.0 million for the same period of 2025. Healthcare reported operating income of$42.0 million for the first six months of 2026, compared to$43.4 million for the same period of 2025.

Current wording

Healthcare division revenue totaled$717.2 million for the first nine months of 2026, up 23% from$584.4 million for the same period of 2025. Healthcare reported operating income of$65.3 million for the first nine months of 2026, compared to$64.4 million for the same period of 2025.

Previous wording

The healthcare group provides nursing care and prescription services for patients receiving in-home infusion treatments through its 93.4% interest in CSI Pharmacy Holding Company, LLC (CSI). In August 2025, CSI purchased Pine Drug Holdings, LLC and was issued a California pharmacy license, with dispensing operations commencing late in the fourth quarter of 2025. CSI revenue increased 31% in both the second quarter and first six months of 2026 from continued expansion of treatment offerings and patient service areas. Operating results were down in the second quarter and first six months of 2026 due to various operational investments including expanding CSI’s pharmacy facility locations; lower operating margins for certain products compared with the second quarter and first six months of 2025; and increased incentive compensation expense. The Company expects continued revenue growth at CSI for the remainder of 2026 compared with 2025.

Current wording

The healthcare group provides nursing care and prescription services for patients receiving in-home infusion treatments through its 93.4% interest in CSI Pharmacy Holding Company, LLC (CSI). In August 2025, CSI purchased Pine Drug Holdings, LLC and was issued a California pharmacy license, with dispensing operations commencing late in the fourth quarter of 2025. CSI revenue increased 35% and 32% for the third quarter and first nine months of 2026, respectively, from continued expansion of treatment offerings and patient service areas. Operating results were up 10% in the third quarter of 2026 due to improved operating margins for certain products from the first half of 2026, partially offset by increased incentive compensation expense. Operating results were down for the first nine months of 2026 due to various operational investments including expanding CSI’s pharmacy facility locations; lower operating margins for certain products compared with the first nine months of 2025; and increased incentive compensation expense. The Company expects continued revenue growth at CSI for the remainder of 2026 compared with 2025.

Previous wording

Healthcare also includes Graham Healthcare Group (GHG), which provides home health and hospice services in seven states. In March 2026, GHG acquired Covenant Home Health of Havertown, PA, a home health provider in Eastern Pennsylvania. Healthcare also includes Clarus (provides call management SaaS-based solution for physician groups and hospitals), Impact Medical (an allergy, asthma and immunology physician practice), Skin Clique (a concierge provider of aesthetics products and services) and Surpass Behavioral Health (provides therapy for autism patients). Revenue increased in other healthcare businesses by 12% and 11% in the second quarter and first six months of 2026 from growth in home health and hospice services and each of the other healthcare businesses. Operating results improved at home health and hospice in the second quarter and first six months of 2026, partly due to a reduction in pension expense. Overall, operating results declined at the other four healthcare businesses in the second quarter and first six months of 2026.

Current wording

Healthcare also includes Graham Healthcare Group (GHG), which provides home health and hospice services in seven states. In March 2026, GHG acquired Covenant Home Health of Havertown, PA, a home health provider in Eastern Pennsylvania. Healthcare also includes four other businesses: Clarus (provides call management SaaS-based solution for physician groups and hospitals), Impact Medical (an allergy, asthma and immunology physician practice), Skin Clique (a concierge provider of aesthetics products and services) and Surpass Behavioral Health (provides therapy for autism patients). Revenue increased in other healthcare by 11% in both the third quarter and first nine months of 2026 from growth in home health and hospice services and the other healthcare businesses. Operating results improved at home health and hospice in the third quarter and first nine months of 2026, partly due to a reduction in pension expense. Overall, operating results declined at the four other healthcare businesses in the third quarter and first nine months of 2026.

Previous wording

The Company also holds interests in four home health and hospice joint ventures managed by GHG, whose results are included in equity in earnings of affiliates in the Company’s Condensed Consolidated Statements of Operations. The Company recorded equity in earnings of $3.6 million and $3.4 million for the second quarters of 2026 and 2025, respectively, from these joint ventures. The Company recorded equity in earnings of $7.1 million and $6.6 million for the first six months of 2026 and 2025, respectively, from these joint ventures.

Current wording

The Company also holds interests in four home health and hospice joint ventures managed by GHG, whose results are included in equity in earnings of affiliates in the Company’s Condensed Consolidated Statements of Operations. The Company recorded equity in earnings of $2.9 million for each of the third quarters of 2026 and 2025 from these joint ventures. The Company recorded equity in earnings of $10.0 million and $9.6 million for the first nine months of 2026 and 2025, respectively, from these joint ventures.

Previous wording

Manufacturing includes four businesses: Hoover, a supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications, and aluminum cladding products for the non-residential market; Dekko, a manufacturer of electrical workspace solutions, architectural lighting and electrical components and assemblies; Joyce, a manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation (operating as Hoover Architectural Solutions), which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of $107.5 million in net pension obligations.

Current wording

Manufacturing includes four businesses: Hoover, a supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications, and aluminum cladding products for the non-residential market; Dekko, a manufacturer of electrical workspace solutions, architectural lighting and electrical components and assemblies; Joyce, a manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of

Previous wording

Manufacturing revenues increased 39% and 33% in the second quarter and first six months of 2026, respectively, due to increased revenues at Hoover, Joyce and Forney, partially offset by lower revenues at Dekko. The revenue increase at Hoover is due largely to the Hoover Architectural Solutions business acquisition. Excluding the acquisition, overall volumes increased in the second quarter and first six months of 2026. Hoover results included wood gains on inventory sales in both the second quarter and first six months of 2026 and 2025. Manufacturing operating results declined in the second quarter of 2026 due to an overall decline at Hoover from increased intangible asset amortization and transition costs related to the Arconic acquisition, along with declines at Forney and Dekko, partially offset by significant growth at Joyce. Manufacturing operating results increased in the first six months of 2026 due to significant growth at Joyce, and improved results at Dekko. The increase was partially offset by an overall decline at Hoover from increased intangible asset amortization and transition costs related to the Arconic acquisition, and a modest decline at Forney.

Current wording

Manufacturing revenues increased 19% and 27% in the third quarter and first nine months of 2026, respectively, due to increased revenues at Hoover, Joyce and Forney, partially offset by lower revenues at Dekko. The revenue increase at Hoover for the first nine months of 2026 is due largely to the Hoover Architectural Solutions business acquisition. Excluding the acquisition, overall volumes increased in the third quarter and first nine months of 2026. Hoover results included wood gains on inventory sales in both the third quarter and first nine months of 2026 and 2025. Manufacturing operating results improved in the third quarter of 2026 due largely to significant growth at Forney, and growth at Joyce. Manufacturing operating results increased in the first nine months of 2026 due to significant growth at Joyce and Forney, and improved results at Dekko. The increase was partially offset by an overall decline at Hoover from increased intangible asset amortization and transition costs related to the Arconic acquisition.

Previous wording

In the second quarter of 2026, the Company offered a VRIP to certain employees at Dekko; $2.0 million in related non-operating pension expense was recorded. In the first quarter of 2026, the Company offered a SIP to certain employees at Dekko and Joyce; $0.2 million in related non-operating pension expense was recorded. These programs were funded from the assets of the Company’s pension plan.

Current wording

In the third quarter of 2026, the Company offered a SIP to certain employees at Dekko; $0.1 million in related non-operating pension expense was recorded. In the second quarter of 2026, the Company offered a VRIP to certain employees at Dekko; $2.0 million in related non-operating pension expense was recorded. In the first quarter of 2026, the Company offered a SIP to certain employees at Dekko and Joyce; $0.2 million in related non-operating pension expense was recorded. In the third quarter of 2025, the Company offered a SIP to certain employees at Joyce; $0.1 million in related non-operating pension expense was recorded. These programs were funded from the assets of the Company’s pension plan.

Previous wording

The Company ceased operations of the Ourisman Jeep of Bethesda dealership, which was closed in early September 2025.

Current wording

The Company ceased operations of the Ourisman Jeep of Bethesda dealership, which was closed in early September 2025. As a result, the Company recorded a $0.6 million intangible asset impairment charge on the related franchise agreement in the third quarter of 2025.

Previous wording

Revenues for the second quarter of 2026 increased 6% due partly to increased revenues from the Honda of Woodbridge dealership acquisition, offset by the closure of the Ourisman Jeep of Bethesda dealership in September 2025. Excluding these dealerships, revenues were down mostly from declines in used vehicle sales, partially offset by sales growth for new vehicles and services and parts. Operating results were down in the second quarter of 2026 due largely to lower gross profits on new and used vehicles, partially offset by earnings from the Honda of Woodbridge dealership acquisition, the closure of the Ourisman Jeep of Bethesda dealership, and higher overall gross profits on services and parts.

Current wording

Revenues for the third quarter of 2026 increased 5% due partly to increased revenues from the Honda of Woodbridge dealership acquisition, offset by the closure of the Ourisman Jeep of Bethesda dealership in September 2025. Excluding these dealerships, revenues were down mostly from declines in new and used vehicle sales, partially offset by sales growth for services and parts. Operating results were up in the third quarter of 2026 due largely to earnings from the Honda of Woodbridge dealership acquisition, the closure of the Ourisman Jeep of Bethesda dealership, and higher overall gross profits on new vehicles and services and parts, partially offset by lower gross profits on used vehicles.

Previous wording

Revenues for the first six months of 2026 increased slightly due partly to increased revenues from the Honda of Woodbridge dealership acquisition, offset by the closure of the Ourisman Jeep of Bethesda dealership in September 2025. Excluding these dealerships, revenues were down mostly from declines in new and used vehicle sales, partially offset by sales growth for services and parts. Operating results were down in the first six months of 2026 due largely to lower gross profits on new and used vehicles, partially offset by earnings from the Honda of Woodbridge dealership acquisition, the closure of the Ourisman Jeep of Bethesda dealership, and higher overall gross profits on services and parts.

Current wording

Revenues for the first nine months of 2026 increased 2%, due partly to increased revenues from the Honda of Woodbridge dealership acquisition, offset by the closure of the Ourisman Jeep of Bethesda dealership in September 2025. Excluding these dealerships, revenues were down mostly from declines in new and used vehicle sales, partially offset by sales growth for services and parts. Operating results were up slightly in the first nine months of 2026 due largely to earnings from the Honda of Woodbridge dealership acquisition, the closure of the Ourisman Jeep of Bethesda dealership, and higher overall gross profits on services and parts, partially offset by lower gross profits on new and used vehicles.

Previous wording

Overall, revenue from other businesses increased 4% and 1% in the second quarter and firstsix months of 2026. Specialty revenue increased due to revenue growth at CRG and Supporting Cast. Retail revenue increased due to revenue growth at Framebridge and Saatchi Art, partially offset by lower revenue at Society6. Media revenue declined due to the sale of WGB and lower revenue at Slate and Code3, partially offset by revenue growth at Foreign Policy and City Cast.

Current wording

Overall, revenue from other businesses increased 3% in the first nine months of 2026. Specialty revenue increased due to revenue growth at CRG and Supporting Cast. Retail revenue increased due to revenue growth at Framebridge and Saatchi Art, partially offset by lower revenue at Society6. Media revenue declined due to the sale of WGB and lower revenue at Slate and Code3, partially offset by revenue growth at Foreign Policy and City Cast.

Previous wording

Overall, operating losses at other businesses were down in the second quarter and firstsix months of 2026, due to a reduction of losses from the sale of WGB and improved results at Society6, Saatchi Art, Decile, Code3 and Supporting Cast, partially offset by declines at CRG, Framebridge, Slate, City Cast and Foreign Policy.

Current wording

Overall, operating losses at other businesses were down in the first nine months of 2026, due to a reduction of losses from the sale of WGB and improved results at Society6, Saatchi Art, Code3, Decile, and Supporting Cast, partially offset by declines at CRG, Framebridge, Slate, City Cast and Foreign Policy.

Previous wording

CRG owns and operates 14 restaurants and entertainment venues in the Washington, DC metropolitan area, including Old Ebbitt Grill and The Hamilton. Revenue was up in the second quarter and first six months of 2026. CRG reported an operating profit for thesecond quarter and firstsix months of 2026 and 2025, with operating results down for the first half of 2026 due to severe weather conditions and the temporary closure of two restaurants and related repair work that was completed early in the first quarter of 2026.

Current wording

CRG owns and operates 14 restaurants and entertainment venues in the Washington, DC metropolitan area, including Old Ebbitt Grill and The Hamilton. Revenue was up in the third quarter and first nine months of 2026. CRG reported an operating loss for thethird quarter of 2026 and 2025, with improved results in the third quarter of 2026. CRG reported an operating profit for the first nine months of 2026 and 2025, with operating results down for 2026 due to severe weather conditions and the temporary closure of two restaurants and related repair work that was completed early in the first quarter of 2026.

Previous wording

Framebridge is a custom framing service company, headquartered in the Washington, DC metropolitan area, with 48 retail locations, and four manufacturing facilities in Kentucky, Virginia and Nevada (opened in the third quarter of 2025). In the first six months of 2026, Framebridge opened four new retail stores. Framebridge plans to open additional stores and manufacturing facilities in the second half of 2026, and continues to actively explore other opportunities for further store and manufacturing expansion.

Current wording

Framebridge is a custom framing service company, headquartered in the Washington, DC metropolitan area, with 54 retail locations, and five manufacturing facilities in Kentucky, Virginia, Nevada (opened in the third quarter of 2025) and Massachusetts (opened in the third quarter of 2026). In the first nine months of 2026, Framebridge opened ten new retail stores. Framebridge plans to open additional stores and manufacturing facilities in the fourth quarter of 2026, and continues to actively explore other opportunities for further store and manufacturing expansion.

Previous wording

Revenues grew in the second quarter and first six months of 2026 due to an increase in retail revenue from same-store sales growth and operating additional retail stores compared to the same periods in 2025, and a modest increase in online revenues. Framebridge is an investment stage business and reported significant operating losses in the first six monthsof 2026 and 2025. Framebridge operating results include ongoing expansion investments from new retail store openings and manufacturing facilities.

Current wording

Revenues grew in the third quarter and first nine months of 2026 due to an increase in retail revenue from same-store sales growth and operating additional retail stores compared to the same periods in 2025, and a modest increase in online revenues. Framebridge is an investment stage business and reported significant operating losses in the first nine monthsof 2026 and 2025. Framebridge operating results include ongoing expansion investments from new retail store openings and manufacturing facilities.