Graham Holdings Co
For the period ended Oct 29, 2026. Filed Oct 29, 2026.
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Oct 29, 2026 · Filed Oct 29, 2026
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GHC$1,212.02-0.5%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Forward-Looking Statements
Forward-Looking Statements
All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company’s Annual Report on Form 10-K and in the Company’s 2025 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company’s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company’s business strategies and objectives, the prospects for growth in the Company’s various business operations, the Company’s future financial performance, and the risks and uncertainties described in Item 1A of the Company’s Annual Report on Form 10-K. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.
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| GRAHAM HOLDINGS COMPANY | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| (Unaudited) | |||
| Three Months Ended | |||
| September 30% | |||
| (in thousands, except per share amounts) | 2026 | 2025 | Change |
| Operating revenues | $1,326,037 | $1,278,859 | 4 |
| Operating expenses | 1,216,622 | 1,180,498 | 3 |
| Depreciation of property, plant and equipment | 18,119 | 19,298 | (6) |
| Amortization of intangible assets | 5,775 | 9,692 | (40) |
| Impairment of intangible and other long-lived assets | — | 2,235 | — |
| Operating income | 85,521 | 67,136 | 27 |
| Equity in (losses) earnings of affiliates, net | (3,590) | 15,780 | — |
| Interest income | 1,594 | 1,464 | 9 |
| Interest expense | (15,769) | (17,164) | (8) |
| Non-operating pension and postretirement benefit income, net | 47,601 | 31,047 | 53 |
| (Loss) gain on marketable equity securities, net | (15,027) | 84,768 | — |
| Other (expense) income, net | (1,187) | 7 | — |
| Income before income taxes | 99,143 | 183,038 | (46) |
| Provision for income taxes | 21,900 | 56,800 | (61) |
| Net income | 77,243 | 126,238 | (39) |
| Net income attributable to noncontrolling interests | (2,133) | (3,313) | (36) |
| Net Income Attributable to Graham Holdings Company Common Stockholders | $75,110 | $122,925 | (39) |
| Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||
| Basic net income per common share | $17.79 | $28.19 | (37) |
| Basic average number of common shares outstanding | 4,198 | 4,334 | |
| Diluted net income per common share | $17.60 | $27.91 | (37) |
| Diluted average number of common shares outstanding | 4,243 | 4,378 | |
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| GRAHAM HOLDINGS COMPANY | |||
|---|---|---|---|
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||
| (Unaudited) | |||
| Nine Months Ended | |||
| September 30% | |||
| (in thousands, except per share amounts) | 2026 | 2025 | Change |
| Operating revenues | $3,864,535 | $3,660,546 | 6 |
| Operating expenses | 3,545,916 | 3,386,690 | 5 |
| Depreciation of property, plant and equipment | 54,794 | 59,504 | (8) |
| Amortization of intangible assets | 17,808 | 24,757 | (28) |
| Impairment of goodwill, other long-lived assets and asset group held for sale | 19,029 | 2,235 | — |
| Operating income | 226,988 | 187,360 | 21 |
| Equity in earnings of affiliates, net | 11,397 | 10,466 | 9 |
| Interest income | 5,950 | 6,225 | (4) |
| Interest expense | (49,171) | (117,547) | (58) |
| Non-operating pension and postretirement benefit income, net | 248,323 | 94,266 | — |
| Gain on marketable equity securities, net | 17,929 | 117,026 | (85) |
| Other expense, net | (4,146) | (20,514) | (80) |
| Income before income taxes | 457,270 | 277,282 | 65 |
| Provision for income taxes | 66,900 | 84,900 | (21) |
| Net income | 390,370 | 192,382 | — |
| Net income attributable to noncontrolling interests | (5,051) | (8,814) | (43) |
| Net Income Attributable to Graham Holdings Company Common Stockholders | $385,319 | $183,568 | — |
| Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||
| Basic net income per common share | $89.84 | $42.15 | — |
| Basic average number of common shares outstanding | 4,264 | 4,329 | |
| Diluted net income per common share | $88.92 | $41.75 | — |
| Diluted average number of common shares outstanding | 4,309 | 4,370 | |
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| GRAHAM HOLDINGS COMPANY | ||||||
|---|---|---|---|---|---|---|
| BUSINESS DIVISION INFORMATION | ||||||
| (Unaudited) | ||||||
| Three Months Ended · Nine Months Ended | ||||||
| September 30 · % · September 30 · % | ||||||
| (in thousands) | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Operating Revenues | ||||||
| Education | $404,282 | $472,662 | (14) | $1,262,569 | $1,334,206 | (5) |
| Television broadcasting | 125,304 | 105,087 | 19 | 346,487 | 314,625 | 10 |
| Healthcare | 260,252 | 208,415 | 25 | 717,243 | 584,375 | 23 |
| Manufacturing | 147,601 | 124,257 | 19 | 405,915 | 318,480 | 27 |
| Automotive | 299,060 | 285,228 | 5 | 868,036 | 851,791 | 2 |
| Other businesses | 89,443 | 83,215 | 7 | 264,209 | 257,082 | 3 |
| Corporate office | 883 | 620 | 42 | 2,278 | 1,861 | 22 |
| Intersegment elimination | (788) | (625) | — | (2,202) | (1,874) | — |
| $1,326,037 | $1,278,859 | 4 | $3,864,535 | $3,660,546 | 6 | |
| Operating Expenses | ||||||
| Education | $364,994 | $423,610 | (14) | $1,140,623 | $1,198,936 | (5) |
| Television broadcasting | 76,845 | 78,313 | (2) | 233,602 | 235,513 | (1) |
| Healthcare | 237,008 | 187,423 | 26 | 651,963 | 519,969 | 25 |
| Manufacturing | 138,603 | 117,562 | 18 | 381,816 | 298,739 | 28 |
| Automotive | 289,722 | 278,920 | 4 | 845,325 | 829,698 | 2 |
| Other businesses | 111,333 | 108,230 | 3 | 327,423 | 340,630 | (4) |
| Corporate office | 22,799 | 18,290 | 25 | 58,997 | 51,575 | 14 |
| Intersegment elimination | (788) | (625) | — | (2,202) | (1,874) | — |
| $1,240,516 | $1,211,723 | 2 | $3,637,547 | $3,473,186 | 5 | |
| Operating Income (Loss) | ||||||
| Education | $39,288 | $49,052 | (20) | $121,946 | $135,270 | (10) |
| Television broadcasting | 48,459 | 26,774 | 81 | 112,885 | 79,112 | 43 |
| Healthcare | 23,244 | 20,992 | 11 | 65,280 | 64,406 | 1 |
| Manufacturing | 8,998 | 6,695 | 34 | 24,099 | 19,741 | 22 |
| Automotive | 9,338 | 6,308 | 48 | 22,711 | 22,093 | 3 |
| Other businesses | (21,890) | (25,015) | 12 | (63,214) | (83,548) | 24 |
| Corporate office | (21,916) | (17,670) | (24) | (56,719) | (49,714) | (14) |
| $85,521 | $67,136 | 27 | $226,988 | $187,360 | 21 | |
| Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale | ||||||
| Education | $84 | $1,404 | (94) | $19,670 | $5,222 | — |
| Television broadcasting | 1,360 | 1,360 | — | 4,080 | 4,080 | — |
| Healthcare | 71 | 1,095 | (94) | 257 | 1,330 | (81) |
| Manufacturing | 3,717 | 4,442 | (16) | 11,203 | 9,304 | 20 |
| Automotive | 5 | 560 | (99) | 15 | 570 | (97) |
| Other businesses | 538 | 3,066 | (82) | 1,612 | 6,486 | (75) |
| Corporate office | — | — | — | — | — | — |
| $5,775 | $11,927 | (52) | $36,837 | $26,992 | 36 | |
| Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale | ||||||
| Education | $39,372 | $50,456 | (22) | $141,616 | $140,492 | 1 |
| Television broadcasting | 49,819 | 28,134 | 77 | 116,965 | 83,192 | 41 |
| Healthcare | 23,315 | 22,087 | 6 | 65,537 | 65,736 | 0 |
| Manufacturing | 12,715 | 11,137 | 14 | 35,302 | 29,045 | 22 |
| Automotive | 9,343 | 6,868 | 36 | 22,726 | 22,663 | 0 |
| Other businesses | (21,352) | (21,949) | 3 | (61,602) | (77,062) | 20 |
| Corporate office | (21,916) | (17,670) | (24) | (56,719) | (49,714) | (14) |
| $91,296 | $79,063 | 15 | $263,825 | $214,352 | 23 | |
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| Three Months Ended · Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| September 30 · % · September 30 · % | ||||||
| (in thousands) | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Depreciation | ||||||
| Education | $5,524 | $7,085 | (22) | $17,237 | $22,261 | (23) |
| Television broadcasting | 2,271 | 2,597 | (13) | 6,952 | 7,850 | (11) |
| Healthcare | 1,952 | 1,837 | 6 | 5,779 | 5,346 | 8 |
| Manufacturing | 2,855 | 3,219 | (11) | 9,027 | 8,576 | 5 |
| Automotive | 1,993 | 1,718 | 16 | 5,775 | 5,155 | 12 |
| Other businesses | 3,354 | 2,671 | 26 | 9,515 | 9,813 | (3) |
| Corporate office | 170 | 171 | (1) | 509 | 503 | 1 |
| $18,119 | $19,298 | (6) | $54,794 | $59,504 | (8) | |
| Pension Expense | ||||||
| Education | $4,555 | $4,318 | 5 | $13,666 | $12,954 | 5 |
| Television broadcasting | 1,554 | 1,475 | 5 | 4,661 | 4,426 | 5 |
| Healthcare | 2,365 | 2,496 | (5) | 5,894 | 7,488 | (21) |
| Manufacturing | 1,242 | 866 | 43 | 3,727 | 2,596 | 44 |
| Automotive | 34 | (1) | — | 102 | 47 | — |
| Other businesses | 1,889 | 1,857 | 2 | 5,614 | 5,868 | (4) |
| Corporate office | 740 | 761 | (3) | 2,217 | 2,284 | (3) |
| $12,379 | $11,772 | 5 | $35,881 | $35,663 | 1 | |
| Adjusted Operating Cash Flow (non-GAAP)(1) | ||||||
| Education | $49,451 | $61,859 | (20) | $172,519 | $175,707 | (2) |
| Television broadcasting | 53,644 | 32,206 | 67 | 128,578 | 95,468 | 35 |
| Healthcare | 27,632 | 26,420 | 5 | 77,210 | 78,570 | (2) |
| Manufacturing | 16,812 | 15,222 | 10 | 48,056 | 40,217 | 19 |
| Automotive | 11,370 | 8,585 | 32 | 28,603 | 27,865 | 3 |
| Other businesses | (16,109) | (17,421) | 8 | (46,473) | (61,381) | 24 |
| Corporate office | (21,006) | (16,738) | (25) | (53,993) | (46,927) | (15) |
| $121,794 | $110,133 | 11 | $354,500 | $309,519 | 15 | |
| (1) | Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale plus Depreciation Expense and Pension Expense. |
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| GRAHAM HOLDINGS COMPANY | ||||||
|---|---|---|---|---|---|---|
| EDUCATION DIVISION INFORMATION | ||||||
| (Unaudited) | ||||||
| Three Months Ended · Nine Months Ended | ||||||
| September 30 · % · September 30 · % | ||||||
| (in thousands) | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Operating Revenues | ||||||
| Kaplan international | $230,134 | $294,292 | (22) | $754,145 | $827,719 | (9) |
| Higher education | 93,865 | 92,162 | 2 | 272,561 | 265,387 | 3 |
| Supplemental education | 80,805 | 86,679 | (7) | 237,145 | 242,243 | (2) |
| Kaplan corporate and other | 369 | 280 | 32 | 924 | 315 | — |
| Intersegment elimination | (891) | (751) | — | (2,206) | (1,458) | — |
| $404,282 | $472,662 | (14) | $1,262,569 | $1,334,206 | (5) | |
| Operating Expenses | ||||||
| Kaplan international | $212,842 | $265,399 | (20) | $672,603 | $738,827 | (9) |
| Higher education | 75,961 | 77,479 | (2) | 220,320 | 219,925 | 0 |
| Supplemental education | 71,150 | 71,700 | (1) | 211,706 | 213,890 | (1) |
| Kaplan corporate and other | 5,761 | 8,417 | (32) | 18,433 | 22,516 | (18) |
| Amortization of intangible assets | 84 | 1,404 | (94) | 641 | 5,222 | (88) |
| Impairment of goodwill and asset group held for sale | — | — | — | 19,029 | — | — |
| Intersegment elimination | (804) | (789) | — | (2,109) | (1,444) | — |
| $364,994 | $423,610 | (14) | $1,140,623 | $1,198,936 | (5) | |
| Operating Income (Loss) | ||||||
| Kaplan international | $17,292 | $28,893 | (40) | $81,542 | $88,892 | (8) |
| Higher education | 17,904 | 14,683 | 22 | 52,241 | 45,462 | 15 |
| Supplemental education | 9,655 | 14,979 | (36) | 25,439 | 28,353 | (10) |
| Kaplan corporate and other | (5,392) | (8,137) | 34 | (17,509) | (22,201) | 21 |
| Amortization of intangible assets | (84) | (1,404) | 94 | (641) | (5,222) | 88 |
| Impairment of goodwill and asset group held for sale | — | — | — | (19,029) | — | — |
| Intersegment elimination | (87) | 38 | — | (97) | (14) | — |
| $39,288 | $49,052 | (20) | $121,946 | $135,270 | (10) | |
| Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale | ||||||
| Kaplan international | $17,292 | $28,893 | (40) | $81,542 | $88,892 | (8) |
| Higher education | 17,904 | 14,683 | 22 | 52,241 | 45,462 | 15 |
| Supplemental education | 9,655 | 14,979 | (36) | 25,439 | 28,353 | (10) |
| Kaplan corporate and other | (5,392) | (8,137) | 34 | (17,509) | (22,201) | 21 |
| Intersegment elimination | (87) | 38 | — | (97) | (14) | — |
| $39,372 | $50,456 | (22) | $141,616 | $140,492 | 1 | |
| Depreciation | ||||||
| Kaplan international | $4,366 | $6,072 | (28) | $13,945 | $19,014 | (27) |
| Higher education | 378 | 314 | 20 | 945 | 1,153 | (18) |
| Supplemental education | 769 | 692 | 11 | 2,317 | 2,076 | 12 |
| Kaplan corporate and other | 11 | 7 | 57 | 30 | 18 | 67 |
| $5,524 | $7,085 | (22) | $17,237 | $22,261 | (23) | |
| Pension Expense | ||||||
| Kaplan international | $— | $142 | — | $176 | $428 | (59) |
| Higher education | 1,984 | 1,849 | 7 | 5,936 | 5,546 | 7 |
| Supplemental education | 2,017 | 1,929 | 5 | 6,063 | 5,788 | 5 |
| Kaplan corporate and other | 554 | 398 | 39 | 1,491 | 1,192 | 25 |
| $4,555 | $4,318 | 5 | $13,666 | $12,954 | 5 | |
| Adjusted Operating Cash Flow (non-GAAP)(1) | ||||||
| Kaplan international | $21,658 | $35,107 | (38) | $95,663 | $108,334 | (12) |
| Higher education | 20,266 | 16,846 | 20 | 59,122 | 52,161 | 13 |
| Supplemental education | 12,441 | 17,600 | (29) | 33,819 | 36,217 | (7) |
| Kaplan corporate and other | (4,827) | (7,732) | 38 | (15,988) | (20,991) | 24 |
| Intersegment elimination | (87) | 38 | — | (97) | (14) | — |
| $49,451 | $61,859 | (20) | $172,519 | $175,707 | (2) | |
| (1) | Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale plus Depreciation Expense and Pension Expense. |
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| GRAHAM HOLDINGS COMPANY | ||||||
|---|---|---|---|---|---|---|
| HEALTHCARE DIVISION INFORMATION | ||||||
| (Unaudited) | ||||||
| Three Months Ended · Nine Months Ended | ||||||
| September 30 · % · September 30 · % | ||||||
| (in thousands) | 2026 | 2025 | Change | 2026 | 2025 | Change |
| Operating Revenues | ||||||
| CSI | $162,289 | $120,382 | 35 | $428,593 | $324,045 | 32 |
| Other Healthcare | 97,963 | 88,033 | 11 | 288,650 | 260,330 | 11 |
| $260,252 | $208,415 | 25 | $717,243 | $584,375 | 23 | |
| Operating Expenses | ||||||
| CSI | $147,548 | $106,985 | 38 | $395,042 | $287,008 | 38 |
| Other Healthcare | 89,460 | 80,438 | 11 | 256,921 | 232,961 | 10 |
| $237,008 | $187,423 | 26 | $651,963 | $519,969 | 25 | |
| Operating Income | ||||||
| CSI | $14,741 | $13,397 | 10 | $33,551 | $37,037 | (9) |
| Other Healthcare | 8,503 | 7,595 | 12 | 31,729 | 27,369 | 16 |
| $23,244 | $20,992 | 11 | $65,280 | $64,406 | 1 | |
| Amortization of Intangible Assets and Impairment of Long-Lived Assets | ||||||
| CSI | $21 | $40 | (48) | $62 | $107 | (42) |
| Other Healthcare | 50 | 1,055 | (95) | 195 | 1,223 | (84) |
| $71 | $1,095 | (94) | $257 | $1,330 | (81) | |
| Operating Income before Amortization of Intangible Assets and Impairment of Long-Lived Assets | ||||||
| CSI | $14,762 | $13,437 | 10 | $33,613 | $37,144 | (10) |
| Other Healthcare | 8,553 | 8,650 | (1) | 31,924 | 28,592 | 12 |
| $23,315 | $22,087 | 6 | $65,537 | $65,736 | 0 | |
| Depreciation | ||||||
| CSI | $293 | $186 | 58 | $887 | $545 | 63 |
| Other Healthcare | 1,659 | 1,651 | 0 | 4,892 | 4,801 | 2 |
| $1,952 | $1,837 | 6 | $5,779 | $5,346 | 8 | |
| Pension Expense | ||||||
| CSI | $602 | $— | — | $602 | $— | — |
| Other Healthcare | 1,763 | 2,496 | (29) | 5,292 | 7,488 | (29) |
| $2,365 | $2,496 | (5) | $5,894 | $7,488 | (21) | |
| Adjusted Operating Cash Flow (non-GAAP)(1) | ||||||
| CSI | $15,657 | $13,623 | 15 | $35,102 | $37,689 | (7) |
| Other Healthcare | 11,975 | 12,797 | (6) | 42,108 | 40,881 | 3 |
| $27,632 | $26,420 | 5 | $77,210 | $78,570 | (2) | |
| (1) | Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets plus Depreciation Expense and Pension Expense. |
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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.