Graham Holdings Co

Listed Company

GHCCIK 0000104889NYSELarge AcceleratedServices-Educational ServicesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$4.91B

Net Income

$292.29M

Total Assets

$8.40B

Equity

$4.79B

Shares Out

—

Op. Cash Flow

$347.19M

+ 13F Filer

Business

Graham Holdings Co is a diversified holding company that operates businesses across education, television broadcasting, manufacturing, healthcare, automotive dealerships and various consumer and media ventures. Its principal products and services include Kaplan’s broad education offerings (test prep, language instruction, pathways, higher-education support and corporate training), local television station operations and newsroom/social media tools, pressure-treated wood and electrical and lifting products, home health/hospice/infusion and related healthcare services, dealership retail and valet repair services, restaurants, art marketplaces, digital media and SaaS platforms. Key business segments include Kaplan (Kaplan International, Kaplan Higher Education and Kaplan North America), Graham Media Group, manufacturing units (Hoover, Dekko, Joyce/Dayton, Forney), Graham Healthcare Group, Graham Automotive and other consumer and media businesses. The company distributes services and products primarily in the U.S., with substantial Kaplan operations and student recruitment across Europe, the Middle East and Asia Pacific, and uses channels including schools, universities, employers, online platforms, retail, broadcast and direct-to-consumer networks.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating Revenues	4,912	4,791	4,415	3,924	3,186
Selling, general and administrative	1,110	1,077	1,007	922	832
Depreciation of property, plant and equipment	80	87	86	73	71
Amortization of intangible assets	32	37	50	59	58
Impairment of goodwill and other long-lived assets	12	50	99	129	33
Total Operating Costs and Expenses	4,677	4,575	4,345	3,841	3,109
Income from Operations	235	216	69	84	77
Equity in earnings (losses) of affiliates, net	16	−3	−5	−3	18
Interest income	8	10	7	3	3
Interest expense	−119	−186	−63	−54	—
Non-operating pension and postretirement benefit income, net	128	795	134	198	109
Gain on marketable equity securities, net	200	181	138	−140	243
Other (expense) income, net	−19	13	19	34	33
Income Before Income Taxes	450	1,025	299	122	450
Provision for Income Taxes	146	292	87	51	96
Net Income	303	733	212	70	353
Net Income Attributable to Noncontrolling Interests	−11	−8	−6	−3	—
Net Income Attributable to Graham Holdings Company Common Stockholders	292	725	205	67	352
Basic net income per common share (in USD per share)	67.11	164.62	43.96	13.83	70.65
Basic average number of common shares outstanding (in shares)	4	4	5	5	5
Diluted net income per common share (in USD per share)	66.47	163.4	43.82	13.79	70.45
Diluted average number of common shares outstanding (in shares)	4	4	5	5	5

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	267	261	170	169	146
Restricted cash	44	37	32	20	12
Investments in marketable equity securities and other investments	1,089	859	697	622	824
Accounts receivable, net	577	514	525	532	607
Inventories and contracts in progress	303	296	297	227	141
Prepaid expenses	125	116	120	97	82
Income taxes receivable	15	8	7	9	33
Other current assets	10	8	1	2	1
Total Current Assets	2,431	2,099	1,849	1,679	1,847
Property, Plant and Equipment, Net	587	549	560	503	468
Lease Right-of-Use Assets	405	388	409	429	438
Investments in Affiliates	230	169	186	186	155
Goodwill, Net	1,586	1,500	1,525	1,561	1,650
Indefinite-Lived Intangible Assets	171	164	188	179	142
Amortized Intangible Assets, Net	62	57	112	161	247
Prepaid Pension Cost	2,772	2,511	2,114	1,658	2,307
Deferred Income Taxes	10	9	11	7	8
Deferred Charges and Other Assets	143	231	233	189	164
Total Assets	8,396	7,677	7,188	6,553	7,426
Accounts payable, vehicle floor plan payable and accrued liabilities	722	713	695	574	584
Deferred revenue	412	391	397	341	359
Income taxes payable	9	12	7	4	5
Mandatorily redeemable noncontrolling interest (shares)	7	0	—	—	—
Current portion of lease liabilities	64	58	64	70	78
Current portion of long-term debt	175	27	67	156	142
Total Current Liabilities	1,389	1,200	1,230	1,145	1,166
Accrued Compensation and Related Benefits	135	136	137	135	175
Other Liabilities	29	27	32	38	36
Deferred Income Taxes	891	739	600	466	677
Mandatorily Redeemable Noncontrolling Interest (shares)	2	160	41	31	14
Lease Liabilities	378	363	377	394	405
Long-Term Debt	706	722	745	571	526
Total Liabilities	3,529	3,347	3,162	2,779	3,000
Commitments and Contingencies (Note 18)	—	—	—	—	—
Redeemable Noncontrolling Interests	40	44	24	22	14
Preferred Stock, $1 par value; 977,000 shares authorized, none issued	0	0	0	0	0
Capital in excess of par value	380	357	372	390	389
Retained earnings	8,293	8,032	7,337	7,163	7,127
Cumulative foreign currency translation adjustment	−12	−58	−33	−55	−6
Unrealized gain on pensions and other postretirement plans	601	394	649	389	979
Cash flow hedges	−2	−1	−2	2	−1
Total Common Stockholders Equity	4,794	4,257	3,976	3,731	4,400
Noncontrolling Interests	33	30	26	21	12
Total Equity	4,827	4,287	4,002	3,753	4,412
Total Liabilities and Equity	8,396	7,677	7,188	6,553	7,426

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation, amortization and goodwill and other long-lived asset impairments	125	174	235	261	162
Amortization of lease right-of-use asset	60	63	68	68	74
Net pension benefit, settlement gain and early retirement and separation program costs	−84	−740	−101	−167	—
Gain on marketable equity securities and cost method investments, net	−185	−179	−141	134	−255
Credit loss expense	4	4	6	—	—
Stock-based compensation expense, net of forfeitures	6	6	7	6	6
Accretion expense and change in fair value of contingent consideration liabilities	233,000	115,000	−7	−5	−4
Foreign exchange loss (gain)	10	−5	1	2	179,000
Gain on disposition of businesses, property, plant and equipment, investments and other assets, net	−4	−8	−12	−24	−9
Equity in (earnings) losses of affiliates, net of distributions	−4	19	21	14	5
Provision for deferred income taxes	92	227	44	−4	65
Accounts receivable	−11	11	8	46	−47
Inventories	35	8	−63	−64	5
Accounts payable and accrued liabilities	5	14	25	−34	32
Deferred revenue	−2	6	38	18	7
Income taxes receivable/payable	−11	3	6	7	−9
Lease liabilities	−58	−63	−71	−78	−85
Other assets and other liabilities, net	65	131	−12	−21	−14
Other	−92,000	2	−4	5	1
Net Cash Provided by Operating Activities	347	407	260	236	202
Purchases of property, plant and equipment	−72	−83	−93	−83	−163
Investments in certain businesses, net of cash acquired	−71	−4	−78	−130	−352
Investments in equity affiliates and cost method investments	−40	−5	−14	−39	−9
Purchases of marketable equity securities	−30	−5	−6	−41	−48
Net proceeds from sales of businesses, property, plant and equipment, investments and other assets	26	8	4	5	10
Proceeds from sales of marketable equity securities	0	24	62	102	66
Loan to related party	0	−2	−30	0	0
Other	7	4	3	1	557,000
Net Cash Used in Investing Activities	−179	−62	−153	−184	−495
Repayments of borrowings	−558	−29	−122	−14	−50
Issuance of borrowings	539	1	293	77	70
Distributions paid to noncontrolling interests	−192	−6	−5	−3	−639,000
Net borrowings (payments) under revolving credit facilities	152	−36	−104	3	135
Net (repayments of) proceeds from vehicle floor plan payable	−34	−416,000	74	26	−11
Dividends paid	−31	−30	−31	−31	−30
Principal payments of finance leases	−18	−13	−5	−2	—
Payments of financing costs	−8	−107,000	−2	—	—
Deferred payments of acquisitions	−7	−5	−5	−6	−31
Common shares repurchased	−3	−114	−193	−71	−56
Purchase of noncontrolling interest	−2	−2	−5	−1	−4
Issuance of noncontrolling interest	760,000	604,000	4	5	4
Other	−3	−6	1	−4	3
Net Cash Used in Financing Activities	−165	−241	−100	−18	31
Effect of Currency Exchange Rate Change	11	−8	4	−2	−3
Net Increase in Cash and Cash Equivalents and Restricted Cash	14	96	11	32	−264
Income taxes	63	63	39	48	39
Interest	63	69	51	37	30

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 6 positions

Reported AUM

$795.79M

Holdings

Top sector

$795.79M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$795.79M	100.0%

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