Business
Graham Holdings Company Reports 2025 and Fourth Quarter Earnings
ARLINGTON, Va., February 25, 2026--Graham Holdings Company (NYSE: GHC) today reported its financial results for the fourth quarter and full year of 2025. The Company also filed its Form 10-K today for the year ended December 31, 2025 with the Securities and Exchange Commission.
About this update from Graham Holdings Company
[{"type":"text","content":"ARLINGTON, Va., February 25, 2026--(BUSINESS WIRE)--Graham Holdings Company (NYSE: GHC) today reported its financial results for the fourth quarter and full year of 2025. The Company also filed its Form 10-K today for the year ended December 31, 2025 with the Securities and Exchange Commission.","length":295,"tagName":"p"},{"type":"text","content":"Division Operating Results","length":26,"tagName":"p"},{"type":"text","content":"Revenue for 2025 was $4,911.6 million, up 3% from $4,790.9 million in 2024. Revenues increased at education, healthcare, manufacturing and other businesses, partially offset by declines at television broadcasting and automotive. The Company reported operating income for 2025 of $234.9 million, compared to $215.5 million in 2024. Excluding goodwill and other long-lived asset impairment charges, operating results were down in 2025, due to declines at television broadcasting and automotive, partially offset by increases at education, healthcare, manufacturing and other businesses. The Company reported adjusted operating cash flow (non-GAAP) for 2025 of $407.1 million, compared to $447.0 million in 2024. Adjusted operating cash flow declined at television broadcasting and automotive, partially offset by increases at education, healthcare, manufacturing, and other businesses. Capital expenditures totaled $79.8 million and $93.1 million for 2025 and 2024, respectively.","length":977,"tagName":"p"},{"type":"text","content":"For the fourth quarter of 2025, revenue was $1,251.0 million, up slightly from $1,245.8 million in 2024. Revenues increased at education, healthcare and manufacturing, partially offset by declines at television broadcasting, automotive and other businesses. The Company reported operating income of $47.6 million in the fourth quarter of 2025, compared to $72.5 million in 2024. Excluding goodwill and other long-lived asset impairment charges, operating results were down in the fourth quarter of 2025, due to declines at television broadcasting, manufacturing and automotive, partially offset by increases at healthcare, other businesses and education. The Company reported adjusted operating cash flow (non-GAAP) for the fourth quarter of 2025 of $97.6 million, compared to $139.6 million in 2024. Adjusted operating cash flow declined at television broadcasting, manufacturing, automotive and educatio...