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Graham Holdings Company, through its subsidiaries, operates as a diversified holding company in the United States and internationally. The company provides academic preparation programs for international students; professional training and postsecondary education services, as well as English-language programs; operations support services for pre-college, certificate, undergraduate and graduate programs; exam preparation services; career and academic advisement services; and operates a sixth-form college that prepares students for A-level examinations. It also owns and operates television broadcast stations, restaurants, and entertainment venues; and offers social media management tools to connect newsrooms with their users. In addition, the company offers in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; applied behavior analysis therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service technology. Further, it operates as a multi-product supplier to the commercial building industry; manufactures electrical and lifting solutions; and supplies parts used in electric utilities and industrial systems. Additionally, the company operates dealerships and valet repair services; provides custom framing services; marketing solutions; customer data and analytics software; Slate and Foreign Policy magazines; daily local news podcast and newsletter; a software-as-a-service platform that monetize audio content through paid subscriptions, memberships, and audiobooks; operates an online art gallery and in-person art fair business; and an online commerce platform that features original art and designs on an array of consumer products. The company was formerly known as The Washington Post Company and changed its name to Graham Holdings Company in November 2013. Graham Holdings Company was founded in 1877 and is based in Arlington, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $4.9B | $741M | $292M | $275M | 6.1% | 2.5% | -59.7% |
| 2024 | $4.8B | $1.4B | $725M | $324M | 17.0% | 8.5% | 253.0% |
| 2023 | $4.4B | $566M | $205M | $166M | 5.2% | 12.5% | 206.0% |
| 2022 | $3.9B | $505M | $67M | $153M | 1.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,924.49 | 4,414.88 | 4,790.90 | 4,911.56 |
| Operating Revenue | - | 3,924.49 | 4,414.88 | 4,790.90 | 4,911.56 |
| Cost Of Revenue | - | 2,657.72 | 3,102.93 | 3,324.54 | 3,441.68 |
| Gross Profit | - | 1,266.78 | 1,311.94 | 1,466.37 | 1,469.89 |
| Operating Expense | - | 1,053.89 | 1,143.48 | 1,201.04 | 1,222.60 |
| Selling General And Administration | - | 921.74 | 1,007.38 | 1,076.88 | 1,110.20 |
| Total Expenses | - | 3,711.60 | 4,246.42 | 4,525.58 | 4,664.28 |
| Operating Income | - | 212.89 | 168.46 | 265.33 | 247.28 |
| Total Operating Income As Reported | - | 83.90 | 69.39 | 215.50 | 234.95 |
| EBITDA | - | 504.84 | 566.14 | 1,398.28 | 740.61 |
| Normalized EBITDA | - | 743.29 | 509.09 | 1,255.52 | 572.14 |
| EBIT | - | 176.14 | 362.30 | 1,210.86 | 568.45 |
| Interest Income | - | 3.23 | 7.12 | 9.87 | 8.26 |
| Interest Expense | - | 54.40 | 63.30 | 186.15 | 118.79 |
| Net Interest Income | - | -51.18 | -56.18 | -176.28 | -110.53 |
| Other Non Operating Income Expenses | - | 201.31 | 134.85 | 796.21 | 128.06 |
| Other Income Expense | - | -39.98 | 186.72 | 935.66 | 312.92 |
| Interest Income Non Operating | - | 3.23 | 7.12 | 9.87 | 8.26 |
| Interest Expense Non Operating | - | 54.40 | 63.30 | 186.15 | 118.79 |
| Net Non Operating Interest Income Expense | - | -51.18 | -56.18 | -176.28 | -110.53 |
| Pretax Income | - | 121.73 | 299 | 1,024.71 | 449.67 |
| Tax Provision | - | 51.30 | 87.30 | 292.10 | 146.40 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -50.07 | 16.66 | 40.70 | 54.85 |
| Net Income Continuous Operations | - | 70.43 | 211.70 | 732.61 | 303.27 |
| Net Income From Continuing And Discontinued Operation | - | 67.08 | 205.29 | 724.63 | 292.29 |
| Net Income From Continuing Operation Net Minority Interest | - | 67.08 | 205.29 | 724.63 | 292.29 |
| Net Income | - | 67.08 | 205.29 | 724.63 | 292.29 |
| Net Income Common Stockholders | - | 66.70 | 203.94 | 719.74 | 290.66 |
| Net Income Including Noncontrolling Interests | - | 70.43 | 211.70 | 732.61 | 303.27 |
| Normalized Income | - | 255.45 | 164.89 | 622.57 | 178.68 |
| Diluted NI Availto Com Stockholders | - | 66.70 | 203.94 | 719.77 | 290.67 |
| Basic Average Shares | - | 4.82 | 4.64 | 4.37 | 4.33 |
| Diluted Average Shares | - | 4.84 | 4.65 | 4.40 | 4.37 |
| Reconciled Depreciation | - | 328.71 | 203.84 | 187.42 | 172.16 |
| Reconciled Cost Of Revenue | - | 2,461.16 | 3,035.20 | 3,261.28 | 3,381.93 |
| Total Unusual Items | - | -238.45 | 57.06 | 142.76 | 168.46 |
| Total Unusual Items Excluding Goodwill | - | -238.45 | 57.06 | 142.76 | 168.46 |
| Minority Interests | - | -3.36 | -6.42 | -7.98 | -10.98 |
| Special Income Charges | - | -107.01 | -83.93 | -42.43 | -26.37 |
| Gain On Sale Of Business | - | 23.28 | 15.63 | 8.14 | 0.69 |
| Write Off | - | 1.30 | 0.50 | 0.74 | 14.72 |
| Impairment Of Capital Assets | - | 128.99 | 99.07 | 49.82 | 12.34 |
| Restructuring And Mergern Acquisition | 0 | 0 | - | - | - |
| Gain On Sale Of Security | - | -131.44 | 140.99 | 185.19 | 194.84 |
| Depreciation Amortization Depletion Income Statement | - | 132.15 | 136.10 | 124.16 | 112.41 |
| Depreciation And Amortization In Income Statement | - | 132.15 | 136.10 | 124.16 | 112.41 |
| General And Administrative Expense | 722.62 | 723.80 | 873.57 | - | - |
| Other Gand A | 831.85 | 921.74 | 1,007.38 | - | - |
| Salaries And Wages | -109.23 | -197.94 | -133.81 | - | - |
| Otherunder Preferred Stock Dividend | - | 0.38 | 1.35 | 4.90 | 1.64 |
| Earnings From Equity Interest | - | -2.84 | -5.18 | -3.30 | 16.39 |
| Average Dilution Earnings | - | 0 | 0 | 0.04 | 0.01 |
| Amortization | - | 58.85 | 50.04 | 37.12 | 32.04 |
| Amortization Of Intangibles Income Statement | - | 58.85 | 50.04 | 37.12 | 32.04 |
| Depreciation Income Statement | - | 73.30 | 86.06 | 87.05 | 80.37 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Graham Holdings Companythis co. | GHC | $4.8B | 16.44↓ discount | 1.00 | 6.1% | 7.92 |
| The Marzetti Company | MZTI | $2.9B | 17.49 | 2.92 | 16.7% | 9.78 |
| Universal Technical Institute, Inc. | UTI | $2.5B | 39.23 | 7.53 | 19.2% | 17.89 |
| McGraw Hill, Inc. | MH | $2.3B | -26.75 | 8.19 | -30.6% | 7.71 |
| Spectrum Brands Holdings, Inc. | SPB |
| - |
| - |
| - |
| - |
| - |
| $1.9B |
| 18.97 |
| 0.99 |
| 5.2% |
| 11.27 |
| Weis Markets, Inc. | WMK | $1.9B | 19.99 | 1.39 | 6.9% | 8.08 |
| Strategic Education, Inc. | STRA | $1.8B | 14.46 | 1.11 | 7.7% | 7.33 |
| Turning Point Brands, Inc. | TPB | $1.7B | 29.19 | 4.79 | 16.4% | 15.39 |
| Ingles Markets, Incorporated | IMKTA | $1.7B | 19.80 | 1.02 | 5.2% | 7.26 |
| Peer Median | - | 19.38 | 2.15 | 7.3% | 8.93 | |