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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 | 6.0% | 2.5% | -59.7% |
| 2024 | $4.8B | $1.4B | $725M | $324M | 16.7% | 8.5% | 253.0% |
| 2023 | $4.4B | $566M | $205M | $166M | 5.1% | 12.5% | 206.0% |
| 2022 | $3.9B | $505M | $67M | $153M | 1.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 212.89 | 168.46 | 265.33 | 247.28 |
| EBITDA | 504.84 | 566.14 | 1,398.28 | 740.61 |
| EBIT | 176.14 | 362.31 | 1,210.86 | 568.45 |
| Pretax Income | 121.73 | 299 | 1,024.71 | 449.67 |
| Tax Provision | 51.30 | 87.30 | 292.10 | 146.40 |
| Net Income | 67.08 | 205.29 | 724.63 | 292.29 |
| Net Income Common Stockholders | 66.70 | 203.94 | 719.74 | 290.66 |
| Total Expenses | 3,711.61 | 4,246.42 | 4,525.58 | 4,664.28 |
| Interest Expense | 54.40 | 63.30 | 186.15 | 118.79 |
| Interest Income | 3.23 | 7.12 | 9.87 | 8.26 |
| Selling General And Administration | 921.74 | 1,007.38 | 1,076.88 | 1,110.20 |
| Normalized EBITDA | 743.29 | 509.09 | 1,255.52 | 572.14 |
| Normalized Income | 255.45 | 164.89 | 622.57 | 178.68 |
| Basic EPS | 13.83 | 43.96 | 164.62 | 0 |
| Diluted EPS | 13.79 | 43.82 | 163.40 | 0 |
| Tax Effect Of Unusual Items | -50.07 | 16.66 | 40.70 | 54.85 |
| Tax Rate For Calcs | 0.21 | 0.29 | 0.29 | 0.33 |
| Total Unusual Items | -238.45 | 57.05 | 142.76 | 168.47 |
| Total Unusual Items Excluding Goodwill | -238.45 | 57.05 | 142.76 | 168.47 |
| Net Income From Continuing Operation Net Minority Interest | 67.08 | 205.29 | 724.63 | 292.29 |
| 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 |
| Net Interest Income | -51.18 | -56.18 | -176.28 | -110.53 |
| Net Income From Continuing And Discontinued Operation | 67.08 | 205.29 | 724.63 | 292.29 |
| Total Operating Income As Reported | 83.90 | 69.39 | 215.50 | 234.95 |
| Diluted Average Shares | 4.84 | 4.65 | 4.41 | 0 |
| Basic Average Shares | 4.82 | 4.64 | 4.37 | 0 |
| Diluted NI Availto Com Stockholders | 66.70 | 203.94 | 719.77 | 290.67 |
| Average Dilution Earnings | 0 | 0 | 0.04 | 0.01 |
| Otherunder Preferred Stock Dividend | 0.38 | 1.35 | 4.90 | 1.64 |
| Minority Interests | -3.35 | -6.42 | -7.98 | -10.98 |
| Net Income Including Noncontrolling Interests | 70.43 | 211.70 | 732.61 | 303.27 |
| Net Income Continuous Operations | 70.43 | 211.70 | 732.61 | 303.27 |
| Other Income Expense | -39.98 | 186.72 | 935.66 | 312.92 |
| Other Non Operating Income Expenses | 201.31 | 134.85 | 796.21 | 128.06 |
| 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 | 0 | 0 |
| Earnings From Equity Interest | -2.84 | -5.18 | -3.30 | 16.39 |
| Gain On Sale Of Security | -131.44 | 140.99 | 185.19 | 194.84 |
| Net Non Operating Interest Income Expense | -51.18 | -56.18 | -176.28 | -110.53 |
| Interest Expense Non Operating | 54.40 | 63.30 | 186.15 | 118.79 |
| Interest Income Non Operating | 3.23 | 7.12 | 9.87 | 8.26 |
| Depreciation Amortization Depletion Income Statement | 132.15 | 136.10 | 124.17 | 112.41 |
| Depreciation And Amortization In Income Statement | 132.15 | 136.10 | 124.17 | 112.41 |
| 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 |
| General And Administrative Expense | 723.80 | 873.57 | 0 | 0 |
| Other Gand A | 921.74 | 1,007.38 | 0 | 0 |
| Salaries And Wages | -197.94 | -133.81 | 0 | 0 |
| Operating Revenue | 3,924.49 | 4,414.88 | 4,790.90 | 4,911.56 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Graham Holdings Companythis co. | GHC | $5.0B | 17.30 | 1.05 | 6.0% | 10.68 |
| The Marzetti Company | MZTI | $3.5B | 19.68 | 3.41 | 16.8% | 11.19 |
| McGraw Hill, Inc. | MH | $2.3B | - | 2.96 | -30.6% | 7.72 |
| Spectrum Brands Holdings, Inc. | SPB | $1.9B | 19.26 | 1.00 | 5.2% | 9.88 |
| Weis Markets, Inc. | WMK | $1.7B | 18.99 |
| 1.27 |
| 6.9% |
| 7.02 |
| Ingles Markets, Incorporated | IMKTA | $1.7B | 17.77 | 1.03 | 5.2% | 8.78 |
| Strategic Education, Inc. | STRA | $1.7B | 13.20 | 1.02 | 7.7% | 6.71 |
| Herbalife Ltd. | HLF | $1.7B | 7.26 | -3.20 | -44.8% | 5.64 |
| J&J Snack Foods Corp. | JJSF | $1.6B | 24.39 | 1.66 | 6.8% | 10.28 |
| Peer Median | - | 18.99 | 1.15 | 6.0% | 8.25 | |