McGraw Hill, Inc., doing business as McGraw Hill, provides information solutions for K-12, higher education, and professional markets in the United States and internationally. It operates through K-12, Higher Education, Global Professional, and International segments. The K-12 segment provides core, supplemental, and intervention curricula to support the needs of the K-12 schools. It sells blended digital and print learning solutions directly to school districts across the United States. The Higher Education segment offers students, instructors, and institutions with adaptive digital learning solutions and content, and instructional materials. Its solutions are used by students enrolled in non-profit colleges and universities, as well as for-profit institutions. This segment sells its higher education solutions to online retailers and distribution partners, as well as sells directly to student through its proprietary e-commerce platform. The Global Professional segment provides students, institutions, and professionals with comprehensive medical and engineering learning solutions. This segment sells digital learning solutions and print materials accessible through a range of mediums for learners and customers. The International segment offers digital and print solutions in approximately 100 countries and 80 languages outside of the United States. This segment, through its distribution network, serve the needs of learners and educators with K-12 and higher education solutions. McGraw Hill, Inc. was formerly known as Mav Holding Corporation and changed its name to McGraw Hill, Inc. in October 2022. The company was founded in 1888 and is headquartered in Columbus, Ohio. McGraw Hill, Inc. operates as a subsidiary of Pe Mav Holdings, Llc.
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 | $2.1B | $669M | $-86M | $485M | -30.6% | 7.2% | -55.5% |
| 2024 | $2.0B | $571M | $-193M | $80M | -52.3% | 0.7% | -52.2% |
| 2023 | $1.9B | $496M | $-404M | $116M | -72.4% | 8.8% | -40.1% |
| 2022 | $1.8B | $336M | $-674M | - | -71.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,790.22 | 1,947.77 | 1,960.48 | 2,101.30 |
| Operating Revenue | 1,790.22 | 1,947.77 | 1,960.48 | 2,101.30 |
| Cost Of Revenue | 418.52 | 464.56 | 420.33 | 422.29 |
| Gross Profit | 1,371.70 | 1,483.22 | 1,540.15 | 1,679 |
| Operating Expense | 1,315.93 | 1,359.39 | 1,335.35 | 1,372.20 |
| Research And Development | - | 278.10 | 263.42 | 284.43 |
| Selling General And Administration | 1,036.01 | 709.41 | 705.55 | 725.41 |
| Total Expenses | 1,734.45 | 1,823.94 | 1,755.68 | 1,794.49 |
| Operating Income | 55.77 | 123.83 | 204.80 | 306.81 |
| Total Operating Income As Reported | -435.90 | -188.17 | 155.30 | 306.81 |
| EBITDA | 335.69 | 495.71 | 571.18 | 669.16 |
| Normalized EBITDA | 899.65 | 795.16 | 617.26 | 671.88 |
| EBIT | 55.77 | 123.83 | 204.80 | 306.81 |
| Net Interest Income | -214.62 | -278.22 | -326.44 | -293.45 |
| Other Non Operating Income Expenses | 3.50 | - | - | - |
| Other Income Expense | -563.96 | -299.45 | -46.08 | -2.72 |
| Net Non Operating Interest Income Expense | -214.62 | -278.22 | -326.44 | -293.45 |
| Pretax Income | -722.82 | -453.84 | -167.72 | 10.64 |
| Tax Provision | -48.56 | -49.73 | 25.29 | 96.48 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -37.89 | -32.94 | -9.68 | -0.57 |
| Net Income Continuous Operations | -674.25 | -404.10 | -193.02 | -85.84 |
| Net Income From Continuing And Discontinued Operation | -674.25 | -404.10 | -193.02 | -85.84 |
| Net Income From Continuing Operation Net Minority Interest | -674.25 | -404.10 | -193.02 | -85.84 |
| Net Income | -674.25 | -404.10 | -193.02 | -85.84 |
| Net Income Common Stockholders | -674.25 | -404.10 | -193.02 | -85.84 |
| Net Income Including Noncontrolling Interests | -674.25 | -404.10 | -193.02 | -85.84 |
| Normalized Income | -148.18 | -137.60 | -156.61 | -83.69 |
| Diluted NI Availto Com Stockholders | -674.25 | -404.10 | -193.02 | -85.84 |
| Basic Average Shares | 191 | 191 | 191 | 191 |
| Diluted Average Shares | 191 | 191 | 191 | 191 |
| Reconciled Depreciation | 279.92 | 371.88 | 366.38 | 362.36 |
| Reconciled Cost Of Revenue | 418.52 | 464.56 | 420.33 | 422.29 |
| Total Unusual Items | -563.96 | -299.45 | -46.08 | -2.72 |
| Total Unusual Items Excluding Goodwill | -563.96 | -299.45 | -46.08 | -2.72 |
| Special Income Charges | -563.96 | -299.45 | -46.08 | -2.72 |
| Other Special Charges | 72.30 | -12.55 | -3.42 | 2.72 |
| Impairment Of Capital Assets | 405 | 312 | 49.50 | 0 |
| Restructuring And Mergern Acquisition | 86.66 | 0 | 0 | - |
| Depreciation Amortization Depletion Income Statement | 279.92 | 371.88 | 366.38 | 362.36 |
| Depreciation And Amortization In Income Statement | 279.92 | 371.88 | 366.38 | 362.36 |
| General And Administrative Expense | 1,036.01 | 341.47 | 331.67 | 345.21 |
| Other Gand A | 1,036.01 | 341.47 | 331.67 | 345.21 |
| Total Other Finance Cost | 214.62 | 278.22 | 326.44 | 293.45 |
| Selling And Marketing Expense | - | 367.93 | 373.88 | 380.20 |
| Amortization | 245.40 | 327.33 | 313.40 | 295.67 |
| Amortization Of Intangibles Income Statement | 245.40 | 327.33 | 313.40 | 295.67 |
| Depreciation Income Statement | 34.52 | 44.56 | 52.98 | 66.69 |
Consumer Defensive sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| McGraw Hill, Inc.this co. | MH | $2.3B | -26.75 | 8.19 | -30.6% | 7.71 |
| 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 |
| 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 |
| Newell Brands Inc. | NWL | $1.6B | -5.73 | 0.68 | -11.9% | 20.08 |
| Peer Median | - | 19.38 | 1.25 | 7.3% | 10.53 | |