Graham Holdings Company (GHC) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 rose 3% year-over-year to $4,911.6 million, with growth in education, healthcare, manufacturing, and other businesses, offset by declines in television broadcasting and automotive.

• Operating income for 2025 was $234.9 million, up 9% from 2024; however, excluding impairment charges, operating results declined due to weakness in television broadcasting and automotive.

• Net income attributable to common shares for 2025 was $292.3 million ($66.47 per share), down 60% from $724.6 million ($163.40 per share) in 2024, largely due to non-recurring pension settlement gains in 2024.

• Adjusted net income (excluding non-recurring items) for 2025 was $226.5 million ($51.50 per share), down from $282.2 million ($63.63 per share) in 2024.

Financial highlights

• Adjusted operating cash flow (non-GAAP) for 2025 was $407.1 million, down from $447.0 million in 2024.

• Fourth quarter 2025 revenue was $1,251.0 million, up slightly from $1,245.8 million in Q4 2024.

• Q4 2025 net income attributable to common shares was $108.7 million ($24.69 per share), compared to $548.8 million ($125.55 per share) in Q4 2024; adjusted Q4 net income was $50.4 million ($11.45 per share), down from $98.7 million ($22.58 per share) in Q4 2024.

• Net gains on marketable equity securities were $83.1 million in Q4 2025, up from $27.0 million in Q4 2024.

Outlook and guidance

• Management provided forward-looking statements regarding growth prospects, business strategies, and risks, cautioning that actual results may differ due to various uncertainties.