Graham Holdings Company reported a 1% increase in revenue for the first quarter of 2025, reaching $1,165.9 million, up from $1,152.7 million in the prior year. Operating income saw a significant 34% rise to $47.5 million, compared to $35.4 million in the first quarter of 2024. Net income attributable to common shares, as reported, decreased substantially to $23.9 million ($5.45 per share) from $124.4 million ($27.72 per share) in the prior year, largely due to a significant interest expense related to the fair value adjustment of a mandatorily redeemable noncontrolling interest and lower net gains on marketable equity securities. Excluding these items and others, adjusted net income attributable to common shares was $51.0 million ($11.64 per share), a slight increase from $50.4 million ($11.24 per share) in the first quarter of 2024.