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Sep 30
Graham Holdings Q3 2025 Earnings Report
Graham Holdings Company reported its financial results for the third quarter of 2025, showing increased revenue but decreased operating income compared to the previous year.
Key Takeaways
Graham Holdings Company experienced a 6% increase in revenue for the third quarter of 2025, reaching $1,278.9 million, driven by growth in education, manufacturing, and healthcare segments. However, operating income declined by 18% to $67.1 million, primarily due to decreases in television broadcasting and automotive. Net income attributable to common shares significantly increased by 70% to $122.9 million, or $27.91 per share, largely influenced by net gains on marketable equity securities.
Revenue for Q3 2025 increased by 6% to $1,278.9 million, compared to $1,207.2 million in Q3 2024.
Operating income decreased by 18% to $67.1 million in Q3 2025, down from $81.6 million in Q3 2024.
Net income attributable to common shares rose by 70% to $122.9 million ($27.91 per share) in Q3 2025, compared to $72.5 million ($16.42 per share) in Q3 2024.
Adjusted operating cash flow (non-GAAP) for Q3 2025 was $110.1 million, a 13% decrease from $126.1 million in Q3 2024.
Graham Holdings
Graham Holdings
Graham Holdings Revenue by Segment
Revenue by Segment
Education Revenue
CapyFin.comTelevision Broadcasting Revenue
CapyFin.comManufacturing Revenue
CapyFin.comHealthcare Revenue
CapyFin.comAutomotive Revenue
CapyFin.comOther Businesses Revenue
CapyFin.comCorporate Office Revenue
CapyFin.com Forward Guidance
The report does not provide explicit forward-looking financial guidance or specific quantitative forecasts for future periods. It only includes general statements about expectations related to acquisitions, dispositions, business strategies, and future financial performance, along with a disclaimer about risks and uncertainties.
Positive Outlook
- The company completed the acquisition of Arconic Architectural Products, LLC, expanding its manufacturing segment.
- The company acquired a Honda automotive dealership in Woodbridge, VA, indicating continued investment in the automotive sector.
- Management expects to continue pursuing business strategies and objectives, including potential acquisitions or dispositions.
- The company anticipates prospects for growth in its various business operations.
- The company has remaining authorization for 462,482 shares for future Class B common stock repurchases.
Challenges Ahead
- The company decided to cease operations of the Ourisman Jeep of Bethesda dealership, which closed in early September 2025.
- All remaining World of Good Brands (WGB) operations were substantially shut down by the end of the third quarter of 2025.
- The report highlights that forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ from stated expectations.
- The company assumes no obligation to update any forward-looking statement after the date on which such statement is made.
- The report refers to risks and uncertainties described in Item 1A of the Company’s Form 10-Q for the quarter ended September 30, 2025, and the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, without detailing them in this release.