NYSE : GHC
Graham Holdings Company — Financial statements
Consumer Staples · Education & Training Services · United States
Last price 1162.04 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 4.92B
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Financial statements
Graham Holdings Company (GHC) reported revenue of 5.12B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 5.12B | 4.91B | 4.79B | 4.41B | 3.92B | 3.19B |
| Revenue | 5.12B | 4.91B | 4.79B | 4.41B | 3.92B | 3.19B |
| Cost of Revenue | 3.58B | 3.44B | 3.32B | 3.10B | 2.66B | 2.11B |
| Gross Profit | 1.54B | 1.47B | 1.47B | 1.31B | 1.27B | 1.07B |
| Selling, General & Admin | 847.37M | 982.43M | 281.81M | 873.57M | 723.80M | 722.62M |
| Amortization of Goodwill & Intangibles | 25.09M | 32.04M | 37.12M | 50.04M | 58.85M | 57.87M |
| Operating Expenses | 948.12M | 1.09B | 405.98M | 1.01B | 855.95M | 851.91M |
| Operating Income | 587.49M | 375.05M | 1.06B | 302.27M | 410.83M | 219.54M |
| Interest Expense | -50.41M | -118.79M | -186.15M | -63.30M | -54.40M | -33.94M |
| Interest & Investment Income | 7.98M | 8.26M | 9.87M | 7.12M | 3.23M | 3.41M |
| Earnings From Equity Investments | 17.32M | 16.39M | -3.30M | -5.18M | -2.84M | 17.91M |
| Currency Exchange Gain (Loss) | -4.38M | -10.05M | 5.42M | -1.14M | -2.02M | -179.00K |
| Other Non Operating Income (Expenses) | 2.19M | 517.00K | 1.26M | 1.04M | 3.37M | 7.83M |
| EBT Excluding Unusual Items | 560.19M | 271.38M | 887.48M | 240.81M | 358.16M | 214.58M |
| Merger & Restructuring Charges | -1.95M | |||||
| Impairment of Goodwill | -1.00M | -7.50M | -50.20M | |||
| Gain (Loss) on Sale of Investments | 105.93M | 190.48M | 179.05M | 141.64M | -130.11M | 264.20M |
| Gain (Loss) on Sale of Assets | -5.15M | 375.00K | 8.12M | 15.62M | 22.68M | 3.79M |
| Asset Writedown | -28.13M | -12.34M | -42.32M | -48.87M | -128.99M | -32.94M |
| Other Unusual Items | -233.00K | -233.00K | -115.00K | |||
| Pretax Income | 629.65M | 449.67M | 1.02B | 299.00M | 121.73M | 449.63M |
| Income Tax Expense | 128.40M | 146.40M | 292.10M | 87.30M | 51.30M | 96.30M |
| Earnings From Continuing Operations | 501.25M | 303.27M | 732.61M | 211.70M | 70.43M | 353.33M |
| Net Income to Company | 501.25M | 303.27M | 732.61M | 211.70M | 70.43M | 353.33M |
| Minority Interest in Earnings | -7.21M | -10.98M | -7.98M | -6.42M | -3.35M | -1.25M |
| Net Income | 494.04M | 292.29M | 724.63M | 205.29M | 67.08M | 352.07M |
| Preferred Dividends & Other Adjustments | 2.72M | 1.64M | 4.90M | 1.35M | 379.00K | 2.26M |
| Net Income to Common | 491.32M | 290.66M | 719.74M | 203.94M | 66.70M | 349.81M |
| Shares Outstanding (Basic) | 4.28M | 4.33M | 4.37M | 4.64M | 4.82M | 4.95M |
| Shares Outstanding (Diluted) | 4.33M | 4.37M | 4.41M | 4.65M | 4.84M | 4.96M |
| EPS (Basic) | 114.73 | 67.11 | 164.62 | 43.96 | 13.83 | 70.66 |
| EPS (Diluted) | 113.55 | 66.47 | 163.40 | 43.82 | 13.79 | 70.46 |
| Free Cash Flow | 220.84M | 275.30M | 324.08M | 166.43M | 152.92M | 39.89M |
| Free Cash Flow Per Share | 51.04 | 62.95 | 73.57 | 35.76 | 31.62 | 8.03 |
| Dividend Per Share | 7.44 | 7.20 | 6.88 | 6.60 | 6.32 | 6.04 |
| Gross Margin | 30.02% | 29.93% | 30.61% | 29.72% | 32.28% | 33.63% |
| Operating Margin | 11.48% | 7.64% | 22.13% | 6.85% | 10.47% | 6.89% |
| Profit Margin | 9.60% | 5.92% | 15.02% | 4.62% | 1.70% | 10.98% |
| Free Cash Flow Margin | 4.32% | 5.61% | 6.76% | 3.77% | 3.90% | 1.25% |
| EBITDA | 688.23M | 487.46M | 1.18B | 438.37M | 542.98M | 348.83M |
| EBITDA Margin | 13.45% | 9.93% | 24.73% | 9.93% | 13.84% | 10.95% |
| D&A For EBITDA | 100.75M | 112.41M | 124.17M | 136.10M | 132.15M | 129.28M |
| EBIT | 587.49M | 375.05M | 1.06B | 302.27M | 410.83M | 219.54M |
| EBIT Margin | 11.48% | 7.64% | 22.13% | 6.85% | 10.47% | 6.89% |
| Effective Tax Rate | 20.39% | 32.56% | 28.51% | 29.20% | 42.14% | 21.42% |
| Revenue as Reported | 5.12B | 4.91B | 4.79B | 4.41B | 3.92B | 3.19B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 154.33M | 266.99M | 260.85M | 169.90M | 169.32M | 145.89M |
| Short-Term Investments | 1.07B | 1.09B | 858.74M | 697.03M | 622.41M | 824.45M |
| Cash & Short-Term Investments | 1.23B | 1.36B | 1.12B | 866.92M | 791.73M | 970.33M |
| Accounts Receivable | 501.98M | 526.47M | 482.83M | 496.17M | 504.78M | 589.58M |
| Other Receivables | 78.85M | 73.13M | 44.31M | 35.76M | 36.47M | 50.63M |
| Receivables | 580.83M | 599.60M | 527.14M | 531.93M | 541.25M | 640.22M |
| Inventory | 354.46M | 303.37M | 295.81M | 297.21M | 226.81M | 141.47M |
| Prepaid Expenses | 115.17M | 124.88M | 116.47M | 119.93M | 97.45M | 81.74M |
| Restricted Cash | 17.76M | 44.42M | 37.00M | 31.99M | 20.47M | 12.18M |
| Other Current Assets | 60.72M | 2.87M | 2.61M | 1.30M | 1.55M | 1.24M |
| Total Current Assets | 2.36B | 2.43B | 2.10B | 1.85B | 1.68B | 1.85B |
| Property, Plant & Equipment | 978.43M | 992.25M | 937.78M | 969.50M | 932.40M | 906.10M |
| Long-Term Investments | 202.34M | 229.56M | 169.12M | 186.48M | 189.06M | 155.44M |
| Goodwill | 1.55B | 1.59B | 1.50B | 1.53B | 1.56B | 1.65B |
| Other Intangible Assets | 213.97M | 232.44M | 221.02M | 300.06M | 340.36M | 389.30M |
| Long-Term Accounts Receivable | 23.20M | 32.10M | 34.70M | 39.80M | 26.30M | 17.70M |
| Long-Term Deferred Tax Assets | 9.12M | 9.69M | 8.91M | 10.58M | 6.81M | 7.90M |
| Long-Term Deferred Charges | 102.54M | 110.52M | 196.49M | 193.19M | 159.55M | 145.03M |
| Other Long-Term Assets | 2.85B | 2.77B | 2.51B | 2.11B | 1.66B | 2.31B |
| Total Assets | 8.29B | 8.40B | 7.68B | 7.19B | 6.55B | 7.43B |
| Accounts Payable | 173.76M | 180.41M | 160.38M | 153.98M | 135.69M | 126.98M |
| Accrued Expenses | 391.30M | 404.60M | 386.21M | 374.38M | 368.35M | 450.66M |
| Short-Term Debt | 126.42M | 119.56M | 147.88M | 148.80M | 70.26M | 5.50M |
| Current Portion of Long-Term Debt | 148.07M | 175.14M | 26.58M | 66.75M | 155.81M | 141.75M |
| Current Portion of Leases | 59.02M | 81.35M | 76.27M | 81.60M | 70.01M | 77.66M |
| Current Income Taxes Payable | 25.95M | 8.99M | 11.50M | 7.41M | 3.77M | 4.58M |
| Current Unearned Revenue | 352.56M | 411.65M | 390.98M | 396.75M | 341.30M | 358.72M |
| Other Current Liabilities | 62.96M | 6.87M | 484.00K | |||
| Total Current Liabilities | 1.34B | 1.39B | 1.20B | 1.23B | 1.15B | 1.17B |
| Long-Term Debt | 705.42M | 707.91M | 723.03M | 747.84M | 570.55M | 527.80M |
| Long-Term Leases | 365.83M | 384.96M | 367.93M | 383.25M | 393.63M | 405.20M |
| Long-Term Deferred Tax Liabilities | 867.50M | 890.98M | 739.26M | 600.12M | 466.27M | 676.71M |
| Other Long-Term Liabilities | 172.31M | 154.61M | 156.99M | 160.02M | 172.43M | 209.84M |
| Total Liabilities | 3.45B | 3.53B | 3.19B | 3.12B | 2.75B | 2.99B |
| Common Stock | 20.00M | 20.00M | 20.00M | 20.00M | 20.00M | 20.00M |
| Additional Paid-In Capital | 354.20M | 379.90M | 356.92M | 372.04M | 390.44M | 389.46M |
| Retained Earnings | 8.65B | 8.29B | 8.03B | 7.34B | 7.16B | 7.13B |
| Treasury Stock | -4.69B | -4.49B | -4.49B | -4.37B | -4.18B | -4.11B |
| Comprehensive Income & Other | 444.88M | 587.08M | 334.80M | 614.34M | 336.15M | 971.39M |
| Total Common Equity | 4.78B | 4.79B | 4.26B | 3.98B | 3.73B | 4.40B |
| Minority Interest | 60.82M | 74.65M | 233.52M | 91.08M | 73.95M | 40.06M |
| Shareholders' Equity | 4.84B | 4.87B | 4.49B | 4.07B | 3.81B | 4.44B |
| Total Liabilities & Equity | 8.29B | 8.40B | 7.68B | 7.19B | 6.55B | 7.43B |
| Total Debt | 1.40B | 1.47B | 1.34B | 1.43B | 1.26B | 1.16B |
| Net Cash (Debt) | -176.37M | -112.95M | -222.10M | -561.32M | -468.52M | -187.57M |
| Net Cash Per Share | -40.76 | -25.83 | -50.42 | -120.61 | -96.88 | -37.78 |
| Filing Date Shares Outstanding | 4.17M | 4.36M | 4.34M | 4.46M | 4.79M | 4.90M |
| Total Common Shares Outstanding | 4.17M | 4.36M | 4.33M | 4.48M | 4.79M | 4.91M |
| Working Capital | 1.02B | 1.04B | 898.83M | 619.62M | 534.09M | 680.84M |
| Book Value Per Share | 1,146.16 | 1,099.31 | 982.54 | 887.68 | 779.55 | 896.76 |
| Tangible Book Value | 3.01B | 2.98B | 2.54B | 2.15B | 1.83B | 2.36B |
| Tangible Book Value Per Share | 722.68 | 682.40 | 585.28 | 480.15 | 382.33 | 481.18 |
| Land | 112.98M | 100.27M | 98.33M | 86.89M | 73.65M | |
| Buildings | 284.63M | 248.98M | 238.78M | 203.26M | 211.76M | |
| Machinery | 550.38M | 533.78M | 521.77M | 457.14M | 419.78M | |
| Construction In Progress | 31.11M | 30.86M | 36.22M | 35.15M | 19.52M | |
| Leasehold Improvements | 205.46M | 185.67M | 225.00M | 226.97M | 215.64M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 494.04M | 292.29M | 724.63M | 205.29M | 67.08M | 352.07M |
| Depreciation & Amortization | 159.97M | 172.16M | 187.42M | 203.84M | 199.72M | 203.04M |
| Loss (Gain) From Sale of Assets | 3.51M | 1.03M | -7.65M | -10.84M | -20.32M | 801.00K |
| Asset Writedown & Restructuring Costs | 40.27M | 21.52M | 70.82M | 108.95M | 132.61M | 32.94M |
| Loss (Gain) From Sale of Investments | -105.93M | -190.48M | -179.05M | -141.64M | 130.11M | -264.20M |
| Loss (Gain) on Equity Investments | 24.92M | -3.88M | 18.84M | 20.75M | 13.50M | 4.92M |
| Stock-Based Compensation | 5.39M | 5.72M | 6.33M | 6.71M | 6.12M | 5.66M |
| Provision & Write-off of Bad Debts | 5.69M | 3.88M | 3.59M | 6.04M | 2.96M | 6.82M |
| Other Operating Activities | -146.94M | 20.70M | -529.29M | -70.29M | -169.02M | -28.39M |
| Change in Accounts Receivable | -19.62M | -11.20M | 11.32M | 8.23M | 45.52M | -47.43M |
| Change in Inventory | -31.57M | 35.29M | 8.30M | -62.87M | -64.32M | 4.55M |
| Change in Accounts Payable | -34.26M | 5.28M | 13.91M | 24.70M | -33.59M | 32.40M |
| Change in Unearned Revenue | -19.66M | -1.71M | 6.43M | 38.50M | 18.22M | 7.22M |
| Change in Income Taxes | -18.73M | -10.73M | 3.22M | 6.15M | 6.77M | -8.69M |
| Change in Other Net Operating Assets | -47.95M | 7.31M | 68.17M | -83.64M | -99.75M | -99.29M |
| Operating Cash Flow | 309.12M | 347.19M | 406.99M | 259.88M | 235.60M | 202.43M |
| Capital Expenditures | -88.28M | -71.88M | -82.91M | -93.45M | -82.68M | -162.54M |
| Cash Acquisitions | -70.11M | -71.23M | -4.12M | -78.15M | -130.11M | -351.88M |
| Divestitures | -19.48M | 26.16M | 8.39M | 4.29M | 5.06M | 10.29M |
| Investment in Securities | 355.00K | -69.40M | 13.97M | 41.77M | 22.63M | 8.93M |
| Other Investing Activities | 26.72M | 6.91M | 2.34M | -27.44M | 1.04M | 557.00K |
| Investing Cash Flow | -150.80M | -179.44M | -62.33M | -152.97M | -184.07M | -494.63M |
| Short-Term Debt Issued | 73.73M | 26.23M | ||||
| Long-Term Debt Issued | 690.75M | 1.39M | 293.39M | 80.30M | 204.88M | |
| Total Debt Issued | 696.81M | 690.75M | 1.39M | 367.12M | 106.53M | 204.88M |
| Short-Term Debt Repaid | -33.86M | -416.00K | -10.56M | |||
| Long-Term Debt Repaid | -576.05M | -78.21M | -230.80M | -16.58M | -49.65M | |
| Total Debt Repaid | -613.08M | -609.92M | -78.62M | -230.80M | -16.58M | -60.21M |
| Net Debt Issued (Repaid) | 83.73M | 80.83M | -77.23M | 136.32M | 89.95M | 144.67M |
| Repurchase of Common Stock | -198.60M | -3.47M | -114.10M | -193.16M | -71.39M | -55.68M |
| Common Dividends Paid | -32.14M | -31.36M | -30.35M | -30.95M | -30.71M | -30.14M |
| Dividends Paid | -32.14M | -31.36M | -30.35M | -30.95M | -30.71M | -30.14M |
| Other Financing Activities | -32.27M | -211.48M | -19.29M | -12.04M | -5.96M | -27.83M |
| Financing Cash Flow | -179.27M | -165.48M | -240.97M | -99.83M | -18.11M | 31.03M |
| Foreign Exchange Rate Adjustments | -109.00K | 11.29M | -7.73M | 4.39M | -1.84M | -3.03M |
| Net Cash Flow | -21.06M | 13.55M | 95.96M | 11.46M | 31.59M | -264.21M |
| Free Cash Flow | 220.84M | 275.30M | 324.08M | 166.43M | 152.92M | 39.89M |
| Free Cash Flow Margin | 4.32% | 5.61% | 6.76% | 3.77% | 3.90% | 1.25% |
| Free Cash Flow Per Share | 51.04 | 62.95 | 73.57 | 35.76 | 31.62 | 8.03 |
| Levered Free Cash Flow | 251.95M | 233.51M | 677.12M | 255.05M | 242.89M | 145.07M |
| Unlevered Free Cash Flow | 283.46M | 307.75M | 793.46M | 294.61M | 276.89M | 166.29M |
| Cash Interest Paid | 63.00M | 63.00M | 69.00M | 51.00M | 37.00M | 30.00M |
| Cash Income Tax Paid | 62.83M | 62.83M | 63.30M | 39.28M | 48.00M | 39.00M |
| Change in Working Capital | -171.80M | 24.24M | 111.34M | -68.94M | -127.16M | -111.24M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.87B | 4.79B | 3.78B | 3.17B | 2.90B | 3.12B |
| Enterprise Value | 5.05B | 4.99B | 4.27B | 3.62B | 3.38B | 3.28B |
| Last Close Price | 1,168.51 | 1,091.51 | 859.57 | 680.46 | 583.80 | 602.01 |
| PE Ratio | 10.29 | 16.49 | 5.25 | 15.52 | 43.50 | 8.92 |
| Forward PE | 16.90 | 17.66 | 14.92 | 14.37 | 11.03 | 15.54 |
| PS Ratio | 0.95 | 0.98 | 0.79 | 0.72 | 0.74 | 0.98 |
| PB Ratio | 1.02 | 0.98 | 0.84 | 0.78 | 0.76 | 0.70 |
| P/TBV Ratio | 1.62 | 1.61 | 1.49 | 1.47 | 1.58 | 1.32 |
| P/FCF Ratio | 22.06 | 17.41 | 11.66 | 19.02 | 18.97 | 78.20 |
| P/OCF Ratio | 15.76 | 13.80 | 9.28 | 12.18 | 12.31 | 15.41 |
| EV/Sales Ratio | 0.99 | 1.02 | 0.89 | 0.82 | 0.86 | 1.03 |
| EV/EBITDA Ratio | 7.33 | 10.24 | 3.60 | 8.26 | 6.22 | 9.41 |
| EV/EBIT Ratio | 8.59 | 13.31 | 4.03 | 11.98 | 8.23 | 14.96 |
| EV/FCF Ratio | 22.86 | 18.13 | 13.18 | 21.77 | 22.10 | 82.32 |
| Debt / Equity Ratio | 0.29 | 0.30 | 0.30 | 0.35 | 0.33 | 0.26 |
| Debt / EBITDA Ratio | 1.67 | 2.31 | 1.01 | 2.46 | 1.88 | 2.48 |
| Debt / FCF Ratio | 6.36 | 5.34 | 4.14 | 8.58 | 8.24 | 29.03 |
| Net Debt / Equity Ratio | 0.04 | 0.02 | 0.05 | 0.14 | 0.12 | 0.04 |
| Net Debt / EBITDA Ratio | 0.26 | 0.23 | 0.19 | 1.28 | 0.86 | 0.54 |
| Net Debt / FCF Ratio | 0.80 | 0.41 | 0.69 | 3.37 | 3.06 | 4.70 |
| Asset Turnover | 0.63 | 0.61 | 0.65 | 0.64 | 0.56 | 0.46 |
| Inventory Turnover | 10.84 | 11.49 | 11.21 | 11.84 | 14.43 | 16.14 |
| Quick Ratio | 1.35 | 1.41 | 1.37 | 1.14 | 1.16 | 1.38 |
| Current Ratio | 1.76 | 1.75 | 1.75 | 1.50 | 1.47 | 1.58 |
| Return on Equity (ROE) | 10.67% | 6.48% | 17.12% | 5.38% | 1.71% | 8.59% |
| Return on Assets (ROA) | 4.55% | 2.92% | 8.92% | 2.75% | 3.67% | 1.98% |
| Return on Invested Capital (ROIC) | 9.31% | 5.22% | 16.23% | 4.81% | 5.34% | 4.08% |
| Return on Capital Employed (ROCE) | 8.50% | 5.40% | 16.40% | 5.10% | 7.60% | 3.50% |
| Earnings Yield | 9.72% | 6.10% | 19.18% | 6.49% | 2.31% | 11.29% |
| FCF Yield | 4.53% | 5.74% | 8.58% | 5.26% | 5.27% | 1.28% |
| Dividend Yield | 0.64% | 0.66% | 0.79% | 0.93% | 1.04% | 0.95% |
| Payout Ratio | 6.62% | 10.73% | 4.19% | 15.08% | 45.78% | 8.56% |
| Buyback Yield / Dilution | 0.88% | 0.73% | 5.35% | 3.76% | 2.60% | 3.39% |
| Total Shareholder Return | 1.52% | 1.38% | 6.14% | 4.70% | 3.64% | 4.34% |