Short answer
Graham Holdings Co (GHC) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $4.9B (+2.5% year over year) and net income of $292M.
- Top risk flagged: Cybersecurity risk overseen by Audit Committee with quarterly updates on vulnerability management and incident response capabilities
FY2025 key financial metrics · XBRL
- Revenue
- $4.9B
- +2.5% YoY
- Net income
- $292M
- −59.7% YoY
- Operating margin
- 4.8%
- +0.3 pp YoY
- EPS (diluted)
- $66.47
- −59.3% YoY
- ROE
- 6.1%
- −10.9 pp YoY
- Operating cash flow
- $347M
- −14.7% YoY
Source: XBRL data from the Graham Holdings Co (GHC) FY2025 10-K on SEC EDGAR. USD.
Graham Holdings Co FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: diversified holding company with subsidiaries in education, media, and other services
- No new products, services, or segments introduced or emphasized in 2026 filing
- Maintained existing corporate governance with updated codes of conduct and compliance certifications
- Executed Third Amended and Restated Five Year Credit Agreement on November 24, 2025, updating financing arrangements
- Unusual: extensive use of incorporation by reference limiting direct disclosure of operational details in this filing
Management Discussion & Analysis
- Revenue $4.912B, up 3% YoY from $4.791B; growth in education (+3%), healthcare (+33%), manufacturing (+10%), other businesses (+0%); declines in TV broadcasting (-21%), automotive (-6%)
- Operating income $234.9M vs $215.5M; TV broadcasting margin 26% vs 38%; automotive operating income down 54% to $17.4M from $38.0M; healthcare operating income +89% to $96.0M
- Best segment: Healthcare $815.0M revenue (+33%), operating income $96.0M (+89%); Worst segment: Television broadcasting $425.1M revenue (-21%), operating income $112.3M (-44%), margin decline from 38% to 26%
- Cash and investments $1.400B at 12/31/2025; borrowings $881M at 5.7% avg interest; issued $500M notes in Nov 2025; repaid $400M notes; automotive subsidiary borrowed $38.7M for acquisition; capital allocation includes share repurchases, dividends, acquisitions, no amounts specified
- Management notes continuing challenges from political ad revenue decline and cord cutting in TV broadcasting; healthcare growth via CSI acquisitions; automotive dealership closures and impairments; plans for new restaurant openings in 2026
Risk Factors
- Cybersecurity risk overseen by Audit Committee with quarterly updates on vulnerability management and incident response capabilities
- Key-person dependency on VP of Information Security and Privacy with 30+ years experience, reporting to CFO and leading the security team
- Operational risk from quarterly phishing exercises required across all business units to prevent security breaches
- No geopolitical, competitive, or financial risks detailed in the text provided
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