Graham Holdings Co (GHC) FY2025 10-K Annual Report
Graham Holdings Co (GHC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Graham Holdings Co FY2025 10-K Analysis
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 specific regulatory or legal risk detailed in the text provided
- • No geopolitical, competitive, or financial risks detailed in the text provided
Graham Holdings Co FY2025 Key Financial MetricsXBRL
Revenue
$4.9B
▲ +2.5% YoY
Net Income
$292M
▼ -59.7% YoY
Operating Margin
4.8%
▲ +29bp YoY
Net Margin
6.0%
▼ -917bp YoY
ROE
6.1%
▼ -1093bp YoY
Total Assets
$8.4B
▲ +9.4% YoY
EPS (Diluted)
$66.47
▼ -59.3% YoY
Operating Cash Flow
$347M
▼ -14.7% YoY
Source: XBRL data from Graham Holdings Co FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on Graham Holdings Co
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.