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Graham Holdings Company (GHC) investor relations material
Graham Holdings Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 revenue rose 6% year-over-year to $1,278.9M, with growth in education, manufacturing, and healthcare, offset by declines in television broadcasting and automotive.
Net income attributable to common shares for Q3 2025 was $122.9M ($27.91/share), up from $72.5M ($16.42/share) in Q3 2024, driven by higher gains on marketable equity securities and improved segment results, despite lower operating income.
For the first nine months of 2025, net income attributable to common shares was $183.6M ($41.75/share), up from $175.8M ($39.49/share) in the prior year period.
Operating income for Q3 2025 was $67.1M, down from $81.6M in Q3 2024, mainly due to declines in television broadcasting and automotive.
Adjusted net income for Q3 2025 was $62.0M ($14.08/share), down from $76.1M ($17.25/share) in Q3 2024.
Financial highlights
Q3 2025 net gains on marketable equity securities were $84.8M (after-tax $63.0M), compared to $30.5M (after-tax $22.7M) in Q3 2024.
Cash and cash equivalents at September 30, 2025 were $190.8M, with $1,005.8M in marketable equity securities and $731.9M in borrowings outstanding.
Net cash provided by operating activities for the first nine months of 2025 was $318.9M, up from $290.7M in the prior year period.
Capital expenditures were $20.2M in Q3 2025 and $54.1M for the first nine months, both lower than the prior year.
Adjusted operating cash flow for Q3 2025 was $110.1M, down from $126.1M in Q3 2024.
Outlook and guidance
Management expects sufficient liquidity for the next 12 months, with capital needs funded by cash, operations, and available credit.
Capital expenditures for 2025 are estimated at $80M–$90M.
The company anticipates continued pressure on television broadcasting due to declining political and retransmission revenues, and ongoing macroeconomic risks related to tariffs and economic slowdown.
Management cautions that forward-looking statements are subject to risks and uncertainties, including those related to acquisitions, business strategies, and future financial performance.
Explain Q3 GAAP vs. adjusted net income divergence
Automotive dealership strategy post-acquisitions?
Address TV broadcasting revenue decline drivers
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Next Graham Holdings Company earnings date
Investor Day 20259 Dec, 2025
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Investor Day 20259 Dec, 2025
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Frequently asked questions
Graham Holdings Company is a diversified holding company with operations spanning various industries. It primarily provides educational services, including test preparation, professional training, and online education through subsidiaries like Kaplan. The company is also involved in television broadcasting, publishing online news through platforms such as Slate and Foreign Policy, and managing automotive dealerships. Additionally, it offers home health and hospice care services, operates restaurants and entertainment venues, and manufactures industrial products like burners and lifting systems. Graham Holdings is headquartered in Arlington, Virginia, and its shares are listed on the NYSE.
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