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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Graham Holdings Company
Graham Holdings Company (GHC) investor relations material
Graham Holdings Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 revenue rose 4% YoY to $1,326.0 million and operating income increased 27% to $85.5 million; reported common-stockholder net income fell to $75.1 million, or $17.60 per diluted share.
9M revenue increased 6% to $3,864.5 million and operating income rose 21% to $227.0 million; reported net income was $385.3 million, including pension settlement gains and a KLG-related tax benefit.
Financial highlights
Q3 adjusted net income was $80.2 million, or $18.77 per diluted share; adjusted operating cash flow increased 11% to $121.8 million.
9M adjusted net income was $238.2 million, or $54.98 per diluted share, versus $176.1 million and $40.05 in 2025; adjusted operating cash flow rose 15% to $354.5 million.
Q3 capital expenditures were $39.6 million versus $20.2 million; 9M spending was $80.2 million versus $54.1 million.
9M operating cash flow was $280.8 million versus $318.9 million, reflecting working-capital changes including higher inventory purchases; capital expenditures paid were $65.0 million versus $48.6 million.
Segment performance
Education revenue fell 14% to $404.3 million in Q3 and 5% to $1,263 million in 9M; Q3 operating income declined 20% to $39.3 million, while 9M results excluding the $19.0 million KLG impairment were higher YoY.
Television Broadcasting Q3 revenue rose 19% to $125.3 million and operating income 81% to $48.5 million; 9M revenue increased 10% to $346.5 million and operating income 43% to $112.9 million.
Healthcare revenue rose 25% to $260.3 million in Q3 and 23% to $717.2 million in 9M; Q3 operating income increased 11% to $23.2 million, with CSI growth reflecting expanded offerings and service areas.
Manufacturing revenue increased 19% to $147.6 million in Q3 and 27% to $405.9 million in 9M; Q3 operating income rose 34% to $9.0 million, supported by Forney and Joyce growth.
Automotive Q3 revenue rose 5% to $299.1 million and operating income 48% to $9.3 million; 9M revenue rose 2% to $868.0 million and operating income to $22.7 million.
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Latest events from Graham Holdings Company
- Q2 2026 net income and EPS soared on pension settlement and securities gains, with 7% revenue growth.GHC
Q2 2026 - Directors and compensation approved amid robust growth, AI focus, and strategic investments.GHCAGM 2026
- Q1 2026 revenue and margins rose, offset by equity security losses and a $19M education impairment.GHCQ1 2026
- Shareholders to vote on three director nominees at the in-person annual meeting.GHCProxy filing
- Proxy details director elections, executive pay, risk oversight, and controlled company governance.GHCProxy filing
- 2025 revenue rose 3%, but net income dropped 60% due to prior-year pension gains.GHCQ4 2025
- Strong organic growth, disciplined capital allocation, and AI adoption drive robust 2025 results.GHCInvestor Day 2025
- Disciplined capital allocation and growth in education, healthcare, and media drive strong results.GHCInvestor Day 2024
- Strong 2024 results, unanimous director approval, and strategic growth amid tariff and market risks.GHCAGM 2025
Next Graham Holdings Company earnings date
Q4 202624 Feb, 2027
Graham Holdings Company
Next Graham Holdings Company earnings date
Q4 202624 Feb, 2027
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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.