Graham Holdings Company (GHC) Q1 2026 earnings summary

Executive summary

• Net income attributable to common shares was $29.1 million ($6.62 per share) for Q1 2026, up from $23.9 million ($5.45 per share) in Q1 2025, despite $19.0 million in impairment charges related to the Kaplan Languages Group sale and $68.9 million in net losses on marketable equity securities.

• Revenue rose 6% year-over-year to $1,236.0 million, with increases in education, television broadcasting, healthcare, and manufacturing, partially offset by declines in automotive and other businesses.

• Operating income increased to $57.8 million from $47.5 million, driven by improved results in television broadcasting, manufacturing, and other businesses.

• Adjusted net income was $73.9 million ($16.79 per share), up from $51.0 million ($11.64 per share) in Q1 2025.

Financial highlights

• Q1 2026 revenue: $1,236.0 million (up 6% year-over-year).

• Net income attributable to common stockholders: $29.1 million (up from $23.9 million year-over-year).

• Diluted EPS: $6.62 (up from $5.45 year-over-year); adjusted diluted EPS: $16.79 (up from $11.64).

• Operating income: $57.8 million (up from $47.5 million year-over-year).

• Net losses on marketable equity securities: $68.9 million (vs. $43.8 million gain prior year).

Outlook and guidance

• Management expects continued revenue and operating income growth at CSI for the remainder of 2026.

• Capital expenditures for 2026 are estimated at $90–$100 million.

• The company expects to pay a dividend of $7.52 per share in 2026.

• Management believes sufficient liquidity exists to meet business requirements over the next 12 months.

• Forward-looking statements highlight risks and uncertainties related to acquisitions, dispositions, business strategies, and future financial performance.