Graham Holdings Company (GHC) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 3% year-over-year to $1,215.8M, driven by education and healthcare, offset by declines in television broadcasting, manufacturing, and automotive.

• Net income attributable to common shares was $36.7M ($8.35/share) in Q2 2025, reversing a net loss of $21.0M ($4.79/share) in Q2 2024.

• Operating income for Q2 2025 was $72.8M, up from $25.9M in Q2 2024; six-month operating income was $120.2M, up from $61.4M year-over-year.

• Excluding non-recurring items, adjusted net income was $63.1M ($14.33/share) in Q2 2025, up from $56.9M ($12.70/share) in Q2 2024.

• Significant non-recurring items in Q2 2025 included $6.0M in separation incentive expenses, $1.2M in interest expense for mandatorily redeemable noncontrolling interest, $11.5M net losses on marketable equity securities, and a $12.7M impairment on a cost method investment.

Financial highlights

• Q2 2025 revenue: $1,215.8M (+3% year-over-year); six months: $2,381.7M (+2%).

• Q2 2025 net income attributable to common shareholders: $36.7M ($8.35/share); Q2 2024: net loss of $21.0M ($4.79/share).

• Six-month net income: $60.6M ($13.81/share) vs. $103.3M ($23.11/share) prior year.

• Adjusted operating cash flow for the first six months of 2025 was $199.4M, up from $181.3M year-over-year.

• Net losses on marketable equity securities were $11.5M in Q2 2025, compared to gains of $19.6M in Q2 2024.

Outlook and guidance

• Management expects sufficient financial resources to meet business needs over the next 12 months, including working capital, capex, interest, acquisitions, dividends, and repurchases.

• 2025 capital expenditures are estimated at $85M–$95M.

• Dividend expected at $7.20/share for 2025.

• Retransmission revenue net of network fees in television broadcasting expected to decline in 2025 and beyond due to cord cutting.

• Management highlighted risks and uncertainties related to acquisitions, business strategies, and future financial performance, as detailed in the annual report.