Graham Holdings Company (GHC) Q2 2026 earnings summary

Executive summary

• Net income attributable to common shares rose to $281.1M ($64.86/share) in Q2 2026 from $36.7M ($8.35/share) in Q2 2025, driven by a $137M pension settlement gain, $101.9M in marketable equity securities gains, and a $69.6M tax benefit from the KLG sale, partially offset by impairment and non-operating losses.

• Revenue increased 7% year-over-year to $1,302.5M in Q2 2026, with growth in television broadcasting, healthcare, manufacturing, automotive, and other businesses, offset by a decline in education.

• Operating income improved to $83.6M in Q2 2026 from $72.8M in Q2 2025, reflecting better results in several segments.

• Adjusted net income (excluding significant items) was $84.2M ($19.46/share) in Q2 2026, up from $63.1M ($14.33/share) in Q2 2025.

Financial highlights

• Q2 2026 revenue: $1,302.5M (up 7% YoY); six-month revenue: $2,538.5M (up 7% YoY).

• Q2 2026 net income: $281.1M; six-month net income: $310.2M (vs. $60.6M in 2025).

• Diluted EPS: $64.86 in Q2 2026 (vs. $8.35 in Q2 2025); $71.04 for six months (vs. $13.81 in 2025).

• Operating income: $83.6M in Q2 2026 (vs. $72.8M in Q2 2025); $141.5M for six months (vs. $120.2M in 2025).

• Net gains on marketable equity securities were $101.9M in Q2 2026, compared to $11.5M net losses in Q2 2025.

Outlook and guidance

• Management expects continued revenue growth at CSI and ongoing expansion at Framebridge and CRG.

• Retransmission revenue in television broadcasting is expected to decline due to cord cutting, despite higher per-subscriber rates.

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

• Sufficient liquidity is expected to meet business requirements over the next 12 months.

• Forward-looking statements caution about risks and uncertainties, including business strategies, acquisitions/dispositions, and future financial performance.