NYSE · Financial Statements

Graham Holdings Company (GHC) Financial Statements

$1213.48 NYSE: GHC Market Cap $5.14B

Graham Holdings Company most recently reported annual revenue of $4.9B, net profit of $292.0M. Revenue grew at an average annual rate of 11.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Graham Holdings Company: Revenue rose from $2.5B in 2016 to $4.9B in 2025, a change of +97.9% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 9.0% to 5.1%, a shift of -3.9 percentage points; the most recent year shows net profit of $292.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$2.5B$2.6B$2.7B$2.9B$2.9B$3.2B$3.9B$4.4B$4.8B$4.9B
Operating Expenses$2.3B$2.5B$2.5B$2.8B$2.8B$3.1B$3.8B$4.3B$4.6B$4.7B
Operating Profit$223.0M$136.0M$246.0M$145.0M$100.0M$77.0M$84.0M$69.0M$216.0M$252.0M
Operating Margin9.0%5.3%9.1%4.9%3.5%2.4%2.1%1.6%4.5%5.1%
Other Income$28.0M$46.0M$77.0M$282.0M$307.0M$372.0M$38.0M$230.0M$809.0M$198.0M
Interest$35.0M$34.0M$38.0M$30.0M$38.0M$34.0M$54.0M$63.0M$186.0M$119.0M
Depreciation$93.0M$113.0M$112.0M$206.0M$251.0M$236.0M$329.0M$303.0M$237.0M$172.0M
Profit Before Tax$251.0M$183.0M$324.0M$426.0M$407.0M$450.0M$122.0M$299.0M$1.0B$450.0M
Tax$32.4M$-65.5M$16.1M$23.1M$26.4M$21.4M$42.1M$29.2M$28.5M$32.6M
Net Profit$169.0M$302.0M$271.0M$328.0M$300.0M$352.0M$67.0M$205.0M$725.0M$292.0M
EPS$29.80$53.89$50.50$61.21$58.13$70.46$13.79$43.82$163.40$66.47
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$1.1B$1.2B$1.2B$1.2B$1.2B$1.2B$1.2B$1.2B$1.3B$1.3B$1.2B$1.3B
Operating Expenses$1.2B$1.1B$1.1B$1.2B$1.1B$1.2B$1.1B$1.1B$1.2B$1.2B$1.2B$1.2B
Operating Profit$-57.0M$41.0M$35.0M$26.0M$82.0M$73.0M$47.0M$73.0M$73.0M$61.0M$77.0M$84.0M
Operating Margin-5.1%3.5%3.1%2.2%6.8%5.8%4.1%6.0%5.7%4.8%6.2%6.4%
Interest$12.0M$25.0M$19.0M$91.0M$26.0M$50.0M$82.0M$18.0M$17.0M$1.0M$16.0M$17.0M
Profit Before Tax$-12.0M$73.0M$169.0M$-15.0M$113.0M$758.0M$34.0M$61.0M$183.0M$172.0M$41.0M$317.0M
Tax$-80.1M$23.3M$25.8M$-27.8M$34.1M$27.2M$23.5M$33.3M$31.0M$35.7M$24.4M$11.1M
Net Profit$-23.0M$53.0M$124.0M$-21.0M$73.0M$549.0M$24.0M$37.0M$123.0M$109.0M$29.0M$281.0M
EPS$-5.00$11.71$27.72$-4.79$16.42$123.75$5.45$8.35$27.91$24.71$6.62$64.86

Over the 10 years reported for Graham Holdings Company, borrowings increased from $492.0M in 2016 to $1.7B in 2025, cash stood at $267.0M in the latest year, shareholders' equity was $20.0M, current assets covered current liabilities 1.75 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$4.4B$4.9B$4.8B$5.9B$6.4B$7.4B$6.6B$7.2B$7.7B$8.4B
Current Assets$1.9B$1.7B$1.5B$1.7B$1.8B$1.8B$1.7B$1.8B$2.1B$2.4B
Cash$649.0M$390.0M$253.0M$214.0M$423.0M$146.0M$169.0M$170.0M$261.0M$267.0M
Inventory$35.0M$61.0M$69.0M$109.0M$121.0M$141.0M$227.0M$297.0M$296.0M$303.0M
Receivables$657.0M$644.0M$601.0M$635.0M$566.0M$640.0M$541.0M$532.0M$522.0M$592.0M
Fixed Assets$234.0M$259.0M$293.0M$911.0M$841.0M$906.0M$932.0M$969.0M$938.0M$992.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$507.0M$686.0M$658.0M$762.0M$752.0M$980.0M$809.0M$884.0M$1.0B$1.3B
Other Assets$1.1B$1.3B$1.3B$1.4B$1.5B$1.6B$1.6B$1.5B$1.5B$1.6B
Total Liabilities$2.0B$2.0B$1.8B$2.6B$2.7B$3.0B$2.8B$3.1B$3.3B$3.5B
Current Liabilities$819.0M$879.0M$812.0M$1.0B$950.0M$1.2B$1.1B$1.2B$1.2B$1.4B
Borrowings$492.0M$493.0M$477.0M$1.1B$1.0B$1.1B$1.2B$1.3B$1.2B$1.7B
Other Liabilities$1.5B$1.5B$1.4B$1.5B$1.6B$1.8B$1.6B$1.9B$2.2B$1.8B
Equity$20.0M$20.0M$20.0M$20.0M$20.0M$20.0M$20.0M$20.0M$20.0M$20.0M
Reserves$2.5B$2.9B$2.9B$3.3B$3.8B$4.4B$3.7B$4.0B$4.3B$4.8B

For Graham Holdings Company, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $268.0M; free cash flow was positive in 10 of 10 years; financing activities used $240.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$261.0M$268.0M$287.0M$165.0M$211.0M$202.0M$236.0M$260.0M$407.0M$340.0M
Investing Cash Flow$-378.0M$-502.0M$-329.0M$-330.0M$130.0M$-657.0M$-260.0M$-247.0M$-145.0M$-253.0M
Financing Cash Flow$-114.0M$-55.0M$-141.0M$2.0M$-156.0M$-84.0M$-51.0M$-130.0M$-133.0M$-240.0M
Net Cash Flow$-104.0M$-263.0M$-143.0M$-50.0M$209.0M$-264.0M$32.0M$11.0M$96.0M$14.0M
Free Cash Flow$195.0M$208.0M$189.0M$72.0M$141.0M$40.0M$153.0M$166.0M$324.0M$268.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.48
EV / EBITDA6.57
FCF Yield4.84%
Quick Ratio1.59
Interest Coverage5.64
Return 1Y2.35%
Return 3Y94.19%
Return 5Y94.89%

Graham Holdings Company (GHC) financials — frequently asked questions

What is Graham Holdings Company's annual revenue?

Graham Holdings Company (GHC) reported annual revenue of $4.9B in its most recent fiscal year.

What is Graham Holdings Company's net profit?

Graham Holdings Company (GHC) reported net profit of $292.0M in its most recent fiscal year.

What is GHC EV/EBITDA?

Graham Holdings Company's enterprise value to EBITDA (EV/EBITDA) ratio is 6.57.

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