Graham Holdings Company (NYSE: GHC) has reported its financial results for the fourth quarter and full year of 2025, highlighting significant changes in various operating metrics compared to the prior year.
Revenue for 2025 was $4,911.6 million, up 3% from $4,790.9 million in 2024. Notably, operating income for 2025 was $234.9 million, compared to $215.5 million in 2024.
Adjusted operating cash flow (non-GAAP) for 2025 was reported at $407.1 million, a decrease from $447.0 million in 2024. Capital expenditures totaled $79.8 million and $93.1 million for 2025 and 2024, respectively.
In the fourth quarter of 2025, revenue was $1,251.0 million, up slightly from $1,245.8 million in 2024. However, operating income for the fourth quarter of 2025 was $47.6 million, a decline from $72.5 million in 2024.
Adjusted operating cash flow (non-GAAP) for the fourth quarter of 2025 was $97.6 million, down from $139.6 million in 2024. Capital expenditures totaled $25.7 million and $27.1 million for the fourth quarter of 2025 and 2024, respectively.
The company recognized $83.1 million and $27.0 million in net gains on marketable equity securities in the fourth quarter of 2025 and 2024, respectively.
The company reported net income attributable to common shares of $292.3 million ($66.47 per share) for the year ended December 31, 2025, compared to $724.6 million ($163.40 per share) for the year ended December 31, 2024. For the fourth quarter of 2025, the company reported net income attributable to common shares of $108.7 million ($24.69 per share), compared to $548.8 million ($125.55 per share) for the fourth quarter of 2024.
Education division revenue for the fourth quarter of 2025 totaled $410.1 million, up slightly from $408.2 million for the same period of 2024. Kaplan reported operating income for the fourth quarter of 2025 of $24.6 million, compared to $0.1 million in the fourth quarter of 2024.
For the fourth quarter of 2025, revenue from the Television Broadcasting division decreased 32% to $110.5 million, from $161.7 million in 2024. Operating income for the fourth quarter of 2025 declined 58% to $33.2 million, from $78.5 million in the same period of 2024.
Healthcare division revenues increased 28% in the fourth quarter of 2025, while operating income increased 77%. Adjusted operating cash flow (non-GAAP) at healthcare increased to $36.1 million in the fourth quarter of 2025, from $24.6 million in the fourth quarter of 2024.
Manufacturing revenues increased 24% in the fourth quarter of 2025 due to higher revenues at Hoover, Dekko, and Joyce, partially offset by lower revenues at Forney.
Revenues for the Other Businesses decreased 2% in the fourth quarter of 2025. Specialty revenue decreased due to declines at Clyde’s Restaurant Group (CRG) partly related to the adverse impacts of the federal government shutdown in the fourth quarter of 2025.
Today the company's shares have moved -0.57% to a price of $1142.71. For the full picture, make sure to review Graham's 8-K report.
