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Graham Holdings Co (GHC) stock

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NYSE: GHC NYSE Education Services Next results ~January 28, 2027

Graham Holdings Co is a US-listed company in the education services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Graham Holdings Co valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds142 adding, 135 cuttingOf 41 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Graham Holdings files

Where Graham stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.91bn, up 2.5% on a year earlier, slower than the 4.1% growth a quarter earlier. Free-cash-flow margin fell to 5.6% from 6.8% a year earlier. It passes 3 of our 5 financial-health checks.

Our model value for Graham Holdings is under review, so past values are not shown until it is resolved.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Graham Holdings Co's trailing-twelve-month revenue grew 2.5% year on year, with a free-cash-flow margin of 5.6%.

Our discounted-cash-flow model values the business at ~$1500 per share in the base case (~$1100–$2100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 2.5% (-1.6pp vs the prior quarter), the 10th consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Graham Holdings Co's latest figures clears our strength thresholds.

Things to watch

  • Weak cash conversion. Free cash flow was 56% of net income over the last 12 months.
  • Heavily shorted. 15.0% of the shares available to trade are sold short (7.8 days of average volume to cover).
  • Earnings expected to fall. The consensus expects earnings per share to fall 9% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$18.77 against an average estimate of $18.36: beat by 2.2%
Revenue
$1.33bn, up 3.7% on a year earlier
Share reaction
-0.1% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
October 29, 2026; average EPS estimate $22.40

Graham Holdings' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+0.5%
  • 1 month+4.8%
  • This year+10.2%
  • 1 year+19.6%
  • 5 years+107.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.9B
Operating margin
4.8%
Net margin
6.0%
EPS (TTM, diluted)
$113.35

Growth

Revenue growth
+2.5%
Change in growth rate
−1.6 pts
Share count change
−0.7%

Cash

Free cash flow (TTM)
$275M
FCF margin
5.6%
Stock pay % of revenue
0.1%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Graham Holdings Co valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Graham Holdings Co as an operating company, with every model that fits that kind of business. Cost of equity 8.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.81 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$350 ~$1100–$1900 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1100 ~$760–$1600 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1100 ~$900–$1300 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Graham Holdings Co with Education Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025
Share price$436.25$465.24$511.98$592.77$596.12$504.82$602.01$583.80$680.46$859.57$1091.51
Market value$2.5bn$2.6bn$2.8bn$3.2bn$3.2bn$2.6bn$3.0bn$2.8bn$3.2bn$3.8bn$4.8bn
+ Net debt (− = net cash)−$354m−$157m$103m$224m$313m$99m$522m$557m$642m$487m$614m
Enterprise value$2.1bn$2.4bn$2.9bn$3.4bn$3.5bn$2.7bn$3.5bn$3.4bn$3.8bn$4.3bn$5.4bn
Multiples
Price / sales 1.0x1.0x1.1x1.2x1.1x0.9x0.9x0.7x0.7x0.8x1.0x
Price / earnings —15.4x9.4x11.7x9.7x8.6x8.5x42.1x15.4x5.2x16.3x
Price / free cash flow —13.4x13.7x16.9x44.3x18.4x74.9x18.5x19.0x11.7x17.3x
EV / EBITDA —8.5x14.8x11.2x17.1x15.4x23.6x21.5x24.5x14.1x17.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard Graham Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 3 / 20

    Net income has been a median 3.7% of total assets over 10 years.

  • Durability 5 / 20

    Operating margin has been a median 4.6%; its worst year was 1.6%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 5.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.7% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $74.00 +44% $5.2bn +7%
Next $67.50 −9% $5.4bn +4%

Next year's EPS estimate has moved +0.7% in 90 days, across 1 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.2% on 90 days ago. In the last 30 days, 1 analyst raised Graham Holdings Co's forecast and 0 cut it.

Consensus EPS forecast Graham Holdings Co, last 90 days
$66.00 $68.00 $70.00 $72.00 $74.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $69.00 Current fiscal year, 60 days ago: $69.00 Current fiscal year, 30 days ago: $69.00 Current fiscal year, 7 days ago: $69.00 Current fiscal year, Now: $74.00 $74.00 Next fiscal year, 90 days ago: $67.00 Next fiscal year, 60 days ago: $67.00 Next fiscal year, 30 days ago: $67.00 Next fiscal year, 7 days ago: $67.00 Next fiscal year, Now: $67.50 $67.50

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $69.00$67.00
60 days ago $69.00$67.00
30 days ago $69.00$67.00
7 days ago $69.00$67.00
Now $74.00$67.50

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $18.36 $18.77 +2.2%
Jun 2026 $14.83 $19.46 +31.2%
Mar 2026 $13.11 $16.79 +28.1%
Dec 2025 $14.05 $11.45 −18.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Graham Holdings Co's latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

1 analysts, Oct 2026
Buy00%
Hold00%
Sell1100%

Monthly trend

  1. Oct 202611

Counts of recommendations published by analysts covering Graham Holdings Co, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
15.0%
of tradable shares
Days to cover
7.76
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
7.2%
of shares
Employees
12,747
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +19.6%

$1005.60 on October 31, 2025 to $1202.87

ThenNowEffect
Revenue (last 12 months) $4.8bn $4.9bn +1.6%
Net margin 14.1% 11.1% −21.5%
P/E multiple 6.4x 9.7x +49.7%
Share count 4m 4m +0.3%

Biggest factor: p/e multiple.

Last 3 years +97.8%

$608.18 on November 3, 2023 to $1202.87

ThenNowEffect
Revenue (last 12 months) $4.2bn $4.9bn +16.6%
Net margin 5.1% 11.1% +117.9%
P/E multiple 13.6x 9.7x −28.9%
Share count 5m 4m +9.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GHC+19%−3%+17%+26%+27%+10%
Industry peers (median)−20%−10%+26%+14%−3%−9%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GHC50%50%42%67%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GHC−17%−20%−17%−15%−20%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 63% from July 30, 2019 to March 18, 2020. Getting back needed a 167% gain, reached on January 22, 2024, 1405 days after the low.

Price behaviour

52-week range
$1026.52 – $1239.59
From 52-week high
−3.0%
vs 50-day average
+3.6%
vs 200-day average
+6.1%
Volatility (1 year)
23%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±3.1%
After a week
6 up, 5 down
typical move ±5.8%
After a month
8 up, 3 down
typical move ±6.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −0.1% −2.1% — —
July 30, 2026 −2.5% +2.4% −3.1% −5.9%
April 30, 2026 −1.4% +1.3% −1.6% −3.5%
February 25, 2026 −0.3% +0.3% +0.9% +0.2%
October 29, 2025 −1.7% −1.1% −2.1% +4.4%
July 30, 2025 +3.3% −0.5% +4.5% +18.3%
April 30, 2025 −0.8% +0.7% +4.0% +2.9%
February 26, 2025 +4.2% −1.5% +1.5% +3.5%
October 30, 2024 +6.8% −2.3% +21.2% +17.9%
July 31, 2024 −9.4% +0.2% −14.2% −2.7%
May 1, 2024 +3.5% +0.6% +8.8% +7.3%
February 23, 2024 −2.8% −0.3% −1.6% +4.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Graham Holdings Co
$4B $4.5B $5B FY23 Q1 FY23 Q4 FY24 Q3 FY25 Q4 Revenue (TTM), FY23 Q1: $4B Revenue (TTM), FY23 Q2: $4.2B Revenue (TTM), FY23 Q3: $4.3B Revenue (TTM), FY23 Q4: $4.4B Revenue (TTM), FY24 Q1: $4.5B Revenue (TTM), FY24 Q2: $4.6B Revenue (TTM), FY24 Q3: $4.7B Revenue (TTM), FY24 Q4: $4.8B Revenue (TTM), FY25 Q1: $4.8B Revenue (TTM), FY25 Q2: $4.8B Revenue (TTM), FY25 Q3: $4.9B Revenue (TTM), FY25 Q4: $4.9B $4.9B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY23 Q1 $4B
FY23 Q2 $4.2B
FY23 Q3 $4.3B
FY23 Q4 $4.4B
FY24 Q1 $4.5B
FY24 Q2 $4.6B
FY24 Q3 $4.7B
FY24 Q4 $4.8B
FY25 Q1 $4.8B
FY25 Q2 $4.8B
FY25 Q3 $4.9B
FY25 Q4 $4.9B
Revenue growth, TTM YoY Graham Holdings Co
0% 5% 10% 15% 20% FY23 Q1 FY23 Q4 FY24 Q3 FY25 Q4 Revenue growth, TTM YoY, FY23 Q1: 19.3% Revenue growth, TTM YoY, FY23 Q2: 19.7% Revenue growth, TTM YoY, FY23 Q3: 15.8% Revenue growth, TTM YoY, FY23 Q4: 12.5% Revenue growth, TTM YoY, FY24 Q1: 12.2% Revenue growth, TTM YoY, FY24 Q2: 9.6% Revenue growth, TTM YoY, FY24 Q3: 9.3% Revenue growth, TTM YoY, FY24 Q4: 8.5% Revenue growth, TTM YoY, FY25 Q1: 5.9% Revenue growth, TTM YoY, FY25 Q2: 4.7% Revenue growth, TTM YoY, FY25 Q3: 4.1% Revenue growth, TTM YoY, FY25 Q4: 2.5% 2.5%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q1 19.3%
FY23 Q2 19.7%
FY23 Q3 15.8%
FY23 Q4 12.5%
FY24 Q1 12.2%
FY24 Q2 9.6%
FY24 Q3 9.3%
FY24 Q4 8.5%
FY25 Q1 5.9%
FY25 Q2 4.7%
FY25 Q3 4.1%
FY25 Q4 2.5%
Operating margin (TTM) Graham Holdings Co
-2% 0% 2% 4% 6% FY23 Q1 FY23 Q4 FY24 Q3 FY25 Q4 Operating margin (TTM), FY23 Q1: 1.8% Operating margin (TTM), FY23 Q2: 2.1% Operating margin (TTM), FY23 Q3: -0.6% Operating margin (TTM), FY23 Q4: 1.6% Operating margin (TTM), FY24 Q1: 1.7% Operating margin (TTM), FY24 Q2: 1.0% Operating margin (TTM), FY24 Q3: 3.9% Operating margin (TTM), FY24 Q4: 4.5% Operating margin (TTM), FY25 Q1: 4.7% Operating margin (TTM), FY25 Q2: 5.7% Operating margin (TTM), FY25 Q3: 5.3% Operating margin (TTM), FY25 Q4: 4.8% 4.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q1 1.8%
FY23 Q2 2.1%
FY23 Q3 -0.6%
FY23 Q4 1.6%
FY24 Q1 1.7%
FY24 Q2 1.0%
FY24 Q3 3.9%
FY24 Q4 4.5%
FY25 Q1 4.7%
FY25 Q2 5.7%
FY25 Q3 5.3%
FY25 Q4 4.8%
FCF margin (TTM) Graham Holdings Co
0% 5% 10% FY23 Q1 FY23 Q4 FY24 Q3 FY25 Q4 FCF margin (TTM), FY23 Q1: 3.0% FCF margin (TTM), FY23 Q2: 2.5% FCF margin (TTM), FY23 Q3: 3.4% FCF margin (TTM), FY23 Q4: 3.8% FCF margin (TTM), FY24 Q1: 3.2% FCF margin (TTM), FY24 Q2: 3.4% FCF margin (TTM), FY24 Q3: 5.5% FCF margin (TTM), FY24 Q4: 6.8% FCF margin (TTM), FY25 Q1: 7.8% FCF margin (TTM), FY25 Q2: 8.7% FCF margin (TTM), FY25 Q3: 7.4% FCF margin (TTM), FY25 Q4: 5.6% 5.6%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q1 3.0%
FY23 Q2 2.5%
FY23 Q3 3.4%
FY23 Q4 3.8%
FY24 Q1 3.2%
FY24 Q2 3.4%
FY24 Q3 5.5%
FY24 Q4 6.8%
FY25 Q1 7.8%
FY25 Q2 8.7%
FY25 Q3 7.4%
FY25 Q4 5.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Graham Holdings took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.9B
  2. Other income $204M · 4.1%
  3. Other operating costs $4.7B · 95.2%
  4. Operating income $235M · 4.8%
  5. Income tax $146M · 3.0%
  6. Net income $292M · 6.0%

Shares of revenue. Source: Graham Holdings's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Jan 2010 2010 Jan 2011 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 4,326 4,586 3,526 3,373 2,601 2,737 2,586 2,482 2,592 2,696 2,932 2,889 3,186 3,924 4,415 4,791 4,912
EBITDA 581 845 590 419 401 438 −3 287 199 303 204 175 149 157 155 303 315
Operating income 290 603 334 149 149 233 −81 223 136 246 145 100 77 84 69 216 235
Net income 93 278 117 132 237 1,294 −101 169 302 271 328 300 352 67 205 725 292
Diluted EPS $9.78 $31.04 $14.70 $17.39 $32.05 $195.03 −$17.87 $29.80 $53.89 $50.20 $61.21 $58.13 $70.45 $13.79 $43.82 $163.40 $66.47
Growth (year on year)
Revenue +2.7% +6.0% −23.1% −4.4% −22.9% +5.2% −5.5% −4.0% +4.4% +4.0% +8.8% −1.5% +10.3% +23.2% +12.5% +8.5% +2.5%
EBITDA +17.3% +45.5% −30.2% −29.1% −4.3% +9.3% −100.7% — −30.8% +52.3% −32.7% −14.3% −14.8% +5.6% −1.1% +94.6% +4.2%
Operating income +25.2% +107.6% −44.6% −55.5% +0.6% +55.7% −134.7% — −38.8% +80.5% −41.3% −30.5% −22.9% +8.4% −17.3% — +9.0%
Net income — +199.8% −57.9% +12.8% +79.3% +446.2% −107.8% — +79.2% −10.2% +20.9% −8.4% +17.2% −80.9% — +253.0% −59.7%
Diluted EPS — +217.4% −52.6% +18.3% +84.3% +508.5% −109.2% — +80.8% −6.8% +21.9% −5.0% +21.2% −80.4% — +272.9% −59.3%
Margins
EBITDA margin 13.4% 18.4% 16.7% 12.4% 15.4% 16.0% −0.1% 11.6% 7.7% 11.2% 7.0% 6.0% 4.7% 4.0% 3.5% 6.3% 6.4%
Operating margin 6.7% 13.1% 9.5% 4.4% 5.7% 8.5% −3.1% 9.0% 5.3% 9.1% 4.9% 3.5% 2.4% 2.1% 1.6% 4.5% 4.8%
Net margin 2.1% 6.1% 3.3% 3.9% 9.1% 47.3% −3.9% 6.8% 11.7% 10.1% 11.2% 10.4% 11.1% 1.7% 4.6% 15.1% 6.0%
Free-cash-flow margin 9.1% 9.8% 5.0% 7.7% 4.0% 2.8% −2.6% 7.8% 8.0% 7.0% 2.4% 4.9% 1.3% 3.9% 3.8% 6.8% 5.6%
Cash flow
Cash from operations 651 694 393 484 310 313 71 261 268 287 165 211 202 236 260 407 347
Capital spending 258 244 216 225 206 237 137 67 60 98 94 70 163 83 93 83 72
Free cash flow 394 450 177 259 104 76 −66 195 208 189 72 141 40 153 166 324 275
Stock-based pay — — 12 15 25 18 48 13 10 6 6 6 6 6 7 6 6
Free cash flow after stock pay — — 165 245 79 59 −114 181 198 182 65 135 34 147 160 318 270
Balance sheet
Cash 443 438 381 512 570 773 754 649 390 253 200 414 146 169 170 261 267
Total debt 399 403 565 697 451 446 400 492 493 477 513 513 668 726 812 748 881
Net debt (negative = net cash) −43 −35 184 184 −119 −327 −354 −157 103 224 313 99 522 557 642 487 614
Diluted shares 9m 9m 8m 7m 7m 6m 6m 6m 6m 5m 5m 5m 5m 5m 5m 4m 4m
Returned to shareholders
Dividends 82 82 75 147 1 68 54 27 28 29 30 30 30 31 31 30 31
Buybacks 61 405 248 103 4 328 23 109 51 118 2 162 56 71 193 114 3
Total returned 143 487 324 251 5 396 77 136 79 147 32 192 86 102 224 144 35

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · September 30, 2026
What it owns · $8.3bn
Short-term assets $2.4bnLonger-term assets $5.9bn
What it owes, and who funded it · $8.2bn
Short-term liabilities $1.3bnLonger-term liabilities $2.1bnShareholders' equity $4.8bn
  • Short-term assets cover short-term liabilities $2.4bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.4bn short-term assets against $2.1bn of longer-dated liabilities.
  • More cash than debt $154m of cash against $853m of debt.
  • Debt below 40% of shareholders' equity Debt is 18% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 12% to 18% over five years.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Graham Holdings Co's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$3.5M
Dividends (TTM)
$31.4M
Returned to shareholders
13%
of free cash flow
Buybacks, last 3 fiscal years
$311M
Diluted share count
−0.7%
year over year
Total shareholder yield
0.7%
dividends 0.6% + buybacks 0.1% of market value
Dividend payout ratio
6%
of net income paid out
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in education services
Last 12 months unless stated GHC EDU TAL KLC LRN CVSA Median
Revenue, last 12 months $4.9bn $5.7bn $3.0bn $2.7bn $2.5bn $2.0bn $418m
Revenue growth, last 12 months 2.5% 15.5% 33.7% 1.8% 2.5% 9.3% 7.2%
Revenue growth, 3-year average 7.8% 70.7% 112.4% — 10.3% 11.0% 9.0%
Revenue growth, latest quarter 3.7% — — −0.4% 3.0% 10.7% 4.9%
Gross margin — 54.6% 55.4% — 37.4% 57.4% 54.6%
Operating margin 4.8% 11.4% 9.2% −14.9% 18.4% 19.8% 4.9%
Operating margin, 3-year average 3.6% −3.2% 2.4% −1.1% 15.9% 18.4% 4.5%
Net margin 6.0% 8.4% 17.6% −17.2% 13.2% 12.8% 3.9%
Cash from operations / revenue 7.1% 18.1% 20.0% 7.7% 19.9% 22.7% 8.0%
Free-cash-flow margin 5.6% 13.8% 16.9% 3.0% 19.9% 17.7% 5.7%
Free-cash-flow margin, 3-year average 5.4% −3.0% 7.4% — 16.0% 16.7% 5.4%
Stock pay / revenue 0.1% 1.6% 1.4% 0.3% 0.9% 2.1% 1.4%
Change in share count −0.7% −2.2% −6.0% 7.4% −7.1% −7.2% 0.5%

Median of all 26 companies we cover in education services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Services $2.7B 54.3% ▼ 1.2%
Products $2.2B 45.7% ▲ 7.3%

From Graham Holdings Co's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.1B
Institutions reporting
337
Shares held vs prior quarter
▲ 0.7%
Positions opened / closed
31 / 25

Top buyers and sellers, Q2 2026: 142 institutions bought and 135 sold ; the biggest buyer was Victory Capital Management Inc (+37K shares) and the biggest seller Hennessy Advisors Inc (−8,987). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $485M 425K 15.6% ▲ 2.3%
Madison Avenue Partners, LP $281M 246K 9.0% ▲ 0.2%
Dimensional Fund Advisors LP $271M 237K 8.7% ▲ 0.8%
Vanguard Portfolio Management LLC $200M 175K 6.4% ▲ 0.5%
Wallace Capital Management Inc. $178M 156K 5.7% ▲ 0.8%
Vanguard Capital Management LLC $165M 145K 5.3% ▼ 0.7%
State Street Corp $146M 128K 4.7% ▲ 2.6%
First Trust Advisors LP $106M 92K 3.4% 0.0%
Geode Capital Management, LLC $104M 91K 3.3% ▲ 3.7%
AQR Capital Management LLC $103M 90K 3.3% ▼ 2.3%
Victory Capital Management Inc $73.8M 65K 2.4% ▲ 130.5%
Northern Trust Corp $47.9M 42K 1.5% ▲ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Graham Holdings Co's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 25, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Graham Holdings Co was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Graham Holdings Co in brief

What does Graham Holdings Co do?
Graham Holdings Co is a US-listed company in the education services industry. Its financial year ends in December.
What is Graham Holdings Co's stock ticker?
Graham Holdings Co trades under the ticker GHC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Graham Holdings Co's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Graham Holdings Co reported revenue of $4.9B, 2.5% higher than a year earlier, according to its SEC filings.
What is Graham Holdings Co's free cash flow?
Graham Holdings Co's free-cash-flow margin is 5.6% of revenue over the trailing twelve months.
Who are Graham Holdings Co's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Madison Avenue Partners, LP and Dimensional Fund Advisors LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Graham Holdings Co buying back stock, and does it pay a dividend?
Graham Holdings Co spent $3.5M on share repurchases over the trailing twelve months, and its diluted share count fell 0.7% over the year.
What is Graham Holdings Co's market cap?
On December 31, 2025, Graham Holdings Co's market capitalisation was about $4.8B, with a price-to-earnings ratio of 16.3 and net debt of $614M. Market figures come from third-party market data and may be delayed.
Does Graham Holdings Co pay a dividend?
Yes: Graham Holdings Co paid $31.4M in dividends over the trailing twelve months, a dividend yield of 0.61% and a payout ratio of 6.3%.
How much debt does Graham Holdings Co have?
Graham Holdings Co's debt-to-equity ratio is 17.9%, from its latest balance sheet (11.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Graham Holdings Co's competitors?
In our Education Services peer group, the companies closest to Graham Holdings Co are New Oriental Education & Technology Group Inc., TAL Education Group, Kindercare Learning Companies, Inc., Stride, Inc. and Covista Inc. The side-by-side comparison below sets their revenue, margins and growth against Graham Holdings Co's.
When is Graham Holdings Co's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Graham Holdings Co announces its own schedule.