Graham Holdings Co income statement
In fiscal 2025, Graham Holdings Co reported revenue of $4.91bn, up 2.5% on the year before, operating income of $235m (a 4.8% margin) and net income of $292m, or $66.47 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2009Jan 2010 | 2010Jan 2011 | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Selling, general and administrative | 1,832 | 1,869 | 1,384 | 1,317 | 1,124 | 1,132 | 1,104 | 905 | 910 | — | — | — | — | — | — | — | — |
| Operating income | 290 | 603 | 334 | 149 | 149 | 233 | −81 | 223 | 136 | 246 | 145 | 100 | 77 | 84 | 69 | 216 | 235 |
| Interest expense | 32 | 31 | 33 | 36 | 36 | 36 | 33 | 35 | 34 | 38 | 30 | 38 | 34 | 54 | 63 | 186 | 119 |
| Net interest income | −29 | −28 | −29 | −33 | −34 | −33 | −31 | −32 | −27 | −33 | −24 | −34 | −31 | −51 | −56 | — | — |
| Income before tax | 245 | 578 | 256 | 125 | 105 | 1,078 | −121 | 251 | 183 | 324 | 426 | 407 | 450 | 122 | 299 | 1,025 | 450 |
| Income tax | 89 | 222 | 104 | 73 | 41 | 312 | 21 | 81 | −120 | 52 | 99 | 107 | 96 | 51 | 87 | 292 | 146 |
| 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 |
| Diluted shares (average) | 9m | 9m | 8m | 7m | 7m | 6m | 6m | 6m | 6m | 5m | 5m | 5m | 5m | 5m | 5m | 4m | 4m |
| EBITDA | 581 | 845 | 590 | 419 | 401 | 438 | −3 | 287 | 199 | 303 | 204 | 175 | 149 | 157 | 155 | 303 | 315 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,207 | 1,246 | 1,166 | 1,216 | 1,279 | 1,251 | 1,303 | 1,326 |
| Operating income | 82 | 73 | 47 | 73 | 67 | 48 | 84 | 86 |
| Interest expense | 26 | 50 | 82 | 18 | 17 | 1 | 17 | 16 |
| Income before tax | 113 | 758 | 34 | 61 | 183 | 172 | 317 | 99 |
| Income tax | 39 | 206 | 8 | 20 | 57 | 62 | 35 | 22 |
| Net income | 73 | 549 | 24 | 37 | 123 | 109 | 281 | 75 |
| Diluted EPS | $16.42 | $123.91 | $5.45 | $8.35 | $27.91 | $24.72 | $64.86 | $17.60 |
| EBITDA | 103 | 94 | 68 | 92 | 86 | 68 | 102 | 104 |
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