Graham Holdings Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Graham Holdings Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,482	2,592	2,696	2,932	2,889	3,186	3,924	4,415	4,791	4,912
Selling, general and administrative	905	910
Operating income	223	136	246	145	100	77.4	83.9	69.4	216	235
Interest expense	35.4	33.9	37.9	29.8	38.3	33.9	54.4	63.3	186	119
Interest income	3.09	6.58	5.35	6.15	3.87	3.41	3.23	7.12	9.87	8.26
Other non-operating income	-12.6	4.24	2.1	32.4	215	32.6	33.5	19.1	12.5	-18.9
Pre-tax income	251	183	324	426	407	450	122	299	1,025	450
Income tax	81.2	-120	52.1	98.6	107	96.3	51.3	87.3	292	146
Income from continuing operations	169	302
Net income to minority interests				0	0	0	3.36	6.42	7.98	11
Net income	169	302	271	328	300	352	67.1	205	725	292
EBITDA	287	199	303	204	175	149	157	155	303	315
EPS, basic	29.95	54.24	50.55	61.70	58.30	70.65	13.83	43.96	164.62	67.11
EPS, diluted	29.80	53.89	50.20	61.21	58.13	70.45	13.79	43.82	163.40	66.47
Shares, basic (weighted)	5.56	5.52	5.33	5.29	5.12	4.95	4.82	4.64	4.37	4.33
Shares, diluted (weighted)	5.59	5.55	5.37	5.33	5.14	4.97	4.84	4.65	4.41	4.37
Dividend per share	4.84	5.08	5.32	5.56	5.80	6.04	6.32	6.60	6.88	7.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	649	390	253	200	414	146	169	170	261	267
Receivables	592	600	538	595	520	590	505	496	478	519
Inventory	8.49	18.9	17.9	70.6	64.1	72.8	141	215	234	209
Other current assets	60.7	66.3	82.7	1.4	0.94	1.24	1.55	1.3	7.61	10.3
Total current assets	1,871	1,736	1,532	1,663	1,774	1,847	1,679	1,849	2,099	2,431
Property, plant and equipment	234	259	293	385	378	468	503	560	549	587
Lease right-of-use assets			0	526	463	438	429	409	388	405
Goodwill	1,123	1,300	1,298	1,388	1,485	1,650	1,561	1,525	1,500	1,586
Intangible assets	108	238	263	233	205	247	161	112	56.7	61.6
Other non-current assets	73.1	102	118	128	147	164	189	233	231	143
Total assets	4,433	4,938	4,764	5,931	6,444	7,426	6,553	7,188	7,677	8,396
Accounts payable	501	526	487	508	106	127	136	154	160	181
Accrued liabilities	148	140	149	141	135	179	150	155	173	195
Deferred revenue	312	339	309	355	331	359	341	397	391	412
Short-term debt	6.13	6.73	6.36	82.2	6.45	142	156	66.8	26.6	175
Total current liabilities	819	879	812	1,042	950	1,166	1,145	1,230	1,200	1,389
Long-term debt	486	487	471	431	506	526	571	745	722	706
Lease liabilities			0	477	429	405	394	377	363	378
Other non-current liabilities	65.6	66	57.9	27.2	48.8	36.5	37.5	32.1	27.4	28.6
Total liabilities	1,980	2,018	1,843	2,599	2,666	3,000	2,779	3,162	3,347	3,529
Total debt	486	487	471	513	513	668	726	812	748	881
Paid-in capital	364	371	379	382	388	389	390	372	357	380
Retained earnings	5,589	5,792	6,236	6,534	6,805	7,127	7,163	7,337	8,032	8,293
Treasury stock	-3,757	-3,803	-3,922	-3,920	-4,057	-4,108	-4,178	-4,368	-4,487	-4,486
Shareholders' equity			2,917	3,319	3,759	4,400	3,731	3,976	4,257	4,794
Minority interests			0	7.56	7.09	12.1	21.3	26.1	30.2	33.3
Total equity	2,453	2,915	2,917	3,327	3,766	4,412	3,753	4,002	4,287	4,827
Total liabilities and equity	4,433	4,938	4,764	5,931	6,444	7,426	6,553	7,188	7,677	8,396

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	169	302	271	328	300	353	70.4	212	733	303
Depreciation and amortization	64.6	62.5	56.7	59.3	74.3	71.4	73.3	86.1	87	80.4
Stock-based compensation	13.4	10.2	6.41	6.28	6.35	5.66	6.12	6.71	6.33	5.72
Deferred income tax	10.1	-146	-7.12	69.8	14.4	65	-3.84	43.8	227	92.5
Change in receivables	-47.9	-22.7	49.6	-53.6	61.3	-47.4	45.5	8.23	11.3	-11.2
Change in inventory	-2.42	-0.54	-7.35	-5.32	3.79	4.55	-64.3	-62.9	8.3	35.3
Change in payables	58.1	19.4	-44.9	-47.1	-32.7	32.4	-33.6	24.7	13.9	5.28
Cash from operations	261	268	287	165	211	202	236	260	407	347
Capital expenditures	-66.6	-60.4	-98.2	-93.5	-69.6	-163	-82.7	-93.4	-82.9	-71.9
Acquisitions	-245	-300	-112	-179	-20.1	-352	-130	-78.1	-4.12	-71.2
Purchases of investments	-48.3	0	-42.7	-7.5	-20	-48	-40.5	-6.16	-5	-29.8
Sales and maturities of investments	29.7	0	66.7	19.3	93.8	65.5	102	62	23.5	0
Cash from investing	-311	-442	-231	-237	199	-495	-184	-153	-62.3	-179
Debt issued	98.6	0	400	41.3	2.08	70.2	77.3	293	1.39	539
Debt repaid						-49.6	-14.5	-122	-29	-558
Stock issued	1.25	1.4	0.17	0.48	25.1	0	1.82
Share buybacks	-109	-50.8	-118	-2.1	-162	-55.7	-71.4	-193	-114	-3.47
Dividends paid	-27.3	-28.3	-28.6	-29.6	-30	-30.1	-30.7	-31	-30.3	-31.4
Cash from financing	-43.1	-100	-192	18.7	-204	31	-18.1	-99.8	-241	-165
Exchange rate effect	-11	10.8	-7.15	2.77	2.98	-3.03	-1.84	4.39	-7.73	11.3
Net change in cash	-104	-263	-143	-50.1	209	-264	31.6	11.5	96	13.6
Free cash flow	195	208	189	71.7	141	39.9	153	166	324	275
Interest paid	30	33	42	30	31	30	37	51	69	63
Income taxes paid	65	4	54	28	91	39	48	39.3	63.3	62.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,154.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	41.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	4.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	26.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-59.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	63.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-59.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	68.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-14.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-15.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	21.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	14.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	4.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	5.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-3.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.86x	Current assets / current liabilities.
Quick ratio	0.47x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.13x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.19x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	11.1%	Total debt / total assets.
Liabilities / assets	40.8%	Total liabilities / total assets.
Net debt	$743.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$1.05B	Current assets - current liabilities.
Goodwill and intangibles / assets	20.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.11B	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$126.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Book value per share	$1,105.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$722.12	Tangible book value / shares outstanding.
Cash per share	$36.38	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$4.89B	Share price x shares outstanding.
Enterprise value	$5.63B	Market cap + total debt - cash - short-term investments.
P/E	9.00x	Market cap / net income. Only when net income is positive.
P/B	1.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.57x	Market cap / tangible book value, when positive.
Earnings yield	11.1%	Net income / market cap (the inverse of P/E).
PEG	0.13x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Graham Holdings Co's revenue in fiscal 2025?

Graham Holdings Co reported revenue of $4.91B for fiscal 2025, 2.5% higher than the year before.

Was Graham Holdings Co profitable in fiscal 2025?

Yes. Net income was $292.3M, a net margin of 6%.

How much free cash flow did Graham Holdings Co generate in fiscal 2025?

Cash from operations of $347.2M minus capital expenditures of $71.9M left free cash flow of $275.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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