Graham Holdings (GHC) financial statements
Graham Holdings reported revenue of $4.9B in fiscal 2025, up 7.9% a year over 9 years.
Net income was $292M and the operating margin 4.8%, against 9.0% in 2016.
Free cash flow was $275M, and the company returned $3M in net buybacks.
The diluted share count fell 21% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Graham Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.7B | $2.9B | $2.9B | $3.2B | $3.9B | $4.4B | $4.8B | $4.9B |
| Selling, general and admin | $905M | $910M | — | — | — | — | — | — | — | — |
| Operating income | $223M | $136M | $246M | $145M | $100M | $77M | $84M | $69M | $216M | $235M |
| Interest expense | $35M | $34M | $38M | $30M | $38M | $34M | $54M | $63M | $186M | $119M |
| Pre-tax income | $251M | $183M | $324M | $426M | $407M | $450M | $122M | $299M | $1.0B | $450M |
| Income tax | $81M | -$120M | $52M | $99M | $107M | $96M | $51M | $87M | $292M | $146M |
| Net income | $169M | $302M | $271M | $328M | $300M | $352M | $67M | $205M | $725M | $292M |
| EPS (diluted) | $29.80 | $53.89 | $50.20 | $61.21 | $58.13 | $70.45 | $13.79 | $43.82 | $163.40 | $66.47 |
| Diluted shares | 6M | 6M | 5M | 5M | 5M | 5M | 5M | 5M | 4M | 4M |
| Operating margin | 9.0% | 5.3% | 9.1% | 4.9% | 3.5% | 2.4% | 2.1% | 1.6% | 4.5% | 4.8% |
| Net margin | 6.8% | 11.7% | 10.1% | 11.2% | 10.4% | 11.1% | 1.7% | 4.6% | 15.1% | 6.0% |
Balance sheet
Fiscal years, from Graham Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $649M | $390M | $253M | $200M | $414M | $146M | $169M | $170M | $261M | $267M |
| Receivables | $592M | $600M | $538M | $595M | $520M | $590M | $505M | $496M | $478M | $519M |
| Total current assets | $1.9B | $1.7B | $1.5B | $1.7B | $1.8B | $1.8B | $1.7B | $1.8B | $2.1B | $2.4B |
| Property, plant and equipment | $234M | $259M | $293M | $385M | $378M | $468M | $503M | $560M | $549M | $587M |
| Goodwill | $1.1B | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B | $1.6B | $1.5B | $1.5B | $1.6B |
| Total assets | $4.4B | $4.9B | $4.8B | $5.9B | $6.4B | $7.4B | $6.6B | $7.2B | $7.7B | $8.4B |
| Total current liabilities | $819M | $879M | $812M | $1.0B | $950M | $1.2B | $1.1B | $1.2B | $1.2B | $1.4B |
| Long-term debt | $486M | $487M | $471M | $431M | $506M | $526M | $571M | $745M | $722M | $706M |
| Total liabilities | $2.0B | $2.0B | $1.8B | $2.6B | $2.7B | $3.0B | $2.8B | $3.2B | $3.3B | $3.5B |
| Shareholders' equity | $2.5B | $2.9B | $2.9B | $3.3B | $3.8B | $4.4B | $3.7B | $4.0B | $4.3B | $4.8B |
| Net debt | -$157M | $103M | $224M | $313M | $99M | $522M | $557M | $642M | $487M | $614M |
Cash flow
Fiscal years, from Graham Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $261M | $268M | $287M | $165M | $211M | $202M | $236M | $260M | $407M | $347M |
| Capital spending | $67M | $60M | $98M | $94M | $70M | $163M | $83M | $93M | $83M | $72M |
| Free cash flow | $195M | $208M | $189M | $72M | $141M | $40M | $153M | $166M | $324M | $275M |
| Stock-based compensation | $13M | $10M | $6M | $6M | $6M | $6M | $6M | $7M | $6M | $6M |
| Share buybacks (net) | -$109M | -$51M | -$118M | -$2M | -$162M | -$56M | -$71M | -$193M | -$114M | -$3M |
| Net borrowing | $99M | $0 | $400M | $41M | $2M | $21M | $63M | $172M | -$28M | -$19M |
| Free cash flow margin | 7.8% | 8.0% | 7.0% | 2.4% | 4.9% | 1.3% | 3.9% | 3.8% | 6.8% | 5.6% |
Questions
What was Graham Holdings's revenue in 2025?
$4.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Graham Holdings generate?
$275M in fiscal 2025 (operating cash flow minus capital spending).
From Graham Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.