Graham Holdings Reports $36.7 Million Net Income in Q2 2025, Revenue Increases to $1.22 Billion

Graham Holdings Company reported a net income attributable to common stockholders of $36.7 million, or $8.35 per share, for the second quarter of 2025, a significant recovery from a net loss of $21.0 million, or $4.79 per share, in the same period last year. The company’s total revenue for the quarter reached $1.22 billion, reflecting a 3% increase from $1.19 billion in the second quarter of 2024. This growth was driven by improved performance in the education, healthcare, and other business segments, although declines were noted in television broadcasting, manufacturing, and automotive sectors.

For the first half of 2025, Graham Holdings reported a net income of $60.6 million, or $13.81 per share, down from $103.3 million, or $23.11 per share, in the prior year. Total revenue for this period was $2.38 billion, a 2% increase from $2.34 billion in the first half of 2024. The company’s operating income also improved to $120.2 million from $61.4 million year-over-year, primarily due to gains in education, manufacturing, and healthcare, despite challenges in other areas.

Strategically, Graham Holdings made notable acquisitions, including the purchase of Arconic Architectural Products, LLC, which enhances its manufacturing capabilities. Additionally, Kaplan, a subsidiary, acquired a small business in its supplemental education division. The company also completed the sale of several websites and related businesses under its World of Good Brands segment, with plans to shut down remaining operations by the end of the third quarter of 2025.

Operationally, Graham Holdings saw a decrease in its cash and cash equivalents to $176.2 million as of June 30, 2025, down from $260.9 million at the end of 2024. The company’s total assets decreased slightly to $7.62 billion from $7.68 billion. The company’s employee headcount remained stable, with ongoing efforts to optimize workforce efficiency through various incentive programs. The company’s investments in marketable equity securities increased to $898.1 million, reflecting a strong market position.

Looking ahead, Graham Holdings anticipates continued revenue growth driven by its diversified business model, although it remains cautious about potential economic headwinds and market conditions. The company plans to leverage its existing cash reserves and operational cash flow to support future investments and strategic initiatives, while maintaining a focus on enhancing shareholder value through dividends and stock repurchases.