**Graham Holdings Company Reports Financial Results for Fiscal Year 2025**
Graham Holdings Company (GHC) has released its 10-K filing, detailing its financial performance and strategic developments for the fiscal year 2025. The diversified holding company, with operations spanning education, television broadcasting, healthcare, manufacturing, and automotive dealerships, reported consolidated revenues of $4.91 billion, a 3% increase from $4.79 billion in 2024. Net income attributable to common shareholders was $292.3 million, or $66.47 per share, a decrease compared to $724.6 million, or $163.40 per share, in the previous year. The company's operations outside the U.S. accounted for approximately 22% of consolidated revenues.
The education division, primarily through Kaplan, Inc., remained the largest contributor to revenue, reporting $1.74 billion, a 3% increase from $1.69 billion in 2024. Kaplan International (KI) saw revenue growth driven by UK Professional and Singapore, while Kaplan Higher Education (KHE) benefited from increased fees from Purdue University Global. Supplemental Education also experienced revenue growth across most program offerings. The television broadcasting segment, however, experienced a 21% decrease in revenue to $425.1 million, primarily due to a decline in political advertising revenue compared to the 2024 election cycle. The healthcare division reported a significant 33% increase in revenue to $815.0 million, driven by the expansion of infusion treatment offerings and patient service areas at CSI Pharmacy Holding Company, LLC (CSI).
Strategic developments included Hoover Treated Wood Products' acquisition of Arconic Architectural Products, LLC, expanding its product offerings in the commercial building industry. Kaplan North America acquired Ohana Institute, an innovative K-12 private school located in Inlet Beach, Florida. The company also continued its expansion in the healthcare sector, with CSI purchasing Pine Drug Holdings, LLC and commencing dispensing operations in California. Graham Automotive LLC acquired a Honda automotive dealership in Woodbridge, Virginia.
Operationally, Kaplan served approximately 1,158,680 students and professionals worldwide in 2025. Graham Media Group (GMG) is broadcasting in the ATSC 3.0 standard on all of its stations. The healthcare group served over 140,000 patients in 2025. The company's workforce consisted of approximately 19,920 employees worldwide, with approximately 11,930 in the U.S. and 7,990 outside the U.S. Looking ahead, Graham Holdings expects to pay a dividend of $7.52 per share in 2026 and estimates capital expenditures to be in the range of $90 million to $100 million.
About Graham Holdings Co
Graham Holdings Co. is a diversified holding company engaged in education, television broadcasting, manufacturing, healthcare, automotive dealerships, and other businesses. Its core activities include providing educational services through Kaplan, operating TV stations, manufacturing industrial products, and offering healthcare and automotive services. The company serves global markets with a competitive edge in education and media, leveraging its broad portfolio and operational expertise across multiple sectors.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
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Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
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