Saturday 17 October 2026 Export GHC’s income statement to Excel — free account

Graham Holdings Company

GHC Consumer Defensive Education & Training Services

Graham Holdings Company’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, up 2.52% from fiscal 2024. In the quarter to June 2026, revenue grew 7.13%, EPS grew 677.3%, free cash flow fell 58.5% and total debt rose 10.3%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five.

1,203.26 4.51 +0.38%

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Market cap: $5.1B
P/E: 9.6×
Fwd P/E: 15.5×
Dividend yield: 0.62%
F-score: 6/9
Altman Z: 3.01
Beneish M: −2.35
Dividend safety: 55/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 27.32%

Capital & Financial Ratios $m

Market Cap 5,080.00

Revenue 5,068.37

Net Income 550.25

Free Cash Flow 247.96

Net Debt (397.04)

Current Ratio 1.86

Debt/Equity 0.19

P/E ratio 9.60

Fwd P/E 15.50

P/S ratio 1.01

P/B ratio 1.07

Past 5Y EPS Growth 2.72%

This Y EPS Growth 3.81%

Next Y EPS Growth (2.90%)

Next Y revenue growth 5.97%

Next 5Y EPS Growth 13.04%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 34.69%

10-year low 10-year high

P/S against its own 10 years 55.84%

10-year low 10-year high

P/B against its own 10 years 66.24%

10-year low 10-year high

EV/Sales against its own 10 years 69.30%

10-year low 10-year high

EV/FCF against its own 10 years 63.81%

10-year low 10-year high

Dividends

Payout Ratio 0.06

Annual Dividend Rate 7.52

Annual Dividend Yield 0.62%

	total	individual payouts
2026	7.52	1.88 1.88 1.88 1.88
2025	0.00	1.80 1.80 1.80 1.80
2024	6.88	1.72 1.72 1.72 1.72
2023	6.60	1.65 1.65 1.65 1.65
2022	6.32	1.58 1.58 1.58 1.58
2021	6.04	1.51 1.51 1.51 1.51
2020	5.80	1.45 1.45 1.45 1.45
2019	5.56	1.39 1.39 1.39 1.39
2018	5.32	1.33 1.33 1.33 1.33
2017	5.08	1.27 1.27 1.27 1.27
2016	4.84	1.21 1.21 1.21 1.21

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	899	1,157	1,400	1,297
Receivables	532	522	592	508
Inventory	297	296	303	333
Other	1	8	10	11
	1,849	2,099	2,431	2,271

	2023	2024	2025	Q'26
Payables	695	713	722	639
ST’ Debt	67	27	175	191
Other	—	—	7	6
	1,230	1,200	1,389	1,221

Compound Annual Growth %

	10y	5y	3y
Sales	6.62%	11.20%	7.77%
Cash Flow	17.26%	10.51%	13.80%
Earnings	0.00%	(0.54%)	63.33%
Book Value	6.84%	5.09%	8.76%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	1,236	1,303	—	—	—
’25	1,166	1,216	1,279	1,251	4,912
’24	1,153	1,185	1,207	1,246	4,791
’23	1,032	1,105	1,112	1,167	4,415
’22	915	933	1,012	1,064	3,924
’21	712	801	809	863	3,186
’20	732	653	717	787	2,889

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	68	53	—	—	—
’25	46	95	178	28	347
’24	1	52	238	116	407
’23	23	39	140	57	260
’22	45	55	104	32	236
’21	24	49	124	5	202
’20	12	109	120	(30)	211

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	49	32	—	—	—
’25	31	77	170	(3)	275
’24	(20)	33	228	83	324
’23	3	18	124	21	166
’22	32	38	83	6	158
’21	11	39	15	(15)	50
’20	(13)	95	104	180	367

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	6.62	64.86	—	—	—
’25	5.45	8.35	27.91	24.69	66.47
’24	27.72	(4.79)	16.42	125.55	163.40
’23	10.88	25.89	(5.02)	11.72	43.82
’22	19.45	(13.95)	6.76	1.28	13.79
’21	22.44	22.99	7.90	17.10	70.45
’20	(6.32)	3.60	15.22	47.34	58.13

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	425.14	502.25	537.40	613.54	267.89	523.68	525.58	545.00	663.47	840.50	Analyst estimates 2026–2028 Powerpack
	High	547.80	615.85	678.36	756.26	648.94	685.00	675.00	702.40	974.00	1,200.00
People
People	Employees	11,300	11,900	11,100	12,053	16,661	6,100	6,500	19,900	21,446	19,920
	Revenue/emp, $m	0.22	0.22	0.24	0.24	0.17	0.52	0.60	0.22	0.22	0.25
Income, $m
Income, $m	Revenue	2,482	2,592	2,696	2,932	2,889	3,186	3,924	4,415	4,791	4,912
	Gross margin, %	48.83	43.89	41.15	33.55	33.82	33.63	32.28	29.72	30.61	29.93
	EBT	251	183	324	426	407	450	122	299	1,025	450
	EBT margin, %	10.10	7.05	12.00	14.55	14.10	14.11	3.10	6.77	21.39	9.16
	Net income	169	302	271	328	300	353	70	212	733	303
	Depreciation	93	113	112	206	251	236	329	303	237	184
Per share, $
Per share, $	Revenue	446.46	469.88	505.53	554.80	563.84	643.50	813.70	951.69	1,095.82	1,134.05
	Earnings	29.95	54.24	50.55	61.70	58.30	70.65	13.83	43.96	164.62	67.11
	Cash flow	47.00	48.60	53.82	31.25	41.11	40.89	48.85	56.02	93.09	80.16
	Capex	(4.88)	(10.35)	(20.35)	(7.38)	30.44	(30.75)	(16.10)	(20.14)	(18.96)	(16.60)
	Free cash flow	42.12	38.25	33.47	23.87	71.55	10.14	32.75	35.88	74.13	63.57
	Book value	441.26	528.49	546.93	629.48	735.05	891.07	778.08	862.66	980.52	1,114.60
	Shares, m	6	6	5	5	5	5	5	5	4	4
Valuation, ×
Valuation, ×	P/E	17.48	10.33	12.65	10.36	8.89	8.92	45.00	16.10	5.24	16.38
	P/S	1.17	1.20	1.27	1.15	0.95	0.98	0.75	0.74	0.80	0.97
	P/B	1.19	1.07	1.17	1.02	0.73	0.71	0.79	0.81	0.89	0.99
	EV/Sales	0.92	1.02	1.16	1.05	0.77	0.88	0.73	0.72	0.71	0.86
	EV/FCF	9.75	12.48	17.45	24.38	6.10	55.86	18.16	19.05	10.50	15.40
Cash, $m
Cash, $m	Operating cash flow	261	268	287	165	211	202	236	260	407	347
	Capex	(27)	(57)	(109)	(39)	156	(152)	(78)	(93)	(83)	(72)
	Free cash flow	234	211	178	126	367	50	158	166	324	275
Balance, $m
Balance, $m	Working capital	1,052	857	720	622	825	681	534	620	899	1,043
	Total debt	492	493	477	513	513	668	726	812	748	881
	Net debt	(627)	(471)	(302)	(301)	(498)	(315)	(86)	(87)	(408)	(520)
	Shareholders’ equity	2,453	2,915	2,917	3,327	3,766	4,412	3,753	4,002	4,287	4,827
Returns, %
Returns, %	ROA	3.84	6.45	5.59	6.13	4.85	5.08	0.96	2.99	9.75	3.64
	ROIC	7.63	3.49	5.88	2.99	1.92	1.18	1.43	1.11	3.47	3.41
	ROE	6.82	11.25	9.30	10.50	8.47	8.61	1.64	5.29	17.48	6.41

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
EDU New Oriental Education & Technology Group, Inc.	$8.4B	20.2×	11.4×	+23.04% (above 0%: growing)	+900.00% (above 0%: growing)	+72.87% (above 0%: growing)	53.10%	5.61%	Compare
LAUR Laureate Education	$5.4B	17.2×	15.8×	+17.50% (above 0%: growing)	+50.77% (above 0%: growing)	+37.68% (above 0%: growing)	38.59%	36.28%	Compare
GHC Graham Holdings Company	$5.1B	9.6×	15.5×	+7.13% (above 0%: growing)	+677.34% (above 0%: growing)	−58.54% (below 0%: shrinking)	30.10%	6.42%
CVSA Covista Inc.	$4.3B	17.7×	15.0×	+9.69% (above 0%: growing)	+40.67% (above 0%: growing)	+102.24% (above 0%: growing)	56.77%	19.04%	Compare
LOPE Grand Canyon Education, Inc.	$4.2B	19.4×	16.3×	+6.69% (above 0%: growing)	+18.24% (above 0%: growing)	−15.15% (below 0%: shrinking)	49.36%	22.02%	Compare
TAL TAL Education Group	$4.2B	7.3×	12.0×	+31.89% (above 0%: growing)	+1,380.00% (above 0%: growing)	+37.51% (above 0%: growing)	57.78%	18.09%	Compare
LRN Stride, Inc.	$3.5B	10.4×	13.4×	−2.69% (below 0%: shrinking)	+62.18% (above 0%: growing)	+3.70% (above 0%: growing)	34.16%	16.64%	Compare
MH McGraw Hill, Inc.	$2.7B	27.7×	15.6×	+2.65% (above 0%: growing)	+9,900.00% (above 0%: growing)	+57.50% (above 0%: growing)	79.87%	20.78%	Compare
PRDO Perdoceo Education Corporation	$2.1B	12.0×	11.7×	+1.80% (above 0%: growing)	+22.22% (above 0%: growing)	−3.87% (below 0%: shrinking)	76.15%	25.72%	Compare
Median of peers	$4.2B	17.5×	14.2×	+8.19%	+56.48%	+37.60%	54.94%	19.91%

All 46 Education & Training Services stocks →

Graham Holdings Company (GHC) key facts

Concern: Net income was $303.3 million, or $67.11 per share (basic), a net margin of 5.95%.
Strength: Graham Holdings Company’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, up 2.52% from fiscal 2024.
Graham Holdings Company (GHC) is an Education & Training Services company in the Consumer Defensive sector, listed on the New York Stock Exchange.
As of October 16, 2026, GHC traded at $1,203.26, a market capitalization of $5.1 billion.
At that price the stock trades at 9.6× trailing-twelve-month earnings and 1.0× sales; its P/E is higher than 35% of its own readings over the past ten years.
Graham Holdings Company pays an annual dividend of $7.52 per share, a yield of 0.62%, with a payout ratio of 6.06%.
Return on equity was 6.41% and debt-to-equity 0.19.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 3.01 (safe zone) for fiscal 2025.