Graham-B | 8-K: FY2025 Revenue: USD 4.912 B

Revenue: As of FY2025, the actual value is USD 4.912 B.EPS: As of FY2025, the actual value is USD 66.47.EBIT: As of FY2025, the actual value is USD 345.48 M.Overall Company Performance (Full Year 2025 vs. 2024)Revenue: Graham Holdings Company reported revenue of $4,911.6 million in 2025, an increase of 3% from $4,790.9 million in 2024. Revenues increased at education, healthcare, manufacturing, and other businesses, partially offset by declines at television broadcasting and automotive .Operating Income: Operating income for 2025 was $234.9 million, compared to $215.5 million in 2024, representing a 9% increase. Excluding goodwill and other long-lived asset impairment charges, operating results were down in 2025 due to declines at television broadcasting and automotive, partially offset by increases in other segments .Adjusted Operating Cash Flow (non-GAAP): Adjusted operating cash flow (non-GAAP) for 2025 was $407.1 million, a decrease from $447.0 million in 2024. This decline was primarily due to television broadcasting and automotive, partially offset by increases in education, healthcare, manufacturing, and other businesses .Capital Expenditures: Capital expenditures totaled $79.8 million in 2025, down from $93.1 million in 2024 .Net Income Attributable to Common Shares (GAAP): Net income attributable to common shares for 2025 was $292.3 million ($66.47 per share), a significant decrease from $724.6 million ($163.40 per share) in 2024 .Adjusted Net Income Attributable to Common Shares (non-GAAP): Excluding certain items, adjusted net income attributable to common shares was $226.5 million ($51.50 per share) for 2025, compared to $282.2 million ($63.63 per share) for 2024 .Equity in Gains (Losses) of Affiliates, Net: The Company recorded equity in gains of affiliates of $16.394 million in 2025, compared to losses of - $3.303 million in 2024 .Net Interest Expense: Net interest expense was - $118.787 million in 2025, an improvement from - $186.149 million in 2024 .Non-operating Pension and Postretirement Benefit Income, Net: This income was $127.539 million in 2025, a substantial decrease from $794.949 million in 2024 .Gain on Marketable Equity Securities, Net: Net gains on marketable equity securities increased to $200.170 million in 2025 from $181.295 million in 2024 .Other (Expense) Income, Net: Other non-operating items resulted in an expense of - $18.853 million in 2025, compared to income of $12.546 million in 2024 .Overall Company Performance (Fourth Quarter 2025 vs. 2024)Revenue: Revenue for the fourth quarter of 2025 was $1,251.0 million, a slight increase from $1,245.8 million in 2024. Revenues increased at education, healthcare, and manufacturing, partially offset by declines at television broadcasting, automotive, and other businesses .Operating Income: Operating income for the fourth quarter of 2025 was $47.6 million, a decrease of 34% from $72.5 million in 2024. Excluding goodwill and other long-lived asset impairment charges, operating results were down due to declines at television broadcasting, manufacturing, and automotive, partially offset by increases at healthcare, other businesses, and education .Adjusted Operating Cash Flow (non-GAAP): Adjusted operating cash flow (non-GAAP) for the fourth quarter of 2025 was $97.6 million, a decrease of 30% from $139.6 million in 2024. This decline was seen in television broadcasting, manufacturing, automotive, and education, partially offset by increases at healthcare and other businesses .Capital Expenditures: Capital expenditures totaled $25.7 million for the fourth quarter of 2025, down from $27.1 million in 2024 .Net Income Attributable to Common Shares (GAAP): Net income attributable to common shares for the fourth quarter of 2025 was $108.7 million ($24.69 per share), a significant decrease of 80% from $548.8 million ($125.55 per share) in the fourth quarter of 2024 .Adjusted Net Income Attributable to Common Shares (non-GAAP): Excluding certain items, adjusted net income attributable to common shares was $50.4 million ($11.45 per share) for the fourth quarter of 2025, compared to $98.7 million ($22.58 per share) for the fourth quarter of 2024 .Equity in Earnings of Affiliates: The Company recorded equity in earnings of affiliates of $5.9 million for the fourth quarter of 2025, compared to $5.2 million for 2024 .Net Interest Income (Expense): The Company reported net interest income of $0.8 million for the fourth quarter of 2025, a significant change from net interest expense of - $46.2 million in 2024 .Non-Operating Pension and Postretirement Benefit Income, Net: This income was $33.3 million for the fourth quarter of 2025, a substantial decrease from $689.6 million for the fourth quarter of 2024 .Other Non-Operating Income, Net: Other non-operating income, net, was $1.7 million for the fourth quarter of 2025, compared to $9.6 million for the fourth quarter of 2024 .Balance Sheet and Cash Flow ItemsDebt: At December 31, 2025, Graham Holdings Company had $880.8 million in borrowings outstanding at an average interest rate of 5.7%, including $222.5 million on its $400 million revolving credit facility. This compares to $748.2 million in borrowings outstanding at an average interest rate of 6.0% at December 31, 2024, including $62.8 million on its $300 million revolving credit facility .Cash, Marketable Equity Securities and Other Investments: These totaled $1,400.4 million at December 31, 2025, up from $1,156.6 million at December 31, 2024 .Pension Surplus: The Company had a pension surplus of $2,772.4 million at December 31, 2025, an increase from $2,510.5 million at December 31, 2024 .Segment-Specific Financials (Fourth Quarter 2025 vs. 2024)Education:Revenue: Total education division revenue was $410.1 million, up slightly from $408.2 million . Kaplan International revenue decreased 3% (7% on a constant currency basis) . Higher Education revenue increased 7%, with fees from Purdue Global at $17.4 million in Q4 2025, up from $14.6 million in Q4 2024 . Supplemental Education revenue increased 7% .Operating Income: Kaplan reported operating income of $24.6 million, compared to $0.1 million in 2024 . Kaplan International operating income increased 29% to $24.5 million from $19.0 million .Adjusted Operating Cash Flow (non-GAAP): $37.037 million, down from $38.013 million .Television Broadcasting:Revenue: Decreased 32% to $110.5 million from $161.7 million, primarily due to a - $48.4 million decrease in political advertising revenue and a - $3.9 million decrease in retransmission revenues .Operating Income: Declined 58% to $33.2 million from $78.5 million .Adjusted Operating Cash Flow (non-GAAP): $38.454 million, down from $84.002 million .Healthcare:Revenue: Increased 28% . CSI Pharmacy Holding Company, LLC (CSI) revenue increased 44% . Home Health and Hospice and Other Healthcare revenue increased 9% .Operating Income: Increased 77% .Adjusted Operating Cash Flow (non-GAAP): Increased to $36.1 million from $24.6 million .Equity in Earnings: $4.1 million, up from $3.5 million .Manufacturing:Revenue: Increased 24% due to higher revenues at Hoover, Dekko, and Joyce, partially offset by lower revenues at Forney .Operating Results: Operating income was - $1.120 million, compared to $6.541 million in 2024 .Adjusted Operating Cash Flow (non-GAAP): $7.393 million, down from $12.708 million .Automotive:Revenue: Decreased 6% due to dealership closure and declines in new and used vehicle sales and finance/insurance products, partially offset by acquisition and service/parts growth .Operating Results: Operating income was - $4.713 million, compared to $9.096 million in 2024. An intangible asset impairment charge of - $10.1 million was recorded .Adjusted Operating Cash Flow (non-GAAP): $7.214 million, down from $10.886 million .Other Businesses:Total Revenue: Decreased 2% . Specialty revenue decreased to $45.639 million from $46.853 million . Retail revenue increased to $37.182 million from $32.998 million . Media revenue declined to $17.757 million from $22.916 million .Operating Results: Operating loss was - $18.251 million, compared to - $24.042 million in 2024 .Adjusted Operating Cash Flow (non-GAAP): Losses improved to - $12.0 million from - $16.1 million .Acquisitions and DispositionsOn October 21, 2025, Graham Holdings Company acquired a Honda automotive dealership in Woodbridge, VA, including its real property .Debt and Financing ActivitiesOn November 24, 2025, Graham Holdings Company issued $500 million of 5.625% unsecured eight-year fixed-rate notes due December 1, 2033, and amended its U.S. $400 million five-year revolving credit facility . Proceeds were used to redeem $400 million of 5.75% notes due June 1, 2026, refinance outstanding revolving loans, and repay a $150 million term loan . An automotive subsidiary borrowed $38.7 million under a delayed draw term loan to finance the Honda dealership acquisition .Common Stock RepurchasesDuring 2025, Graham Holdings Company purchased 3,978 shares of its Class B common stock for $3.5 million . As of December 31, 2025, the Company had remaining authorization to acquire 462,482 shares .Outlook / GuidanceThe provided reference contains a standard disclaimer regarding forward-looking statements, but no specific financial outlook or guidance for future periods is included . A FORM 8-K filing also confirmed the absence of specific financial or operational metrics or outlook/guidance content .