Revenue: As of FY2026 Q2, the actual value is USD 1.303 B.

EPS: As of FY2026 Q2, the actual value is USD 64.86.

EBIT: As of FY2026 Q2, the actual value is USD 334.65 M.

Overall Company Financial Performance

Operating Income

Graham Holdings Company reported operating income of $83.6 million for the second quarter of 2026, an increase from $72.8 million in the second quarter of 2025. For the first six months of 2026, operating income was $141.5 million, up from $120.2 million in the first six months of 2025.

Adjusted Operating Cash Flow (non-GAAP)

Adjusted operating cash flow was $119.8 million in the second quarter of 2026, an increase from $111.3 million in the second quarter of 2025. For the first six months of 2026, it reached $232.7 million, compared to $199.4 million in the first six months of 2025.

Capital Expenditures

Capital expenditures were $19.8 million in the second quarter of 2026, consistent with $19.8 million in the second quarter of 2025. For the first six months of 2026, capital expenditures totaled $40.6 million, up from $33.9 million in the corresponding period of 2025.

Acquisitions and Dispositions

In the first quarter of 2026, Graham Holdings Company agreed to sell the Kaplan Languages Group (KLG), recording a $19.0 million pre-tax impairment charge. The transaction closed on May 1, 2026, resulting in a $5.2 million loss on the sale recorded in the second quarter of 2026.

Pension Plan

In June 2026, the company purchased an irrevocable group annuity contract for $113.9 million to settle $124.3 million of defined benefit pension obligations, leading to a $137.0 million pre-tax noncash settlement gain in the second quarter of 2026.

Income Taxes

Graham Holdings Company recognized a U.S. income tax benefit of $69.6 million during the first six months of 2026 due to the KLG business restructuring and sale, while accruing a non-U.S. global minimum corporate top-up income tax expense of $19.2 million in the second quarter of 2026.

Debt, Cash and Marketable Equity Securities

As of June 30, 2026, outstanding borrowings totaled $900.4 million at an average interest rate of 5.7%, including $231.2 million from a revolving credit facility. Cash, marketable equity securities, and other investments amounted to $1,297.4 million. Net gains on marketable equity securities were $101.9 million in the second quarter of 2026 and $33.0 million for the first six months of 2026, compared to net losses of - $11.5 million and net gains of $32.3 million for the corresponding periods in 2025, respectively.

Common Stock Repurchases

During the first six months of 2026, Graham Holdings Company repurchased 110,471 shares of Class B common stock for $122.0 million. As of June 30, 2026, 4,251,268 shares were outstanding, with 352,011 shares remaining under the authorized repurchase program.

Net Income Attributable to Common Shares

Net income attributable to common shares was $281.1 million in the second quarter of 2026, significantly higher than $36.7 million in the second quarter of 2025. For the first six months of 2026, it increased to $310.2 million from $60.6 million in the first six months of 2025.

Adjusted Net Income (non-GAAP)

Adjusted net income was $84.2 million in the second quarter of 2026, compared to $63.1 million in the second quarter of 2025. For the first six months of 2026, it was $158.1 million, up from $114.1 million in the first six months of 2025.

Division Operating Results

Operating Income (Loss) by Segment

• Education: Operating income was $50.3 million in Q2 2026 (up 9%) and $82.7 million in H1 2026 (down -4%).
• Television broadcasting: Operating income was $30.5 million in Q2 2026 (up 9%) and $64.4 million in H1 2026 (up 23%).
• Healthcare: Operating income was $24.6 million in Q2 2026 (down -2%) and $42.0 million in H1 2026 (down -3%).
• Manufacturing: Operating income was $7.1 million in Q2 2026 (down -6%) and $15.1 million in H1 2026 (up 16%).
• Automotive: Operating income was $8.1 million in Q2 2026 (down -13%) and $13.4 million in H1 2026 (down -15%).
• Other businesses: Operating loss was - $17.2 million in Q2 2026 (37% improvement) and - $41.3 million in H1 2026 (29% improvement).
• Corporate office: Operating loss was - $19.7 million in Q2 2026 (down -23%) and - $34.8 million in H1 2026 (down -9%).

Adjusted Operating Cash Flow (non-GAAP) by Segment

• Education: Adjusted operating cash flow was $60.9 million in Q2 2026 (up 2%) and $123.1 million in H1 2026 (up 8%).
• Television broadcasting: Adjusted operating cash flow was $35.8 million in Q2 2026 (up 7%) and $74.9 million in H1 2026 (up 18%).
• Healthcare: Adjusted operating cash flow was $28.3 million in Q2 2026 (down -2%) and $49.6 million in H1 2026 (down -5%).
• Manufacturing: Adjusted operating cash flow was $15.1 million in Q2 2026 (up 14%) and $31.2 million in H1 2026 (up 25%).
• Automotive: Adjusted operating cash flow was $10.1 million in Q2 2026 (down -9%) and $17.2 million in H1 2026 (down -11%).
• Other businesses: Adjusted operating cash flow loss was - $11.5 million in Q2 2026 (43% improvement) and - $30.4 million in H1 2026 (31% improvement).
• Corporate office: Adjusted operating cash flow loss was - $18.8 million in Q2 2026 (down -25%) and - $33.0 million in H1 2026 (down -9%).

Outlook / Guidance

Graham Holdings Company’s public statements, including the press release, contain “forward-looking statements” based on management expectations, forecasts, and assumptions. These statements involve risks and uncertainties that could cause actual results to differ from those stated. The company does not commit to updating any forward-looking statement after its initial release.