--- title: "Graham-B | 8-K: FY2025 Revenue: USD 4.912 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276895189.md" datetime: "2026-02-25T13:33:28.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276895189.md) - [en](https://longbridge.com/en/news/276895189.md) - [zh-HK](https://longbridge.com/zh-HK/news/276895189.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276895189.md) | [English](https://longbridge.com/en/news/276895189.md) # 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 Items - **Debt:** 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 Dispositions - On October 21, 2025, Graham Holdings Company acquired a Honda automotive dealership in Woodbridge, VA, including its real property . #### Debt and Financing Activities - On 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 Repurchases - During 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 / Guidance - The 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 . ### 相關股票 - [Graham-B (GHC.US)](https://longbridge.com/zh-HK/quote/GHC.US.md) ## 相關資訊與研究 - [Graham Holdings Company Annual Meeting Presentation | GHC Stock News](https://longbridge.com/zh-HK/news/281560909.md) - [South Carolina State University Partners with Kaplan to Offer All Students Free Comprehensive Test Prep, Skills Development Courses | GHC Stock News](https://longbridge.com/zh-HK/news/280476545.md) - [Bok Gov Nominee Shin: The Current Level of Korean Won Is Not That Meaningful](https://longbridge.com/zh-HK/news/281094929.md) - [Warren Buffett, Dan Ives Bet On The Same 3 Stocks — Some Might Surprise You](https://longbridge.com/zh-HK/news/281435028.md) - [Warren Buffett Bet Big On Oil In Q4: Here's How Much Berkshire Hathaway Is Up On Chevron Stock In 2026](https://longbridge.com/zh-HK/news/281213097.md)