What is Graham Holdings's earnings per share (EPS)?

Graham Holdings (GHC) reported diluted earnings per share of $66.47 for fiscal year 2025. This represents a -59.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Graham Holdings Financials

GHC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Graham Holdings (GHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Graham Holdings has an operating margin of 4.8%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 33/100, indicating healthy but not exceptional operating efficiency. This is up from 4.5% the prior year.

Growth

Graham Holdings's revenue grew a modest 2.5% year-over-year to $4.9B. This slow but positive growth earns a score of 38/100.

Leverage

Graham Holdings carries a low D/E ratio of 0.15, meaning only $0.15 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Graham Holdings's current ratio of 1.75 indicates adequate short-term liquidity, earning a score of 31/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Graham Holdings has a free cash flow margin of 5.6%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Graham Holdings generates a 6.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 25/100. This is down from 17.0% the prior year.

Altman Z-Score Safe

2.99

Graham Holdings scores 2.99, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral

5/9

Graham Holdings passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.19x

For every $1 of reported earnings, Graham Holdings generates $1.19 in operating cash flow ($347.2M OCF vs $292.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

2.0x

Graham Holdings earns $2.0 in operating income for every $1 of interest expense ($234.9M vs $118.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$4.9B

YoY+2.5%

5Y CAGR+11.2%

10Y CAGR+6.6%

Graham Holdings generated $4.9B in revenue in fiscal year 2025. This represents an increase of 2.5% from the prior year.

EBITDA

$356.6M

YoY+2.4%

5Y CAGR+9.0%

Graham Holdings's EBITDA was $356.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.4% from the prior year.

Net Income

$292.3M

YoY-59.7%

5Y CAGR-0.5%

Graham Holdings reported $292.3M in net income in fiscal year 2025. This represents a decrease of 59.7% from the prior year.

EPS (Diluted)

$66.47

YoY-59.3%

5Y CAGR+2.7%

Graham Holdings earned $66.47 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 59.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$275.3M

YoY-15.0%

5Y CAGR+14.3%

Graham Holdings generated $275.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 15.0% from the prior year.

Cash & Debt

$267.0M

YoY+2.4%

5Y CAGR-8.4%

10Y CAGR-9.9%

Graham Holdings held $267.0M in cash against $705.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

$7.20

YoY+4.7%

5Y CAGR+4.4%

10Y CAGR-2.3%

Graham Holdings paid $7.20 per share in dividends in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

4.8%

YoY+0.3pp

5Y CAGR+1.3pp

10Y CAGR+10.9pp

Graham Holdings's operating margin was 4.8% in fiscal year 2025, reflecting core business profitability. This is up 0.3 percentage points from the prior year.

Net Margin

5.9%

YoY-9.2pp

5Y CAGR-4.5pp

10Y CAGR+9.8pp

Graham Holdings's net profit margin was 5.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.2 percentage points from the prior year.

Return on Equity

6.1%

YoY-10.9pp

5Y CAGR-1.9pp

10Y CAGR+10.1pp

Graham Holdings's ROE was 6.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$3.5M

YoY-97.0%

5Y CAGR-53.6%

10Y CAGR-17.2%

Graham Holdings spent $3.5M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 97.0% from the prior year.

Capital Expenditures

$71.9M

YoY-13.3%

5Y CAGR+0.6%

10Y CAGR-6.2%

Graham Holdings invested $71.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 13.3% from the prior year.

GHC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$4.9B+2.5%	$4.8B+8.5%	$4.4B+12.5%	$3.9B+23.2%	$3.2B+10.3%	$2.9B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$234.9M+9.0%	$215.5M+210.6%	$69.4M-17.3%	$83.9M+8.4%	$77.4M-22.9%	$100.4M
Interest Expense	$118.8M-36.2%	$186.1M+194.1%	$63.3M+16.4%	$54.4M+60.3%	$33.9M-11.4%	$38.3M
Income Tax	$146.4M-49.9%	$292.1M+234.6%	$87.3M+70.2%	$51.3M-46.7%	$96.3M-10.3%	$107.3M
Net Income	$292.3M-59.7%	$724.6M+253.0%	$205.3M+206.0%	$67.1M-80.9%	$352.1M+17.2%	$300.4M
EPS (Diluted)	$66.47-59.3%	$163.40+272.9%	$43.82+217.8%	$13.79-80.4%	$70.45+21.2%	$58.13

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.3B-2.2%	$1.3B+5.2%	$1.2B+4.3%	$1.2B-6.4%	$1.2B+3.2%	$1.2B+1.8%	$1.2B+2.8%	$1.2B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$47.6M-29.1%	$67.1M-7.7%	$72.8M+53.2%	$47.5M-34.5%	$72.5M-11.2%	$81.6M+215.1%	$25.9M-26.9%	$35.4M
Interest Expense	$1.2M-92.8%	$17.2M-5.2%	$18.1M-78.0%	$82.3M+66.1%	$49.5M+91.3%	$25.9M-71.7%	$91.4M+372.8%	$19.3M
Income Tax	$61.5M+8.3%	$56.8M+181.2%	$20.2M+155.7%	$7.9M-96.2%	$206.0M+435.1%	$38.5M+839.0%	$4.1M-90.6%	$43.5M
Net Income	$108.7M-11.6%	$122.9M+234.5%	$36.7M+53.8%	$23.9M-95.6%	$548.8M+656.9%	$72.5M+444.6%	-$21.0M-116.9%	$124.4M
EPS (Diluted)	N/A	$27.91+234.3%	$8.35+53.2%	$5.45	N/A	$16.42+442.8%	$-4.79-117.3%	$27.72

GHC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.4B+9.4%	$7.7B+6.8%	$7.2B+9.7%	$6.6B-11.7%	$7.4B+15.2%	$6.4B
Current Assets	$2.4B+15.8%	$2.1B+13.5%	$1.8B+10.1%	$1.7B-9.1%	$1.8B+4.1%	$1.8B
Cash & Equivalents	$267.0M+2.4%	$260.9M+53.5%	$169.9M+0.3%	$169.3M+16.1%	$145.9M-64.8%	$414.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$519.1M+8.6%	$477.8M-3.7%	$496.2M-1.7%	$504.8M-14.4%	$589.6M+13.5%	$519.6M
Goodwill	$1.6B+5.7%	$1.5B-1.6%	$1.5B-2.3%	$1.6B-5.4%	$1.6B+11.1%	$1.5B
Total Liabilities	$3.5B+5.4%	$3.3B+5.8%	$3.2B+13.8%	$2.8B-7.4%	$3.0B+12.5%	$2.7B
Current Liabilities	$1.4B+15.7%	$1.2B-2.4%	$1.2B+7.4%	$1.1B-1.8%	$1.2B+22.8%	$949.6M
Long-Term Debt	$705.6M-2.2%	$721.6M-3.1%	$745.1M+30.6%	$570.5M+8.5%	$525.8M+3.9%	$506.1M
Total Equity	$4.8B+12.6%	$4.3B+7.1%	$4.0B+6.5%	$3.7B-15.2%	$4.4B+17.0%	$3.8B
Retained Earnings	$8.3B+3.2%	$8.0B+9.5%	$7.3B+2.4%	$7.2B+0.5%	$7.1B+4.7%	$6.8B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$8.4B+6.9%	$7.9B+3.1%	$7.6B0.0%	$7.6B-0.8%	$7.7B+3.5%	$7.4B+2.6%	$7.2B-0.3%	$7.3B
Current Assets	$2.4B+8.4%	$2.2B+11.6%	$2.0B-0.8%	$2.0B-3.4%	$2.1B+0.7%	$2.1B+7.5%	$1.9B-0.6%	$2.0B
Cash & Equivalents	$267.0M+39.9%	$190.8M+8.3%	$176.2M+12.5%	$156.7M-39.9%	$260.9M+6.7%	$244.4M+73.7%	$140.7M+7.5%	$130.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$519.1M+5.0%	$494.5M+17.9%	$419.3M-8.8%	$459.6M-3.8%	$477.8M-1.8%	$486.5M+12.0%	$434.4M-7.3%	$468.4M
Goodwill	$1.6B+0.9%	$1.6B+2.4%	$1.5B+1.7%	$1.5B+0.6%	$1.5B-2.2%	$1.5B+1.5%	$1.5B-0.1%	$1.5B
Total Liabilities	$3.5B+6.6%	$3.3B+4.0%	$3.2B-1.9%	$3.2B-3.0%	$3.3B-0.1%	$3.3B+4.7%	$3.2B+1.3%	$3.2B
Current Liabilities	$1.4B-18.0%	$1.7B+7.2%	$1.6B+26.4%	$1.2B+4.2%	$1.2B-9.9%	$1.3B+10.3%	$1.2B-2.7%	$1.2B
Long-Term Debt	$705.6M+129.8%	$307.0M-2.3%	$314.3M-56.1%	$715.5M-0.9%	$721.6M-1.3%	$731.1M-0.3%	$732.9M-0.8%	$738.7M
Total Equity	$4.8B+7.6%	$4.5B+2.4%	$4.4B+1.3%	$4.3B+0.9%	$4.3B+6.3%	$4.0B+0.9%	$4.0B-1.9%	$4.0B
Retained Earnings	$8.3B+1.3%	$8.2B+1.4%	$8.1B+0.4%	$8.0B+0.1%	$8.0B+7.3%	$7.5B+0.9%	$7.4B-0.4%	$7.4B

GHC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$347.2M-14.7%	$407.0M+56.6%	$259.9M+10.3%	$235.6M+16.4%	$202.4M-3.9%	$210.7M
Capital Expenditures	$71.9M-13.3%	$82.9M-11.3%	$93.4M+13.0%	$82.7M-49.1%	$162.5M+133.6%	$69.6M
Free Cash Flow	$275.3M-15.0%	$324.1M+94.7%	$166.4M+8.8%	$152.9M+283.4%	$39.9M-71.7%	$141.1M
Investing Cash Flow	-$179.4M-187.9%	-$62.3M+59.3%	-$153.0M+16.9%	-$184.1M+62.8%	-$494.6M-348.1%	$199.4M
Financing Cash Flow	-$165.5M+31.3%	-$241.0M-141.4%	-$99.8M-451.4%	-$18.1M-158.4%	$31.0M+115.2%	-$204.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$3.5M-97.0%	$114.1M-40.9%	$193.2M+170.6%	$71.4M+28.2%	$55.7M-65.6%	$161.8M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$28.3M-84.1%	$178.1M+87.9%	$94.8M+106.0%	$46.0M-60.4%	$116.3M-51.0%	$237.6M+356.5%	$52.0M+4777.3%	$1.1M
Capital Expenditures	$23.3M+42.4%	$16.3M-2.8%	$16.8M+8.5%	$15.5M-38.6%	$25.2M+39.2%	$18.1M-1.0%	$18.3M-13.9%	$21.3M
Free Cash Flow	$5.0M-96.9%	$161.8M+107.4%	$78.0M+155.4%	$30.5M-66.5%	$91.1M-58.5%	$219.4M+550.4%	$33.7M+267.1%	-$20.2M
Investing Cash Flow	-$81.1M-20.9%	-$67.0M-426.8%	-$12.7M+31.5%	-$18.6M+30.2%	-$26.6M-536.6%	$6.1M+129.3%	-$20.8M+0.7%	-$21.0M
Financing Cash Flow	$125.3M+222.5%	-$102.3M-53.2%	-$66.8M+45.1%	-$121.7M-88.3%	-$64.7M+58.3%	-$155.1M-580.4%	-$22.8M-1593.3%	$1.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0	$0-100.0%	$3.5M-78.2%	$15.9M-67.3%	$48.7M+65.0%	$29.5M+47.2%	$20.0M

GHC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	4.8%+0.3pp	4.5%+2.9pp	1.6%-0.6pp	2.1%-0.3pp	2.4%-1.0pp	3.5%
Net Margin	5.9%-9.2pp	15.1%+10.5pp	4.7%+2.9pp	1.7%-9.3pp	11.1%+0.7pp	10.4%
Return on Equity	6.1%-10.9pp	17.0%+11.9pp	5.2%+3.4pp	1.8%-6.2pp	8.0%+0.0pp	8.0%
Return on Assets	3.5%-6.0pp	9.4%+6.6pp	2.9%+1.8pp	1.0%-3.7pp	4.7%+0.1pp	4.7%
Current Ratio	1.750.0	1.75+0.2	1.50+0.0	1.47-0.1	1.58-0.3	1.87
Debt-to-Equity	0.15-0.0	0.17-0.0	0.19+0.0	0.15+0.0	0.12-0.0	0.13
FCF Margin	5.6%-1.1pp	6.8%+3.0pp	3.8%-0.1pp	3.9%+2.6pp	1.3%-3.6pp	4.9%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	3.8%-1.4pp	5.3%-0.7pp	6.0%+1.9pp	4.1%-1.8pp	5.8%-0.9pp	6.8%+4.6pp	2.2%-0.9pp	3.1%
Net Margin	8.7%-0.9pp	9.6%+6.6pp	3.0%+1.0pp	2.1%-42.0pp	44.0%+38.0pp	6.0%+7.8pp	-1.8%-12.6pp	10.8%
Return on Equity	2.3%-0.5pp	2.8%+1.9pp	0.8%+0.3pp	0.6%-12.3pp	12.9%+11.1pp	1.8%+2.3pp	-0.5%-3.6pp	3.1%
Return on Assets	1.3%-0.3pp	1.6%+1.1pp	0.5%+0.2pp	0.3%-6.8pp	7.1%+6.2pp	1.0%+1.3pp	-0.3%-2.0pp	1.7%
Current Ratio	1.75+0.4	1.32+0.1	1.27-0.3	1.62-0.1	1.75+0.2	1.57-0.0	1.61+0.0	1.57
Debt-to-Equity	0.15+0.1	0.070.0	0.07-0.1	0.170.0	0.17-0.0	0.180.0	0.180.0	0.18
FCF Margin	0.4%-12.3pp	12.7%+6.2pp	6.4%+3.8pp	2.6%-4.7pp	7.3%-10.9pp	18.2%+15.3pp	2.9%+4.6pp	-1.8%

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Frequently Asked Questions

What is Graham Holdings's annual revenue?

Graham Holdings (GHC) reported $4.9B in total revenue for fiscal year 2025. This represents a 2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Graham Holdings's revenue growing?

Graham Holdings (GHC) revenue grew by 2.5% year-over-year, from $4.8B to $4.9B in fiscal year 2025.

Is Graham Holdings profitable?

Yes, Graham Holdings (GHC) reported a net income of $292.3M in fiscal year 2025, with a net profit margin of 5.9%.

What is Graham Holdings's EBITDA?

Graham Holdings (GHC) had EBITDA of $356.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Graham Holdings have?

As of fiscal year 2025, Graham Holdings (GHC) had $267.0M in cash and equivalents against $705.6M in long-term debt.

What is Graham Holdings's operating margin?

Graham Holdings (GHC) had an operating margin of 4.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Graham Holdings's net profit margin?

Graham Holdings (GHC) had a net profit margin of 5.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Graham Holdings pay dividends?

Yes, Graham Holdings (GHC) paid $7.20 per share in dividends during fiscal year 2025.

What is Graham Holdings's return on equity (ROE)?

Graham Holdings (GHC) has a return on equity of 6.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Graham Holdings's free cash flow?

Graham Holdings (GHC) generated $275.3M in free cash flow during fiscal year 2025. This represents a -15.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Graham Holdings's operating cash flow?

Graham Holdings (GHC) generated $347.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Graham Holdings's total assets?

Graham Holdings (GHC) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Graham Holdings's capital expenditures?

Graham Holdings (GHC) invested $71.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Graham Holdings buy back shares?

Yes, Graham Holdings (GHC) spent $3.5M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Graham Holdings's current ratio?

Graham Holdings (GHC) had a current ratio of 1.75 as of fiscal year 2025, which is generally considered healthy.

What is Graham Holdings's debt-to-equity ratio?

Graham Holdings (GHC) had a debt-to-equity ratio of 0.15 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Graham Holdings's return on assets (ROA)?

Graham Holdings (GHC) had a return on assets of 3.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Graham Holdings's Altman Z-Score?

Graham Holdings (GHC) has an Altman Z-Score of 2.99, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Graham Holdings's Piotroski F-Score?

Graham Holdings (GHC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Graham Holdings's earnings high quality?

Graham Holdings (GHC) has an earnings quality ratio of 1.19x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Graham Holdings cover its interest payments?

Graham Holdings (GHC) has an interest coverage ratio of 2.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Graham Holdings?

Graham Holdings (GHC) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.