GHC Graham Holdings Co

Overview and Growth

Fiscal 2025 results for Graham Holdings Co combined $4.91B of revenue with net income of $292.29M and an operating cash inflow of $347.19M. Revenue of $4.91B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $4.79B in fiscal 2024, revenue recorded a 2.5% year-over-year increase. Diluted earnings per share were $66.47, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS decreased by 59.3% from $163.40 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 0.59x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $234.95M, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 4.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $292.29M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 6.0%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $449.67M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 9.2% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $146.40M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 32.6%, without assuming a statutory-rate comparison. Net income equaled 6.1% of period-end equity, showing the earnings generated on shareholders’ book capital.

Liquidity and Capital Structure

Total assets were $8.40B, supported by $3.53B of liabilities and $4.83B of shareholder equity. The near-term balance sheet paired $2.43B of current assets with $1.39B of current liabilities at the reporting date. The current ratio was 1.75x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $266.99M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 19.2%, excluding receivables and other current assets. Total debt was $880.76M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.18x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 10.5% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 42.0% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 3.2%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 9.4% higher than fiscal 2024 assets of $7.68B, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $347.19M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.19x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $71.88M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 20.7% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $275.30M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 5.6%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 3.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.