Graham Holdings Co (GHC) Financial Statements
Industry: Educational Services (Services)
In fiscal 2025, Graham reported revenue of $4.91B, up 2.5% from $4.79B the year before. Net income was $292.3M (a 6.0% net margin), or $66.47 per diluted share. Gross margin was 4.8% and operating margin was 4.8%. Operating activities generated $347.2M of cash, leaving $275.3M of free cash flow. At fiscal year end, Graham held $8.40B in total assets against $3.53B in total liabilities, including $267.0M of cash and equivalents.
Open the full interactive Graham financials → Quarterly statements, key ratios, valuation history and price charts.
Graham Key Stats
| Share Price | $1,173.98 |
|---|---|
| Market Cap | $5.06B |
| P/E Ratio | 17.7 |
| Revenue YoY Growth | +2.5% |
| 52-Week Range | $944.04 – $1,233.96 |
| Shares Outstanding | 4.3 million (basic, 2026 Q2) |
Graham Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $2.89B | $3.19B | $3.92B | $4.41B | $4.79B | $4.91B |
| Cost of Goods Sold | $2.79B | $3.11B | $3.84B | $4.35B | $4.58B | $4.68B |
| Gross Profit | $100.4M | $77.4M | $83.9M | $69.4M | $215.5M | $234.9M |
| Operating Income | $100.4M | $77.4M | $83.9M | $69.4M | $215.5M | $234.9M |
| Pre-Tax Income | $407.3M | $449.6M | $121.7M | $299.0M | $1.02B | $449.7M |
| Income Tax | $107.3M | $96.3M | $51.3M | $87.3M | $292.1M | $146.4M |
| Net Income | $300.4M | $352.1M | $67.1M | $205.3M | $724.6M | $292.3M |
| Diluted EPS | $58.13 | $70.45 | $13.79 | $43.82 | $163.40 | $66.47 |
Graham Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $1.28B | $1.25B | $1.24B | $1.30B |
| Net Income | $122.9M | $108.7M | $29.1M | $281.1M |
| Diluted EPS | $27.91 | $24.86 | $6.62 | $64.86 |
Graham Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $414.0M | $145.9M | $169.3M | $169.9M | $260.9M | $267.0M |
| Current Assets | $1.77B | $1.85B | $1.71B | $1.85B | $2.10B | $2.43B |
| Total Assets | $6.44B | $7.43B | $6.58B | $7.19B | $7.68B | $8.40B |
| Current Liabilities | $949.6M | $1.17B | $1.17B | $1.23B | $1.20B | $1.39B |
| Total Long-Term Debt | $506.1M | $667.5M | $726.4M | $811.8M | $748.2M | $880.8M |
| Total Liabilities | $2.67B | $3.00B | $2.81B | $3.16B | $3.35B | $3.53B |
| Shareholders' Equity | $3.76B | $4.40B | $3.73B | $3.98B | $4.26B | $4.79B |
Graham Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $210.7M | $202.4M | $235.6M | $259.9M | $407.0M | $347.2M |
| Cash From Investing | $199.4M | -$494.6M | -$184.1M | -$153.0M | -$62.3M | -$179.4M |
| Cash From Financing | -$204.0M | $31.0M | -$18.1M | -$99.8M | -$241.0M | -$165.5M |
| Free Cash Flow | $141.1M | $39.9M | $152.9M | $166.4M | $324.1M | $275.3M |
Figures from Graham's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Graham financials page for every line item.
Graham Company Profile
| Ticker | GHC |
|---|---|
| Exchange | NYSE |
| Industry | Educational Services (Services) |
| Headquarters | Arlington, Virginia |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000104889 |
Frequently Asked Questions
What was Graham's revenue in fiscal 2025?
Graham (GHC) reported revenue of $4.91B for fiscal 2025.
What is Graham's annual revenue history?
Graham's annual revenue by fiscal year: 2020: $2.89B; 2021: $3.19B; 2022: $3.92B; 2023: $4.41B; 2024: $4.79B; 2025: $4.91B.
What was Graham's net income in fiscal 2025?
Graham reported net income of $292.3M for fiscal 2025.
What was Graham's earnings per share (EPS) in fiscal 2025?
Graham's diluted EPS was $66.47 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Graham generate in fiscal 2025?
Graham generated $275.3M of free cash flow in fiscal 2025.
What was Graham's revenue last quarter?
In its most recent reported quarter (2026 Q2), Graham reported revenue of $1.30B.
How much debt does Graham have?
Graham reported $880.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Graham are outstanding?
Graham reported a weighted average of 4.3 million basic shares outstanding in 2026 Q2.
What is Graham's market cap?
Based on its latest closing price, Graham (GHC) has a market capitalization of about $5.06B.
When does Graham's fiscal year end?
Graham's fiscal year end, as registered with the SEC, is December 31.
Where is Graham headquartered?
Graham lists its business address in Arlington, Virginia in its SEC filings.