Graham Holdings Co. reported mixed results for Q4 and FY 2025, with slight revenue growth driven by education and healthcare segments, but a significant decline in operating income and net income due to weakness in television broadcasting, automotive, and manufacturing, alongside substantial non-operating gains in the prior year. The company also completed a debt refinancing and a small automotive dealership acquisition.
Full-year revenue increased 3% to $4,911.6 million, driven by education, healthcare, manufacturing, and other businesses.
positiveHealthcare division revenues increased 28% in Q4 2025 and 89% for the full year, with operating income up 77% in Q4 and 89% for the full year.
positiveEducation division revenue increased 3% for the full year, with operating income up 59%.
positiveCompany completed a debt refinancing, issuing $500 million in notes and securing a $400 million revolving credit facility.
neutralQ4 2025 operating income declined 34% to $47.6 million from $72.5 million in Q4 2024, impacted by declines in television broadcasting, manufacturing, and automotive.
negativeFull-year 2025 operating income increased 9% to $234.9 million, but this was driven by excluding impairment charges, with adjusted operating results down.
attentionQ4 2025 net income attributable to common stockholders decreased 80% to $108.7 million ($24.69 per share) from $548.8 million ($125.55 per share) in Q4 2024.
negativeFull-year 2025 net income attributable to common stockholders decreased 60% to $292.3 million ($66.47 per share) from $724.6 million ($163.40 per share) in 2024.
negativeTelevision broadcasting revenue decreased 32% in Q4 2025 due to a significant drop in political advertising.
negativeAutomotive revenues decreased 6% in Q4 2025 due to dealership closures and declines in vehicle sales, with a $10.1 million intangible asset impairment charge recorded.
negativeAdjusted operating cash flow declined 30% to $97.6 million in Q4 2025 and 9% for the full year to $407.1 million.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Education | N/A | — | — | — |
Television broadcasting | N/A | — | — | — |
Healthcare | N/A | — | — | — |
Manufacturing | N/A | — | — | — |
Automotive | N/A | — | — | — |
Other businesses | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
The Company reported its financial results for the fourth quarter and full year of 2025.
Revenues increased at education, healthcare, manufacturing and other businesses, partially offset by declines at television broadcasting and automotive.
Excluding goodwill and other long-lived asset impairment charges, operating results were down in 2025.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.