$GHC

Graham Holdings Co

CIK:0000104889|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues
Operating Revenues	$ 1,302,506	$ 1,215,772	$ 2,538,498	$ 2,381,687
Operating Costs and Expenses
Selling, general and administrative	284,138	276,690	561,619	547,396
Depreciation of property, plant and equipment	18,281	19,652	36,675	40,206
Amortization of intangible assets	5,978	7,241	12,033	15,065
Impairment of goodwill and asset group held for sale	0	0	19,029	0
Total Operating Costs and Expenses	1,218,872	1,143,021	2,397,031	2,261,463
Income from Operations	83,634	72,751	141,467	120,224
Equity in (losses) earnings of affiliates, net	(19,863)	3,114	14,987	(5,314)
Interest income	1,881	2,261	4,356	4,761
Interest expense	(17,173)	(18,106)	(33,402)	(100,383)
Non-operating pension and postretirement benefit income, net	169,649	28,602	200,722	63,219
Gain (loss) on marketable equity securities, net	101,879	(11,543)	32,956	32,258
Other expense, net	(2,531)	(16,456)	(2,959)	(20,521)
Income Before Income Taxes	317,476	60,623	358,127	94,244
Provision for Income Taxes	35,100	20,200	45,000	28,100
Net Income	282,376	40,423	313,127	66,144
Net Income Attributable to Noncontrolling Interests	(1,273)	(3,674)	(2,918)	(5,501)
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 281,103	$ 36,749	$ 310,209	$ 60,643
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share (in USD per share)	$ 65.53	$ 8.43	$ 71.76	$ 13.93
Basic average number of common shares outstanding (in shares)	4,265	4,333	4,298	4,327
Diluted net income per common share (in USD per share)	$ 64.86	$ 8.35	$ 71.04	$ 13.81
Diluted average number of common shares outstanding (in shares)	4,309	4,373	4,342	4,366
Services [Member]
Operating Revenues
Operating Revenues	$ 664,565	$ 668,627	$ 1,338,364	$ 1,316,134
Operating Costs and Expenses
Cost of services and goods	384,996	389,316	779,989	775,452
Goods [Member]
Operating Revenues
Operating Revenues	637,941	547,145	1,200,134	1,065,553
Operating Costs and Expenses
Cost of services and goods	$ 525,479	$ 450,122	$ 987,686	$ 883,344

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net Income	$ 313,127,000	$ 66,144,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other asset impairments	67,737,000	55,271,000
Amortization of lease right-of-use asset	29,343,000	28,729,000
Net pension benefit, settlement gain and early retirement and special separation benefit expense	(179,035,000)	(40,985,000)
Gain on marketable equity securities and cost method investments, net of impairment	(32,956,000)	(19,579,000)
Loss on disposition of businesses, property, plant and equipment and investments, net	4,669,000	485,000
Credit loss expense	2,953,000	2,125,000
Stock-based compensation expense, net of forfeitures	3,113,000	3,111,000
Foreign exchange loss	561,000	8,854,000
Equity in (earnings) losses of affiliates, net of distributions	20,028,000	11,219,000
Provision for deferred income taxes	17,442,000	3,079,000
Change in operating assets and liabilities:
Accounts receivable, net	80,834,000	60,739,000
Inventories	(27,198,000)	33,244,000
Accounts payable and accrued liabilities	(65,799,000)	(55,264,000)
Deferred revenue	(90,294,000)	(59,192,000)
Income taxes receivable/payable	(4,072,000)	(13,636,000)
Lease liabilities	(24,701,000)	(25,615,000)
Other assets and other liabilities, net	3,240,000	82,088,000
Other	1,418,000	(7,000)
Net Cash Provided by Operating Activities	120,410,000	140,810,000
Cash Flows from Investing Activities
Proceeds from sales of marketable equity securities	49,994,000	0
Net (payment on) proceeds from disposition of businesses, property, plant and equipment and investments	(40,050,000)	7,348,000
Purchases of property, plant and equipment	(39,233,000)	(32,285,000)
Purchases of marketable equity securities	(18,696,000)	(4,823,000)
Investments in certain businesses, net of cash acquired	(18,237,000)	(2,523,000)
Proceeds from repayment of related party loan	16,273,000	0
Other	1,109,000	966,000
Net Cash Used in Investing Activities	(48,840,000)	(31,317,000)
Cash Flows from Financing Activities
Common shares repurchased	(121,985,000)	(3,468,000)
Purchase of noncontrolling interest	(17,340,000)	0
Dividends paid	(16,311,000)	(15,660,000)
Repayments of borrowings	(15,194,000)	(13,172,000)
Net borrowings under revolving credit facilities	13,092,000	75,000,000
Net repayments of vehicle floor plan payable	(1,863,000)	(32,776,000)
Principal payments of finance leases	(7,543,000)	(8,446,000)
Distributions paid to noncontrolling interests	(4,355,000)	(190,319,000)
Other	(963,000)	329,000
Net Cash Used in Financing Activities	(172,462,000)	(188,512,000)
Effect Of Currency Exchange Rate Change	(2,405,000)	10,514,000
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(103,297,000)	(68,505,000)
Beginning Cash and Cash Equivalents and Restricted Cash	311,405,000	297,853,000
Ending Cash and Cash Equivalents and Restricted Cash	$ 208,108,000	$ 229,348,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 156,766	$ 266,988
Restricted cash	51,342	44,417
Investments in marketable equity securities and other investments	1,089,301	1,088,970
Accounts receivable, net	474,687	576,754
Inventories and contracts in progress	333,459	303,370
Prepaid expenses	120,751	124,875
Income taxes receivable	33,404	15,447
Other current assets	11,339	10,274
Total Current Assets	2,271,049	2,431,095
Property, Plant and Equipment, Net	577,861	587,434
Lease Right-of-Use Assets	396,165	404,818
Investments in Affiliates	208,550	229,565
Goodwill, Net	1,600,573	1,585,666
Indefinite-Lived Intangible Assets	170,337	170,805
Amortized Intangible Assets, Net	49,409	61,631
Prepaid Pension Cost	2,723,553	2,772,394
Deferred Income Taxes	8,399	9,690
Deferred Charges and Other Assets	135,213	142,615
Total Assets	8,141,109	8,395,713
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities	638,583	721,626
Deferred revenue	292,474	411,651
Income taxes payable	23,352	8,995
Mandatorily redeemable noncontrolling interest	6,033	6,874
Current portion of lease liabilities	61,341	64,290
Current portion of long-term debt	191,472	175,138
Dividends declared	8,040	0
Total Current Liabilities	1,221,295	1,388,574
Accrued Compensation and Related Benefits	136,740	135,323
Other Liabilities	23,439	28,639
Deferred Income Taxes	850,945	890,984
Mandatorily Redeemable Noncontrolling Interest	1,390	1,527
Lease Liabilities	376,913	377,897
Long-Term Debt	708,901	705,618
Total Liabilities	3,319,623	3,528,562
Commitments and Contingencies (Note 15)
Redeemable Noncontrolling Interests	25,386	39,824
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	352,983	379,896
Retained earnings	8,578,539	8,292,681
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(12,210)	(12,262)
Unrealized gain on pensions and other postretirement plans	432,083	601,064
Cash flow hedges	(784)	(1,722)
Cost of Class B common stock held in treasury	(4,609,033)	(4,485,632)
Total Common Stockholders’ Equity	4,761,578	4,794,025
Noncontrolling Interests	34,522	33,302
Total Equity	4,796,100	4,827,327
Total Liabilities and Equity	$ 8,141,109	$ 8,395,713