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Graham Holdings Co

GHC Clue Score53
United States Fiscal year ends December CIK 0000104889
$1,173.16 -0.97% Close, 9 Oct 2026
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Price $1,173.16 +96.86% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2,481.9Operating income222.9Net income168.6EPS, diluted29.80Fiscal year 2017Revenue2,591.8 +4.4%Operating income136.4Net income302.0 +79.2%EPS, diluted53.89 +80.8%Fiscal year 2018Revenue2,696.0 +4.0%Operating income246.2Net income271.2 −10.2%EPS, diluted50.20 −6.8%Fiscal year 2019Revenue2,932.1 +8.8%Operating income144.5Net income327.9 +20.9%EPS, diluted61.21 +21.9%Fiscal year 2020Revenue2,889.1 −1.5%Operating income100.4Net income300.4 −8.4%EPS, diluted58.13 −5.0%Fiscal year 2021Revenue3,186.0 +10.3%Operating income77.4Net income352.1 +17.2%EPS, diluted70.45 +21.2%Fiscal year 2022Revenue3,924.5 +23.2%Operating income83.9Net income67.1 −80.9%EPS, diluted13.79 −80.4%Fiscal year 2023Revenue4,414.9 +12.5%Operating income69.4Net income205.3 +206.0%EPS, diluted43.82 +217.8%Fiscal year 2024Revenue4,790.9 +8.5%Operating income215.5Net income724.6 +253.0%EPS, diluted163.40 +272.9%Fiscal year 2025Revenue4,911.6 +2.5%Operating income234.9Net income292.3 −59.7%EPS, diluted66.47 −59.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,481.9 2,591.8 2,696.0 2,932.1 2,889.1 3,186.0 3,924.5 4,414.9 4,790.9 4,911.6
Growth +4.4% +4.0% +8.8% −1.5% +10.3% +23.2% +12.5% +8.5% +2.5%
Operating income 222.9 136.4 246.2 144.5 100.4 77.4 83.9 69.4 215.5 234.9
Net income 168.6 302.0 271.2 327.9 300.4 352.1 67.1 205.3 724.6 292.3
Growth +79.2% −10.2% +20.9% −8.4% +17.2% −80.9% +206.0% +253.0% −59.7%
EPS, diluted 29.80 53.89 50.20 61.21 58.13 70.45 13.79 43.82 163.40 66.47
Growth +80.8% −6.8% +21.9% −5.0% +21.2% −80.4% +217.8% +272.9% −59.3%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin9.0%Net margin6.8%Free cash flow margin7.8%Fiscal year 2017Operating margin5.3%Net margin11.7%Free cash flow margin8.0%Fiscal year 2018Operating margin9.1%Net margin10.1%Free cash flow margin7.0%Fiscal year 2019Operating margin4.9%Net margin11.2%Free cash flow margin2.4%Fiscal year 2020Operating margin3.5%Net margin10.4%Free cash flow margin4.9%Fiscal year 2021Operating margin2.4%Net margin11.1%Free cash flow margin1.3%Fiscal year 2022Operating margin2.1%Net margin1.7%Free cash flow margin3.9%Fiscal year 2023Operating margin1.6%Net margin4.6%Free cash flow margin3.8%Fiscal year 2024Operating margin4.5%Net margin15.1%Free cash flow margin6.8%Fiscal year 2025Operating margin4.8%Net margin6.0%Free cash flow margin5.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 9.0% 5.3% 9.1% 4.9% 3.5% 2.4% 2.1% 1.6% 4.5% 4.8%
Net margin 6.8% 11.7% 10.1% 11.2% 10.4% 11.1% 1.7% 4.6% 15.1% 6.0%
Free cash flow margin 7.8% 8.0% 7.0% 2.4% 4.9% 1.3% 3.9% 3.8% 6.8% 5.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow261.3Capital expenditure−66.6Free cash flow194.6Buybacks−108.9Fiscal year 2017Operating cash flow268.1Capital expenditure−60.4Free cash flow207.7 +6.7%Buybacks−50.8Fiscal year 2018Operating cash flow287.0Capital expenditure−98.2Free cash flow188.8 −9.1%Buybacks−118.0Fiscal year 2019Operating cash flow165.2Capital expenditure−93.5Free cash flow71.7 −62.0%Buybacks−2.1Fiscal year 2020Operating cash flow210.7Capital expenditure−69.6Free cash flow141.1 +96.9%Buybacks−161.8Fiscal year 2021Operating cash flow202.4Capital expenditure−162.5Free cash flow39.9 −71.7%Buybacks−55.7Fiscal year 2022Operating cash flow235.6Capital expenditure−82.7Free cash flow152.9 +283.4%Buybacks−71.4Fiscal year 2023Operating cash flow259.9Capital expenditure−93.4Free cash flow166.4 +8.8%Buybacks−193.2Fiscal year 2024Operating cash flow407.0Capital expenditure−82.9Free cash flow324.1 +94.7%Buybacks−114.1Fiscal year 2025Operating cash flow347.2Capital expenditure−71.9Free cash flow275.3 −15.0%Buybacks−3.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 261.3 268.1 287.0 165.2 210.7 202.4 235.6 259.9 407.0 347.2
Capital expenditure −66.6 −60.4 −98.2 −93.5 −69.6 −162.5 −82.7 −93.4 −82.9 −71.9
Free cash flow 194.6 207.7 188.8 71.7 141.1 39.9 152.9 166.4 324.1 275.3
Growth +6.7% −9.1% −62.0% +96.9% −71.7% +283.4% +8.8% +94.7% −15.0%
Buybacks −108.9 −50.8 −118.0 −2.1 −161.8 −55.7 −71.4 −193.2 −114.1 −3.5

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash648.9Total debt485.7Net cash (debt)163.2Shareholders’ equity2,452.9Debt to equity0.20Fiscal year 2017Cash390.0Total debt486.6Net cash (debt)−96.5Shareholders’ equity2,915.1Debt to equity0.17Fiscal year 2018Cash253.3Total debt470.8Net cash (debt)−217.5Shareholders’ equity2,916.8Debt to equity0.16Fiscal year 2019Cash200.2Total debt512.8Net cash (debt)−312.7Shareholders’ equity3,319.2Debt to equity0.15Fiscal year 2020Cash414.0Total debt512.6Net cash (debt)−98.6Shareholders’ equity3,759.3Debt to equity0.14Fiscal year 2021Cash145.9Total debt667.5Net cash (debt)−521.6Shareholders’ equity4,399.6Debt to equity0.15Fiscal year 2022Cash169.3Total debt726.4Net cash (debt)−557.0Shareholders’ equity3,731.4Debt to equity0.19Fiscal year 2023Cash169.9Total debt811.8Net cash (debt)−641.9Shareholders’ equity3,975.7Debt to equity0.20Fiscal year 2024Cash260.9Total debt748.2Net cash (debt)−487.3Shareholders’ equity4,256.7Debt to equity0.18Fiscal year 2025Cash267.0Total debt880.8Net cash (debt)−613.8Shareholders’ equity4,794.0Debt to equity0.18
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 648.9 390.0 253.3 200.2 414.0 145.9 169.3 169.9 260.9 267.0
Total debt 485.7 486.6 470.8 512.8 512.6 667.5 726.4 811.8 748.2 880.8
Net cash (debt) 163.2 −96.5 −217.5 −312.7 −98.6 −521.6 −557.0 −641.9 −487.3 −613.8
Shareholders’ equity 2,452.9 2,915.1 2,916.8 3,319.2 3,759.3 4,399.6 3,731.4 3,975.7 4,256.7 4,794.0
Debt to equity 0.20 0.17 0.16 0.15 0.14 0.15 0.19 0.20 0.18 0.18

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
9.0% 5.3% 9.1% 4.9% 3.5% 2.4% 2.1% 1.6% 4.5% 4.8%
10.1% 7.1% 12.0% 14.5% 14.1% 14.1% 3.1% 6.8% 21.4% 9.2%
6.8% 11.7% 10.1% 11.2% 10.4% 11.1% 1.7% 4.6% 15.1% 6.0%
7.8% 8.0% 7.0% 2.4% 4.9% 1.3% 3.9% 3.8% 6.8% 5.6%
Spending
36.4% 35.1% n/a n/a n/a n/a n/a n/a n/a n/a
2.7% 2.3% 3.6% 3.2% 2.4% 5.1% 2.1% 2.1% 1.7% 1.5%
32.4% −65.5% 16.1% 23.1% 26.3% 21.4% 42.1% 29.2% 28.5% 32.6%
Returns
6.9% 10.4% 9.3% 9.9% 8.0% 8.0% 1.8% 5.2% 17.0% 6.1%
3.8% 6.1% 5.7% 5.5% 4.7% 4.7% 1.0% 2.9% 9.4% 3.5%
Balance and payout
0.20 0.17 0.16 0.15 0.14 0.15 0.19 0.20 0.18 0.18
44.7% 40.9% 38.7% 43.8% 41.4% 40.4% 42.4% 44.0% 43.6% 42.0%
56.0% 24.4% 62.5% 2.9% 114.7% 139.6% 46.7% 116.1% 35.2% 1.3%