GHC

MKT CAP:$5B

Graham Holdings Company

Market Cap

$5B

Consumer Defensive·Education & Training Services·🇺🇸 United States·NYSE

Consumer Def.·Education·🇺🇸·NYSE

Stock Price

$1,151.27+$64.01 (+5.89%)

Apr 20, 2026

Company Details

Graham Holdings Company, through its subsidiaries, operates as a diversified education and media company worldwide. It provides test preparation services and materials; data science and training services; professional training and exam prep...

CEO

Timothy J. O'Shaughnessy

IPO Date

Aug 4, 1947

Website

www.ghco.com

Key Metrics TTM

Revenue

$3.7B

+23.9% YoY

Net Income

$219M

EPS (Diluted)

$43.20

Free Cash Flow

$63M

Revenue / Share

$831.36

Gross Margin

32.4%

Operating Margin

1.9%

Net Margin

6.0%

FCF Margin

1.7%

P/S

1.3x

P/E

22.4x

Earnings Reports

Q3 2024

Apr 29, 2026

PENDING

FY 2025

Feb 25, 2026

$4.9BEPS $66.47

Q2 2024

Jul 31, 2024

$1.2BEPS -$4.79

FY 2021

Feb 25, 2022

$3.2B+10.3%EPS $70.46

Q4 2021

Feb 25, 2022

$863MEPS $17.10

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 17	$676M	$294M	$50M
Q3 17	$657M	$282M	$27M
Q4 17	$676M	$328M	$67M
Q1 18	$659M	$294M	$44M
Q2 18	$673M	$232M	$66M
Q3 18	$675M	$226M	$61M
Q4 18	$689M	$256M	$76M
Q1 19	$692M	$215M	$40M
Q2 19	$738M	$234M	$58M
Q3 19	$739M	$221M	$16M
Q4 19	$763M	$314M	$30M
Q1 21	$712M	$241M	$34M
Q2 21	$801M	$267M	$38M
Q3 21	$809M	$261M	-$17M
Q4 21	$863M	$302M	$23M
Q2 24	$1.2B	$353M	$26M

Valuation

Quarter	P/S	P/E
Q2 17	2.0x	36.8x
Q3 17	1.9x	39.3x
Q4 17	1.9x	16.2x
Q1 18	1.8x	15.1x
Q2 18	1.8x	14.9x
Q3 18	1.8x	11.4x
Q4 18	1.8x	18.1x
Q1 19	1.8x	15.8x
Q2 19	1.8x	15.3x
Q3 19	1.7x	20.5x
Q4 19	1.7x	14.9x
Q1 21	1.7x	13.7x
Q2 21	1.6x	11.8x
Q3 21	1.6x	11.9x
Q4 21	1.5x	13.9x
Q2 24	1.3x	22.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 17	$40M	$25M
Q3 17	$89M	$75M
Q4 17	$47M	$31M
Q1 18	$19M	$1M
Q2 18	$52M	$29M
Q3 18	$121M	$103M
Q4 18	$95M	$56M
Q1 19	-$38M	-$66M
Q2 19	$21M	-$3M
Q3 19	$89M	$66M
Q4 19	$93M	$75M
Q1 21	$24M	$11M
Q2 21	$49M	$34M
Q3 21	$124M	$11M
Q4 21	$5M	-$16M
Q2 24	$52M	$34M

Capital Expenditures

Quarter	CapEx
Q2 17	$14M
Q3 17	$14M
Q4 17	$16M
Q1 18	$18M
Q2 18	$23M
Q3 18	$18M
Q4 18	$39M
Q1 19	$28M
Q2 19	$24M
Q3 19	$23M
Q4 19	$18M
Q1 21	$13M
Q2 21	$14M
Q3 21	$113M
Q4 21	$22M
Q2 24	$18M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	+5.7%	+13.8%
Q4 17	+7.3%	+17.0%
Q1 18	+13.2%	+7.5%
Q2 18	-0.5%	-3.1%
Q3 18	+2.7%	-2.6%
Q4 18	+2.0%	+0.8%
Q1 19	+5.0%	+6.0%
Q2 19	+9.7%	+12.0%
Q3 19	+9.5%	+17.7%
Q4 19	+10.8%	+19.5%
Q1 21	+2.9%	+4.1%
Q2 21	+8.6%	+12.3%
Q3 21	+9.6%	+14.3%
Q4 21	+13.0%	+14.6%
Q2 24	+66.4%	+70.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 17	$2M	0.3%
Q3 17	$2M	0.4%
Q4 17	$3M	0.4%
Q1 18	$2M	0.3%
Q2 18	$1M	0.2%
Q3 18	$2M	0.3%
Q4 18	$1M	0.2%
Q1 19	$2M	0.2%
Q2 19	$2M	0.2%
Q3 19	$2M	0.2%
Q4 19	$2M	0.2%
Q1 21	$1M	0.2%
Q2 21	$2M	0.2%
Q3 21	$2M	0.2%
Q4 21	$973.0K	0.1%
Q2 24	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 17	$190M	$19M
Q3 17	$210M	$18M
Q4 17	$231M	—
Q1 18	$204M	$21M
Q2 18	$118M	$23M
Q3 18	$109M	$22M
Q4 18	$99M	$54M
Q1 19	$154M	$20M
Q2 19	$159M	$12M
Q3 19	$155M	$20M
Q4 19	$86M	$111M
Q1 21	$147M	$29M
Q2 21	$170M	$25M
Q3 21	$188M	$28M
Q4 21	$217M	$28M
Q2 24	$244M	$25M

Revenue Segments

Quarter	Education	Other Segments	Television Broadcasting	Graham Healthcare Group	Manufacturing	Social Code	Product	Service
Q2 17	$386M	$183M	$106M	—	—	—	—	—
Q3 17	$377M	$179M	$101M	—	—	—	—	—
Q3 19	$357M	$98M	$115M	$41M	$112M	$16M	—	—
Q1 21	—	—	—	—	—	—	$229M	$484M
Q2 21	—	—	—	—	—	—	$290M	$511M
Q3 21	—	—	—	—	—	—	$294M	$515M
Q4 21	—	—	—	—	—	—	$283M	$580M
Q2 24	—	—	—	—	—	—	$528M	$657M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$132M	$817M	$949M
Q2 22	$145M	$663M	$808M
Q3 22	$170M	$611M	$781M
Q4 22	$190M	$622M	$812M
Q1 23	$123M	$616M	$740M
Q2 23	$112M	$661M	$773M
Q3 23	$160M	$672M	$832M
Q4 23	$202M	$697M	$899M
Q1 24	$131M	$803M	$934M
Q2 24	$141M	$822M	$963M
Q3 24	$244M	$832M	$1.1B
Q4 24	$261M	$859M	$1.1B
Q1 25	$157M	$909M	$1.1B
Q2 25	$176M	$898M	$1.1B
Q3 25	$191M	$1.0B	$1.2B
Q4 25	$267M	$1.1B	$1.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 17	6M	+0.1%	—
Q3 17	6M	-0.4%	-0.4%
Q4 17	6M	-0.8%	-0.8%
Q1 18	5M	-0.7%	-1.7%
Q2 18	5M	-2.0%	-3.9%
Q3 18	5M	-0.5%	-3.9%
Q4 18	5M	-0.5%	-3.6%
Q1 19	5M	+0.3%	-2.7%
Q2 19	5M	+0.1%	-0.6%
Q3 19	5M	0.0%	-0.1%
Q4 19	5M	-0.0%	+0.3%
Q1 21	5M	-6.6%	-6.6%
Q2 21	5M	+0.2%	-6.5%
Q3 21	5M	-0.2%	-6.6%
Q4 21	5M	-1.1%	-7.6%
Q2 24	4M	-10.6%	-11.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 17	$59.8K	11K
Q3 17	$58.2K	11K
Q4 17	$56.8K	12K
Q1 18	$55.4K	12K
Q2 18	$56.5K	12K
Q3 18	$56.7K	12K
Q4 18	$62.1K	11K
Q1 19	$62.4K	11K
Q2 19	$66.5K	11K
Q3 19	$66.6K	11K
Q4 19	$63.3K	12K
Q1 21	$42.8K	17K
Q2 21	$48.1K	17K
Q3 21	$48.6K	17K
Q4 21	$69.9K	12K
Q2 24	$59.6K	20K

Revenue / Employee