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Contact:

Wallace R. Cooney

For Immediate Release

(703) 345-6470

October 29, 2025

GRAHAM HOLDINGS COMPANY REPORTS

THIRD QUARTER EARNINGS

ARLINGTON, VA - Graham Holdings Company (NYSE: GHC) today reported its financial results for the third quarter of 2025. The Company also filed its Form 10-Q today for the quarter ended September 30, 2025 with the Securities and Exchange Commission.

Division Operating Results

Revenue for the third quarter of 2025 was $1,278.9 million, up 6% from $1,207.2 million in the third quarter of 2024. Revenues increased at education, manufacturing and healthcare, partially offset by declines at television broadcasting and automotive. The Company reported operating income of $67.1 million for the third quarter of 2025, compared to $81.6 million for the third quarter of 2024. The decrease in operating results is due to declines at television broadcasting and automotive, partially offset by improved results at education, manufacturing, healthcare and other businesses. The Company reported adjusted operating cash flow (non-GAAP) of $110.1 million for the third quarter of 2025, compared to $126.1 million for the third quarter of 2024. Adjusted operating cash flow declined at television broadcasting and automotive, partially offset by increases at education, manufacturing, healthcare and other businesses. Capital expenditures totaled $20.2 million and $23.8 million for the third quarter of 2025 and 2024, respectively.

Revenue for the first nine months of 2025 was $3,660.5 million, up 3% from $3,545.1 million in the first nine months of 2024. Revenues increased at education, manufacturing, healthcare and other businesses, partially offset by declines at television broadcasting and automotive. The Company reported operating income of $187.4 million for the first nine months of 2025, compared to $143.0 million for the first nine months of 2024. Excluding goodwill and other long-lived asset impairment charges, the improvement in operating results is due to increases at education, manufacturing and healthcare, partially offset by declines at television broadcasting and automotive. The Company reported adjusted operating cash flow (non-GAAP) of $309.5 million for the first nine months of 2025, compared to $307.4 million for the first nine months of 2024. Adjusted operating cash flow increased at education, manufacturing and healthcare, partially offset by declines at television broadcasting, automotive and other businesses. Capital expenditures totaled $54.1 million and $66.0 million for the first nine months of 2025 and 2024, respectively.

Acquisitions and Dispositions of Businesses

In the first half of 2025, the Company completed the sale of various websites and related businesses that made up World of Good Brands (WGB). All remaining WGB operations were substantially shut down by the end of the third quarter of 2025.

On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation, which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of $107.4 million in net pension obligations.

The Company recently decided to cease operations of the Ourisman Jeep of Bethesda dealership, which was closed in early September 2025.

On October 21, 2025, the Company acquired a Honda automotive dealership in Woodbridge, VA, including the real property for the dealership operations.

Debt, Cash and Marketable Equity Securities

At September 30, 2025, the Company had $731.9 million in borrowings outstanding at an average interest rate of 5.9%, including $67.2 million outstanding on its $300 million revolving credit facility. Cash, marketable equity securities and other investments totaled $1,242.9 million at September 30, 2025.

Overall, the Company recognized $84.8 million and $117.0 million in net gains on marketable equity securities in the third quarter and first nine months of 2025, respectively, compared to $30.5 million and $154.3 million in net gains on marketable equity securities in the third quarter and first nine months of 2024, respectively.

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Common Stock Repurchases

During the first nine months of 2025, the Company purchased a total of 3,978 shares of its Class B common stock at a cost of $3.5 million. At September 30, 2025, there were 4,361,833 shares outstanding. On September 12, 2024, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock; the Company has remaining authorization for 462,482 shares as of September 30, 2025.

Overall Company Results

The Company reported net income attributable to common shares of $122.9 million ($27.91 per share) for the third quarter of 2025, compared to $72.5 million ($16.42 per share) for the third quarter of 2024. For the first nine months of 2025, the Company reported net income attributable to common shares of $183.6 million ($41.75 per share), compared to $175.8 million ($39.49 per share) for the first nine months of 2024.

The results for the third quarter and first nine months of 2025 and 2024 were affected by a number of items as described in the Non-GAAP Financial Information schedule attached to this release. Excluding these items, net income attributable to common shares was $62.0 million ($14.08 per share) for the third quarter of 2025, compared to $76.1 million ($17.25 per share) for the third quarter of 2024. Excluding these items, net income attributable to common shares was $176.1 million ($40.05 per share) for the first nine months of 2025, compared to $183.5 million ($41.20 per share) for the first nine months of 2024.

Forward-Looking Statements

All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in the Company’s 2024 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company’s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company’s business strategies and objectives, the prospects for growth in the Company’s various business operations, the Company’s future financial performance, and the risks and uncertainties described in Item 1A of the Company’s Form 10-Q for the quarter ended September 30, 2025 and the Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.

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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Three Months Ended
			September 30									%
(in thousands, except per share amounts)			2025						2024			Change
Operating revenues			$	1,278,859					$	1,207,162		6
Operating expenses			1,180,498						1,095,797			8
Depreciation of property, plant and equipment			19,298						21,332			(10)
Amortization of intangible assets			9,692						8,385			16
Impairment of intangible and other long-lived assets			2,235						—			—
Operating income			67,136						81,648			(18)
Equity in earnings (losses) of affiliates, net			15,780						(13,361)			—
Interest income			1,464						2,277			(36)
Interest expense			(17,164)						(25,896)			(34)
Non-operating pension and postretirement benefit income, net			31,047						38,307			(19)
Gain on marketable equity securities, net			84,768						30,496			—
Other income (expense), net			7						(465)			—
Income before income taxes			183,038						113,006			62
Provision for income taxes			56,800						38,500			48
Net income			126,238						74,506			69
Net income attributable to noncontrolling interests			(3,313)						(2,003)			65
Net Income Attributable to Graham Holdings Company Common Stockholders			$	122,925					$	72,503		70
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share			$	28.19					$	16.54		70
Basic average number of common shares outstanding			4,334						4,352
Diluted net income per common share			$	27.91					$	16.42		70
Diluted average number of common shares outstanding			4,378						4,384

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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Nine Months Ended
			September 30									%
(in thousands, except per share amounts)			2025						2024			Change
Operating revenues			$	3,660,546					$	3,545,104		3
Operating expenses			3,386,690						3,280,590			3
Depreciation of property, plant and equipment			59,504						66,032			(10)
Amortization of intangible assets			24,757						29,194			(15)
Impairment of goodwill and other long-lived assets			2,235						26,287			(91)
Operating income			187,360						143,001			31
Equity in earnings (losses) of affiliates, net			10,466						(8,470)			—
Interest income			6,225						6,566			(5)
Interest expense			(117,547)						(136,607)			(14)
Non-operating pension and postretirement benefit income, net			94,266						105,379			(11)
Gain on marketable equity securities, net			117,026						154,276			(24)
Other (expense) income, net			(20,514)						2,973			—
Income before income taxes			277,282						267,118			4
Provision for income taxes			84,900						86,100			(1)
Net income			192,382						181,018			6
Net income attributable to noncontrolling interests			(8,814)						(5,175)			70
Net Income Attributable to Graham Holdings Company Common Stockholders			$	183,568					$	175,843		4
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share			$	42.15					$	39.74		6
Basic average number of common shares outstanding			4,329						4,395
Diluted net income per common share			$	41.75					$	39.49		6
Diluted average number of common shares outstanding			4,370						4,423

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GRAHAM HOLDINGS COMPANY
BUSINESS DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2025						2024						Change						2025						2024						Change
Operating Revenues
Education						$	472,662					$	438,090					8						$	1,334,206					$	1,283,587					4
Television broadcasting						105,087						145,422						(28)						314,625						373,958						(16)
Manufacturing						124,257						95,385						30						318,480						300,914						6
Healthcare						208,415						155,413						34						584,375						431,142						36
Automotive						285,228						289,392						(1)						851,791						902,046						(6)
Other businesses						83,215						83,464						0						257,082						253,753						1
Corporate office						620						576						8						1,861						1,727						8
Intersegment elimination						(625)						(580)						—						(1,874)						(2,023)						—
						$	1,278,859					$	1,207,162					6						$	3,660,546					$	3,545,104					3
Operating Expenses
Education						$	423,610					$	403,200					5						$	1,198,936					$	1,182,833					1
Television broadcasting						78,313						83,508						(6)						235,513						251,283						(6)
Manufacturing						117,562						90,890						29						298,739						289,085						3
Healthcare						187,423						141,153						33						519,969						398,054						31
Automotive						278,920						280,328						(1)						829,698						873,127						(5)
Other businesses						108,230						112,358						(4)						340,630						364,563						(7)
Corporate office						18,290						14,657						25						51,575						45,181						14
Intersegment elimination						(625)						(580)						—						(1,874)						(2,023)						—
						$	1,211,723					$	1,125,514					8						$	3,473,186					$	3,402,103					2
Operating Income (Loss)
Education						$	49,052					$	34,890					41						$	135,270					$	100,754					34
Television broadcasting						26,774						61,914						(57)						79,112						122,675						(36)
Manufacturing						6,695						4,495						49						19,741						11,829						67
Healthcare						20,992						14,260						47						64,406						33,088						95
Automotive						6,308						9,064						(30)						22,093						28,919						(24)
Other businesses						(25,015)						(28,894)						13						(83,548)						(110,810)						25
Corporate office						(17,670)						(14,081)						(25)						(49,714)						(43,454)						(14)
						$	67,136					$	81,648					(18)						$	187,360					$	143,001					31
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education						$	1,404					$	2,421					(42)						$	5,222					$	8,267					(37)
Television broadcasting						1,360						1,360						—						4,080						4,070						0
Manufacturing						4,442						2,619						70						9,304						8,387						11
Healthcare						1,095						159						—						1,330						1,393						(5)
Automotive						560						5						—						570						10						—
Other businesses						3,066						1,821						68						6,486						33,354						(81)
Corporate office						—						—						—						—						—						—
						$	11,927					$	8,385					42						$	26,992					$	55,481					(51)
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education						$	50,456					$	37,311					35						$	140,492					$	109,021					29
Television broadcasting						28,134						63,274						(56)						83,192						126,745						(34)
Manufacturing						11,137						7,114						57						29,045						20,216						44
Healthcare						22,087						14,419						53						65,736						34,481						91
Automotive						6,868						9,069						(24)						22,663						28,929						(22)
Other businesses						(21,949)						(27,073)						19						(77,062)						(77,456)						1
Corporate office						(17,670)						(14,081)						(25)						(49,714)						(43,454)						(14)
						$	79,063					$	90,033					(12)						$	214,352					$	198,482					8

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						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2025						2024						Change						2025						2024						Change
Depreciation
Education						$	7,085					$	8,576					(17)						$	22,261					$	26,736					(17)
Television broadcasting						2,597						2,756						(6)						7,850						8,494						(8)
Manufacturing						3,219						2,818						14						8,576						8,227						4
Healthcare						1,837						1,754						5						5,346						5,031						6
Automotive						1,718						1,774						(3)						5,155						5,203						(1)
Other businesses						2,671						3,522						(24)						9,813						11,909						(18)
Corporate office						171						132						30						503						432						16
						$	19,298					$	21,332					(10)						$	59,504					$	66,032					(10)
Pension Expense
Education						$	4,318					$	4,445					(3)						$	12,954					$	13,267					(2)
Television broadcasting						1,475						1,528						(3)						4,426						4,583						(3)
Manufacturing						866						978						(11)						2,596						1,897						37
Healthcare						2,496						4,804						(48)						7,488						14,413						(48)
Automotive						(1)						29						—						47						86						(45)
Other businesses						1,857						1,963						(5)						5,868						5,577						5
Corporate office						761						1,014						(25)						2,284						3,043						(25)
						$	11,772					$	14,761					(20)						$	35,663					$	42,866					(17)
Adjusted Operating Cash Flow (non-GAAP)(1)
Education						$	61,859					$	50,332					23						$	175,707					$	149,024					18
Television broadcasting						32,206						67,558						(52)						95,468						139,822						(32)
Manufacturing						15,222						10,910						40						40,217						30,340						33
Healthcare						26,420						20,977						26						78,570						53,925						46
Automotive						8,585						10,872						(21)						27,865						34,218						(19)
Other businesses						(17,421)						(21,588)						19						(61,381)						(59,970)						(2)
Corporate office						(16,738)						(12,935)						(29)						(46,927)						(39,979)						(17)
						$	110,133					$	126,126					(13)						$	309,519					$	307,380					1

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets plus Depreciation Expense and Pension Expense.

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GRAHAM HOLDINGS COMPANY
EDUCATION DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2025						2024						Change						2025						2024						Change
Operating Revenues
Kaplan international						$	294,292					$	277,009					6						$	827,719					$	813,833					2
Higher education						92,162						85,655						8						265,387						246,818						8
Supplemental education						86,679						76,134						14						242,243						221,389						9
Kaplan corporate and other						280						158						77						315						5,739						(95)
Intersegment elimination						(751)						(866)						—						(1,458)						(4,192)						—
						$	472,662					$	438,090					8						$	1,334,206					$	1,283,587					4
Operating Expenses
Kaplan international						$	265,399					$	251,471					6						$	738,827					$	731,159					1
Higher education						77,479						74,270						4						219,925						215,560						2
Supplemental education						71,700						64,948						10						213,890						199,951						7
Kaplan corporate and other						8,417						10,875						(23)						22,516						32,096						(30)
Amortization of intangible assets						1,404						2,421						(42)						5,222						8,267						(37)
Intersegment elimination						(789)						(785)						—						(1,444)						(4,200)						—
						$	423,610					$	403,200					5						$	1,198,936					$	1,182,833					1
Operating Income (Loss)
Kaplan international						$	28,893					$	25,538					13						$	88,892					$	82,674					8
Higher education						14,683						11,385						29						45,462						31,258						45
Supplemental education						14,979						11,186						34						28,353						21,438						32
Kaplan corporate and other						(8,137)						(10,717)						24						(22,201)						(26,357)						16
Amortization of intangible assets						(1,404)						(2,421)						42						(5,222)						(8,267)						37
Intersegment elimination						38						(81)						—						(14)						8						—
						$	49,052					$	34,890					41						$	135,270					$	100,754					34
Operating Income (Loss) before Amortization of Intangible Assets
Kaplan international						$	28,893					$	25,538					13						$	88,892					$	82,674					8
Higher education						14,683						11,385						29						45,462						31,258						45
Supplemental education						14,979						11,186						34						28,353						21,438						32
Kaplan corporate and other						(8,137)						(10,717)						24						(22,201)						(26,357)						16
Intersegment elimination						38						(81)						—						(14)						8						—
						$	50,456					$	37,311					35						$	140,492					$	109,021					29
Depreciation
Kaplan international						$	6,072					$	7,202					(16)						$	19,014					$	21,735					(13)
Higher education						314						589						(47)						1,153						2,291						(50)
Supplemental education						692						777						(11)						2,076						2,653						(22)
Kaplan corporate and other						7						8						(13)						18						57						(68)
						$	7,085					$	8,576					(17)						$	22,261					$	26,736					(17)
Pension Expense
Kaplan international						$	142					$	198					(28)						$	428					$	527					(19)
Higher education						1,849						1,903						(3)						5,546						5,729						(3)
Supplemental education						1,929						1,962						(2)						5,788						5,874						(1)
Kaplan corporate and other						398						382						4						1,192						1,137						5
						$	4,318					$	4,445					(3)						$	12,954					$	13,267					(2)
Adjusted Operating Cash Flow (non-GAAP)(1)
Kaplan international						$	35,107					$	32,938					7						$	108,334					$	104,936					3
Higher education						16,846						13,877						21						52,161						39,278						33
Supplemental education						17,600						13,925						26						36,217						29,965						21
Kaplan corporate and other						(7,732)						(10,327)						25						(20,991)						(25,163)						17
Intersegment elimination						38						(81)						—						(14)						8						—
						$	61,859					$	50,332					23						$	175,707					$	149,024					18

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets plus Depreciation Expense and Pension Expense.

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NON-GAAP FINANCIAL INFORMATION

GRAHAM HOLDINGS COMPANY

(Unaudited)

In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included in this press release, the Company has provided information regarding Adjusted Operating Cash Flow and Net income excluding certain items described below, reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

•the ability to make meaningful period-to-period comparisons of the Company’s ongoing results;

•the ability to identify trends in the Company’s underlying business; and

•a better understanding of how management plans and measures the Company’s underlying business.

Adjusted Operating Cash Flow and Net income, excluding certain items, should not be considered substitutes or alternatives to computations calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with financial information presented on a GAAP basis.

The gains and losses on marketable equity securities relate to the change in the fair value (quoted prices) of its portfolio of equity securities. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders at a subsidiary of the Company's Healthcare business. The Company measures the redemption value of this minority ownership on a quarterly basis with changes in the fair value recorded as interest expense or income, which is included in net income for the period. The effect of gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest are not directly related to the core performance of the Company’s business operations since these items do not directly relate to the sale of the Company’s services or products. GAAP requires that the Company include the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest in net income on the Condensed Consolidated Statements of Operations. The Company excludes the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest from the non-GAAP adjusted net income because these items are independent of the Company’s core operations and not indicative of the performance of the Company’s business operations.

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The following tables reconcile the non-GAAP financial measures for Net income, excluding certain items, to the most directly comparable GAAP measures:

			Three Months Ended September 30
			2025																		2024
(in thousands, except per share amounts)			Income before income taxes						Income Taxes						Net Income						Income before income taxes						Income Taxes						Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported			$	183,038					$	56,800					$	126,238					$	113,006					$	38,500					$	74,506
Attributable to noncontrolling interests															(3,313)																		(2,003)
Attributable to Graham Holdings Company Stockholders															122,925																		72,503
Adjustments:
Intangible and other long-lived asset impairment charges			2,235						522						1,713						—						(626)						626
Charges related to non-operating Separation Incentive Programs			2,546						651						1,895						3,665						938						2,727
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest			718						(6,198)						6,916						9,730						(3,501)						13,231
Net gains on marketable equity securities			(84,768)						(21,735)						(63,033)						(30,496)						(7,808)						(22,688)
Net losses of affiliates whose operations are not managed by the Company			5,787						1,484						4,303						2,307						590						1,717
Gain on sale of certain businesses and websites			—						—						—						(3,763)						(1,197)						(2,566)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments			(17,122)						(4,395)						(12,727)						14,236						3,642						10,594
Net Income, adjusted (non-GAAP)															$	61,992																	$	76,144
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported															$	27.91																	$	16.42
Adjustments:
Intangible and other long-lived asset impairment charges															0.39																		0.14
Charges related to non-operating Separation Incentive Programs															0.43																		0.62
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest															1.57																		3.00
Net gains on marketable equity securities															(14.31)																		(5.14)
Net losses of affiliates whose operations are not managed by the Company															0.98																		0.39
Gain on sale of certain businesses and websites															—																		(0.58)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments															(2.89)																		2.40
Diluted income per common share, adjusted (non-GAAP)															$	14.08																	$	17.25
The adjusted diluted per share amounts may not compute due to rounding.

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9

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			Nine Months Ended September 30
			2025																		2024
(in thousands, except per share amounts)			Income before income taxes						Income Taxes						Net Income						Income before income taxes						Income Taxes						Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported			$	277,282					$	84,900					$	192,382					$	267,118					$	86,100					$	181,018
Attributable to noncontrolling interests															(8,814)																		(5,175)
Attributable to Graham Holdings Company Stockholders															$	183,568																	$	175,843
Adjustments:
Goodwill and other long-lived asset impairment charges			2,235						522						1,713						26,287						5,067						21,220
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program			9,185						2,351						6,834						20,493						5,246						15,247
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest			68,278						7,496						60,782						85,145						8,740						76,405
Net gains on marketable equity securities			(117,026)						(30,006)						(87,020)						(154,276)						(39,502)						(114,774)
Net losses of affiliates whose operations are not managed by the Company			18,110						4,643						13,467						4,922						1,260						3,662
Gain on sale of certain businesses and websites			—						—						—						(7,246)						(1,956)						(5,290)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments			(4,443)						(1,189)						(3,254)						14,980						3,833						11,147
Net Income, adjusted (non-GAAP)															$	176,090																	$	183,460
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported															$	41.75																	$	39.49
Adjustments:
Goodwill and other long-lived asset impairment charges															0.39																		4.77
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program															1.55																		3.42
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest															13.83																		17.16
Net gains on marketable equity securities															(19.79)																		(25.77)
Net losses of affiliates whose operations are not managed by the Company															3.06																		0.82
Gain on sale of certain businesses and websites															—																		(1.19)
Net non-operating (gain) loss from earnings, write-up and impairment of equity and cost method investments															(0.74)																		2.50
Diluted income per common share, adjusted (non-GAAP)															$	40.05																	$	41.20
The adjusted diluted per share amounts may not compute due to rounding.

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