- Graham Holdings Company reported increased revenue and net income attributable to common shares for both the third quarter and first nine months of 2025, with detailed figures provided below.  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]** **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  Operating income, however, decreased in Q3 2025 but showed an increase for the first nine months of the year.  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]** 
- The company completed the sale of World of Good Brands (WGB) and Hoover acquired Arconic Architectural Products, LLC, assuming **$107.4 million** in net pension obligations.  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]** 
- Graham Holdings Company repurchased **3,978 shares** of its Class B common stock for **$3.5 million** during the first nine months of 2025, with **462,482 shares** remaining authorized for repurchase as of September 30, 2025.  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]** 

| Metric | Q3 2024 | Q3 2025 | 9M 2024 | 9M 2025 |
|---|---|---|---|---|
| Revenue ($USD Millions) | **$1,207.2**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  | **$1,278.9**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  | **$3,545.1**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  | **$3,660.5**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  |
| Operating Income ($USD Millions) | **$81.6**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  | **$67.1**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  | **$143.0**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  | **$187.4**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:0]**  |
| Net Income Attributable to Common Shares ($USD Millions) | **$72.5**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  | **$122.9**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  | **$175.8**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  | **$183.6**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  |
| Diluted EPS ($USD) | **$16.42**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  | **$27.91**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  | **$39.49**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  | **$41.75**  **[104889_0001628280-25-046930_a2025q38-kexhibit991.htm:1]**  |

Graham Holdings Company Reports Q3 2025 Financial Results and Business Updates

- Graham Holdings Company reported **revenue** of **$1,278.9 million** for the third quarter of 2025, a **6% increase** from Q3 2024, and **$3,660.5 million** for the first nine months of 2025, up **3%** from the prior year period.  **[104889_00aa9004018e4e198c1221f1961098b3_0]** **[104889_00aa9004018e4e198c1221f1961098b3_3]** 
- **Net income attributable to common shares** for Q3 2025 was **$122.9 million** (**$27.91 per share**), significantly higher than **$72.5 million** (**$16.42 per share**) in Q3 2024.  **[104889_00aa9004018e4e198c1221f1961098b3_1]** **[104889_00aa9004018e4e198c1221f1961098b3_3]**  For the first nine months of 2025, net income was **$183.6 million** (**$41.75 per share**), compared to **$175.8 million** (**$39.49 per share**) in the same period of 2024.  **[104889_00aa9004018e4e198c1221f1961098b3_1]** **[104889_00aa9004018e4e198c1221f1961098b3_4]** 
- **Operating income** for Q3 2025 decreased to **$67.1 million** from **$81.6 million** in Q3 2024, while **adjusted operating cash flow (non-GAAP)** also declined to **$110.1 million** from **$126.1 million**.  **[104889_00aa9004018e4e198c1221f1961098b3_0]** **[104889_00aa9004018e4e198c1221f1961098b3_3]** **[104889_00aa9004018e4e198c1221f1961098b3_5]**  However, for the first nine months of 2025, operating income increased to **$187.4 million** from **$143.0 million**, and adjusted operating cash flow slightly increased to **$309.5 million** from **$307.4 million**.  **[104889_00aa9004018e4e198c1221f1961098b3_0]** **[104889_00aa9004018e4e198c1221f1961098b3_3]** **[104889_00aa9004018e4e198c1221f1961098b3_5]** 
- As of September 30, 2025, the company held **$1,242.9 million** in cash, marketable equity securities, and other investments, with **$731.9 million** in borrowings outstanding.  **[104889_00aa9004018e4e198c1221f1961098b3_1]**  During the first nine months of 2025, **3,978 shares** of Class B common stock were repurchased for **$3.5 million**.  **[104889_00aa9004018e4e198c1221f1961098b3_1]** 
- The company engaged in **acquisitions and dispositions**, including the sale of World of Good Brands, the acquisition of Arconic Architectural Products, LLC, the closure of an Ourisman Jeep dealership, and the acquisition of a Honda automotive dealership.  **[104889_00aa9004018e4e198c1221f1961098b3_0]** **[104889_00aa9004018e4e198c1221f1961098b3_1]**

Graham Holdings (GHC)