EX-99.1 2 a2025q28-kexhibit991.htm EXHIBIT 99.1 Document

Exhibit 99.1
Contact: Wallace R. CooneyFor Immediate Release 
(703) 345-6470July 30, 2025
GRAHAM HOLDINGS COMPANY REPORTS
SECOND QUARTER EARNINGS
ARLINGTON, VA - Graham Holdings Company (NYSE: GHC) today reported its financial results for the second quarter of 2025. The Company also filed its Form 10-Q today for the quarter ended June 30, 2025 with the Securities and Exchange Commission.
Division Operating Results
Revenue for the second quarter of 2025 was $1,215.8 million, up 3% from $1,185.3 million in the second quarter of 2024. Revenues increased at education, healthcare and other businesses, partially offset by declines at television broadcasting, manufacturing and automotive. The Company reported operating income of $72.8 million for the second quarter of 2025, compared to $25.9 million for the second quarter of 2024. Excluding goodwill and other long-lived asset impairment charges at World of Good Brands (WGB) in the second quarter of 2024, the improvement in operating results is due to increases at education, manufacturing, and healthcare, partially offset by declines at television broadcasting, automotive and other businesses. The Company reported adjusted operating cash flow (non-GAAP) of $111.3 million for the second quarter of 2025, compared to $98.5 million for the second quarter of 2024. Adjusted operating cash flow improved at education, manufacturing and healthcare, partially offset by declines at television broadcasting, automotive and other businesses. Capital expenditures totaled $19.8 million and $20.8 million for the second quarter of 2025 and 2024, respectively.
Revenue for the first six months of 2025 was $2,381.7 million, up 2% from $2,337.9 million in the first six months of 2024. Revenues increased at education, healthcare and other businesses, partially offset by declines at television broadcasting, manufacturing and automotive. The Company reported operating income of $120.2 million for the first six months of 2025, compared to $61.4 million for the first six months of 2024. Excluding goodwill and other long-lived asset impairment charges at WGB in the second quarter of 2024, the improvement in operating results is due to increases at education, manufacturing and healthcare, partially offset by declines at television broadcasting, automotive and other businesses. The Company reported adjusted operating cash flow (non-GAAP) of $199.4 million for the first six months of 2025, compared to $181.3 million for the first six months of 2024. Adjusted operating cash flow improved at education, manufacturing and healthcare, partially offset by declines at television broadcasting, automotive and other businesses. Capital expenditures totaled $33.9 million and $42.2 million for the first six 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 WGB. All remaining WGB operations are expected to be 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 approximately $105 million in net pension obligations.
Management Changes
David Curtis and Justin DeWitte, co-CEOs of Graham Healthcare Group (GHG), recently made the decision to step down from their respective leadership roles at GHG. Both will remain with GHG for a transition period and to support the search and onboarding of a new leader for the home health and hospice businesses. The other healthcare businesses will transition to reporting into Graham Holdings leadership directly.
Debt, Cash and Marketable Equity Securities
At June 30, 2025, the Company had $816.4 million in borrowings outstanding at an average interest rate of 6.0%, including $143.6 million outstanding on its $300 million revolving credit facility. Cash, marketable equity securities and other investments totaled $1,127.5 million at June 30, 2025.
Overall, the Company recognized $11.5 million in net losses and $32.3 million in net gains on marketable equity securities in the second quarter and first six months of 2025, respectively, compared to $19.6 million and $123.8 million in net gains on marketable equity securities in the second quarter and first six months of 2024, respectively.
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Common Stock Repurchases
During the first six 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 June 30, 2025, there were 4,359,759 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 June 30, 2025.
Mandatorily Redeemable Noncontrolling Interest
The Company recorded interest expense of $1.2 million and $67.6 million in the second quarter and first six months of 2025, respectively, compared to $73.5 million and $75.4 million in the second quarter and first six months of 2024, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest at GHG. The significant adjustments recorded in the first half of 2025 and 2024 are largely related to a substantial increase in the estimated fair value of CSI Pharmacy Holding Company, LLC (CSI).
On February 25, 2025, the Company and a group of minority shareholders entered into an agreement to settle a significant portion of the mandatorily redeemable noncontrolling interest for a total of $205 million, which consisted of approximately $186.25 million in cash and $18.75 million in Graham Holdings Company Class B common stock. Refer to Notes 2, 7 and 8 in the Company’s 2025 10-Q filing for additional information.
Overall Company Results
The Company reported net income attributable to common shares of $36.7 million ($8.35 per share) for the second quarter of 2025, compared to a net loss of $21.0 million ($4.79 per share) for the second quarter of 2024. For the first six months of 2025, the Company reported net income attributable to common shares of $60.6 million ($13.81 per share), compared to $103.3 million ($23.11 per share) for the first six months of 2024.
The results for the second quarter and first six 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 $63.1 million ($14.33 per share) for the second quarter of 2025, compared to $56.9 million ($12.70 per share) for the second quarter of 2024. Excluding these items, net income attributable to common shares was $114.1 million ($25.98 per share) for the first six months of 2025, compared to $107.3 million ($23.99 per share) for the first six 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 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 Annual Report on Form 10-K. 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  
  June 30%
(in thousands, except per share amounts)20252024Change
Operating revenues$1,215,772 $1,185,280 3 
Operating expenses1,116,128 1,100,851 1 
Depreciation of property, plant and equipment19,652 22,173 (11)
Amortization of intangible assets7,241 10,058 (28)
Impairment of goodwill and other long-lived assets
— 26,287 — 
Operating income
72,751 25,911 — 
Equity in earnings of affiliates, net3,114 2,560 22 
Interest income2,261 2,111 7 
Interest expense(18,106)(91,383)(80)
Non-operating pension and postretirement benefit income, net28,602 24,655 16 
(Loss) gain on marketable equity securities, net(11,543)19,628 — 
Other (expenses) income, net(16,456)1,791 — 
Income (loss) before income taxes
60,623 (14,727)— 
Provision for income taxes
20,200 4,100 — 
Net income (loss)
40,423 (18,827)— 
Net income attributable to noncontrolling interests
(3,674)(2,213)66 
Net Income (Loss) Attributable to Graham Holdings Company Common Stockholders
$36,749 $(21,040)— 
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income (loss) per common share$8.43 $(4.79)— 
Basic average number of common shares outstanding4,333 4,401  
Diluted net income (loss) per common share$8.35 $(4.79)— 
Diluted average number of common shares outstanding4,373 4,401  
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GRAHAM HOLDINGS COMPANY  
CONSOLIDATED STATEMENTS OF OPERATIONS  
(Unaudited)  
  Six Months Ended  
  June 30%
(in thousands, except per share amounts)20252024Change
Operating revenues$2,381,687 $2,337,942 2 
Operating expenses2,206,192 2,184,793 1 
Depreciation of property, plant and equipment40,206 44,700 (10)
Amortization of intangible assets15,065 20,809 (28)
Impairment of goodwill and other long-lived assets— 26,287 — 
Operating income120,224 61,353 96 
Equity in (losses) earnings of affiliates, net
(5,314)4,891 — 
Interest income4,761 4,289 11 
Interest expense(100,383)(110,711)(9)
Non-operating pension and postretirement benefit income, net63,219 67,072 (6)
Gain on marketable equity securities, net32,258 123,780 (74)
Other (expense) income, net(20,521)3,438 — 
Income before income taxes94,244 154,112 (39)
Provision for income taxes28,100 47,600 (41)
Net income66,144 106,512 (38)
Net income attributable to noncontrolling interests
(5,501)(3,172)73 
Net Income Attributable to Graham Holdings Company Common Stockholders
$60,643 $103,340 (41)
Per Share Information Attributable to Graham Holdings Company Common Stockholders
   
Basic net income per common share$13.93 $23.24 (40)
Basic average number of common shares outstanding4,327 4,416  
Diluted net income per common share$13.81 $23.11 (40)
Diluted average number of common shares outstanding4,366 4,442  

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GRAHAM HOLDINGS COMPANY
BUSINESS DIVISION INFORMATION
(Unaudited)
  Three Months Ended  Six Months Ended  
  June 30%June 30%
(in thousands)20252024Change20252024Change
Operating Revenues            
Education$436,813 $422,899 3 $861,544 $845,497 2 
Television broadcasting105,984 115,478 (8)209,538 228,536 (8)
Manufacturing96,218 103,626 (7)194,223 205,529 (6)
Healthcare202,219 147,528 37 375,960 275,729 36 
Automotive285,572 308,814 (8)566,563 612,654 (8)
Other businesses88,970 86,991 2 173,867 170,289 2 
Corporate office621 575 8 1,241 1,151 8 
Intersegment elimination(625)(631)— (1,249)(1,443)— 
$1,215,772 $1,185,280 3 $2,381,687 $2,337,942 2 
Operating Expenses            
Education$390,628 $387,622 1 $775,326 $779,633 (1)
Television broadcasting78,044 84,350 (7)157,200 167,775 (6)
Manufacturing88,652 99,361 (11)181,177 198,195 (9)
Healthcare177,122 134,791 31 332,546 256,901 29 
Automotive276,279 298,611 (7)550,778 592,799 (7)
Other businesses116,265 139,953 (17)232,400 252,205 (8)
Corporate office16,656 15,312 9 33,285 30,524 9 
Intersegment elimination(625)(631)— (1,249)(1,443)— 
$1,143,021 $1,159,369 (1)$2,261,463 $2,276,589 (1)
Operating Income (Loss)            
Education$46,185 $35,277 31 $86,218 $65,864 31 
Television broadcasting27,940 31,128 (10)52,338 60,761 (14)
Manufacturing7,566 4,265 77 13,046 7,334 78 
Healthcare25,097 12,737 97 43,414 18,828 — 
Automotive9,293 10,203 (9)15,785 19,855 (20)
Other businesses(27,295)(52,962)48 (58,533)(81,916)29 
Corporate office(16,035)(14,737)(9)(32,044)(29,373)(9)
$72,751 $25,911 — $120,224 $61,353 96 
Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education$1,699 $2,872 (41)$3,818 $5,846 (35)
Television broadcasting1,360 1,360 — 2,720 2,710 0 
Manufacturing2,431 2,648 (8)4,862 5,768 (16)
Healthcare117 598 (80)235 1,234 (81)
Automotive5 5 — 10 5 — 
Other businesses1,629 28,862 (94)3,420 31,533 (89)
Corporate office— — — — — — 
$7,241 $36,345 (80)$15,065 $47,096 (68)
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Other Long-Lived Assets
Education$47,884 $38,149 26 $90,036 $71,710 26 
Television broadcasting29,300 32,488 (10)55,058 63,471 (13)
Manufacturing9,997 6,913 45 17,908 13,102 37 
Healthcare25,214 13,335 89 43,649 20,062 — 
Automotive9,298 10,208 (9)15,795 19,860 (20)
Other businesses(25,666)(24,100)(6)(55,113)(50,383)(9)
Corporate office(16,035)(14,737)(9)(32,044)(29,373)(9)
$79,992 $62,256 28 $135,289 $108,449 25 
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  Three Months Ended  Six Months Ended  
  June 30%June 30%
(in thousands)20252024Change20252024Change
Depreciation            
Education$7,412 $8,855 (16)$15,176 $18,160 (16)
Television broadcasting2,625 2,870 (9)5,253 5,738 (8)
Manufacturing2,654 2,694 (1)5,357 5,409 (1)
Healthcare1,723 1,683 2 3,509 3,277 7 
Automotive1,708 1,716 0 3,437 3,429 0 
Other businesses3,353 4,204 (20)7,142 8,387 (15)
Corporate office177 151 17 332 300 11 
$19,652 $22,173 (11)$40,206 $44,700 (10)
Pension Expense            
Education$4,413 $4,712 (6)$8,636 $8,822 (2)
Television broadcasting1,532 1,416 8 2,951 3,055 (3)
Manufacturing654 292 — 1,730 919 88 
Healthcare1,993 4,851 (59)4,992 9,609 (48)
Automotive21 42 (50)48 57 (16)
Other businesses2,295 1,674 37 4,011 3,614 11 
Corporate office791 1,084 (27)1,523 2,029 (25)
$11,699 $14,071 (17)$23,891 $28,105 (15)
Adjusted Operating Cash Flow (non-GAAP)(1)
Education$59,709 $51,716 15 $113,848 $98,692 15 
Television broadcasting33,457 36,774 (9)63,262 72,264 (12)
Manufacturing13,305 9,899 34 24,995 19,430 29 
Healthcare28,930 19,869 46 52,150 32,948 58 
Automotive11,027 11,966 (8)19,280 23,346 (17)
Other businesses(20,018)(18,222)(10)(43,960)(38,382)(15)
Corporate office(15,067)(13,502)(12)(30,189)(27,044)(12)
$111,343 $98,500 13 $199,386 $181,254 10 
____________
(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  Six Months Ended  
  June 30%June 30%
(in thousands)20252024Change20252024Change
Operating Revenues            
Kaplan international$272,171 $267,026 2 $533,427 $536,824 (1)
Higher education84,738 81,041 5 173,225 161,163 7 
Supplemental education80,161 73,133 10 155,564 145,255 7 
Kaplan corporate and other23 2,993 (99)35 5,581 (99)
Intersegment elimination(280)(1,294)— (707)(3,326)— 
$436,813 $422,899 3 $861,544 $845,497 2 
Operating Expenses            
Kaplan international$242,234 $241,202 0 $473,428 $479,688 (1)
Higher education66,766 66,687 0 142,446 141,290 1 
Supplemental education72,755 67,461 8 142,190 135,003 5 
Kaplan corporate and other7,439 11,048 (33)14,099 21,221 (34)
Amortization of intangible assets1,699 2,872 (41)3,818 5,846 (35)
Intersegment elimination(265)(1,648)— (655)(3,415)— 
$390,628 $387,622 1 $775,326 $779,633 (1)
Operating Income (Loss)            
Kaplan international$29,937 $25,824 16 $59,999 $57,136 5 
Higher education17,972 14,354 25 30,779 19,873 55 
Supplemental education7,406 5,672 31 13,374 10,252 30 
Kaplan corporate and other(7,416)(8,055)8 (14,064)(15,640)10 
Amortization of intangible assets(1,699)(2,872)41 (3,818)(5,846)35 
Intersegment elimination(15)354 — (52)89 — 
$46,185 $35,277 31 $86,218 $65,864 31 
Operating Income (Loss) before Amortization of Intangible Assets
Kaplan international$29,937 $25,824 16 $59,999 $57,136 5 
Higher education17,972 14,354 25 30,779 19,873 55 
Supplemental education7,406 5,672 31 13,374 10,252 30 
Kaplan corporate and other(7,416)(8,055)8 (14,064)(15,640)10 
Intersegment elimination(15)354 — (52)89 — 
$47,884 $38,149 26 $90,036 $71,710 26 
Depreciation            
Kaplan international$6,393 $7,177 (11)$12,942 $14,533 (11)
Higher education383 799 (52)839 1,702 (51)
Supplemental education631 857 (26)1,384 1,876 (26)
Kaplan corporate and other5 22 (77)11 49 (78)
$7,412 $8,855 (16)$15,176 $18,160 (16)
Pension Expense        
Kaplan international$146 $166 (12)$286 $329 (13)
Higher education1,889 2,045 (8)3,697 3,826 (3)
Supplemental education1,972 2,094 (6)3,859 3,912 (1)
Kaplan corporate and other406 407 0 794 755 5 
$4,413 $4,712 (6)$8,636 $8,822 (2)
Adjusted Operating Cash Flow (non-GAAP)(1)
Kaplan international$36,476 $33,167 10 $73,227 $71,998 2 
Higher education20,244 17,198 18 35,315 25,401 39 
Supplemental education10,009 8,623 16 18,617 16,040 16 
Kaplan corporate and other(7,005)(7,626)8 (13,259)(14,836)11 
Intersegment elimination(15)354 — (52)89 — 
$59,709 $51,716 15 $113,848 $98,692 15 
____________
(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 June 30
20252024
(in thousands, except per share amounts)Income before income taxesIncome TaxesNet Income(Loss) Income before income taxesIncome TaxesNet (Loss) Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported$60,623 $20,200 $40,423 $(14,727)$4,100 $(18,827)
Attributable to noncontrolling interests(3,674)(2,213)
Attributable to Graham Holdings Company Stockholders36,749 (21,040)
Adjustments:
Goodwill and intangible asset impairment charges— — — 26,287 5,693 20,594 
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program6,015 1,540 4,475 16,410 4,201 12,209 
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest1,153 (2,342)3,495 73,539 12,145 61,394 
Net losses (gains) on marketable equity securities11,543 2,960 8,583 (19,628)(5,026)(14,602)
Net losses of affiliates whose operations are not managed by the Company
413 106 307 1,128 289 839 
Gain on sale of certain businesses and websites— — — (3,483)(760)(2,723)
Net non-operating loss from impairment of cost method investments
12,679 3,206 9,473 337 86 251 
Net Income, adjusted (non-GAAP)
$63,082 

$56,922 
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income (loss) per common share, as reported
$8.35 $(4.79)
Adjustments:
Goodwill and intangible asset impairment charges— 4.62 
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program1.02 2.74 
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest0.79 13.77 
Net losses (gains) on marketable equity securities1.95 (3.28)
Net losses of affiliates whose operations are not managed by the Company
0.07 0.19 
Gain on sale of certain businesses and websites— (0.61)
Net non-operating loss from impairment of cost method investments
2.15 0.06 
Diluted income per common share, adjusted (non-GAAP)
$14.33 $12.70 
The adjusted diluted per share amounts may not compute due to rounding.
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  Six Months Ended June 30
20252024
(in thousands, except per share amounts)Income before income taxesIncome TaxesNet IncomeIncome before income taxesIncome TaxesNet Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported$94,244 $28,100 $66,144 $154,112 $47,600 $106,512 
Attributable to noncontrolling interests(5,501)(3,172)
Attributable to Graham Holdings Company Stockholders$60,643 $103,340 
Adjustments:
Goodwill and intangible asset impairment charges— — — 26,287 5,693 20,594 
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program6,639 1,700 4,939 16,828 4,308 12,520 
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest67,560 13,693 53,867 75,415 12,241 63,174 
Net gains on marketable equity securities(32,258)(8,271)(23,987)(123,780)(31,693)(92,087)
Net losses of affiliates whose operations are not managed by the Company
12,323 3,160 9,163 2,615 670 1,945 
Gain on sale of certain businesses and websites— — — (3,483)(760)(2,723)
Non-operating loss from impairment of cost method investments
12,679 3,206 9,473 744 191 553 
Net Income, adjusted (non-GAAP)$114,098 $107,316 
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported$13.81 $23.11 
Adjustments:
Goodwill and intangible asset impairment charges— 4.60 
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Program1.12 2.80 
Interest expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest12.26 14.13 
Net gains on marketable equity securities(5.46)(20.59)
Net losses of affiliates whose operations are not managed by the Company
2.09 0.43 
Gain on sale of certain businesses and websites— (0.61)
Non-operating loss from impairment of cost method investments
2.16 0.12 
Diluted income per common share, adjusted (non-GAAP)$25.98 $23.99 
The adjusted diluted per share amounts may not compute due to rounding.

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