Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:

	Three Months Ended   March 31
(in thousands, except per share amounts)	2026			2025
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	29,106		$	23,894
Less: Dividends paid-common stock outstanding and unvested restricted shares	(16,398)			(15,662)
Undistributed earnings	12,708			8,232
Percent allocated to common stockholders	99.44		%	99.38		%
	12,636			8,182
Add: Dividends paid-common stock outstanding	16,306			15,563
Numerator for basic earnings per share	$	28,942		$	23,745
Add: Additional undistributed earnings due to dilutive stock options	1			—
Numerator for diluted earnings per share	$	28,943		$	23,745
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,331			4,320
Add: Effect of dilutive stock options	44			38
Denominator for diluted earnings per share	4,375			4,358
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	6.68		$	5.50
Diluted earnings per share	$	6.62		$	5.45

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Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:

	Three Months Ended   March 31
(in thousands)	2026	2025
Weighted average restricted stock	17	12