At a glance
Graham Holdings Co is worth $4.88B, about 18 times its fiscal 2025 earnings. Revenue grew 2.5% to $4.91B in fiscal 2025, with 6.0% kept as profit; over 5 years it has grown 11.2% a year. It pays a 0.64% dividend yield, raised every year for at least 9 years, and returned $591.3M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +11.1% over the past year with dividends reinvested and +16.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.4% in the 2020 crash (S&P 500: 33.7%) and 19.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 1 month after the lows.
The business in plain English
Graham Holdings, formerly the Washington Post Company, is a holding company: a parent company that owns a varied group of businesses. In the fiscal year ended December 31, 2025, revenue was about $4.91 billion. Services made up 54% and physical goods 46%. About 22% of revenue came from outside the U.S., mostly through Kaplan.
Education, run through Kaplan, is the largest segment at 35.5% of revenue. Kaplan International runs English-language schools, prepares international students for degrees in English-speaking countries, trains accountants for qualifications such as the ACCA, and is the sole authorized provider of the exam to become a solicitor (a type of lawyer) in England and Wales. In the U.S., Kaplan handles marketing, admissions, financial aid and other support for online university programs, including Purdue University Global. Some university clients pay Kaplan partly based on the revenue of those programs.
Automotive, with eight car dealerships, brought in 23.1% of revenue. Healthcare (16.6%) provides in-home infusion therapy (drugs given through a vein), home health and hospice care, applied behavior analysis therapy and allergy and asthma physician services. Manufacturing (8.9%) supplies the commercial building industry and makes electrical, lifting and utility-system products. Television broadcasting (8.7%) owns seven local stations. The remaining 7.3% includes restaurants, Slate and Foreign Policy magazines, and the Saatchi Art and Society6 online marketplaces.
Price history
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GHC +11.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Services | $2.66B | 54.3% |
| Goods | $2.25B | 45.7% |
By business segment
| Education | $1.74B | 35.5% |
| Automotive | $1.13B | 23.1% |
| Healthcare | $815.0M | 16.6% |
| Manufacturing | $436.3M | 8.9% |
| Television Broadcasting | $425.1M | 8.7% |
| Other Businesses and Corporate Office | $360.1M | 7.3% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.33B, up 3.7% from a year earlier, and net income was $75.1M (-38.9%).
- For fiscal 2025, revenue was $4.91B (+2.5% year over year; +11.2% a year from FY2020 to FY2025) with a 6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +11.2% good |
|---|---|
| Operating margin | 4.8% weak |
| Free cash flow margin | 5.6% watch |
| Return on equity (FY2025) | 6.1% weak |
| Return on assets (FY2025) | 3.5% watch |
| Net cash (cash minus debt) | $-699.1M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.89B | $300.4M | $141.1M |
| FY2021 | $3.19B | $352.1M | $39.9M |
| FY2022 | $3.92B | $67.1M | $152.9M |
| FY2023 | $4.41B | $205.3M | $166.4M |
| FY2024 | $4.79B | $724.6M | $324.1M |
| FY2025 | $4.91B | $292.3M | $275.3M |
Valuation snapshot
| Market value | $4.88B |
|---|---|
| P/E ratio | 17.6 |
| Dividend yield | 0.64% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| GHC price data to Oct 28, 2026 | +7.2% | +11.1% | +28.4% | +16.0% | +10.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.2% |
| 2025 | +27.0% |
| 2024 | +26.3% |
| 2023 | +16.5% |
| 2022 | -3.0% |
| 2021 | +19.3% |
| 2020 | -15.3% |
| 2019 | +0.6% |
| 2018 | +15.8% |
| 2017 | +10.1% |
| 2016 | +6.6% |
| 2015 | -8.4% |
| 2014 | +32.2% |
| 2013 | +81.6% |
| 2012 | +2.1% |
| 2011 | -12.2% |
| 2010 | +2.1% |
| 2009 | +14.9% |
| 2008 | -50.0% |
| 2007 | +6.8% |
| 2006 | -1.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.8% over that stretch · deepest drop along the way 63.4%, back to its old high 67.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.8% over that stretch · deepest drop along the way 48.4%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 14.9% over that stretch · deepest drop along the way 19.6%, back to its old high 1.4 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 1 sales ($7K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 30, 2025 | Tony Allen Director | sell | $7K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.7% | Mar 31, 2025 |
| Madison Avenue International LP | 7.5% | Jun 30, 2026 |
| Dimensional Fund Advisors LP | 7% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.18% | Mar 31, 2026 |
| Vanguard Capital Management | 5.04% | Mar 31, 2026 |
ETFs with the most weight in GHC
| XMVM Invesco S&P MidCap Value with Momentum ETF | 1.82% |
| JPSV JPMorgan Active Small Cap Value ETF | 0.91% |
| SVAL iShares US Small Cap Value Factor ETF | 0.67% |
| FYT First Trust Small Cap Value AlphaDEX Fund | 0.67% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.42% |
| DFSV Dimensional US Small Cap Value ETF | 0.37% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.37% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.32% |
What could go wrong
- Student visa limits squeeze Kaplan International. The U.K., Canada, Australia and the U.S. have tightened student visa rules to cut migration. This has already hurt Kaplan International's recruiting, and Australia's visa approval caps were expected to hit Kaplan Business School.
- U.S. student-aid rules and Purdue Global. Kaplan supports online university programs, including Purdue Global, that take federal student aid. Breaking Education Department rules on recruiter pay or marketing claims could bring fines, and the Purdue arrangement may deliver less than expected.
- Cord-cutting and digital ads hit TV stations. As viewers drop cable and satellite and advertisers shift to digital platforms, the seven stations could lose ad revenue and retransmission fees, the payments pay-TV providers make to carry local channels.
- Medicare cuts and nurse shortages in healthcare. The healthcare businesses have limited control over the rates Medicare, Medicaid and private insurers pay. Payment cuts, government audits or continued nursing shortages could squeeze profits in this segment, 16.6% of revenue.
- Carmakers hold power over the dealerships. Automotive, 23.1% of revenue, depends on agreements with carmakers that can be ended or not renewed. State law changes letting manufacturers deal directly with customers could also undercut the traditional dealership model.
- Limited say for Class B shareholders. Graham Holdings is a “controlled company,” meaning one group holds most of the voting power. The 10-K warns that Class B shareholders' rights are limited, which can leave them with little influence over major decisions.
Recent events
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Other company announcement
For income and retirement investors
Graham Holdings pays a small, rising dividend. Dividends per share grew from $5.80 in fiscal 2020 to $7.20 in fiscal 2025, about 4.4% a year, extending a streak of at least nine straight annual increases. Fiscal 2025 dividends used 10.7% of earnings and 11.4% of free cash flow (cash left after running and investing in the business). But the yield was only 0.64% as of October 28, 2026, so most of an income investor's return would depend on the share price. Share repurchases totaled $437.8 million over fiscal 2021–2025, versus $153.5 million in dividends, though they fell to $3.5 million in fiscal 2025.
The stock fell hard in downturns. It dropped 63.4% in the 2008 financial crisis and needed 67.6 months from its low to recover. It fell 48.4% in the 2020 COVID crash, recovering in 9.5 months, and 19.6% in the 2022 bear market, recovering in 1.4 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Graham Holdings make money?
Graham Holdings makes money from a mix of businesses in different industries. In the fiscal year ended December 31, 2025, revenue was about $4.91 billion. Kaplan's education services supplied 35.5%, car dealerships 23.1%, healthcare services 16.6%, manufacturing 8.9% and seven TV stations 8.7%. The remaining 7.3% came from restaurants, Slate and Foreign Policy magazines, online art marketplaces and other smaller businesses. About 22% of revenue came from outside the U.S., mostly through Kaplan.
Does Graham Holdings raise its dividend every year?
Yes, so far. The dividend per share has risen for at least nine straight years through fiscal 2025, and the streak may be longer. It went from $5.80 in fiscal 2020 to $7.20 in fiscal 2025, about 4.4% a year. Dividends used only 10.7% of fiscal 2025 earnings, but the yield was low, at 0.64% as of October 28, 2026. Past increases do not guarantee future ones.
Does Graham Holdings own the Washington Post?
Not according to its latest annual report. The company used to be named the Washington Post Company, but the newspaper is not among the businesses described in its 10-K for the fiscal year ended December 31, 2025. The media businesses listed there include seven TV stations, Slate and Foreign Policy magazines, a local news podcast and newsletter company, and a platform that helps podcasters charge for subscriptions. Its largest business is Kaplan education.
How has Graham Holdings stock performed?
It has gained over the long run, with deep drops along the way. As of October 28, 2026, the stock returned an average of 10.5% a year over 10 years, 16% a year over five years and 28.4% a year over three years, plus 11.1% over one year. It rose 26.99% in calendar 2025 and fell 15.31% in calendar 2020. Its deepest decline in about 21 years of price history was 64.7%.
What is Graham Holdings' P/E ratio?
The price-to-earnings (P/E) ratio was 17.6 as of October 28, 2026, based on fiscal 2025 earnings of $66.47 per diluted share. P/E is the share price divided by a year's profit per share. Graham's earnings swing widely, from $13.79 per share in fiscal 2022 to $163.40 in fiscal 2024, so the ratio can look very different depending on the year used. The company's stock market value was about $4.96 billion.