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Graham Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$135M in Q3 2026 · $221M over twelve months

Operating cash flow$160M
Capital spending−$25.8M
Free cash flow+$135M
Cash / net income2.1×

Analysis

In Q3 2026, Graham Holdings generated $160M of operating cash flow and spent $25.8M on capital projects, leaving free cash flow of $135M. That is $27.1M less than in Q3 2025 ($162M).

Over the twelve months to Sep 30, 2026, operating cash flow was $309M; the largest uses were buybacks ($199M), capital spending ($88.3M), acquisitions ($70.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($84.8M), other investing ($7.6M); the cash balance fell by $21.1M.

Operating cash flow was $160M against net income of $77.2M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$86.7M, receivables −$76.2M, payables +$57.5M.

Free cash flow

Graham Holdings: free cash flow by quarterGraham Holdings: free cash flow by quarter$91.1MQ4 2024$30.5MQ1 2025$78.0MQ2 2025$162MQ3 2025$5.0MQ4 2025$135MQ3 2026
Operating cash flow less capital spending.
Graham Holdings: operating cash flow against capital spendingGraham Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$116M$25.2MQ4 2024$46.0M$15.5MQ1 2025$94.8M$16.8MQ2 2025$178M$16.3MQ3 2025$28.3M$23.3MQ4 2025$160M$25.8MQ3 2026
Latest (Q3 2026): Operating cash flow $160M, Capital spending $25.8M.

Capital allocation, year by year

Graham Holdings: where the cash came from (up) and went (down), by fiscal yearGraham Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $202MFY2021: Net borrowing $155MFY2021: Capital spending −$163MFY2021: Acquisitions −$352MFY2021: Buybacks −$55.7MFY2021: Dividends −$30.1M$358MFY2021FY2022: Operating cash flow $236MFY2022: Net borrowing $59.6MFY2022: Shares issued $1.8MFY2022: Capital spending −$82.7MFY2022: Acquisitions −$130MFY2022: Buybacks −$71.4MFY2022: Dividends −$30.7M$297MFY2022FY2023: Operating cash flow $260MFY2023: Net borrowing $57.0MFY2023: Capital spending −$93.4MFY2023: Acquisitions −$78.1MFY2023: Buybacks −$193MFY2023: Dividends −$31.0M$317MFY2023FY2024: Operating cash flow $407MFY2024: Net borrowing −$76.8MFY2024: Capital spending −$82.9MFY2024: Acquisitions −$4.1MFY2024: Buybacks −$114MFY2024: Dividends −$30.3M$407MFY2024FY2025: Operating cash flow $347MFY2025: Net borrowing $115MFY2025: Capital spending −$71.9MFY2025: Acquisitions −$71.2MFY2025: Buybacks −$3.5MFY2025: Dividends −$31.4M$462MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were acquisitions ($635M) and capital spending ($493M). Cash-flow statements as filed.

Where the cash came from and went

Graham Holdings: sources (+) and uses (−) of cash, Q3 2026Graham Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$160MBuybacks−$76.6MNet borrowing (+) / repaid (−)−$50.2MCapital spending−$25.8MDividends−$8.0MCash drawn (+) / kept (−)−$7.9MOther investing$5.0MOther financing$2.8MExchange rates$544KPartners−$186KAcquisitions−$125K
Graham Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Graham Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$309MBuybacks−$199MCapital spending−$88.3MNet borrowing (+) / repaid (−)$84.8MAcquisitions−$70.1MDividends−$32.1MCash drawn (+) / kept (−)$21.1MPartners−$18.1MOther financing−$15.3MOther investing$7.6MExchange rates−$109K

From profit to cash

Graham Holdings: net income to operating cash flow, Q3 2026Graham Holdings: net income to operating cash flow, Q3 2026Net income$77.2MDepreciation & amortization$23.9MStock-based pay$1.4MDeferred taxes$7.4MGains on disposals−$1.7MReceivables−$76.2MInventory−$17.0MPayables$57.5MDeferred revenue$86.7MIncome taxes payable$1.5MOther operating capital$10.0MOperating cash flow$160M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$160M−$25.8M−$125K−$76.6M−$8.0M−$50.2M−$7.9M$135M
Q4 2025$28.3M−$23.3M−$51.7M—−$7.9M$149M−$74.3M$5.0M
Q3 2025$178M−$16.3M−$17.0M—−$7.8M−$87.9M−$7.8M$162M
Q2 2025$94.8M−$16.8M——−$7.8M−$56.4M−$22.4M$78.0M
Q1 2025$46.0M−$15.5M—−$3.5M−$7.8M$110M$90.9M$30.5M
Q4 2024$116M−$25.2M−$96K−$15.9M−$7.4M−$20.8M−$15.6M$91.1M

Graham Holdings: income statement and cash flow

Graham Holdings, Q3 2026: revenue $1.3B (+4% year over year), operating margin 6.4%. The chart follows the revenue to costs, profit and cash.

Graham Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.