Filing Flows › Graham Holdings (GHC) › Q1 2025
Graham Holdings (GHC) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Graham Holdings (GHC) reported revenue of $1.2B for the first quarter 2025 (Q1 2025), +1% from a year earlier and -6% from the quarter before. Operating margin was 4.1%, net earnings $23.9M (2.0% of revenue).
Graham Holdings, Q1 2025: revenue $1.2B (+1% year over year), operating margin 4.1%, net earnings $23.9M, operating cash flow $46.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | -6% | +1% |
| Operating profit | $47.5M | -35% | +34% |
| Net earnings | $23.9M | -96% | -81% |
| Operating cash flow | $46.0M | -60% | 43× |
| Free cash flow | $30.5M | -66% | — |
What changed
Revenue was $1.2B in Q1 2025, up 1% year over year and down 6% from the previous quarter. Services was the largest line at 56% of revenue. Goods added $0.01B year over year (up 2%), 92% of the total change.
Operating profit was $0.05B, a 4.1% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 91% reached operating profit, above the 3% margin then. Total costs grew 0% against revenue growth of 1%. Net earnings were $0.02B, down 81% year over year. The effective tax rate was 23.5%.
Operating cash flow was $0.05B (up 4212% year over year), 179% of net income including minority interests. Non-cash charges added back $0.03B of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $0.01B. Capital expenditures of $0.02B left free cash flow of $0.03B.
Questions
What was Graham Holdings' revenue in the first quarter 2025?
Graham Holdings (GHC) reported revenue of $1.2B for the first quarter 2025 (Q1 2025), +1% from a year earlier and -6% from the quarter before.
Was Graham Holdings profitable in the first quarter 2025?
Operating profit was $47.5M (4.1% of revenue) and net earnings $23.9M.
Source: Graham Holdings 10-Q on SEC EDGAR.