Filing Flows › Graham Holdings (GHC) › Q2 2025
Graham Holdings (GHC) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Graham Holdings (GHC) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +4% from the quarter before. Operating margin was 6.0%, net earnings $36.7M (3.0% of revenue).
Graham Holdings, Q2 2025: revenue $1.2B (+3% year over year), operating margin 6.0%, net earnings $36.7M, operating cash flow $94.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +4% | +3% |
| Operating profit | $72.8M | +53% | +181% |
| Net earnings | $36.7M | +54% | — |
| Operating cash flow | $94.8M | +106% | +82% |
| Free cash flow | $78.0M | +155% | +131% |
What changed
Revenue was $1.2B in Q2 2025, up 3% year over year and up 4% from the previous quarter. Services was the largest line at 55% of revenue. Goods added $0.02B year over year (up 4%), 62% of the total change.
Operating profit was $0.07B, a 6.0% margin (up 3.8 points year over year). Of the extra revenue versus a year earlier, 154% reached operating profit, above the 2% margin then. Total costs fell 1% while revenue rose 3%. Net earnings were $0.04B. The effective tax rate was 33.3%.
Operating cash flow was $0.09B (up 82% year over year), 235% of net income including minority interests. Non-cash charges added back $0.03B of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $0.03B. Capital expenditures of $0.02B left free cash flow of $0.08B.
Questions
What was Graham Holdings' revenue in the second quarter 2025?
Graham Holdings (GHC) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +3% from a year earlier and +4% from the quarter before.
Was Graham Holdings profitable in the second quarter 2025?
Operating profit was $72.8M (6.0% of revenue) and net earnings $36.7M.
Source: Graham Holdings 10-Q on SEC EDGAR.