Filing Flows › Graham Holdings (GHC) › Q3 2025
Graham Holdings (GHC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Graham Holdings (GHC) reported revenue of $1.3B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +5% from the quarter before. Operating margin was 5.2%, net earnings $123M (9.6% of revenue).
Graham Holdings, Q3 2025: revenue $1.3B (+6% year over year), operating margin 5.2%, net earnings $123M, operating cash flow $178M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | +5% | +6% |
| Operating profit | $67.1M | -8% | -18% |
| Net earnings | $123M | +234% | +70% |
| Operating cash flow | $178M | +88% | -25% |
| Free cash flow | $162M | +107% | -26% |
What changed
Revenue was $1.3B in Q3 2025, up 6% year over year and up 5% from the previous quarter. Services was the largest line at 55% of revenue. Goods added $0.07B year over year (up 14%), 100% of the total change.
Operating profit was $0.07B, a 5.2% margin (down 1.5 points year over year). Operating profit fell $0.01B even though revenue rose $0.07B versus a year earlier, so costs grew faster than sales. Total costs grew 8% against revenue growth of 6%. Net earnings were $0.12B, up 70% year over year. The effective tax rate was 31.0%. Non-operating items added $0.12B, 63% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.18B (down 25% year over year), 141% of net income including minority interests. Non-cash charges added back $0.03B of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $0.02B. Capital expenditures of $0.02B left free cash flow of $0.16B.
Questions
What was Graham Holdings' revenue in the third quarter 2025?
Graham Holdings (GHC) reported revenue of $1.3B for the third quarter 2025 (Q3 2025), +6% from a year earlier and +5% from the quarter before.
Was Graham Holdings profitable in the third quarter 2025?
Operating profit was $67.1M (5.2% of revenue) and net earnings $123M.
Source: Graham Holdings 10-Q on SEC EDGAR.