Filing Flows › Graham Holdings (GHC) › Q3 2026 › vs Q3 2025
Graham Holdings (GHC) Q3 2026 vs Q3 2025 (year over year)
Graham Holdings's revenue rose $47.2M (+4%) from $1.3B in Q3 2025 to $1.3B in Q3 2026. The biggest changes: Goods +$87.8M (+15%); Services −$40.6M (-6%). Operating margin 6.4% against 5.2% (+1.2 pts).
Graham Holdings, Q3 2026: revenue $1.3B (+4% year over year), operating margin 6.4%, net earnings $75.1M, operating cash flow $160M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 6.4% | 5.2% | +1.2 pts |
| Net margin | 5.7% | 9.6% | -3.9 pts |
| Free cash flow margin | 10.2% | 12.6% | -2.5 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Goods | $666M | $579M | $87.8M | +15% |
| Services | $660M | $700M | −$40.6M | -6% |
| Revenue | $1.3B | $1.3B | $47.2M | +4% |
| Other income, net | $13.6M | $116M | −$102M | -88% |
| Operating profit | $85.5M | $67.1M | $18.4M | +27% |
| Costs & expenses | $1.2B | $1.2B | $28.8M | +2% |
| Pre-tax earnings | $99.1M | $183M | −$83.9M | -46% |
| Net earnings | $75.1M | $123M | −$47.8M | -39% |
| Minority interests | $2.1M | $3.3M | −$1.2M | -36% |
| Income tax | $21.9M | $56.8M | −$34.9M | -61% |
| Depreciation & amortization | $23.9M | $29.0M | −$5.1M | -18% |
| Share-based compensation | $1.4M | $1.7M | −$332K | -20% |
| Working capital & other | $60.1M | $24.5M | $35.6M | +145% |
| Operating cash flow | $160M | $178M | −$17.7M | -10% |
| Free cash flow (OCF − capex) | $135M | $162M | −$27.1M | -17% |
| Capital expenditures | $25.8M | $16.3M | $9.4M | +58% |
Questions
How much did Graham Holdings's revenue grow year over year in Q3 2026?
Graham Holdings's revenue rose $47.2M (+4%) from $1.3B in Q3 2025 to $1.3B in Q3 2026.
What drove Graham Holdings's revenue change in Q3 2026?
Goods +$87.8M (+15%); Services −$40.6M (-6%).