Filing Flows › Graham Holdings (GHC) › Q4 2025
Graham Holdings (GHC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Graham Holdings (GHC) reported revenue of $1.3B for the fourth quarter 2025 (Q4 2025), +0.4% from a year earlier and -2% from the quarter before. Operating margin was 3.8%, net earnings $109M (8.7% of revenue).
Graham Holdings, Q4 2025: revenue $1.3B (+0.4% year over year), operating margin 3.8%, net earnings $109M, operating cash flow $28.3M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.3B | -2% | +0.4% |
| Operating profit | $47.6M | -29% | -34% |
| Net earnings | $109M | -12% | -80% |
| Operating cash flow | $28.3M | -84% | -76% |
| Free cash flow | $5.0M | -97% | -94% |
What changed
Revenue was $1.3B in Q4 2025, roughly flat year over year and down 2% from the previous quarter. Services was the largest line at 52% of revenue.
Operating profit was $0.05B, a 3.8% margin (down 2.0 points year over year). Operating profit fell $0.02B even though revenue rose $0.01B versus Q4 2024, so costs grew faster than sales. Total costs grew 3% against flat revenue. Net earnings were $0.11B, down 80% year over year. The effective tax rate was 35.7%. Non-operating items added $0.12B, 72% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $0.03B (down 76% year over year), 26% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $921K of share-based compensation. Working capital and other items used $0.11B. Capital expenditures of $0.02B left free cash flow of $0.01B.
Questions
What was Graham Holdings' revenue in the fourth quarter 2025?
Graham Holdings (GHC) reported revenue of $1.3B for the fourth quarter 2025 (Q4 2025), +0.4% from a year earlier and -2% from the quarter before.
Was Graham Holdings profitable in the fourth quarter 2025?
Operating profit was $47.6M (3.8% of revenue) and net earnings $109M.
Source: Graham Holdings 10-K on SEC EDGAR.