Graham Holdings 2025 revenue rose 3% to $4.9 billion, but net income fell 60%
Graham Holdings reported fourth-quarter and full-year 2025 results on February 25, 2026. Full-year revenue rose 3% to $4.9 billion and operating income rose 9% to $234.9 million, but net income attributable to common shareholders fell 60% to $292.3 million ($66.47 per diluted share), largely reflecting lower non-operating pension income after a $653.4 million pension settlement gain in the fourth quarter of 2024.
Key points
- Fourth-quarter 2025 revenue was $1,251.0 million, up slightly from $1,245.8 million, while operating income fell to $47.6 million from $72.5 million.
- Television broadcasting fourth-quarter revenue fell 32% to $110.5 million, mainly due to a $48.4 million decline in political advertising revenue.
- Excluding certain items, 2025 net income attributable to common shares was $226.5 million ($51.50 per share), compared with $282.2 million ($63.63 per share) in 2024.
- On November 24, 2025, the company issued $500 million of 5.625% notes due December 1, 2033 and redeemed $400 million of 5.75% notes due June 1, 2026.
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:05 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 25, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.