GHC Financials Graham Holdings Co

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Nov 1, 2026, 10:31 UTC Overview →

Growth & profitability

Revenue has grown 11.2% per year over the past 5 years.
Net income has grown slower than revenue (-0.5% vs 11.2% per year).
Operating margin has expanded, at 4.8% in the latest year.
Free cash flow has grown 14.3% per year over the past 5 years.

Financial health

Total debt ($881M) exceeds cash ($267M); net debt is $614M.
Total debt has grown in line with revenue (11.4% vs 11.2% per year).
Operating income covered interest expense 2.0× in the latest year.
Total debt is 3.7× EBITDA.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$4.9B	$292M	0.0%	4.8%	6.1%	3.5%	$275M	$881M	$267M
2024	$4.8B	$725M	0.0%	4.5%	17.0%	9.4%	$324M	$748M	$261M
2023	$4.4B	$205M	0.0%	1.6%	5.2%	2.9%	$166M	$812M	$170M
2022	$3.9B	$67M	0.0%	2.1%	1.8%	1.0%	$153M	$726M	$169M
2021	$3.2B	$352M	0.0%	2.4%	8.0%	4.7%	$40M	$668M	$146M
2020	$2.9B	$300M	0.0%	3.5%	8.0%	4.7%	$141M	$513M	$414M
2019	$2.9B	$328M	0.0%	4.9%	9.9%	5.5%	$72M	$513M	$200M
2018	$2.7B	$271M	0.0%	9.1%	9.3%	5.7%	$189M	$477M	$253M
2017	$2.6B	$302M	0.0%	5.3%	—	6.1%	$208M	$493M	$390M
2016	$2.5B	$169M	0.0%	9.0%	—	3.8%	$195M	$492M	$649M
2015	—	-$101M	—	—	-4.0%	-2.3%	-$66M	$400M	$754M
2014	—	$1.3B	—	—	41.2%	22.5%	$76M	$446M	$773M
2013	—	$237M	—	—	7.2%	4.1%	$104M	$448M	$570M
2012	—	$132M	—	—	5.1%	2.6%	$259M	$453M	$512M
2011	—	$117M	—	—	4.5%	2.3%	$177M	$562M	$381M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$1.3B	$75M	0.0%	6.4%	1.6%	0.9%	$135M	$853M	$154M
Jun '26	$1.3B	$281M	0.0%	6.4%	5.9%	3.5%	—	$900M	$157M
Dec '25	$1.3B	$109M	0.0%	3.8%	2.3%	1.3%	$5M	$881M	$267M
Sep '25	$1.3B	$123M	0.0%	5.2%	2.8%	1.6%	$162M	$732M	$191M
Jun '25	$1.2B	$37M	0.0%	6.0%	0.8%	0.5%	$78M	$816M	$176M
Mar '25	$1.2B	$24M	0.0%	4.1%	0.6%	0.3%	$31M	$865M	$157M
Dec '24	$1.2B	$549M	0.0%	5.8%	12.9%	7.1%	$91M	$748M	$261M
Sep '24	$1.2B	$73M	0.0%	6.8%	1.8%	1.0%	$219M	$765M	$244M
Jun '24	$1.2B	-$21M	0.0%	2.2%	-0.5%	-0.3%	$34M	$835M	$141M
Mar '24	$1.2B	$124M	0.0%	3.1%	3.1%	1.7%	-$20M	$816M	$131M
Dec '23	$1.2B	$53M	0.0%	3.5%	1.3%	0.7%	$25M	$812M	$170M
Sep '23	$1.1B	-$23M	0.0%	-5.1%	-0.6%	-0.3%	$120M	$762M	$160M
Jun '23	$1.1B	$123M	0.0%	5.3%	3.2%	1.9%	$21M	$707M	$112M
Mar '23	$1.0B	$52M	0.0%	2.7%	1.4%	0.8%	$257000	$691M	$123M
Dec '22	$1.1B	$6M	0.0%	-5.2%	0.2%	0.1%	$6M	$726M	$169M
Sep '22	$1.0B	$33M	0.0%	5.9%	0.8%	0.5%	$79M	$710M	$150M
Jun '22	$933M	-$67M	0.0%	4.2%	-1.6%	-0.9%	$37M	$606M	$126M
Mar '22	$915M	$96M	0.0%	4.4%	2.1%	1.3%	$31M	$628M	$132M
Dec '21	$863M	$85M	0.0%	2.6%	1.9%	1.1%	-$16M	$668M	$146M
Sep '21	$809M	$40M	0.0%	-2.1%	1.0%	0.6%	$11M	$556M	$134M

Valuation over time

How the market has priced GHC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 37.0× (Mar '23) to 17.2× (Nov '26).
The price-to-sales ratio has risen from 0.6× (Mar '23) to 1.0× (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Frequently asked questions

Is GHC growing its revenue and profit?

Over the past 5 years, Graham Holdings Co's revenue has grown 11.2% per year, and net income declined 0.5% per year. These are computed facts, not advice.

How much debt does GHC have?

As of FY2025, Graham Holdings Co reported $881M of total debt against $267M of cash; operating income covered interest expense 2.0×.

What is GHC's profit margin?

In FY2025, gross margin was —, operating margin 4.8%, and net margin 6.0%.

What is GHC's P/E ratio?

Graham Holdings Co's P/E (TTM) is 17.20 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the GHC stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 17.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.