| ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||||
| (Exact name of registrant as specified in its charter) | ||
| Delaware | 53-0182885 | |||||||||||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||||||||
1812 North Moore Street, Arlington, Virginia | 22209 | |||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| Class B Common Stock, par value $1.00 per share | GHC | New York Stock Exchange | ||||||||||||
| Large Accelerated Filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ | ||||||||||||||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
| Item 2. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating Revenues | |||||||||||||||||||||||
| Sales of services | $ | 659,733 | $ | 700,356 | $ | 1,998,097 | $ | 2,016,490 | |||||||||||||||
| Sales of goods | 666,304 | 578,503 | 1,866,438 | 1,644,056 | |||||||||||||||||||
| 1,326,037 | 1,278,859 | 3,864,535 | 3,660,546 | ||||||||||||||||||||
| Operating Costs and Expenses | |||||||||||||||||||||||
| Cost of services sold (exclusive of items shown below) | 385,736 | 425,051 | 1,165,725 | 1,200,503 | |||||||||||||||||||
| Cost of goods sold (exclusive of items shown below) | 548,050 | 479,344 | 1,535,736 | 1,362,688 | |||||||||||||||||||
| Selling, general and administrative | 282,836 | 276,103 | 844,455 | 823,499 | |||||||||||||||||||
| Depreciation of property, plant and equipment | 18,119 | 19,298 | 54,794 | 59,504 | |||||||||||||||||||
| Amortization of intangible assets | 5,775 | 9,692 | 17,808 | 24,757 | |||||||||||||||||||
| Impairment of goodwill, other long-lived assets and asset group held for sale | — | 2,235 | 19,029 | 2,235 | |||||||||||||||||||
| 1,240,516 | 1,211,723 | 3,637,547 | 3,473,186 | ||||||||||||||||||||
Income from Operations | 85,521 | 67,136 | 226,988 | 187,360 | |||||||||||||||||||
Equity in (losses) earnings of affiliates, net | (3,590) | 15,780 | 11,397 | 10,466 | |||||||||||||||||||
| Interest income | 1,594 | 1,464 | 5,950 | 6,225 | |||||||||||||||||||
| Interest expense | (15,769) | (17,164) | (49,171) | (117,547) | |||||||||||||||||||
| Non-operating pension and postretirement benefit income, net | 47,601 | 31,047 | 248,323 | 94,266 | |||||||||||||||||||
(Loss) gain on marketable equity securities, net | (15,027) | 84,768 | 17,929 | 117,026 | |||||||||||||||||||
| Other (expense) income, net | (1,187) | 7 | (4,146) | (20,514) | |||||||||||||||||||
Income Before Income Taxes | 99,143 | 183,038 | 457,270 | 277,282 | |||||||||||||||||||
Provision for Income Taxes | 21,900 | 56,800 | 66,900 | 84,900 | |||||||||||||||||||
Net Income | 77,243 | 126,238 | 390,370 | 192,382 | |||||||||||||||||||
| Net Income Attributable to Noncontrolling Interests | (2,133) | (3,313) | (5,051) | (8,814) | |||||||||||||||||||
Net Income Attributable to Graham Holdings Company Common Stockholders | $ | 75,110 | $ | 122,925 | $ | 385,319 | $ | 183,568 | |||||||||||||||
Per Share Information Attributable to Graham Holdings Company Common Stockholders | |||||||||||||||||||||||
Basic net income per common share | $ | 17.79 | $ | 28.19 | $ | 89.84 | $ | 42.15 | |||||||||||||||
| Basic average number of common shares outstanding | 4,198 | 4,334 | 4,264 | 4,329 | |||||||||||||||||||
Diluted net income per common share | $ | 17.60 | $ | 27.91 | $ | 88.92 | $ | 41.75 | |||||||||||||||
| Diluted average number of common shares outstanding | 4,243 | 4,378 | 4,309 | 4,370 | |||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Net Income | $ | 77,243 | $ | 126,238 | $ | 390,370 | $ | 192,382 | |||||||||||||||
| Other Comprehensive Income (Loss), Before Tax | |||||||||||||||||||||||
| Foreign currency translation adjustments: | |||||||||||||||||||||||
| Translation adjustments arising during the period | 3,309 | (8,227) | (2,814) | 38,323 | |||||||||||||||||||
| Adjustment for sales of businesses with foreign operations | — | — | 6,175 | 646 | |||||||||||||||||||
| 3,309 | (8,227) | 3,361 | 38,969 | ||||||||||||||||||||
| Pension and other postretirement plans: | |||||||||||||||||||||||
| Actuarial gain (loss) | 45,115 | — | (44,813) | — | |||||||||||||||||||
| Amortization of net prior service credit included in net income | (496) | (520) | (1,489) | (1,560) | |||||||||||||||||||
Amortization of net actuarial gain included in net income | (258) | (378) | (774) | (1,137) | |||||||||||||||||||
| Settlement gain included in net income | (14,950) | — | (151,905) | — | |||||||||||||||||||
| 29,411 | (898) | (198,981) | (2,697) | ||||||||||||||||||||
| Cash flow hedges gain (loss) | 970 | 64 | 2,236 | (979) | |||||||||||||||||||
| Other Comprehensive Income (Loss), Before Tax | 33,690 | (9,061) | (193,384) | 35,293 | |||||||||||||||||||
| Income tax (expense) benefit related to items of other comprehensive income (loss) | (7,902) | 212 | 51,181 | 944 | |||||||||||||||||||
| Other Comprehensive Income (Loss), Net of Tax | 25,788 | (8,849) | (142,203) | 36,237 | |||||||||||||||||||
| Comprehensive Income | 103,031 | 117,389 | 248,167 | 228,619 | |||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | (2,133) | (3,313) | (5,051) | (8,814) | |||||||||||||||||||
| Total Comprehensive Income Attributable to Graham Holdings Company | $ | 100,898 | $ | 114,076 | $ | 243,116 | $ | 219,805 | |||||||||||||||
| As of | |||||||||||
| (in thousands) | September 30, 2026 | December 31, 2025 | |||||||||
| (Unaudited) | |||||||||||
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 154,326 | $ | 266,988 | |||||||
| Restricted cash | 17,756 | 44,417 | |||||||||
| Investments in marketable equity securities and other investments | 1,074,071 | 1,088,970 | |||||||||
| Accounts receivable, net | 537,651 | 576,754 | |||||||||
| Inventories and contracts in progress | 354,457 | 303,370 | |||||||||
| Prepaid expenses | 115,171 | 124,875 | |||||||||
| Income taxes receivable | 33,375 | 15,447 | |||||||||
| Other current assets | 12,672 | 10,274 | |||||||||
Current assets held for sale (includes $24,786 of cash and $19,178 of restricted cash) | 57,844 | — | |||||||||
| Total Current Assets | 2,357,323 | 2,431,095 | |||||||||
| Property, Plant and Equipment, Net | 596,153 | 587,434 | |||||||||
| Lease Right-of-Use Assets | 382,275 | 404,818 | |||||||||
| Investments in Affiliates | 202,339 | 229,565 | |||||||||
| Goodwill, Net | 1,551,393 | 1,585,666 | |||||||||
| Indefinite-Lived Intangible Assets | 170,339 | 170,805 | |||||||||
| Amortized Intangible Assets, Net | 43,635 | 61,631 | |||||||||
| Prepaid Pension Cost | 2,789,352 | 2,772,394 | |||||||||
| Deferred Income Taxes | 9,125 | 9,690 | |||||||||
| Deferred Charges and Other Assets | 125,741 | 142,615 | |||||||||
| Noncurrent Assets Held for Sale | 62,324 | — | |||||||||
| Total Assets | $ | 8,289,999 | $ | 8,395,713 | |||||||
| Liabilities and Equity | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable, vehicle floor plan payable and accrued liabilities | $ | 691,474 | $ | 721,626 | |||||||
| Deferred revenue | 352,558 | 411,651 | |||||||||
| Income taxes payable | 25,949 | 8,995 | |||||||||
| Mandatorily redeemable noncontrolling interest | 6,033 | 6,874 | |||||||||
| Current portion of lease liabilities | 59,023 | 64,290 | |||||||||
| Current portion of long-term debt | 148,075 | 175,138 | |||||||||
| Dividends declared | 7,869 | — | |||||||||
| Current liabilities held for sale | 49,061 | — | |||||||||
| Total Current Liabilities | 1,340,042 | 1,388,574 | |||||||||
| Accrued Compensation and Related Benefits | 140,209 | 135,323 | |||||||||
| Other Liabilities | 29,129 | 28,639 | |||||||||
| Deferred Income Taxes | 867,497 | 890,984 | |||||||||
| Mandatorily Redeemable Noncontrolling Interest | 1,240 | 1,527 | |||||||||
| Lease Liabilities | 365,829 | 377,897 | |||||||||
| Long-Term Debt | 705,359 | 705,618 | |||||||||
| Noncurrent Liabilities Held for Sale | 3,037 | — | |||||||||
| Total Liabilities | 3,452,342 | 3,528,562 | |||||||||
Commitments and Contingencies (Note 15) | |||||||||||
| Redeemable Noncontrolling Interests | 25,469 | 39,824 | |||||||||
| Preferred Stock | — | — | |||||||||
| Common Stockholders’ Equity | |||||||||||
| Common stock | 20,000 | 20,000 | |||||||||
| Capital in excess of par value | 354,197 | 379,896 | |||||||||
| Retained earnings | 8,645,846 | 8,292,681 | |||||||||
| Accumulated other comprehensive income, net of taxes | |||||||||||
| Cumulative foreign currency translation adjustment | (8,901) | (12,262) | |||||||||
| Unrealized gain on pensions and other postretirement plans | 453,843 | 601,064 | |||||||||
| Cash flow hedges | (65) | (1,722) | |||||||||
| Cost of Class B common stock held in treasury | (4,686,844) | (4,485,632) | |||||||||
| Total Common Stockholders’ Equity | 4,778,076 | 4,794,025 | |||||||||
| Noncontrolling Interests | 34,112 | 33,302 | |||||||||
| Total Equity | 4,812,188 | 4,827,327 | |||||||||
| Total Liabilities and Equity | $ | 8,289,999 | $ | 8,395,713 | |||||||
| Nine Months Ended September 30 | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net Income | $ | 390,370 | $ | 192,382 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation, amortization and goodwill and other asset impairments | 91,631 | 86,496 | |||||||||
| Amortization of lease right-of-use asset | 43,707 | 44,229 | |||||||||
| Net pension benefit, settlement gain and early retirement and special separation benefit expense | (215,165) | (61,090) | |||||||||
| Gain on marketable equity securities and cost method investments, net of impairment | (17,829) | (102,861) | |||||||||
| Loss on disposition of businesses, property, plant and equipment and investments, net | 3,011 | 1,019 | |||||||||
| Credit loss expense | 4,726 | 2,921 | |||||||||
| Stock-based compensation expense, net of forfeitures | 4,467 | 4,797 | |||||||||
| Foreign exchange loss | 2,034 | 7,707 | |||||||||
| Equity in (earnings) losses of affiliates, net of distributions | 26,235 | (2,562) | |||||||||
| Provision for deferred income taxes | 24,888 | 28,578 | |||||||||
Change in operating assets and liabilities: | |||||||||||
| Accounts receivable | 4,661 | 13,083 | |||||||||
| Inventories | (44,177) | 22,682 | |||||||||
| Accounts payable and accrued liabilities | (8,289) | 31,249 | |||||||||
| Deferred revenue | (3,570) | 14,382 | |||||||||
| Income taxes receivable/payable | (2,545) | 5,455 | |||||||||
| Lease liabilities | (38,557) | (41,722) | |||||||||
| Other assets and other liabilities, net | 13,280 | 71,708 | |||||||||
| Other | 1,954 | 443 | |||||||||
| Net Cash Provided by Operating Activities | 280,832 | 318,896 | |||||||||
| Cash Flows from Investing Activities | |||||||||||
| Purchases of property, plant and equipment | (65,013) | (48,618) | |||||||||
| Proceeds from sales of marketable equity securities | 54,642 | — | |||||||||
| Net (payment on) proceeds from disposition of businesses, property, plant and equipment and investments | (37,900) | 7,747 | |||||||||
| Purchases of marketable equity securities | (25,020) | (29,823) | |||||||||
| Proceeds from repayment of related party loan | 20,000 | — | |||||||||
| Investments in certain businesses, net of cash acquired | (18,362) | (19,486) | |||||||||
| Investments in equity affiliates and cost method investments | (204) | (10,512) | |||||||||
| Other | 2,136 | 2,330 | |||||||||
| Net Cash Used in Investing Activities | (69,721) | (98,362) | |||||||||
| Cash Flows from Financing Activities | |||||||||||
| Common shares repurchased | (198,598) | (3,468) | |||||||||
| Net (payments) borrowings under revolving credit facilities | (31,258) | 600 | |||||||||
| Dividends paid | (24,285) | (23,508) | |||||||||
| Repayments of borrowings | (21,535) | (22,089) | |||||||||
| Purchase of noncontrolling interests | (17,526) | (1,761) | |||||||||
| Principal payments of finance leases | (13,406) | (13,049) | |||||||||
| Distributions paid to noncontrolling interests | (5,269) | (191,609) | |||||||||
| Net proceeds from (repayments of) vehicle floor plan payable | 4,863 | (27,897) | |||||||||
| Issuance of borrowings | 1,800 | — | |||||||||
| Deferred payments of acquisitions | (383) | (7,017) | |||||||||
| Other | 988 | (1,019) | |||||||||
| Net Cash Used in Financing Activities | (304,609) | (290,817) | |||||||||
| Effect of Currency Exchange Rate Change | (1,861) | 9,533 | |||||||||
| Net Decrease in Cash and Cash Equivalents and Restricted Cash | (95,359) | (60,750) | |||||||||
| Beginning Cash and Cash Equivalents and Restricted Cash | 311,405 | 297,853 | |||||||||
| Ending Cash and Cash Equivalents and Restricted Cash | $ | 216,046 | $ | 237,103 | |||||||
| (in thousands) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||
| As of December 31, 2025 | $ | 20,000 | $ | 379,896 | $ | 8,292,681 | $ | 587,080 | $ | (4,485,632) | $ | 33,302 | $ | 4,827,327 | $ | 39,824 | |||||||||||||
| Net income for the period | 30,751 | 30,751 | |||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (699) | 699 | — | ||||||||||||||||||||||||||
| Net income attributable to redeemable noncontrolling interests | (946) | (946) | 946 | ||||||||||||||||||||||||||
| Change in redemption value of redeemable noncontrolling interest | (8,225) | (4) | (8,229) | 8,250 | |||||||||||||||||||||||||
| Distributions to noncontrolling interests | (884) | (884) | (2,251) | ||||||||||||||||||||||||||
| Dividends on common stock | (16,398) | (16,398) | |||||||||||||||||||||||||||
| Repurchase of Class B common stock | (34,476) | (34,476) | |||||||||||||||||||||||||||
| Issuance of Class B common stock, net of restricted stock award forfeitures | (252) | 224 | (28) | ||||||||||||||||||||||||||
| Shares withheld related to net share settlement | (434) | (434) | |||||||||||||||||||||||||||
| Amortization of unearned stock compensation and stock option expense | 1,525 | 1,525 | |||||||||||||||||||||||||||
| Purchase of noncontrolling interest | (26,001) | 939 | (25,062) | ||||||||||||||||||||||||||
| Other comprehensive loss, net of income taxes | (6,342) | (6,342) | |||||||||||||||||||||||||||
| Purchase of redeemable noncontrolling interests | — | (16,849) | |||||||||||||||||||||||||||
| As of March 31, 2026 | $ | 20,000 | $ | 346,943 | $ | 8,305,389 | $ | 580,738 | $ | (4,520,318) | $ | 34,052 | $ | 4,766,804 | $ | 29,920 | |||||||||||||
| Net income for the period | 282,376 | 282,376 | |||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (1,348) | 1,348 | — | ||||||||||||||||||||||||||
| Net loss attributable to redeemable noncontrolling interests | 75 | 75 | (75) | ||||||||||||||||||||||||||
| Change in redemption value of redeemable noncontrolling interests | 4,427 | 210 | 4,637 | (4,427) | |||||||||||||||||||||||||
| Distributions to noncontrolling interests | (1,088) | (1,088) | (32) | ||||||||||||||||||||||||||
| Dividends on common stock | (7,953) | (7,953) | |||||||||||||||||||||||||||
| Repurchase of Class B common stock | (88,718) | (88,718) | |||||||||||||||||||||||||||
| Issuance of Class B common stock, net of restricted stock award forfeitures | (160) | 3 | (157) | ||||||||||||||||||||||||||
| Amortization of unearned stock compensation and stock option expense | 1,773 | 1,773 | |||||||||||||||||||||||||||
| Other comprehensive loss, net of income taxes | (161,649) | (161,649) | |||||||||||||||||||||||||||
| As of June 30, 2026 | $ | 20,000 | $ | 352,983 | $ | 8,578,539 | $ | 419,089 | $ | (4,609,033) | $ | 34,522 | $ | 4,796,100 | $ | 25,386 | |||||||||||||
| Net income for the period | 77,243 | 77,243 | |||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (1,550) | 1,550 | — | ||||||||||||||||||||||||||
| Net income attributable to redeemable noncontrolling interests | (583) | (583) | 583 | ||||||||||||||||||||||||||
| Change in redemption value of redeemable noncontrolling interests | 15 | 15 | |||||||||||||||||||||||||||
| Noncontrolling interest capital contribution | 279 | 279 | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (389) | (389) | (500) | ||||||||||||||||||||||||||
| Dividends on common stock | (7,803) | (7,803) | |||||||||||||||||||||||||||
| Repurchase of Class B common stock | (77,371) | (77,371) | |||||||||||||||||||||||||||
| Issuance of Class B common stock, net of restricted stock award forfeitures | (179) | 141 | (38) | ||||||||||||||||||||||||||
| Shares withheld related to net share settlement | (581) | (581) | |||||||||||||||||||||||||||
| Amortization of unearned stock compensation and stock option expense | 1,393 | 1,393 | |||||||||||||||||||||||||||
| Purchase of noncontrolling interest | (1,865) | (1,865) | |||||||||||||||||||||||||||
| Other comprehensive income, net of income taxes | 25,788 | 25,788 | |||||||||||||||||||||||||||
| As of September 30, 2026 | $ | 20,000 | $ | 354,197 | $ | 8,645,846 | $ | 444,877 | $ | (4,686,844) | $ | 34,112 | $ | 4,812,188 | $ | 25,469 | |||||||||||||
| (in thousands) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||
| As of December 31, 2024 | $ | 20,000 | $ | 356,919 | $ | 8,031,750 | $ | 334,797 | $ | (4,486,805) | $ | 30,154 | $ | 4,286,815 | $ | 43,821 | |||||||||||||
| Net income for the period | 25,721 | 25,721 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (1,129) | 1,129 | — | ||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (698) | (698) | 698 | ||||||||||||||||||||||||||
| Change in redemption value of redeemable noncontrolling interests | 634 | 634 | 8 | ||||||||||||||||||||||||||
| Noncontrolling interest capital contribution | 180 | 180 | |||||||||||||||||||||||||||
| Distributions to noncontrolling interests | (747) | (747) | (941) | ||||||||||||||||||||||||||
| Dividends on common stock | (15,662) | (15,662) | |||||||||||||||||||||||||||
| Repurchase of Class B common stock | (3,468) | (3,468) | |||||||||||||||||||||||||||
| Issuance of Class B common stock, net of restricted stock award forfeitures | 9,431 | 9,141 | 18,572 | ||||||||||||||||||||||||||
| Shares withheld related to net share settlement | (402) | (402) | |||||||||||||||||||||||||||
| Amortization of unearned stock compensation and stock option expense | 1,724 | 1,724 | |||||||||||||||||||||||||||
| Other comprehensive income, net of income taxes | 13,096 | 13,096 | |||||||||||||||||||||||||||
| As of March 31, 2025 | $ | 20,000 | $ | 368,074 | $ | 8,039,982 | $ | 347,893 | $ | (4,481,534) | $ | 31,350 | $ | 4,325,765 | $ | 43,586 | |||||||||||||
| Net income for the period | 40,423 | 40,423 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | (2,030) | 2,030 | — | ||||||||||||||||||||||||||
Net income attributable to redeemable noncontrolling interests | (1,644) | (1,644) | 1,644 | ||||||||||||||||||||||||||
Change in redemption value of redeemable noncontrolling interests | (4,971) | 642 | (4,329) | 4,977 | |||||||||||||||||||||||||
| Distributions to noncontrolling interests | (1,371) | (1,371) | (338) | ||||||||||||||||||||||||||
| Dividends on common stock | (7,846) | (7,846) | |||||||||||||||||||||||||||
| Forfeiture of restricted stock awards, net of Class B common stock issuances | (6) | (124) | (130) | ||||||||||||||||||||||||||
Amortization of unearned stock compensation and stock option expense | 1,696 | 1,696 | |||||||||||||||||||||||||||
| Other comprehensive income, net of income taxes | 31,990 | 31,990 | |||||||||||||||||||||||||||
| As of June 30, 2025 | $ | 20,000 | $ | 364,793 | $ | 8,068,885 | $ | 379,883 | $ | (4,481,658) | $ | 32,651 | $ | 4,384,554 | $ | 49,869 | |||||||||||||
| Net income for the period | 126,238 | 126,238 | |||||||||||||||||||||||||||
| Net income attributable to noncontrolling interests | (1,652) | 1,652 | — | ||||||||||||||||||||||||||
| Net income attributable to redeemable noncontrolling interests | (1,661) | (1,661) | 1,661 | ||||||||||||||||||||||||||
| Change in redemption value of redeemable noncontrolling interests | (852) | 264 | (588) | 859 | |||||||||||||||||||||||||
| Distributions to noncontrolling interests | (872) | (872) | (371) | ||||||||||||||||||||||||||
| Dividends on common stock | (7,852) | (7,852) | |||||||||||||||||||||||||||
| Issuance of Class B common stock | (32) | 32 | — | ||||||||||||||||||||||||||
| Shares withheld related to net share settlement | (2,235) | (2,235) | |||||||||||||||||||||||||||
| Amortization of unearned stock compensation and stock option expense | 1,686 | 1,686 | |||||||||||||||||||||||||||
| Purchase of noncontrolling interest | (1,761) | (1,761) | |||||||||||||||||||||||||||
| Other comprehensive loss, net of income taxes | (8,849) | (8,849) | |||||||||||||||||||||||||||
| As of September 30, 2025 | $ | 20,000 | $ | 365,595 | $ | 8,183,958 | $ | 371,034 | $ | (4,483,861) | $ | 31,934 | $ | 4,488,660 | $ | 52,018 | |||||||||||||
| Purchase Price Allocation | ||||||||
| Year Ended | ||||||||
| (in thousands) | December 31, 2025 | |||||||
| Accounts receivable | $ | 11,641 | ||||||
| Inventory | 32,731 | |||||||
| Property, plant and equipment | 35,920 | |||||||
| Lease right-of-use assets | 3,642 | |||||||
| Goodwill | 51,943 | |||||||
| Indefinite-lived intangible assets | 15,500 | |||||||
| Amortized intangible assets | 41,300 | |||||||
| Deferred income taxes | 13,947 | |||||||
| Other assets | 221 | |||||||
| Pension liabilities | (107,517) | |||||||
| Floor plan payables | (4,939) | |||||||
| Other liabilities | (18,371) | |||||||
| Current and noncurrent lease liabilities | (4,783) | |||||||
| Aggregate purchase price, net of cash acquired | $ | 71,235 | ||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||
| (in thousands) | 2025 | 2025 | |||||||||
| Operating revenues | $ | 1,305,382 | $ | 3,782,022 | |||||||
| Net income | 129,979 | 199,322 | |||||||||
| As of | ||||||||
| (in thousands) | September 30, 2026 | |||||||
| Cash and cash equivalents | $ | 24,786 | ||||||
| Restricted cash | 19,178 | |||||||
| Accounts receivable, net | 6,843 | |||||||
| Prepaid expenses | 6,384 | |||||||
| Other current assets | 653 | |||||||
| Current Assets Held for Sale | $ | 57,844 | ||||||
| Property, plant and equipment, net | $ | 3,403 | ||||||
| Lease right-of-use assets | 5,536 | |||||||
| Goodwill, net | 51,786 | |||||||
| Deferred charges and other assets | 1,599 | |||||||
| Noncurrent Assets Held for Sale | $ | 62,324 | ||||||
| Accounts payable and accrued liabilities | $ | 22,868 | ||||||
| Deferred revenue | 25,128 | |||||||
| Income taxes payable | (1,067) | |||||||
| Current portion of lease liabilities | 2,132 | |||||||
| Current Liabilities Held for Sale | $ | 49,061 | ||||||
| Other liabilities | $ | 442 | ||||||
| Deferred income taxes | (843) | |||||||
| Lease liabilities | 3,438 | |||||||
| Noncurrent Liabilities Held for Sale | $ | 3,037 | ||||||
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
(in thousands) | |||||||||||
Total cost | $ | 255,193 | $ | 256,897 | |||||||
Gross unrealized gains | 817,174 | 845,889 | |||||||||
| Gross unrealized losses | (2,626) | (20,848) | |||||||||
Total Fair Value | $ | 1,069,741 | $ | 1,081,938 | |||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
(in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) gain on marketable equity securities, net | $ | (15,027) | $ | 84,768 | $ | 17,929 | $ | 117,026 | |||||||||||||||
| Less: Net losses (gains) in earnings from marketable equity securities sold and donated | 13,589 | (25) | 11,178 | (25) | |||||||||||||||||||
| Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the period | $ | (1,438) | $ | 84,743 | $ | 29,107 | $ | 117,001 | |||||||||||||||
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| (in thousands) | |||||||||||
Receivables from contracts with customers, less estimated credit losses of $26,193 and $23,164 | $ | 492,180 | $ | 519,068 | |||||||
| Other receivables | 45,471 | 57,686 | |||||||||
| $ | 537,651 | $ | 576,754 | ||||||||
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| (in thousands) | |||||||||||
| Accounts payable | $ | 176,357 | $ | 181,009 | |||||||
| Vehicle floor plan payable | 123,822 | 118,959 | |||||||||
| Accrued compensation and related benefits | 161,462 | 194,972 | |||||||||
| Other accrued liabilities | 229,833 | 226,686 | |||||||||
| $ | 691,474 | $ | 721,626 | ||||||||
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| (in thousands) | |||||||||||
| Raw materials | $ | 87,646 | $ | 77,977 | |||||||
| Work-in-process | 14,937 | 12,906 | |||||||||
| Finished goods | 245,624 | 209,287 | |||||||||
| Contracts in progress | 6,250 | 3,200 | |||||||||
| $ | 354,457 | $ | 303,370 | ||||||||
| (in thousands) | Education | Television Broadcasting | Healthcare | Manufacturing | Automotive | Other Businesses | Total | ||||||||||||||||||||||||||||||||||
| As of December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | $ | 1,181,284 | $ | 190,815 | $ | 136,637 | $ | 272,523 | $ | 140,832 | $ | 108,943 | $ | 2,031,034 | |||||||||||||||||||||||||||
Accumulated impairment losses | (331,151) | — | — | (82,062) | — | (32,155) | (445,368) | ||||||||||||||||||||||||||||||||||
| 850,133 | 190,815 | 136,637 | 190,461 | 140,832 | 76,788 | 1,585,666 | |||||||||||||||||||||||||||||||||||
| Acquisition | — | — | 18,121 | — | — | — | 18,121 | ||||||||||||||||||||||||||||||||||
| Impairment | (976) | — | — | — | — | — | (976) | ||||||||||||||||||||||||||||||||||
| Disposition | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Reclassification to assets held for sale | (51,786) | — | — | — | — | — | (51,786) | ||||||||||||||||||||||||||||||||||
Foreign currency exchange rate changes | 368 | — | — | — | — | — | 368 | ||||||||||||||||||||||||||||||||||
| As of September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | 1,128,890 | 190,815 | 154,758 | 272,523 | 140,832 | 108,943 | 1,996,761 | ||||||||||||||||||||||||||||||||||
Accumulated impairment losses | (331,151) | — | — | (82,062) | — | (32,155) | (445,368) | ||||||||||||||||||||||||||||||||||
| $ | 797,739 | $ | 190,815 | $ | 154,758 | $ | 190,461 | $ | 140,832 | $ | 76,788 | $ | 1,551,393 | ||||||||||||||||||||||||||||
| (in thousands) | Kaplan International | Higher Education | Supplemental Education | Total Education | CSI | Other Healthcare | Total Healthcare | ||||||||||||||||||||||||||||||||||
| As of December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | $ | 614,096 | $ | 174,564 | $ | 392,624 | $ | 1,181,284 | $ | 87,140 | $ | 49,497 | $ | 136,637 | |||||||||||||||||||||||||||
| Accumulated impairment losses | — | (111,324) | (219,827) | (331,151) | — | — | — | ||||||||||||||||||||||||||||||||||
| 614,096 | 63,240 | 172,797 | 850,133 | 87,140 | 49,497 | 136,637 | |||||||||||||||||||||||||||||||||||
| Acquisition | — | — | — | — | — | 18,121 | 18,121 | ||||||||||||||||||||||||||||||||||
| Impairment | (976) | — | — | (976) | — | — | — | ||||||||||||||||||||||||||||||||||
| Disposition | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
| Reclassification to assets held for sale | (51,786) | — | — | (51,786) | — | — | — | ||||||||||||||||||||||||||||||||||
| Foreign currency exchange rate changes | 431 | — | (63) | 368 | — | — | — | ||||||||||||||||||||||||||||||||||
| As of September 30, 2026 | |||||||||||||||||||||||||||||||||||||||||
| Goodwill | 561,765 | 174,564 | 392,561 | 1,128,890 | 87,140 | 67,618 | 154,758 | ||||||||||||||||||||||||||||||||||
| Accumulated impairment losses | — | (111,324) | (219,827) | (331,151) | — | — | — | ||||||||||||||||||||||||||||||||||
| $ | 561,765 | $ | 63,240 | $ | 172,734 | $ | 797,739 | $ | 87,140 | $ | 67,618 | $ | 154,758 | ||||||||||||||||||||||||||||
| As of September 30, 2026 | As of December 31, 2025 | ||||||||||||||||||||||||||||||||||||||||
| (in thousands) | Useful Life Range | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||||||
| Amortized Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
Student and customer relationships | 2–10 years | $ | 286,235 | $ | 257,124 | $ | 29,111 | $ | 307,312 | $ | 266,453 | $ | 40,859 | ||||||||||||||||||||||||||||
Trade names and trademarks | 2–10 years | 107,338 | 95,613 | 11,725 | 114,227 | 98,147 | 16,080 | ||||||||||||||||||||||||||||||||||
Network affiliation agreements | 10 years | 17,400 | 16,893 | 507 | 17,400 | 15,588 | 1,812 | ||||||||||||||||||||||||||||||||||
Databases and technology | 3–6 years | 30,496 | 28,811 | 1,685 | 32,376 | 30,293 | 2,083 | ||||||||||||||||||||||||||||||||||
Other | 1–8 years | 37,863 | 37,256 | 607 | 38,063 | 37,266 | 797 | ||||||||||||||||||||||||||||||||||
| $ | 479,332 | $ | 435,697 | $ | 43,635 | $ | 509,378 | $ | 447,747 | $ | 61,631 | ||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets | |||||||||||||||||||||||||||||||||||||||||
| Franchise agreements | $ | 97,002 | $ | 97,002 | |||||||||||||||||||||||||||||||||||||
| Trade names and trademarks | 62,187 | 62,653 | |||||||||||||||||||||||||||||||||||||||
| FCC licenses | 11,000 | 11,000 | |||||||||||||||||||||||||||||||||||||||
| Other | 150 | 150 | |||||||||||||||||||||||||||||||||||||||
| $ | 170,339 | $ | 170,805 | ||||||||||||||||||||||||||||||||||||||
| As of | |||||||||||||||||||||||||||||
| (in thousands) | Maturities | Stated Interest Rate | Effective Interest Rate | September 30, 2026 | December 31, 2025 | ||||||||||||||||||||||||
Unsecured notes (1) | 2033 | 5.625% | 5.625% | $ | 493,971 | $ | 493,625 | ||||||||||||||||||||||
| Revolving credit facility | 2030 | 5.00% - 7.13% | 5.12% | 186,165 | 222,466 | ||||||||||||||||||||||||
Real estate term loan (2) | 2028 | 5.37% - 5.46% | 5.48% | 88,116 | 91,836 | ||||||||||||||||||||||||
Capital term loan (3) | 2028 | 6.12% - 6.21% | 6.22% | 58,302 | 64,079 | ||||||||||||||||||||||||
| Other indebtedness | 2028 - 2030 | 5.50% - 8.00% | 26,880 | 8,750 | |||||||||||||||||||||||||
| Total Debt | 853,434 | 880,756 | |||||||||||||||||||||||||||
| Less: current portion | (148,075) | (175,138) | |||||||||||||||||||||||||||
| Total Long-Term Debt | $ | 705,359 | $ | 705,618 | |||||||||||||||||||||||||
| As of September 30, 2026 | |||||||||||||||||||||||
| (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| Assets | |||||||||||||||||||||||
Money market investments (1) | $ | — | $ | 7,913 | $ | — | $ | 7,913 | |||||||||||||||
Marketable equity securities (2) | 1,069,741 | — | — | 1,069,741 | |||||||||||||||||||
Other current investments (3) | — | 4,330 | — | 4,330 | |||||||||||||||||||
Total Financial Assets | $ | 1,069,741 | $ | 12,243 | $ | — | $ | 1,081,984 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Interest rate swaps (4) | $ | — | $ | 60 | $ | — | $ | 60 | |||||||||||||||
Mandatorily redeemable noncontrolling interest (5) | — | — | 7,273 | 7,273 | |||||||||||||||||||
Total Financial Liabilities | $ | — | $ | 60 | $ | 7,273 | $ | 7,333 | |||||||||||||||
| As of December 31, 2025 | |||||||||||||||||||||||
| (in thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money market investments (1) | $ | — | $ | 5,251 | $ | — | $ | 5,251 | |||||||||||||||
Marketable equity securities (2) | 1,081,938 | — | — | 1,081,938 | |||||||||||||||||||
Other current investments (3) | — | 7,032 | — | 7,032 | |||||||||||||||||||
Total Financial Assets | $ | 1,081,938 | $ | 12,283 | $ | — | $ | 1,094,221 | |||||||||||||||
Liabilities | |||||||||||||||||||||||
Contingent consideration liabilities (6) | $ | — | $ | — | $ | 1,526 | $ | 1,526 | |||||||||||||||
Interest rate swaps (4) | — | 2,289 | — | 2,289 | |||||||||||||||||||
Mandatorily redeemable noncontrolling interest (5) | — | — | 8,401 | 8,401 | |||||||||||||||||||
Total Financial Liabilities | $ | — | $ | 2,289 | $ | 9,927 | $ | 12,216 | |||||||||||||||
(1) | The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty. | ||||
(2) | The Company’s investments in marketable equity securities are held in common shares of U.S. and non-U.S. corporations that are actively traded on U.S. and non-U.S. stock exchanges. Price quotes for these shares are readily available. | ||||
(3) | Includes mutual funds, which are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments. | ||||
(4) | Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates. | ||||
(5) | The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses. | ||||
(6) | Included in Accounts payable, vehicle floor plan payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates. | ||||
| (in thousands) | Contingent consideration liabilities | Mandatorily redeemable noncontrolling interest | |||||||||
As of December 31, 2025 | $ | 1,526 | $ | 8,401 | |||||||
Changes in fair value (1) | — | (1,007) | |||||||||
Capital contributions | — | 4 | |||||||||
Accretion of value included in net income (1) | 28 | — | |||||||||
Settlements or distributions | (299) | (125) | |||||||||
Foreign currency exchange rate changes | (2) | — | |||||||||
| Disposition of business | (1,253) | — | |||||||||
As of September 30, 2026 | $ | — | $ | 7,273 | |||||||
| (in thousands) | Contingent consideration liabilities | Mandatorily redeemable noncontrolling interest | |||||||||
| As of December 31, 2024 | $ | 1,419 | $ | 159,548 | |||||||
Changes in fair value (1) | — | 68,278 | |||||||||
Capital contributions | — | 80 | |||||||||
Accretion of value included in net income (1) | 163 | — | |||||||||
Settlements or distributions | (317) | (205,719) | |||||||||
Foreign currency exchange rate changes | 186 | — | |||||||||
| As of September 30, 2025 | $ | 1,451 | $ | 22,187 | |||||||
| (1) | Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations. | ||||
| As of | ||||||||||||||
| September 30, 2026 | December 31, 2025 | % | ||||||||||||
| (in thousands) | Change | |||||||||||||
| Deferred revenue | $ | 359,038 | $ | 418,090 | (14) | |||||||||
| (in thousands) | Balance at Beginning of Period | Costs associated with new contracts | Less: Costs amortized during the period | Other | Balance at End of Period | ||||||||||||||||||||||||
| 2026 | $ | 42,404 | $ | 57,187 | $ | (67,312) | $ | (4,852) | $ | 27,427 | |||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Numerator: | |||||||||||||||||||||||
Numerator for basic earnings per share: | |||||||||||||||||||||||
Net income attributable to Graham Holdings Company common stockholders | $ | 75,110 | $ | 122,925 | $ | 385,319 | $ | 183,568 | |||||||||||||||
Less: Dividends paid-common stock outstanding and unvested restricted shares | (7,803) | (7,852) | (32,154) | (31,360) | |||||||||||||||||||
Undistributed earnings | 67,307 | 115,073 | 353,165 | 152,208 | |||||||||||||||||||
| Percent allocated to common stockholders | 99.43 | % | 99.39 | % | 99.43 | % | 99.39 | % | |||||||||||||||
| 66,921 | 114,372 | 351,139 | 151,280 | ||||||||||||||||||||
| Add: Dividends paid-common stock outstanding | 7,758 | 7,803 | 31,974 | 31,168 | |||||||||||||||||||
Numerator for basic earnings per share | $ | 74,679 | $ | 122,175 | $ | 383,113 | $ | 182,448 | |||||||||||||||
Add: Additional undistributed earnings due to dilutive stock options | 4 | 7 | 21 | 8 | |||||||||||||||||||
Numerator for diluted earnings per share | $ | 74,683 | $ | 122,182 | $ | 383,134 | $ | 182,456 | |||||||||||||||
| Denominator: | |||||||||||||||||||||||
Denominator for basic earnings per share: | |||||||||||||||||||||||
| Weighted average shares outstanding | 4,198 | 4,334 | 4,264 | 4,329 | |||||||||||||||||||
| Add: Effect of dilutive stock options | 45 | 44 | 45 | 41 | |||||||||||||||||||
Denominator for diluted earnings per share | 4,243 | 4,378 | 4,309 | 4,370 | |||||||||||||||||||
| Graham Holdings Company Common Stockholders: | |||||||||||||||||||||||
Basic earnings per share | $ | 17.79 | $ | 28.19 | $ | 89.84 | $ | 42.15 | |||||||||||||||
Diluted earnings per share | $ | 17.60 | $ | 27.91 | $ | 88.92 | $ | 41.75 | |||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Weighted average restricted stock | 19 | 16 | 18 | 14 | |||||||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Service cost | $ | 12,379 | $ | 11,772 | $ | 35,881 | $ | 35,663 | |||||||||||||||
| Interest cost | 8,145 | 8,012 | 24,437 | 21,389 | |||||||||||||||||||
| Expected return on assets | (44,409) | (41,915) | (133,227) | (125,767) | |||||||||||||||||||
| Amortization of prior service credit | (496) | (520) | (1,489) | (1,560) | |||||||||||||||||||
| Net Periodic Benefit | (24,381) | (22,651) | (74,398) | (70,275) | |||||||||||||||||||
| Settlement | (14,950) | — | (151,905) | — | |||||||||||||||||||
| Early retirement and separation program costs | 3,201 | 2,546 | 11,138 | 9,185 | |||||||||||||||||||
| Total Benefit | $ | (36,130) | $ | (20,105) | $ | (215,165) | $ | (61,090) | |||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Service cost | $ | 289 | $ | 239 | $ | 868 | $ | 716 | |||||||||||||||
| Interest cost | 1,154 | 1,198 | 3,464 | 3,592 | |||||||||||||||||||
| Net Periodic Cost | $ | 1,443 | $ | 1,437 | $ | 4,332 | $ | 4,308 | |||||||||||||||
| As of | |||||||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| U.S. equities | 62 | % | 63 | % | |||||||
| Private investment funds | 18 | % | 17 | % | |||||||
| International equities | 17 | % | 16 | % | |||||||
| U.S. fixed income | 3 | % | 4 | % | |||||||
| 100 | % | 100 | % | ||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) gain on sales of businesses | $ | — | $ | — | $ | (5,151) | $ | 371 | |||||||||||||||
| Foreign currency (loss) gain, net | (1,473) | 1,147 | (2,034) | (7,707) | |||||||||||||||||||
| Gain on sale of a cost method investment | — | — | 484 | — | |||||||||||||||||||
| Impairment of cost method investments | (100) | (1,486) | (100) | (14,165) | |||||||||||||||||||
| Other gain, net | 386 | 346 | 2,655 | 987 | |||||||||||||||||||
| Total Other Non-Operating (Expense) Income | $ | (1,187) | $ | 7 | $ | (4,146) | $ | (20,514) | |||||||||||||||
| Three Months Ended September 30 | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Before-Tax | Income | After-Tax | Before-Tax | Income | After-Tax | ||||||||||||||||||||||||||||||
| (in thousands) | Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||||||||||||
| Foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
| Translation adjustments arising during the period | $ | 3,309 | $ | — | $ | 3,309 | $ | (8,227) | $ | — | $ | (8,227) | |||||||||||||||||||||||
| Pension and other postretirement plans: | |||||||||||||||||||||||||||||||||||
| Actuarial gain | 45,115 | (11,736) | 33,379 | — | — | — | |||||||||||||||||||||||||||||
| Amortization of net prior service credit included in net income | (496) | 129 | (367) | (520) | 133 | (387) | |||||||||||||||||||||||||||||
Amortization of net actuarial gain included in net income | (258) | 67 | (191) | (378) | 96 | (282) | |||||||||||||||||||||||||||||
| Settlement gain included in net income | (14,950) | 3,889 | (11,061) | — | — | — | |||||||||||||||||||||||||||||
| 29,411 | (7,651) | 21,760 | (898) | 229 | (669) | ||||||||||||||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||||||||||||||
| Gain for the period | 970 | (251) | 719 | 64 | (17) | 47 | |||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss) | $ | 33,690 | $ | (7,902) | $ | 25,788 | $ | (9,061) | $ | 212 | $ | (8,849) | |||||||||||||||||||||||
| Nine Months Ended September 30 | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Before-Tax | Income | After-Tax | Before-Tax | Income | After-Tax | ||||||||||||||||||||||||||||||
| (in thousands) | Amount | Tax | Amount | Amount | Tax | Amount | |||||||||||||||||||||||||||||
| Foreign currency translation adjustments: | |||||||||||||||||||||||||||||||||||
| Translation adjustments arising during the period | $ | (2,814) | $ | — | $ | (2,814) | $ | 38,323 | $ | — | $ | 38,323 | |||||||||||||||||||||||
| Adjustment for sales of businesses with foreign operations | 6,175 | — | 6,175 | 646 | — | 646 | |||||||||||||||||||||||||||||
| 3,361 | — | 3,361 | 38,969 | — | 38,969 | ||||||||||||||||||||||||||||||
| Pension and other postretirement plans: | |||||||||||||||||||||||||||||||||||
| Actuarial loss | (44,813) | 11,657 | (33,156) | — | — | — | |||||||||||||||||||||||||||||
| Amortization of net prior service credit included in net income | (1,489) | 388 | (1,101) | (1,560) | 399 | (1,161) | |||||||||||||||||||||||||||||
Amortization of net actuarial gain included in net income | (774) | 201 | (573) | (1,137) | 291 | (846) | |||||||||||||||||||||||||||||
| Settlement gain included in net income | (151,905) | 39,514 | (112,391) | — | — | — | |||||||||||||||||||||||||||||
| (198,981) | 51,760 | (147,221) | (2,697) | 690 | (2,007) | ||||||||||||||||||||||||||||||
| Cash flow hedges: | |||||||||||||||||||||||||||||||||||
| Gain (loss) for the period | 2,236 | (579) | 1,657 | (979) | 254 | (725) | |||||||||||||||||||||||||||||
| Other Comprehensive (Loss) Income | $ | (193,384) | $ | 51,181 | $ | (142,203) | $ | 35,293 | $ | 944 | $ | 36,237 | |||||||||||||||||||||||
| (in thousands, net of taxes) | Cumulative Foreign Currency Translation Adjustment | Unrealized Gain on Pensions and Other Postretirement Plans | Cash Flow Hedges | Accumulated Other Comprehensive Income | |||||||||||||||||||
| As of December 31, 2025 | $ | (12,262) | $ | 601,064 | $ | (1,722) | $ | 587,080 | |||||||||||||||
| Other comprehensive (loss) income before reclassifications | (2,814) | (33,156) | 1,159 | (34,811) | |||||||||||||||||||
Net amount reclassified from accumulated other comprehensive income (loss) | 6,175 | (114,065) | 498 | (107,392) | |||||||||||||||||||
| Net other comprehensive (loss) income | 3,361 | (147,221) | 1,657 | (142,203) | |||||||||||||||||||
| As of September 30, 2026 | $ | (8,901) | $ | 453,843 | $ | (65) | $ | 444,877 | |||||||||||||||
| Three Months Ended September 30 | Nine Months Ended September 30 | Affected Line Item in the Condensed Consolidated Statements of Operations | |||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||
| Foreign Currency Translation Adjustments: | |||||||||||||||||||||||||||||
| Adjustment for sales of businesses with foreign operations | $ | — | $ | — | $ | 6,175 | $ | 646 | Other (expense) income, net | ||||||||||||||||||||
| Pension and Other Postretirement Plans: | |||||||||||||||||||||||||||||
| Amortization of net prior service credit | (496) | (520) | (1,489) | (1,560) | (1) | ||||||||||||||||||||||||
| Amortization of net actuarial gain | (258) | (378) | (774) | (1,137) | (1) | ||||||||||||||||||||||||
| Settlement gain | (14,950) | — | (151,905) | — | (1) | ||||||||||||||||||||||||
| (15,704) | (898) | (154,168) | (2,697) | Before tax | |||||||||||||||||||||||||
| 4,085 | 229 | 40,103 | 690 | Provision for Income Taxes | |||||||||||||||||||||||||
| (11,619) | (669) | (114,065) | (2,007) | Net of Tax | |||||||||||||||||||||||||
| Cash Flow Hedges | 164 | 61 | 498 | 182 | Interest expense | ||||||||||||||||||||||||
| Total reclassification for the period | $ | (11,455) | $ | (608) | $ | (107,392) | $ | (1,179) | Net of Tax | ||||||||||||||||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Education | Television Broadcasting | Healthcare | Manufacturing | Automotive | Total Segments | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 404,282 | $ | 125,304 | $ | 260,252 | $ | 147,601 | $ | 299,060 | $ | 1,236,499 | |||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Revenues (1) | 90,326 | ||||||||||||||||||||||||||||||||||
| Intersegment Elimination | (788) | ||||||||||||||||||||||||||||||||||
| Total Consolidated Revenues | $ | 1,326,037 | |||||||||||||||||||||||||||||||||
Less: Significant Expenses (2) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (3) | 171,537 | 175,082 | 109,015 | 252,299 | 707,933 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (4) | 107,859 | 25,983 | 20,076 | 153,918 | |||||||||||||||||||||||||||||||
| Occupancy Expense | 22,990 | 2,041 | 25,031 | ||||||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 18,263 | 18,263 | |||||||||||||||||||||||||||||||||
| Networking and Programming Expense | 28,137 | 28,137 | |||||||||||||||||||||||||||||||||
Management Services (5) | 2,323 | 2,323 | |||||||||||||||||||||||||||||||||
Other Segment Items (6) | 34,182 | 17,540 | 57,538 | 21,774 | 10,951 | 141,985 | |||||||||||||||||||||||||||||
| Earnings Before Interest, Income Taxes, Depreciation, Amortization and Pension Service Cost (EBITDAP) | $ | 49,451 | $ | 53,644 | $ | 27,632 | $ | 16,812 | $ | 11,370 | $ | 158,909 | |||||||||||||||||||||||
| Pension Service Cost | 4,555 | 1,554 | 2,365 | 1,242 | 34 | 9,750 | |||||||||||||||||||||||||||||
| Depreciation Expense | 5,524 | 2,271 | 1,952 | 2,855 | 1,993 | 14,595 | |||||||||||||||||||||||||||||
| Income from Operations before Amortization of Intangible Assets | $ | 39,372 | $ | 49,819 | $ | 23,315 | $ | 12,715 | $ | 9,343 | $ | 134,564 | |||||||||||||||||||||||
Other Businesses (7) | (21,352) | ||||||||||||||||||||||||||||||||||
| Corporate Costs | (21,916) | ||||||||||||||||||||||||||||||||||
| Amortization of Intangible Assets | (5,775) | ||||||||||||||||||||||||||||||||||
| Income from Operations | $ | 85,521 | |||||||||||||||||||||||||||||||||
| Equity in Losses of Affiliates, Net | (3,590) | ||||||||||||||||||||||||||||||||||
| Interest Expense, Net | (14,175) | ||||||||||||||||||||||||||||||||||
| Non-Operating Pension and Postretirement Benefit Income, Net | 47,601 | ||||||||||||||||||||||||||||||||||
| Loss on Marketable Equity Securities, Net | (15,027) | ||||||||||||||||||||||||||||||||||
| Other Expense, Net | (1,187) | ||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | $ | 99,143 | |||||||||||||||||||||||||||||||||
| Capital Expenditures | $ | 5,977 | $ | 1,214 | $ | 14,534 | $ | 3,489 | $ | 3,674 | $ | 28,888 | |||||||||||||||||||||||
| Reconciliation of Capital Expenditures | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Capital Expenditures (8) | 10,674 | ||||||||||||||||||||||||||||||||||
| Total Capital Expenditures | $ | 39,562 | |||||||||||||||||||||||||||||||||
| (1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM). | |||||||
| (3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals. | |||||||
| (6) | Other segment items for each reportable segment include: | |||||||
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses. | |||||||
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses. | |||||||
| (c) | Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| (d) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses. | |||||||
| (e) | Automotive - advertising and marketing expense and other G&A expenses. | |||||||
| (7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments. | |||||||
| (8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Kaplan International | Higher Education | Supplemental Education | Kaplan Corporate and Other | Intersegment Elimination | Total Education | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 230,134 | $ | 93,865 | $ | 80,805 | $ | 369 | $ | (891) | $ | 404,282 | |||||||||||||||||||||||
Less: Significant Expenses (1) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (2) | 90,588 | 67,770 | 13,537 | (358) | 171,537 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (3) | 67,592 | 3,851 | 33,455 | 3,174 | (213) | 107,859 | |||||||||||||||||||||||||||||
| Occupancy Expense | 21,905 | 169 | 823 | 368 | (275) | 22,990 | |||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 7,366 | 1,547 | 9,313 | 37 | 18,263 | ||||||||||||||||||||||||||||||
Other Segment Items (4) | 21,025 | 262 | 11,236 | 1,617 | 42 | 34,182 | |||||||||||||||||||||||||||||
EBITDAP | $ | 21,658 | $ | 20,266 | $ | 12,441 | $ | (4,827) | $ | (87) | $ | 49,451 | |||||||||||||||||||||||
| Pension Service Cost | — | 1,984 | 2,017 | 554 | 4,555 | ||||||||||||||||||||||||||||||
| Depreciation Expense | 4,366 | 378 | 769 | 11 | 5,524 | ||||||||||||||||||||||||||||||
| Income (Loss) from Operations before Amortization of Intangible Assets | $ | 17,292 | $ | 17,904 | $ | 9,655 | $ | (5,392) | $ | (87) | $ | 39,372 | |||||||||||||||||||||||
| Capital Expenditures | $ | 4,941 | $ | 289 | $ | 733 | $ | 14 | $ | 5,977 | |||||||||||||||||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (4) | Other segment items for each reportable segment include: | |||||||
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses. | |||||||
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses. | |||||||
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses. | |||||||
| Three Months Ended September 30, 2026 | |||||||||||||||||
| (in thousands) | CSI | Other Healthcare | Total Healthcare | ||||||||||||||
| Operating Revenues | $ | 162,289 | $ | 97,963 | $ | 260,252 | |||||||||||
Less: Significant Expenses (1) | |||||||||||||||||
Cost of Revenue (2) | 124,564 | 50,518 | 175,082 | ||||||||||||||
Other Segment Items (3) | 22,068 | 35,470 | 57,538 | ||||||||||||||
EBITDAP | $ | 15,657 | $ | 11,975 | $ | 27,632 | |||||||||||
| Pension Service Cost | 602 | 1,763 | 2,365 | ||||||||||||||
| Depreciation Expense | 293 | 1,659 | 1,952 | ||||||||||||||
| Income from Operations before Amortization of Intangible Assets | $ | 14,762 | $ | 8,553 | $ | 23,315 | |||||||||||
| Capital Expenditures | $ | 1,194 | $ | 13,340 | $ | 14,534 | |||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately. | |||||||
| (3) | Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Education | Television Broadcasting | Healthcare | Manufacturing | Automotive | Total Segments | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 472,662 | $ | 105,087 | $ | 208,415 | $ | 124,257 | $ | 285,228 | $ | 1,195,649 | |||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Revenues (1) | 83,835 | ||||||||||||||||||||||||||||||||||
| Intersegment Elimination | (625) | ||||||||||||||||||||||||||||||||||
| Total Consolidated Revenues | $ | 1,278,859 | |||||||||||||||||||||||||||||||||
Less: Significant Expenses (2) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (3) | 187,485 | 130,564 | 88,082 | 243,239 | 649,370 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (4) | 122,056 | 26,218 | 20,233 | 168,507 | |||||||||||||||||||||||||||||||
| Occupancy Expense | 26,486 | 1,978 | 28,464 | ||||||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 18,465 | 18,465 | |||||||||||||||||||||||||||||||||
| Networking and Programming Expense | 30,943 | 30,943 | |||||||||||||||||||||||||||||||||
Management Services (5) | 2,075 | 2,075 | |||||||||||||||||||||||||||||||||
Other Segment Items (6) | 56,311 | 15,720 | 51,431 | 20,953 | 9,118 | 153,533 | |||||||||||||||||||||||||||||
EBITDAP | $ | 61,859 | $ | 32,206 | $ | 26,420 | $ | 15,222 | $ | 8,585 | $ | 144,292 | |||||||||||||||||||||||
| Pension Service Cost | 4,318 | 1,475 | 2,496 | 866 | (1) | 9,154 | |||||||||||||||||||||||||||||
| Depreciation Expense | 7,085 | 2,597 | 1,837 | 3,219 | 1,718 | 16,456 | |||||||||||||||||||||||||||||
| Income from Operations before Amortization of Intangible Assets and Impairment of Intangible and Other Long-Lived Assets | $ | 50,456 | $ | 28,134 | $ | 22,087 | $ | 11,137 | $ | 6,868 | $ | 118,682 | |||||||||||||||||||||||
Other Businesses (7) | (21,949) | ||||||||||||||||||||||||||||||||||
| Corporate Costs | (17,670) | ||||||||||||||||||||||||||||||||||
| Amortization of Intangible Assets | (9,692) | ||||||||||||||||||||||||||||||||||
| Impairment of Intangible and Other Long-Lived Assets | (2,235) | ||||||||||||||||||||||||||||||||||
| Income from Operations | $ | 67,136 | |||||||||||||||||||||||||||||||||
| Equity in Earnings of Affiliates, Net | 15,780 | ||||||||||||||||||||||||||||||||||
| Interest Expense, Net | (15,700) | ||||||||||||||||||||||||||||||||||
| Non-Operating Pension and Postretirement Benefit Income, Net | 31,047 | ||||||||||||||||||||||||||||||||||
| Gain on Marketable Equity Securities, Net | 84,768 | ||||||||||||||||||||||||||||||||||
| Other Income, Net | 7 | ||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | $ | 183,038 | |||||||||||||||||||||||||||||||||
| Capital Expenditures | $ | 3,624 | $ | 1,288 | $ | 5,138 | $ | 1,591 | $ | 2,179 | $ | 13,820 | |||||||||||||||||||||||
| Reconciliation of Capital Expenditures | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Capital Expenditures (8) | 6,356 | ||||||||||||||||||||||||||||||||||
| Total Capital Expenditures | $ | 20,176 | |||||||||||||||||||||||||||||||||
| (1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals. | |||||||
| (6) | Other segment items for each reportable segment include: | |||||||
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses. | |||||||
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses. | |||||||
| (c) | Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| (d) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses. | |||||||
| (e) | Automotive - advertising and marketing expense and other G&A expenses. | |||||||
| (7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments. | |||||||
| (8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Kaplan International | Higher Education | Supplemental Education | Kaplan Corporate and Other | Intersegment Elimination | Total Education | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 294,292 | $ | 92,162 | $ | 86,679 | $ | 280 | $ | (751) | $ | 472,662 | |||||||||||||||||||||||
Less: Significant Expenses (1) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (2) | 106,644 | 67,237 | 14,293 | (689) | 187,485 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (3) | 74,935 | 5,881 | 34,892 | 6,390 | (42) | 122,056 | |||||||||||||||||||||||||||||
| Occupancy Expense | 25,772 | 183 | 213 | 328 | (10) | 26,486 | |||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 7,933 | 1,733 | 8,729 | 70 | 18,465 | ||||||||||||||||||||||||||||||
Other Segment Items (4) | 43,901 | 282 | 10,952 | 1,224 | (48) | 56,311 | |||||||||||||||||||||||||||||
EBITDAP | $ | 35,107 | $ | 16,846 | $ | 17,600 | $ | (7,732) | $ | 38 | $ | 61,859 | |||||||||||||||||||||||
| Pension Service Cost | 142 | 1,849 | 1,929 | 398 | 4,318 | ||||||||||||||||||||||||||||||
| Depreciation Expense | 6,072 | 314 | 692 | 7 | 7,085 | ||||||||||||||||||||||||||||||
| Income (Loss) from Operations before Amortization of Intangible Assets | $ | 28,893 | $ | 14,683 | $ | 14,979 | $ | (8,137) | $ | 38 | $ | 50,456 | |||||||||||||||||||||||
| Capital Expenditures | $ | 2,470 | $ | 163 | $ | 975 | $ | 16 | $ | 3,624 | |||||||||||||||||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (4) | Other segment items for each reportable segment include: | |||||||
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses. | |||||||
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses. | |||||||
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses. | |||||||
| Three Months Ended September 30, 2025 | |||||||||||||||||
| (in thousands) | CSI | Other Healthcare | Total Healthcare | ||||||||||||||
| Operating Revenues | $ | 120,382 | $ | 88,033 | $ | 208,415 | |||||||||||
Less: Significant Expenses (1) | |||||||||||||||||
Cost of Revenue (2) | 91,710 | 38,854 | 130,564 | ||||||||||||||
Other Segment Items (3) | 15,049 | 36,382 | 51,431 | ||||||||||||||
EBITDAP | $ | 13,623 | $ | 12,797 | $ | 26,420 | |||||||||||
| Pension Service Cost | — | 2,496 | 2,496 | ||||||||||||||
| Depreciation Expense | 186 | 1,651 | 1,837 | ||||||||||||||
| Income from Operations before Amortization of Intangible Assets | $ | 13,437 | $ | 8,650 | $ | 22,087 | |||||||||||
| Capital Expenditures | $ | 365 | $ | 4,773 | $ | 5,138 | |||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately. | |||||||
| (3) | Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Education | Television Broadcasting | Healthcare | Manufacturing | Automotive | Total Segments | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 1,262,569 | $ | 346,487 | $ | 717,243 | $ | 405,915 | $ | 868,036 | $ | 3,600,250 | |||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Revenues (1) | 266,487 | ||||||||||||||||||||||||||||||||||
| Intersegment Elimination | (2,202) | ||||||||||||||||||||||||||||||||||
| Total Consolidated Revenues | $ | 3,864,535 | |||||||||||||||||||||||||||||||||
Less: Significant Expenses (2) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (3) | 498,211 | 471,514 | 295,336 | 733,998 | 1,999,059 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (4) | 339,286 | 81,013 | 61,154 | 481,453 | |||||||||||||||||||||||||||||||
| Occupancy Expense | 75,864 | 6,082 | 81,946 | ||||||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 57,261 | 57,261 | |||||||||||||||||||||||||||||||||
| Networking and Programming Expense | 88,106 | 88,106 | |||||||||||||||||||||||||||||||||
Management Services (5) | 6,940 | 6,940 | |||||||||||||||||||||||||||||||||
Other Segment Items (6) | 119,428 | 48,790 | 168,519 | 62,523 | 31,259 | 430,519 | |||||||||||||||||||||||||||||
EBITDAP | $ | 172,519 | $ | 128,578 | $ | 77,210 | $ | 48,056 | $ | 28,603 | $ | 454,966 | |||||||||||||||||||||||
| Pension Service Cost | 13,666 | 4,661 | 5,894 | 3,727 | 102 | 28,050 | |||||||||||||||||||||||||||||
| Depreciation Expense | 17,237 | 6,952 | 5,779 | 9,027 | 5,775 | 44,770 | |||||||||||||||||||||||||||||
| Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale | $ | 141,616 | $ | 116,965 | $ | 65,537 | $ | 35,302 | $ | 22,726 | $ | 382,146 | |||||||||||||||||||||||
Other Businesses (7) | (61,602) | ||||||||||||||||||||||||||||||||||
| Corporate Costs | (56,719) | ||||||||||||||||||||||||||||||||||
| Amortization of Intangible Assets | (17,808) | ||||||||||||||||||||||||||||||||||
| Impairment of Goodwill and Asset Group Held for Sale | (19,029) | ||||||||||||||||||||||||||||||||||
| Income from Operations | $ | 226,988 | |||||||||||||||||||||||||||||||||
| Equity in Earnings of Affiliates, Net | 11,397 | ||||||||||||||||||||||||||||||||||
| Interest Expense, Net | (43,221) | ||||||||||||||||||||||||||||||||||
| Non-Operating Pension and Postretirement Benefit Income, Net | 248,323 | ||||||||||||||||||||||||||||||||||
| Gain on Marketable Equity Securities, Net | 17,929 | ||||||||||||||||||||||||||||||||||
| Other Expense, Net | (4,146) | ||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | $ | 457,270 | |||||||||||||||||||||||||||||||||
| Capital Expenditures | $ | 14,430 | $ | 5,908 | $ | 20,267 | $ | 7,568 | $ | 10,473 | $ | 58,646 | |||||||||||||||||||||||
| Reconciliation of Capital Expenditures | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Capital Expenditures (8) | 21,535 | ||||||||||||||||||||||||||||||||||
| Total Capital Expenditures | $ | 80,181 | |||||||||||||||||||||||||||||||||
| (1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals. | |||||||
| (6) | Other segment items for each reportable segment include: | |||||||
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses. | |||||||
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses. | |||||||
| (c) | Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| (d) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses. | |||||||
| (e) | Automotive - advertising and marketing expense and other G&A expenses. | |||||||
| (7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments. | |||||||
| (8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Kaplan International | Higher Education | Supplemental Education | Kaplan Corporate and Other | Intersegment Elimination | Total Education | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 754,145 | $ | 272,561 | $ | 237,145 | $ | 924 | $ | (2,206) | $ | 1,262,569 | |||||||||||||||||||||||
Less: Significant Expenses (1) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (2) | 265,681 | 195,171 | 38,279 | (920) | 498,211 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (3) | 216,073 | 11,618 | 99,188 | 12,777 | (370) | 339,286 | |||||||||||||||||||||||||||||
| Occupancy Expense | 72,619 | 486 | 2,465 | 1,105 | (811) | 75,864 | |||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 22,885 | 5,386 | 28,732 | 258 | 57,261 | ||||||||||||||||||||||||||||||
Other Segment Items (4) | 81,224 | 778 | 34,662 | 2,772 | (8) | 119,428 | |||||||||||||||||||||||||||||
EBITDAP | $ | 95,663 | $ | 59,122 | $ | 33,819 | $ | (15,988) | $ | (97) | $ | 172,519 | |||||||||||||||||||||||
| Pension Service Cost | 176 | 5,936 | 6,063 | 1,491 | 13,666 | ||||||||||||||||||||||||||||||
| Depreciation Expense | 13,945 | 945 | 2,317 | 30 | 17,237 | ||||||||||||||||||||||||||||||
| Income (Loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale | $ | 81,542 | $ | 52,241 | $ | 25,439 | $ | (17,509) | $ | (97) | $ | 141,616 | |||||||||||||||||||||||
| Capital Expenditures | $ | 11,181 | $ | 1,705 | $ | 1,525 | $ | 19 | $ | 14,430 | |||||||||||||||||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (4) | Other segment items for each reportable segment include: | |||||||
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses. | |||||||
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses. | |||||||
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses. | |||||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||
| (in thousands) | CSI | Other Healthcare | Total Healthcare | ||||||||||||||
| Operating Revenues | $ | 428,593 | $ | 288,650 | $ | 717,243 | |||||||||||
Less: Significant Expenses (1) | |||||||||||||||||
Cost of Revenue (2) | 330,748 | 140,766 | 471,514 | ||||||||||||||
Other Segment Items (3) | 62,743 | 105,776 | 168,519 | ||||||||||||||
EBITDAP | $ | 35,102 | $ | 42,108 | $ | 77,210 | |||||||||||
| Pension Service Cost | 602 | 5,292 | 5,894 | ||||||||||||||
| Depreciation Expense | 887 | 4,892 | 5,779 | ||||||||||||||
| Income from Operations before Amortization of Intangible Assets | $ | 33,613 | $ | 31,924 | $ | 65,537 | |||||||||||
| Capital Expenditures | $ | 3,981 | $ | 16,286 | $ | 20,267 | |||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately. | |||||||
| (3) | Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Education | Television Broadcasting | Healthcare | Manufacturing | Automotive | Total Segments | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 1,334,206 | $ | 314,625 | $ | 584,375 | $ | 318,480 | $ | 851,791 | $ | 3,403,477 | |||||||||||||||||||||||
| Reconciliation of Revenue | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Revenues (1) | 258,943 | ||||||||||||||||||||||||||||||||||
| Intersegment Elimination | (1,874) | ||||||||||||||||||||||||||||||||||
| Total Consolidated Revenues | $ | 3,660,546 | |||||||||||||||||||||||||||||||||
Less: Significant Expenses (2) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (3) | 512,589 | 352,631 | 223,187 | 725,185 | 1,813,592 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (4) | 356,003 | 80,800 | 59,289 | 496,092 | |||||||||||||||||||||||||||||||
| Occupancy Expense | 83,432 | 5,706 | 89,138 | ||||||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 58,876 | 58,876 | |||||||||||||||||||||||||||||||||
| Networking and Programming Expense | 93,507 | 93,507 | |||||||||||||||||||||||||||||||||
Management Services (5) | 6,186 | 6,186 | |||||||||||||||||||||||||||||||||
Other Segment Items (6) | 147,599 | 44,850 | 153,174 | 55,076 | 27,560 | 428,259 | |||||||||||||||||||||||||||||
EBITDAP | $ | 175,707 | $ | 95,468 | $ | 78,570 | $ | 40,217 | $ | 27,865 | $ | 417,827 | |||||||||||||||||||||||
| Pension Service Cost | 12,954 | 4,426 | 7,488 | 2,596 | 47 | 27,511 | |||||||||||||||||||||||||||||
| Depreciation Expense | 22,261 | 7,850 | 5,346 | 8,576 | 5,155 | 49,188 | |||||||||||||||||||||||||||||
| Income from Operations before Amortization of Intangible Assets and Impairment of Intangible and Other Long-Lived Assets | $ | 140,492 | $ | 83,192 | $ | 65,736 | $ | 29,045 | $ | 22,663 | $ | 341,128 | |||||||||||||||||||||||
Other Businesses (7) | (77,062) | ||||||||||||||||||||||||||||||||||
| Corporate Costs | (49,714) | ||||||||||||||||||||||||||||||||||
| Amortization of Intangible Assets | (24,757) | ||||||||||||||||||||||||||||||||||
| Impairment of Intangible and Other Long-Lived Assets | (2,235) | ||||||||||||||||||||||||||||||||||
| Income from Operations | $ | 187,360 | |||||||||||||||||||||||||||||||||
| Equity in Earnings of Affiliates, Net | 10,466 | ||||||||||||||||||||||||||||||||||
| Interest Expense, Net | (111,322) | ||||||||||||||||||||||||||||||||||
| Non-Operating Pension and Postretirement Benefit Income, Net | 94,266 | ||||||||||||||||||||||||||||||||||
| Gain on Marketable Equity Securities, Net | 117,026 | ||||||||||||||||||||||||||||||||||
| Other Expense, Net | (20,514) | ||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | $ | 277,282 | |||||||||||||||||||||||||||||||||
| Capital Expenditures | $ | 13,741 | $ | 2,770 | $ | 10,204 | $ | 7,650 | $ | 4,151 | $ | 38,516 | |||||||||||||||||||||||
| Reconciliation of Capital Expenditures | |||||||||||||||||||||||||||||||||||
Other Businesses and Corporate Office Capital Expenditures (8) | 15,583 | ||||||||||||||||||||||||||||||||||
| Total Capital Expenditures | $ | 54,099 | |||||||||||||||||||||||||||||||||
| (1) | Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| (2) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (3) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (4) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (5) | Management and operating services provided by Christopher J. Ourisman and his team of industry professionals. | |||||||
| (6) | Other segment items for each reportable segment include: | |||||||
| (a) | Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses. | |||||||
| (b) | Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses. | |||||||
| (c) | Healthcare - indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| (d) | Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses. | |||||||
| (e) | Automotive - advertising and marketing expense and other G&A expenses. | |||||||
| (7) | Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments. | |||||||
| (8) | Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments. | |||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Kaplan International | Higher Education | Supplemental Education | Kaplan Corporate and Other | Intersegment Elimination | Total Education | |||||||||||||||||||||||||||||
| Operating Revenues | $ | 827,719 | $ | 265,387 | $ | 242,243 | $ | 315 | $ | (1,458) | $ | 1,334,206 | |||||||||||||||||||||||
Less: Significant Expenses (1) | |||||||||||||||||||||||||||||||||||
Cost of Revenue (2) | 284,162 | 190,620 | 39,165 | (1,358) | 512,589 | ||||||||||||||||||||||||||||||
Payroll and Fringe Benefits Expense (3) | 222,257 | 15,600 | 101,404 | 16,806 | (64) | 356,003 | |||||||||||||||||||||||||||||
| Occupancy Expense | 80,337 | 543 | 2,099 | 463 | (10) | 83,432 | |||||||||||||||||||||||||||||
| Advertising and Marketing Expense | 24,876 | 5,741 | 27,939 | 320 | 58,876 | ||||||||||||||||||||||||||||||
Other Segment Items (4) | 107,753 | 722 | 35,419 | 3,717 | (12) | 147,599 | |||||||||||||||||||||||||||||
EBITDAP | $ | 108,334 | $ | 52,161 | $ | 36,217 | $ | (20,991) | $ | (14) | $ | 175,707 | |||||||||||||||||||||||
| Pension Service Cost | 428 | 5,546 | 5,788 | 1,192 | 12,954 | ||||||||||||||||||||||||||||||
| Depreciation Expense | 19,014 | 1,153 | 2,076 | 18 | 22,261 | ||||||||||||||||||||||||||||||
| Income (Loss) from Operations before Amortization of Intangible Assets | $ | 88,892 | $ | 45,462 | $ | 28,353 | $ | (22,201) | $ | (14) | $ | 140,492 | |||||||||||||||||||||||
| Capital Expenditures | $ | 8,970 | $ | 828 | $ | 3,920 | $ | 23 | $ | 13,741 | |||||||||||||||||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above. | |||||||
| (3) | Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue. | |||||||
| (4) | Other segment items for each reportable segment include: | |||||||
| (a) | Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses. | |||||||
| (b) | Higher education - training and employment expense, operating fees and other G&A expenses. | |||||||
| (c) | Supplemental education - training and employment expense, operating fees and other G&A expenses. | |||||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||
| (in thousands) | CSI | Other Healthcare | Total Healthcare | ||||||||||||||
| Operating Revenues | $ | 324,045 | $ | 260,330 | $ | 584,375 | |||||||||||
Less: Significant Expenses (1) | |||||||||||||||||
Cost of Revenue (2) | 237,731 | 114,900 | 352,631 | ||||||||||||||
Other Segment Items (3) | 48,625 | 104,549 | 153,174 | ||||||||||||||
EBITDAP | $ | 37,689 | $ | 40,881 | $ | 78,570 | |||||||||||
| Pension Service Cost | — | 7,488 | 7,488 | ||||||||||||||
| Depreciation Expense | 545 | 4,801 | 5,346 | ||||||||||||||
| Income from Operations before Amortization of Intangible Assets | $ | 37,144 | $ | 28,592 | $ | 65,736 | |||||||||||
| Capital Expenditures | $ | 901 | $ | 9,303 | $ | 10,204 | |||||||||||
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. | |||||||
| (2) | Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately. | |||||||
| (3) | Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, G&A expenses) and other SG&A expenses. | |||||||
| As of | |||||||||||
| (in thousands) | September 30, 2026 | December 31, 2025 | |||||||||
| Identifiable Assets | |||||||||||
| Kaplan international | $ | 1,394,486 | $ | 1,551,682 | |||||||
| Higher education | 127,790 | 174,738 | |||||||||
| Supplemental education | 235,040 | 247,181 | |||||||||
| Kaplan corporate and other | 27,054 | 34,973 | |||||||||
| Education | 1,784,370 | 2,008,574 | |||||||||
| Television broadcasting | 371,459 | 393,097 | |||||||||
| CSI | 224,674 | 128,170 | |||||||||
| Other healthcare | 202,855 | 227,457 | |||||||||
| Healthcare | 427,529 | 355,627 | |||||||||
| Manufacturing | 563,192 | 535,006 | |||||||||
| Automotive | 600,900 | 582,715 | |||||||||
| Total Segments | 3,747,450 | 3,875,019 | |||||||||
| Other businesses | 376,604 | 357,408 | |||||||||
| Corporate office | 104,513 | 79,389 | |||||||||
| Investments in Marketable Equity Securities | 1,069,741 | 1,081,938 | |||||||||
| Investments in Affiliates | 202,339 | 229,565 | |||||||||
| Prepaid Pension Cost | 2,789,352 | 2,772,394 | |||||||||
| Total Assets | $ | 8,289,999 | $ | 8,395,713 | |||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| Kaplan international | $ | 230,134 | $ | 294,292 | (22) | $ | 754,145 | $ | 827,719 | (9) | |||||||||||||||||||||||||
| Higher education | 93,865 | 92,162 | 2 | 272,561 | 265,387 | 3 | |||||||||||||||||||||||||||||
| Supplemental education | 80,805 | 86,679 | (7) | 237,145 | 242,243 | (2) | |||||||||||||||||||||||||||||
| Kaplan corporate and other | 369 | 280 | 32 | 924 | 315 | — | |||||||||||||||||||||||||||||
| Intersegment elimination | (891) | (751) | — | (2,206) | (1,458) | — | |||||||||||||||||||||||||||||
| $ | 404,282 | $ | 472,662 | (14) | $ | 1,262,569 | $ | 1,334,206 | (5) | ||||||||||||||||||||||||||
| Operating Income (Loss) | |||||||||||||||||||||||||||||||||||
| Kaplan international | $ | 17,292 | $ | 28,893 | (40) | $ | 81,542 | $ | 88,892 | (8) | |||||||||||||||||||||||||
| Higher education | 17,904 | 14,683 | 22 | 52,241 | 45,462 | 15 | |||||||||||||||||||||||||||||
| Supplemental education | 9,655 | 14,979 | (36) | 25,439 | 28,353 | (10) | |||||||||||||||||||||||||||||
| Kaplan corporate and other | (5,392) | (8,137) | 34 | (17,509) | (22,201) | 21 | |||||||||||||||||||||||||||||
| Amortization of intangible assets | (84) | (1,404) | 94 | (641) | (5,222) | 88 | |||||||||||||||||||||||||||||
| Impairment of goodwill and asset group held for sale | — | — | — | (19,029) | — | — | |||||||||||||||||||||||||||||
| Intersegment elimination | (87) | 38 | — | (97) | (14) | — | |||||||||||||||||||||||||||||
| $ | 39,288 | $ | 49,052 | (20) | $ | 121,946 | $ | 135,270 | (10) | ||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenue | $ | 125,304 | $ | 105,087 | 19 | $ | 346,487 | $ | 314,625 | 10 | |||||||||||||||||||||||||
| Operating Income | 48,459 | 26,774 | 81 | 112,885 | 79,112 | 43 | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||||||||||||
| CSI | $ | 162,289 | $ | 120,382 | 35 | $ | 428,593 | $ | 324,045 | 32 | ||||||||||||||||||||||||||||
| Other Healthcare | 97,963 | 88,033 | 11 | 288,650 | 260,330 | 11 | ||||||||||||||||||||||||||||||||
| $ | 260,252 | $ | 208,415 | 25 | $ | 717,243 | $ | 584,375 | 23 | |||||||||||||||||||||||||||||
| Operating Income | ||||||||||||||||||||||||||||||||||||||
| CSI | $ | 14,741 | $ | 13,397 | 10 | $ | 33,551 | $ | 37,037 | (9) | ||||||||||||||||||||||||||||
| Other Healthcare | 8,503 | 7,595 | 12 | 31,729 | 27,369 | 16 | ||||||||||||||||||||||||||||||||
| $ | 23,244 | $ | 20,992 | 11 | $ | 65,280 | $ | 64,406 | 1 | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenue | $ | 147,601 | $ | 124,257 | 19 | $ | 405,915 | $ | 318,480 | 27 | |||||||||||||||||||||||||
Operating Income | 8,998 | 6,695 | 34 | 24,099 | 19,741 | 22 | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Revenue | $ | 299,060 | $ | 285,228 | 5 | $ | 868,036 | $ | 851,791 | 2 | |||||||||||||||||||||||||
| Operating Income | 9,338 | 6,308 | 48 | 22,711 | 22,093 | 3 | |||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
| September 30 | % | September 30 | % | ||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||
| Operating Revenues | |||||||||||||||||||||||||||||||||||
Specialty (1) | $ | 40,642 | $ | 36,517 | 11 | $ | 125,467 | $ | 118,030 | 6 | |||||||||||||||||||||||||
Retail (2) | 31,112 | 27,539 | 13 | 88,797 | 80,918 | 10 | |||||||||||||||||||||||||||||
Media (3) | 17,689 | 19,159 | (8) | 49,945 | 58,134 | (14) | |||||||||||||||||||||||||||||
| $ | 89,443 | $ | 83,215 | 7 | $ | 264,209 | $ | 257,082 | 3 | ||||||||||||||||||||||||||
(1) | Includes Clyde’s Restaurant Group (CRG), Decile and Supporting Cast | ||||
(2) | Includes Framebridge, Saatchi Art and Society6 | ||||
(3) | Includes Slate, Foreign Policy, Code3, World of Good Brands (WGB) (sold in 2025) and City Cast | ||||
| As of | |||||||||||
| (In thousands) | September 30, 2026 | December 31, 2025 | |||||||||
| Cash and cash equivalents | $ | 154,326 | $ | 266,988 | |||||||
| Restricted cash | 17,756 | 44,417 | |||||||||
| Investments in marketable equity securities and other investments | 1,074,071 | 1,088,970 | |||||||||
| Total debt | 853,434 | 880,756 | |||||||||
| Moody’s | Standard & Poor’s | ||||||||||
| Long-term | Ba1 | BB | |||||||||
| Outlook | Stable | Stable | |||||||||
| Nine Months Ended September 30 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Net cash provided by operating activities | $ | 280,832 | $ | 318,896 | |||||||
| Net cash used in investing activities | (69,721) | (98,362) | |||||||||
| Net cash used in financing activities | (304,609) | (290,817) | |||||||||
| Effect of currency exchange rate change | (1,861) | 9,533 | |||||||||
| Net decrease in cash and cash equivalents and restricted cash | $ | (95,359) | $ | (60,750) | |||||||
| Nine Months Ended September 30 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Net Income | $ | 390,370 | $ | 192,382 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation, amortization and goodwill and other asset impairments | 91,631 | 86,496 | |||||||||
| Amortization of lease right-of-use asset | 43,707 | 44,229 | |||||||||
| Net pension benefit, settlement gain and early retirement and special separation benefit expense | (215,165) | (61,090) | |||||||||
| Other non-cash activities | 49,486 | (59,958) | |||||||||
| Change in operating assets and liabilities | (79,197) | 116,837 | |||||||||
| Net Cash Provided by Operating Activities | $ | 280,832 | $ | 318,896 | |||||||
| Nine Months Ended September 30 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Purchases of property, plant and equipment | $ | (65,013) | $ | (48,618) | |||||||
| Net (payments on) proceeds from disposition of businesses, property, plant and equipment and investments | (37,900) | 7,747 | |||||||||
| Net proceeds from sales (purchases) of marketable equity securities | 29,622 | (29,823) | |||||||||
| Proceeds from repayment of related party loan | 20,000 | — | |||||||||
| Investments in certain businesses, net of cash acquired | (18,362) | (19,486) | |||||||||
| Investments in equity affiliates and cost method investments | (204) | (10,512) | |||||||||
| Other | 2,136 | 2,330 | |||||||||
| Net Cash Used in Investing Activities | $ | (69,721) | $ | (98,362) | |||||||
| Nine Months Ended September 30 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Common shares repurchased | $ | (198,598) | $ | (3,468) | |||||||
| Net (payments) borrowings under revolving credit facility | (31,258) | 600 | |||||||||
| Repayments of borrowings | (21,535) | (22,089) | |||||||||
| Net proceeds from (repayments of) vehicle floor plan payable | 4,863 | (27,897) | |||||||||
| Issuance of borrowings | 1,800 | — | |||||||||
| Dividends paid | (24,285) | (23,508) | |||||||||
| Purchase of noncontrolling interests | (17,526) | (1,761) | |||||||||
| Distributions paid to noncontrolling interests | (5,269) | (191,609) | |||||||||
| Other | (12,801) | (21,085) | |||||||||
| Net Cash Used in Financing Activities | $ | (304,609) | $ | (290,817) | |||||||
| Period | Total Number of Shares Purchased | Average Price Paid per Share(1) | Total Number of Shares Purchased as Part of Publicly Announced Plan(2) | Maximum Number of Shares that May Yet Be Purchased Under the Plan(2) | ||||||||||||||||||||||
| July 1 - 31 | 20,893 | $ | 1,182.59 | 20,893 | 331,118 | |||||||||||||||||||||
| August 1 - 31 | 17,846 | 1,192.72 | 17,846 | 313,272 | ||||||||||||||||||||||
| September 1 - 30 | 27,319 | 1,148.54 | 27,319 | 285,953 | ||||||||||||||||||||||
| 66,058 | $ | 1,171.25 | 66,058 | |||||||||||||||||||||||
Exhibit Number | Description | ||||
| 3.1 | |||||
| 3.2 | |||||
| 3.3 | |||||
| 4.1 | |||||
| 31.1 | |||||
| 31.2 | |||||
| 32 | |||||
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
| 104 | Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101 | ||||
| GRAHAM HOLDINGS COMPANY | ||||||||
| (Registrant) | ||||||||
| Date: October 29, 2026 | /s/ Timothy J. O’Shaughnessy | |||||||
Timothy J. O’Shaughnessy, President & Chief Executive Officer (Principal Executive Officer) | ||||||||
| Date: October 29, 2026 | /s/ Wallace R. Cooney | |||||||
| Wallace R. Cooney, Chief Financial Officer (Principal Financial Officer) | ||||||||
| /s/ Timothy J. O’Shaughnessy | |||||
| /s/ Wallace R. Cooney | |||||
| /s/ Timothy J. O’Shaughnessy | |||||
| /s/ Wallace R. Cooney | |||||