Graham Holdings Company (GHC) Income Statement
GHC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGHC revenue and net income
Where GHC's revenue goes
2025Each bar shows an amount and its share of revenue. GHC kept 6.0% of revenue as net income.
GHC profit margins
GHC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.5% | +7.8% | +11.2% | +6.6% |
| Gross profit | −7.4% | +2.3% | +6.8% | −0.2% |
| Operating income | +16.8% | +44.2% | +20.2% | — |
| Net income | −59.7% | +63.3% | −0.5% | — |
| EPS (diluted) | −19.2% | −4.6% | +10.1% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GHC quarterly EPS vs estimates
Graham beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 4, 2026.
GHC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.91B | $4.79B | $4.41B | $3.92B | $3.19B | $2.89B | $2.93B | $2.70B | $2.59B | $2.48B |
| Cost of revenue | $3.55B | $3.32B | $3.10B | $2.66B | $2.11B | $1.91B | $1.95B | $1.59B | $1.45B | $1.27B |
| Gross profit | $1.36B | $1.47B | $1.31B | $1.27B | $1.07B | $977.0M | $983.9M | $1.11B | $1.14B | $1.21B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $1.11B | $1.08B | $1.01B | $921.7M | $831.9M | $715.4M | $717.7M | $750.9M | $887.8M | $896.1M |
| Total operating expenses | $1.11B | $1.25B | $1.24B | $1.18B | $994.1M | $876.6M | $839.3M | $863.2M | $1.00B | $989.0M |
| Operating income | $251.8M | $215.5M | $69.4M | $83.9M | $77.4M | $100.4M | $144.5M | $246.2M | $136.4M | $222.9M |
| Interest income | $8.3M | $9.9M | $7.1M | $3.2M | $3.4M | $3.9M | $6.2M | $5.4M | $6.6M | $3.1M |
| Interest expense | $119.1M | $186.1M | $63.3M | $54.4M | $33.9M | $38.3M | $29.8M | $37.9M | $33.9M | $35.4M |
| Income before taxes | $449.7M | $1.02B | $299.0M | $121.7M | $449.6M | $407.3M | $426.5M | $323.5M | $182.8M | $250.7M |
| Income taxes | $146.4M | $292.1M | $87.3M | $51.3M | $96.3M | $107.3M | $98.6M | $52.1M | −$119.7M | $81.2M |
| Net income | $292.3M | $724.6M | $205.3M | $67.1M | $352.1M | $300.4M | $327.9M | $271.2M | $302.0M | $168.6M |
| EBITDA | $740.9M | $1.45B | $665.2M | $504.8M | $719.5M | $696.7M | $662.1M | $473.7M | $330.0M | $378.9M |
| EPS (diluted) | $51.50 | $63.77 | $42.72 | $59.28 | $35.27 | $31.89 | $33.61 | $43.78 | $52.35 | $29.06 |
| Gross margin | 27.6% | 30.6% | 29.7% | 32.3% | 33.6% | 33.8% | 33.6% | 41.1% | 43.9% | 48.8% |
| Operating margin | 5.1% | 4.5% | 1.6% | 2.1% | 2.4% | 3.5% | 4.9% | 9.1% | 5.3% | 9.0% |
| Net margin | 6.0% | 15.1% | 4.6% | 1.7% | 11.1% | 10.4% | 11.2% | 10.1% | 11.7% | 6.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.30B | $1.24B | $1.25B | $1.28B | $1.22B | $1.17B | $1.25B | $1.21B | $1.19B | $1.15B | $1.17B | $1.11B |
| Cost of revenue | $910.5M | $857.2M | $906.6M | $933.4M | $866.3M | $847.7M | $845.9M | $826.8M | $831.9M | $820.0M | $826.3M | $781.6M |
| Gross profit | $392.0M | $378.8M | $344.4M | $345.5M | $349.4M | $318.2M | $399.9M | $380.4M | $353.4M | $332.7M | $340.5M | $329.9M |
| Sales, general & admin | $284.1M | $277.5M | $286.7M | $276.1M | $276.7M | $270.7M | $299.5M | $269.0M | $269.0M | $264.0M | $266.0M | $254.8M |
| Total operating expenses | $308.4M | $301.9M | $283.8M | $272.3M | $276.7M | $270.8M | $327.4M | $298.7M | $327.5M | $297.3M | $299.7M | $387.0M |
| Operating income | $83.6M | $76.9M | $60.5M | $73.2M | $72.7M | $47.4M | $72.5M | $81.6M | $25.9M | $35.4M | $40.8M | −$57.1M |
| Interest income | $1.9M | $2.5M | $2.0M | $1.5M | $2.3M | $2.5M | $3.3M | $2.3M | $2.1M | $2.2M | $2.4M | $8.0M |
| Interest expense | $17.2M | $16.4M | $1.4M | $17.2M | $18.2M | $82.3M | $49.5M | $25.9M | $91.4M | $19.3M | $25.4M | $11.8M |
| Income before taxes | $317.5M | $40.7M | $172.4M | $183.0M | $60.6M | $33.6M | $757.6M | $113.0M | −$14.7M | $168.8M | $72.6M | −$11.7M |
| Income taxes | $35.1M | $9.9M | $61.5M | $56.8M | $20.2M | $7.9M | $206.0M | $38.5M | $4.1M | $43.5M | $16.9M | $9.4M |
| Net income | $281.1M | $29.1M | $108.7M | $122.9M | $36.7M | $23.9M | $548.8M | $72.5M | −$21.0M | $124.4M | $53.3M | −$23.0M |
| EBITDA | $373.4M | $96.1M | $217.4M | $244.8M | $120.3M | $158.4M | $875.1M | $210.0M | $124.6M | $238.3M | $149.3M | $150.0M |
| EPS (diluted) | $19.46 | $16.79 | $11.45 | $14.08 | $14.33 | $11.64 | $22.58 | $17.25 | $12.70 | $11.24 | $10.94 | $10.45 |
| Gross margin | 30.1% | 30.6% | 27.5% | 27.0% | 28.7% | 27.3% | 32.1% | 31.5% | 29.8% | 28.9% | 29.2% | 29.7% |
| Operating margin | 6.4% | 6.2% | 4.8% | 5.7% | 6.0% | 4.1% | 5.8% | 6.8% | 2.2% | 3.1% | 3.5% | −5.1% |
| Net margin | 21.6% | 2.4% | 8.7% | 9.6% | 3.0% | 2.0% | 44.1% | 6.0% | −1.8% | 10.8% | 4.6% | −2.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GHC's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GHC financial results
In fiscal year 2025 (ended December 31, 2025), Graham reported revenue of $4.9 billion, up 2.5% from the year before. It had net income of $292.3 million (down 59.7%), a net profit margin of 6.0%. Diluted earnings per share came to $51.50. Over five years revenue grew at an average rate of 11.2% a year.
See the GHC stock overview for the latest quote and news, or the GHC chart for price history and technical indicators.
GHC income statement FAQ
What is Graham's annual revenue?
Graham reported total revenue of $4.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.5% from $4.8 billion the previous year.
Is Graham profitable?
Yes. Graham reported net income of $292.3 million in fiscal 2025, a net profit margin of 6.0%; its operating margin was 5.1%.
What is Graham's gross margin?
Graham's gross margin was 27.6% in fiscal 2025: for every $100 of revenue, Graham kept $28 after the direct cost of its products and services.
How fast is Graham growing?
Revenue grew 11.2% a year on average over the last five fiscal years, from $2.9 billion to $4.9 billion.
What are Graham's earnings per share?
Graham earned $51.50 per diluted share in fiscal 2025, compared with $63.77 a year earlier.
When will Graham report its next earnings?
Graham is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Graham's fiscal year end?
Graham's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.