Graham Holdings Company Reports Strong 2024 and Fourth Quarter Earnings

Graham Holdings Company (NYSE: GHC) announced its fiscal 2024 financial results and fourth quarter performance on February 26, 2025, reporting significant year‐over‐year gains across several key metrics. The company also filed its Form 10‑K for the year ended December 31, 2024, with the Securities and Exchange Commission.

For the full year 2024, Graham Holdings achieved revenues of approximately $4.79 billion, up 9% from $4.41 billion in 2023. Operating income rose markedly to $215.5 million from $69.4 million in the prior year. Excluding goodwill and other long‑lived asset impairment charges, the operating improvement was driven by strong results in the education, television broadcasting and healthcare divisions, though partially offset by declines in manufacturing and automotive segments. Adjusted operating cash flow increased to $447.0 million compared with $338.3 million in 2023, reflecting robust performance across several of the company’s business lines.

In the fourth quarter of 2024, revenue climbed 7% to about $1.25 billion when compared to $1.17 billion in the same period last year. Operating income for the quarter more than doubled to $72.5 million from $40.8 million in 2023. The quarter’s results were supported by higher revenues in television broadcasting, manufacturing, healthcare, and other businesses. Notably, the education division posted mixed results due to a $22.9 million long‑lived asset impairment charge, while healthcare revenues increased by 41% year‑over‑year. Adjusted operating cash flow for the quarter reached $139.6 million, up significantly from $83.0 million in the previous quarter.

Other key financial highlights from the filing include:
• Strong performance by core business divisions, with education, television broadcasting and healthcare contributing to an overall year‑over‑year operating income expansion.
• Total borrowings of $748.2 million at year‑end 2024, compared with $811.8 million at the end of 2023, accompanied by improved cash and marketable securities positions, which totaled $1.16 billion at December 31, 2024.
• The company repurchased nearly 19,700 shares of its Class B common stock during the fourth quarter.
• A significant pension plan transaction involving the purchase of an irrevocable group annuity contract for $461.3 million, resulting in a one‑time, pre‑tax, noncash settlement gain of $653.4 million.
• A settlement agreement entered on February 25, 2025, with minority shareholders to address a portion of its mandatorily redeemable noncontrolling interest at Graham Healthcare Group for a total of $205 million.

For the full year, Graham Holdings reported net income attributable to common shareholders of $724.6 million, compared to $205.3 million in 2023. On a per share basis, diluted net income increased to $163.40 per share in 2024 from $43.82 in 2023.

The detailed breakdown of the company’s performance by division reflected gains in education—driven by some growth in Kaplan International and supplemental education revenues—along with noteworthy increases in television broadcasting driven largely by higher advertising revenues, and healthcare benefiting from expanded treatment offerings. However, manufacturing and automotive results were mixed, with declines experienced in key segments.

Management highlighted that, excluding non‐core items and adjustments, the improved operating and cash flow metrics represented strong growth in the company’s underlying businesses. Forward‑looking statements in the filing note that various risks and uncertainties could impact future results, consistent with disclosures in the company’s annual reports.

Graham Holdings’ 2024 performance underscores resilience across its diverse portfolio of businesses as it continues to navigate a competitive landscape across education, media, manufacturing, healthcare, and automotive sectors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Graham’s 8K filing here.

About Graham

Graham Holdings Company, through its subsidiaries, operates as a diversified education and media company in the United States and internationally. It provides test preparation services and materials; professional training and exam preparation for professional certifications and licensures; and non-academic operations support services to the Purdue University Global; operations support services for online courses and programs; training and test preparation services for accounting and financial services professionals; English-language training, academic preparation programs, and test preparation for English proficiency exams; and A-level examination preparation services, as well as operates colleges, business school, higher education institution, and an online learning institution.