Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 156

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 2
Chunk 156
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Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition.

This analysis should be read in conjunction with the condensed consolidated financial statements and the notes thereto.

Results of Operations

The Company reported net income attributable to common shares of $122.9 million ($27.91 per share) for the third quarter of 2025, compared to $72.5 million ($16.42 per share) for the third quarter of 2024.

Items included in the Company’s net income for the third quarter of 2025:

•$2.2 million in intangible and other long-lived asset impairment charges at healthcare, automotive and other businesses (after tax impact of $1.7 million, or $0.39 per share);

•$2.5 million in non-operating expenses related to Separation Incentive Programs (SIPs) at other businesses, the education, television broadcasting and manufacturing divisions and the corporate office (after tax-impact of $1.9 million, or $0.43 per share);

•$0.7 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $6.9 million, or $1.57 per share); 

•$84.8 million in net gains on marketable equity securities (after-tax impact of $63.0 million, or $14.31 per share);

•$5.8 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $4.3 million, or $0.98 per share); and

•a net non-operating gain of $17.1 million from earnings and impairment of equity and cost method investments (after-tax impact of $12.7 million, or $2.89 per share).

Items included in the Company’s net income for the third quarter of 2024:

•$3.7 million in non-operating expenses related to SIPs at Kaplan, manufacturing and other businesses (after tax-impact of $2.7 million, or $0.62 per share);

•$9.7 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $13.2 million, or $3.00 per share);

•$30.5 million in net gains on marketable equity securities (after-tax impact of $22.7 million, or $5.14 per share);

•$2