Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 159

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 2
Chunk 159
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 at television broadcasting and automotive.

Division Results

Education

Education division revenue totaled $472.7 million for the third quarter of 2025, up 8% from $438.1 million for the same period of 2024. Kaplan reported operating income of $49.1 million for the third quarter of 2025, compared to $34.9 million for the third quarter of 2024. 

For the first nine months of 2025, education division revenue totaled $1,334.2 million, up 4% from $1,283.6 million for the same period of 2024. Kaplan reported operating income of $135.3 million for the first nine months of 2025, compared to $100.8 million for the first nine months of 2024.

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A summary of Kaplan’s operating results is as follows:

Three Months EndedNine Months Ended  September 30  September 30  (in thousands)20252024% Change20252024% ChangeRevenue            Kaplan international$294,292 $277,009 6 $827,719 $813,833 2 Higher education92,162 85,655 8 265,387 246,818 8 Supplemental education86,679 76,134 14 242,243 221,389 9 Kaplan corporate and other280 158 77 315 5,739 (95)Intersegment elimination(751)(866)— (1,458)(4,192)—   $472,662 $438,090 8 $1,334,206 $1,283,587 4 Operating Income (Loss)            Kaplan international$28,893 $25,538 13 $88,892 $82,674 8 Higher education14,683 11,385 29 45,462 31,258 45 Supplemental education14,979 11,186 34 28,353 21,438 32 Kaplan corporate and other(8,137)(10,717)24 (22,201)(26,357)16 Amortization of intangible assets(1,404)(2,421)42 (5,222)(8,267)37 Intersegment elimination38 (81)— (14)8 —   $