Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 51

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 $3,545.1 million in the first nine months of 2024. Revenues increased at education, manufacturing, healthcare and other businesses, partially offset by declines at television broadcasting and automotive. The Company reported operating income of $187.4 million for the first nine months of 2025, compared to $143.0 million for the first nine months of 2024. Excluding goodwill and other long-lived asset impairment charges, the improvement in operating results is due to increases at education, manufacturing and healthcare, partially offset by declines 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