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• A diversified holding company, akin to a smaller **Berkshire Hathaway**, but with its largest segment in education services and significant media holdings.
• The parent company of a large education enterprise (like **Pearson**), also owning local TV stations and diverse manufacturing businesses.

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• Ejectors: Devices that use a high-velocity fluid stream to create a vacuum or compress gases in industrial processes.
• Vacuum Pumps: Equipment used to remove air and gas molecules from a sealed volume to create and maintain a vacuum.
• Heat Exchangers: Devices designed to efficiently transfer thermal energy between two or more fluids.
• Surface Condensers: Large heat exchangers primarily used in power generation to condense exhaust steam from turbines into liquid water.
• Process Vacuum Systems: Integrated solutions combining various components like ejectors, condensers, and pumps to achieve specific vacuum conditions for industrial applications.
• Aftermarket Services: Provides spare parts, repairs, maintenance, and upgrades for their installed equipment.

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Major Customers of Graham Holdings Company (GHC)

Graham Holdings Company (GHC) operates a diversified portfolio of businesses, including education services (Kaplan), television broadcasting, automotive dealerships, healthcare services, and various manufacturing and other ventures. Due to its broad range of operations, GHC serves a mix of both business and individual customers. However, a significant portion of its revenue is generated directly from individuals across several key segments. Therefore, Graham Holdings Company primarily serves the following categories of individual customers:

• Students and Professional Learners: Through its Kaplan segment, GHC serves individuals globally who are pursuing academic advancement, professional development, or language acquisition. This includes students seeking test preparation for standardized exams (e.g., SAT, GRE, MCAT, Bar Exam), those enrolling directly in higher education programs, and professionals seeking certifications or skills training in various fields.
• Automotive Retail Customers: Graham's automotive dealerships serve individual consumers and households who are purchasing new and used vehicles, as well as those seeking parts, maintenance, and repair services for their cars.
• Healthcare Recipients and Wellness Consumers: Through Graham Healthcare Group, GHC provides home health and hospice services to individuals requiring medical care and support in their homes. Additionally, through Vitacost.com (part of its manufacturing segment), GHC serves consumers purchasing health, wellness, and nutritional products online.

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Timothy J. O'Shaughnessy, President and Chief Executive Officer

Timothy J. O'Shaughnessy was named President and Chief Executive Officer of Graham Holdings Company (GHC) in 2015. He joined the Company in 2014 to lead investments, acquisitions, and set a new strategic direction following the sale of The Washington Post. Prior to joining Graham Holdings, Mr. O'Shaughnessy co-founded LivingSocial in 2007, serving as its CEO and growing its sales to nearly $2 billion. Earlier in his career, he held roles as a product manager at AOL and vice president of product development at Revolution Health. He has also served as a board member and advisor to several private companies.

Wallace R. Cooney, Senior Vice President–Finance Chief Financial Officer

Wallace R. Cooney joined Graham Holdings Company in 2001 as Controller, becoming Senior Vice President–Finance and Chief Financial Officer in 2017. From 2008 to 2017, he served as the Company's Vice President of Finance and Chief Accounting Officer. Prior to Graham Holdings, he was Director of Financial Reporting at Gannett Co., Inc. from 1997 to 2001. Mr. Cooney began his career in 1985 with Price Waterhouse LLP (now PricewaterhouseCoopers). He is a Certified Public Accountant and was instrumental in significant transactions, including the sale of Newsweek, the Berkshire Hathaway exchange, multiple acquisitions, and the Cable One spin-off.

Andrew S. Rosen, Executive Vice President and Chairman and CEO of Kaplan, Inc.

Andrew S. Rosen serves as Executive Vice President of Graham Holdings Company and is the Chairman and Chief Executive Officer of Kaplan, Inc., a global education company. He joined Kaplan in 1992 and is credited with transforming it from an unprofitable test prep firm into a diversified educational enterprise. He oversaw the transfer of Kaplan's primarily online university to Purdue, which led to the creation of Purdue University Global. Before joining Kaplan, Mr. Rosen was Assistant Counsel at Newsweek and a staff attorney for The Washington Post newspaper.

Jacob Maas, Executive Vice President

Jacob Maas became Executive Vice President of Graham Holdings Company in January 2022, after serving as Senior Vice President of Planning and Development since October 2015. Before his tenure at Graham Holdings, Mr. Maas spent seven years at LivingSocial, holding various leadership roles including Chief Financial Officer, Executive Vice President of Operations, and Head of Corporate Development.

Nicole Maddrey, Senior Vice President, Secretary and General Counsel

Nicole Maddrey holds the titles of Senior Vice President, Secretary, and General Counsel at Graham Holdings Company.

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1. Weak Operating Margins and Profitability: Graham Corporation has demonstrated weak operating margins, with an average of 2.3% over the last five years, which is considered low for an industrials business. This indicates a large cost base and low gross margin, impeding capital-efficient growth initiatives and overall profitability.
2. Short Cash Runway and Potential for Shareholder Dilution: The company has experienced significant cash burn, with $10.65 million used over the past year. With approximately $20.58 million in cash on its balance sheet, Graham Corporation has an estimated cash runway of about 23 months. This limited cash position increases the risk of needing to raise additional capital from investors, potentially leading to shareholder dilution.
3. Compliance Challenges with Export and Sanctions Laws: Graham Corporation faces substantial risks due to the intricate nature of complying with various export, import, and sanctions laws, such as ITAR, EAR, and OFAC regulations. Operating across multiple jurisdictions with potentially conflicting regulations makes full compliance challenging and increases the risk of fines, penalties, or the suspension of export/import privileges. Recent self-reported ITAR violations underscore the ongoing risk of non-compliance, which could materially impact the company's financial condition and operations.

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• The rapid development and widespread adoption of artificial intelligence (AI) for personalized learning and content generation, coupled with the proliferation of high-quality free or low-cost online education platforms (e.g., MOOCs, specialized learning apps, educational YouTube channels), poses a significant emerging threat to Graham Holdings' Kaplan education segment. These alternatives offer increasingly sophisticated, on-demand, and often more affordable options for test preparation, professional development, and higher education, directly challenging Kaplan's traditional revenue streams.
• The accelerating trend of consumers "cord-cutting" from traditional cable and satellite television services, combined with advertisers' continued shift of budgets to digital and streaming platforms, represents a clear emerging threat to Graham Holdings' television broadcasting division. This erosion of linear TV viewership and advertising spend directly impacts the revenue and long-term sustainability of their local broadcast stations.

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Graham Holdings Company (GHC) is a diversified holding company with operations across several key sectors, each with its own addressable market.

Educational Services (Kaplan)

Graham's Kaplan segment is a leading global provider of educational services. The global educational services market is projected to reach approximately USD 3.477.1 billion in 2025 and is anticipated to grow to USD 5,723.54 billion by 2033, demonstrating a CAGR of 6.428% during this period. North America accounts for about 26.45% of this global market. More specifically:

• The global test preparation market was valued at USD 124.6 billion in 2023 and is projected to reach USD 183.9 billion by 2031, growing at a CAGR of 4.5% (2024-2031). The U.S. test preparation market alone was estimated at USD 37.6 billion in 2024.
• The global language learning market was valued at approximately USD 122.41 billion in 2024 and is expected to reach USD 398.3874 billion by 2033, growing at a CAGR of 15.89%. The United States language learning market size is projected at USD 42.58664 billion in 2025.
• The U.S. higher education market generated USD 192.918.6 million in 2023 and is expected to reach USD 370,409.0 million by 2030, with a CAGR of 9.8% from 2024 to 2030. Another source estimates the U.S. higher education market size at $591.1 billion in 2025.
• The global professional development market was valued at USD 478.4 billion in 2024 and is anticipated to increase to USD 1,090.7 billion by 2035, with a CAGR of 7.78% from 2025 to 2035. Similarly, the global corporate training market size was valued at $361.5 billion in 2023 and is projected to reach $805.6 billion by 2035, growing at a CAGR of 7%. North America accounts for 43% of the total corporate training market.

Television Broadcasting

Graham Media Group operates television stations in several U.S. markets. The U.S. television services market was valued at USD 117.68 billion in 2024 and is projected to be worth around USD 186.90 billion by 2034. North America held the largest market share in the television services market in 2024.

Healthcare Services (Graham Healthcare Group)

Graham Healthcare Group provides home health and hospice care, primarily in the U.S. The U.S. home healthcare market size is projected to hit around USD 222.61 billion by 2025 and is expected to reach approximately USD 644.37 billion by 2034, at a CAGR of 12.74% from 2025 to 2034. The U.S. hospice market was valued at USD 29.92 billion in 2024 and is anticipated to reach USD 39.09 billion by 2030.

Manufacturing

Graham's manufacturing operations are diversified. The global manufacturing market is expected to reach US$14.8 trillion by 2025 and an estimated US$20.7 trillion by 2032, growing at a CAGR of 4.9% during 2025-2032. Asia Pacific is estimated to lead with 42.7% market share, with North America growing the fastest. The global industrial machinery market is estimated at USD 743.1 billion in 2025 and is expected to grow to USD 1.61 trillion in 2034. North America dominated the industrial machinery market in 2024, accounting for approximately 45.2% of the global market share.

Automotive Group

Graham owns several automotive dealerships in the Washington, D.C. area. The United States automotive dealership market size stands at USD 2.95 trillion in 2025 and is forecast to reach USD 3.68 trillion by 2030, reflecting a 4.52% CAGR (2025-2030). Total franchised light-vehicle dealership sales topped $1.2 trillion in 2024.

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Graham Holdings Company (NYSE: GHC) is expected to drive future revenue growth over the next two to three years through a diversified strategy focusing on key performing segments, strategic acquisitions, and potential market shifts.

Here are 3-5 expected drivers of future revenue growth:

1. Continued Growth in Healthcare Segment: Graham Holdings' Healthcare segment has demonstrated strong performance, with reported revenue increases of 34% year-over-year in Q3 FY2025. This segment is identified as a significant revenue driver and is expected to continue its expansion. The companies within Graham Healthcare Group are recognized for leadership in care transitions, disease management, and innovative healthcare solutions, suggesting ongoing opportunities for growth.
2. Sustained Performance and Expansion in Kaplan Education: Kaplan, Inc., Graham Holdings' educational services segment, is a leading global provider serving over one million students annually across nearly 30 countries. Kaplan has shown consistent growth, with an 8% year-over-year revenue increase in Q3 FY2025, accelerating from previous quarters. This sustained growth in its "cash cow" education business is anticipated to be a continued driver.
3. Manufacturing Segment Momentum: The Manufacturing segment has recently shown accelerated revenue growth, delivering a 30% year-over-year increase in Q3 FY2025. This marks a significant turnaround from a decline in the previous quarter, indicating renewed momentum and potential for continued contribution to overall revenue.
4. Strategic Acquisitions: Graham Holdings has a history of strategic capital allocation, including acquisitions. Recent examples include the acquisition of Arconic Architectural Products and a Honda car dealership. While some divestitures occur, the company's approach to strategic acquisitions is a recurring theme that can bolster its diversified portfolio and open new revenue streams.
5. Potential for Broadcast TV M&A Activity: While the television broadcasting segment has faced recent declines, analysts suggest that a perceived easing of broadcast TV M&A regulations could enable future station monetization or local consolidation. Such activity could provide a catalyst for this segment, potentially unlocking value and contributing to revenue growth through strategic maneuvers like sales or partnerships.

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Share Repurchases

• On September 12, 2024, Graham Holdings Company's Board of Directors authorized the repurchase of up to 500,000 shares of its Class B common stock.
• During the first quarter of 2025, the company purchased 3,978 shares of its Class B common stock at a cost of $3.5 million.
• As of September 30, 2025, Graham Holdings Company had a remaining authorization to repurchase 462,482 shares.

Outbound Investments

• Graham Holdings Company's capital allocation strategy includes strategic acquisitions, such as Arconic and a Honda dealership.

Capital Expenditures

• Graham Holdings Company reported capital expenditures of $137 million, $67 million, $60 million, $98 million, and $39 million in recent annual periods.