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Graham (GHC) is like **a smaller, more eclectic Berkshire Hathaway**, but with its primary investments in education and media, alongside a wide array of other niche businesses.

Imagine a company that is a cross between **Pearson** (for its global education services) and a regional TV and online media company, but also owns a diverse portfolio of unrelated ventures, from restaurants to industrial products.

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• Education Services: Provides diverse test preparation, training, and degree programs for professional certifications, English language, data science, and cybersecurity, while also operating various educational institutions.
• Broadcast Television: Owns and operates seven local television stations.
• Digital Media & Publishing: Publishes online magazines (e.g., Slate, Foreign Policy) and offers social media management tools and digital advertising solutions.
• Home Health & Hospice Care: Delivers comprehensive home healthcare and hospice services.
• Industrial Products: Manufactures and supplies specialized industrial components, including burners, linear motion products, pressure-treated lumber, and electrical systems.
• Restaurant & Entertainment Venues: Owns and manages 11 restaurants and entertainment establishments.
• Automobile Dealerships: Engages in the business of selling and servicing automobiles through its dealerships.

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Graham Holdings Company (GHC) serves a diverse range of customers across its various business segments. Given the extensive educational offerings primarily aimed at students, alongside services like restaurants, auto dealerships, and home health, the company serves a significant number of individuals. Therefore, its major customers can be broadly categorized as:

• Individual Consumers and Students: This category includes students enrolling in Graham's numerous educational programs (e.g., test preparation, degree programs, professional certifications, English-language training, data science, cybersecurity training), patrons visiting its restaurants and entertainment venues, customers purchasing vehicles from its auto dealerships, and patients receiving home health and hospice services.

• Businesses and Industrial Clients: This encompasses a wide array of businesses that purchase Graham's manufactured products (such as burners, igniters, screw jacks, lumber, and lighting solutions), companies utilizing its digital advertising and social media marketing solutions, newsrooms that use its social media management tools, and advertisers placing ads on its television stations and online publications like Foreign Policy and Slate.

• Educational Institutions: Graham Holdings Company provides non-academic operations support services to specific educational institutions. Notably, Purdue University Global is mentioned as a customer for these services.

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

Timothy J. O'Shaughnessy was named President and CEO of Graham Holdings Company (GHC) in 2015, having joined the company in 2014 to lead investments, acquisitions, and establish a new strategic direction after the sale of The Washington Post. Under his leadership, GHC has diversified into various new sectors, including manufacturing, healthcare, restaurants, and automotive. Prior to joining Graham Holdings Company, O'Shaughnessy co-founded LivingSocial in 2007 and served as its chief executive officer for seven years, during which the e-commerce and marketing company grew sales to nearly $2 billion. Earlier in his career, he worked as a product manager at AOL and rose to 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 and Chief Financial Officer

Wallace R. Cooney is the Senior Vice President – Finance and Chief Financial Officer of Graham Holdings Company, a position he has held since April 2017. He initially joined the company (then The Washington Post Company) in 2001 as controller and later became vice president-finance and chief accounting officer in 2009, serving in that capacity until 2017. Before his time at Graham Holdings, Cooney was the director of financial reporting at Gannett Co., Inc. from 1997 to 2001. He began his career with Price Waterhouse LLP in 1985, which included a three-year tenure in The Hague, The Netherlands, and serving as a senior manager from 1994 to 1997.

Andrew S. Rosen, Executive Vice President; Chairman and Chief Executive Officer of Kaplan, Inc.

Andrew S. Rosen serves as Executive Vice President of Graham Holdings Company and has been the Chairman and CEO of Kaplan, Inc. since 2008. Since joining Kaplan in 1992, he has been instrumental in transforming it from a test prep firm into a diverse global educational enterprise, known for innovation in higher education, professional certifications, and international university pathway programs. Rosen notably oversaw the transfer of Kaplan's online university to Purdue, leading to the creation of Purdue University Global. He is also the author of "Change.edu: Rebooting for the New Talent Economy." Prior to Kaplan, Rosen worked as Assistant Counsel at Newsweek and as a staff attorney for The Washington Post newspaper.

Jacob (Jake) Maas, Executive Vice President

Jacob (Jake) Maas is an Executive Vice President of Graham Holdings Company, where he is a key member of the executive team focused on the company's investment and development strategies. He joined Graham Holdings in October 2015 as senior vice president of planning and development. Before his tenure at Graham Holdings, Maas spent seven years at LivingSocial, holding various leadership positions including chief financial officer, executive vice president of operations, and head of corporate development.

Donald E. Graham, Chairman

Donald E. Graham is the Chairman of Graham Holdings Company. He previously served as the Chief Executive Officer of the company, which was formerly known as The Washington Post Company. His daughter, Laura Graham O'Shaughnessy, is married to the current President and CEO, Timothy J. O'Shaughnessy.

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Here are the key risks to Graham Holdings Company (GHC):

1. Declining Enrollment and Regulatory Scrutiny in the Education Sector: Graham Holdings Company has a significant presence in the education sector, including providing test preparation services, professional training, and operating various educational institutions, as well as offering non-academic support services to Purdue University Global. This sector is subject to ongoing challenges such as declining overall college enrollment, particularly in certain segments, and increased regulatory scrutiny regarding program efficacy, student outcomes, and financial aid compliance. Stricter regulations, shifts in student preferences, or increased competition from alternative education models could negatively impact a substantial portion of GHC's revenue and profitability.
2. Disruption and Revenue Pressures in the Media Industry: Graham Holdings Company owns and operates seven television stations, produces Foreign Policy magazine and ForeignPolicy.com, and publishes online magazines like Slate. The media industry faces continuous disruption, including audience migration away from traditional broadcast television (cord-cutting), declining linear advertising revenues, and challenges in effectively monetizing digital content in a highly fragmented and competitive online landscape. These ongoing trends pose significant hurdles to the growth and sustained profitability of GHC's media assets.
3. Economic Cyclicality Across Diversified Holdings: While diversification can mitigate risks associated with a single industry, several of GHC's business segments are inherently sensitive to broader economic cycles. These include automobile dealerships, restaurants and entertainment venues, digital advertising services, and certain manufacturing operations (e.g., pressure-treated lumber, industrial components). A significant economic downturn, characterized by reduced consumer spending, lower advertising budgets, or decreased industrial demand, could simultaneously impact multiple, distinct segments of GHC's diversified portfolio, leading to a broader negative effect on the company's overall financial performance.

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1. The accelerating shift of viewers and advertising revenue from traditional linear television to Over-The-Top (OTT) streaming platforms and other digital video consumption methods poses a clear threat to Graham Holdings Company's operation of seven television stations.

2. The rapid advancement and increasing accessibility of Generative AI models and AI-powered personalized learning platforms present a significant emerging threat to GHC's extensive education segment, including its test preparation services, professional training, language training, and online learning institutions, by potentially offering highly customized, adaptive, and lower-cost alternatives.

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Here are the addressable markets for Graham Holdings Company's main products and services:

• Education Services (Test Preparation Services and Materials, Professional Training, English-language Training, A-level Examination Preparation): The global test preparation market reached USD 48.2 billion in 2025 and is projected to reach USD 75.9 billion by 2032. The U.S. accounts for 28% of the global test preparation service market.
• Cybersecurity Training Solutions: The U.S. cybersecurity training market was valued at USD 1,235.3 million in 2023 and is expected to reach USD 3,221.4 million by 2030. Globally, the cybersecurity training market is projected to reach USD 30.24 billion by 2032.
• Digital Publishing (including online magazines like Slate and ForeignPolicy.com): The global digital publishing market was valued at USD 204.83 billion in 2024 and is poised to grow to USD 470.09 billion by 2033. The U.S. digital publishing market was valued at USD 32.8 billion in 2024 and is expected to grow at a CAGR of 7.2%.
• Social Media Management Tools and Social Media Marketing Solutions: The global social media management software market was USD 28.58 billion in 2025 and is expected to grow to USD 33.46 billion in 2026. North America is estimated to contribute 29% to the growth of the global market during the forecast period.
• Digital Advertising Services: The global digital ad spending market size was USD 650.00 billion in 2025 and is expected to exceed USD 1,593 billion by 2035. The U.S. digital advertising market was estimated at USD 246.43 billion in 2024 and is projected to grow from USD 266.14 billion in 2025 to USD 574.71 billion by 2035.
• Home Health and Hospice Services: The global home health and hospice care market was valued at USD 284.97 billion in 2024 and is expected to reach USD 522.79 billion by 2032. The U.S. home healthcare services market was valued at USD 111.2 billion in 2024, estimated to reach USD 120.1 billion in 2025, and is projected to reach USD 317.9 billion by 2035. The U.S. hospice market size was USD 30.25 billion in 2024 and is projected to reach approximately USD 47.52 billion by 2034.
• Automobile Dealerships Business (Automotive Retail): The global automotive retail market size was valued at USD 3.92 trillion in 2024 and is projected to reach nearly USD 6.81 trillion by 2032. North America holds a significant share of the global market, accounting for approximately 30%.

For the following products and services, specific addressable market sizes are null:

• Non-academic operations support services to the Purdue University Global
• Owning and operating seven television stations
• Burners, igniters, dampers, and controls
• Screw jacks, linear actuators and related linear motion products, and lifting systems
• Pressure impregnated kiln-dried lumber and plywood products
• Power charging and data systems, industrial and commercial indoor lighting solutions, and electrical components and assemblies
• Owning and operating 11 restaurants and entertainment venues

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Graham Holdings Company (GHC) is expected to experience future revenue growth over the next 2-3 years driven by several key factors across its diversified operations:

1. Continued Expansion and Demand in Education Services: The company's Kaplan segment is poised for growth due to increasing demand for U.S. workforce reskilling, particularly through professional certifications. Kaplan has demonstrated strong performance, including navigating visa complexities in Kaplan International and strengthening product offerings in Kaplan North America, with its supplemental business showing notable revenue increases.
2. Growth in Healthcare Services: Graham Healthcare Group, focusing on home health and hospice services, has shown admirable growth. Future revenue is anticipated from an expanded patient census and the development of new pharmacies to support increased patient volume.
3. Strategic Acquisitions and Organic Expansion: Historically, GHC's revenue growth has been propelled by strategic acquisitions and organic expansion, particularly within its education segment. This trend is expected to continue, as evidenced by recent acquisitions, such as Arconic in the manufacturing sector.
4. Manufacturing Segment Recovery and Expansion: The manufacturing segment is benefiting from recovery and onshoring trends following supply-chain disruptions. Revenues in this segment are increasing, attributed to strong performance at subsidiaries like Hoover (bolstered by the Arconic acquisition), Dekko, and Joyce.

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Share Repurchases

• In September 2024, Graham Holdings Company's Board of Directors authorized the repurchase of up to 500,000 shares of its Class B common stock.
• During 2025, the company purchased 3,978 shares of its Class B common stock at a cost of $3.5 million.
• As of December 31, 2025, the company had a remaining authorization for 462,482 shares under its share repurchase program.

Outbound Investments

• In June 2021, Graham Holdings acquired Leaf Group, a consumer internet company, for approximately $323 million.
• On October 21, 2025, the company acquired a Honda automotive dealership in Woodbridge, VA, which included the real property for the dealership operations.
• Graham Holdings made several acquisitions in the healthcare sector, including Impact Medical in 2021 and Skin Clique and Surpass in 2022.

Capital Expenditures

• Capital expenditures totaled $79.8 million in 2025 and $93.1 million in 2024.
• The company's capital expenditures were $93 million in 2023 and $163 million in 2021.
• Projected capital expenditures for 2026 are estimated to be $141 million.