Graham Holdings Co. Class B (GHC)

In the past six months, GHC's stock was impacted by the Q4 2025 earnings report in February 2026, where the company reported EPS of $11.45, missing analysts' expectations of $14.05, contributing to a stock pullback of approximately 7.7% over 30 days. Despite this, the stock has shown a 21.08% increase over the last 12 months. The company also announced an upcoming dividend of $1.88 per share in April 2026. Institutional ownership data has shown mixed flows.

Demand seasonality for Graham Holdings Co.'s products and services varies across its diverse segments. The television broadcasting operations are subject to seasonal fluctuations in demand for airtime, as well as annual or biannual events such as sporting events and political elections, which can significantly impact advertising revenue. A decrease in political advertising revenue impacted the television broadcasting division in Q4 2025. The education segment, particularly Kaplan, benefits from strong demand in key markets and for test preparation programs. Manufacturing revenue can be influenced by overall product demand. The healthcare division has shown consistent growth, indicating a less pronounced seasonality.

Graham Holdings Co. is a diversified holding company with main segments in education, television broadcasting, healthcare, manufacturing, automotive, and other businesses. The education segment, conducted through Kaplan, Inc., offers various educational services to over one million students annually. The television broadcasting segment, operated by Graham Media Group, owns and operates seven local television stations and provides digital media tools and advertising solutions. The healthcare segment, through Graham Healthcare Group, provides home health, hospice, and palliative care services. The manufacturing segment includes companies like Hoover Treated Wood Products, Joyce/Dayton Corp., Forney Corporation, and Dekko. Graham Holdings owns and operates several automotive dealerships, primarily in the Washington, D.C. area. The company's other businesses encompass online and print media entities, digital marketing, retail, and restaurants.

Graham Holdings Co. has an international presence through Kaplan, operating in nearly 30 countries. Domestically, Graham Media Group's television stations serve specific U.S. markets in Michigan, Texas, Florida, Virginia, and Ohio. The automotive dealerships are concentrated around the Washington, D.C. region.

Kaplan, a key subsidiary of Graham Holdings, was named to Fast Company's annual list of the World's Most Innovative Companies for its AI-powered educational products for the third consecutive year. Kaplan has also been chosen as the exclusive licensure prep partner for the Society of Women Engineers and has formed partnerships with universities like South Carolina State University and Alabama State University to offer free comprehensive test prep and skills development courses. Kaplan's surveys on law and business school rankings have also generated news.

Graham Holdings Co. has a mixed ownership structure comprising institutional, insider, and retail investors. Institutional investors collectively hold a significant portion of the shares, with 343 institutional owners holding a total of 2,678,987 shares. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc, Madison Avenue Partners, LP, Dimensional Fund Advisors Lp, Wallace Capital Management Inc., State Street Corp, Geode Capital Management, Llc, Aqr Capital Management Llc, First Trust Advisors Lp, and Charles Schwab Investment Management Inc. Donald Graham is the largest individual shareholder, owning 9.82% of the company's shares. Insiders, including the Graham family, maintain a substantial stake, with Donald Graham holding approximately 13% as of October 2025. The company's CEO, Timothy O'Shaughnessy, holds 1.9% of the shares.