Cash Flow Statement

Operating Cash Flow

+47%

+65%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Jan-2005	Apr-2005	Jul-2005	Oct-2005	Jan-2006	Apr-2006	Jul-2006	Oct-2006	Dec-2006	Apr-2007	Jul-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Jan-2010	Apr-2010	Jul-2010	Oct-2010	Jan-2011	Apr-2011	Jul-2011	Oct-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	42	79	125	204	266	275	247	241	227	252	314	333	340	334	318	314	325	325	331	325	312	302	301	289	264	193	130	66	7	21	28	91	157	237	281	278	248	201	134	117	133	139	239	132	106	99	35	237	364	1 069	1 115	1 293	1 183	491	184	(99)	(83)	(80)	184	170	152	133	125	303	324	329	429	271	310	321	239	328	212	174	209	300	447	544	505	353	337	155	149	70	27	218	163	212	284	141	237	733	633	692	744	303
Depreciation & Amortization	207	192	184	173	175	177	174	175	178	183	187	185	186	186	189	198	201	203	205	212	218	226	233	239	248	257	276	288	308	331	329	323	307	287	279	280	281	283	286	286	283	278	275	291	294	293	289	265	252	241	237	250	269	279	238	428	393	354	363	93	91	105	109	113	117	106	113	112	114	116	111	122	142	164	169	161	145	131	158	162	165	165	138	261	261	262	360	235	234	258	155	174	169	137	139	125
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	0	0	0	28	38	51	63	41	0	19	10	0	12	6	5	1	0	0	0	0	0	0	0	12	0	0	0	15	0	0	0	25	0	0	32	18	23	31	49	48	46	41	20	13	13	11	11	10	9	8	8	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	6	7	7	6	6	6	6	6	6	6	6
Other Non-Cash Items	38	75	60	17	(51)	(62)	(69)	(74)	(23)	(22)	(30)	(2)	(12)	(14)	(0)	(4)	19	32	11	(63)	(36)	(41)	(32)	1	37	90	164	229	267	237	220	115	102	91	73	105	122	118	143	121	72	43	6	71	112	148	146	(62)	(228)	(966)	(1 041)	(1 286)	(1 151)	(434)	(106)	4	(10)	(41)	(309)	(19)	(3)	21	11	(192)	(205)	(199)	(272)	(104)	(124)	(105)	(4)	(89)	44	32	(31)	(181)	(341)	(415)	(403)	(203)	(189)	7	73	26	49	(134)	(186)	(114)	(186)	(144)	(137)	(613)	(543)	(497)	(560)	(105)
Cash Taxes Paid	0	0	0	69	0	0	0	117	0	0	0	171	0	0	0	162	0	0	0	195	0	0	0	158	0	0	0	79	0	0	0	59	0	0	0	213	0	0	0	39	0	0	0	51	0	0	0	145	0	0	0	188	0	0	0	209	0	0	0	65	0	0	0	4	0	0	0	54	0	0	0	28	0	0	0	91	0	0	0	39	0	0	0	48	0	0	0	39	0	0	0	63	0	0	0	63
Cash Interest Paid	0	0	0	31	0	0	0	28	0	0	0	26	0	0	0	27	0	0	0	25	0	0	0	24	0	0	0	25	0	0	0	27	0	0	0	31	0	0	0	33	0	0	0	36	0	0	0	36	0	0	0	35	0	0	0	33	0	0	0	30	0	0	0	33	0	0	0	42	0	0	0	30	0	0	0	31	0	0	0	30	0	0	0	37	0	0	0	51	0	0	0	69	0	0	0	63
Change in Working Capital	109	115	90	104	82	42	108	(5)	10	2	(33)	47	26	18	37	15	16	(10)	(2)	121	87	89	139	53	10	34	(34)	(47)	(55)	12	51	123	151	72	58	31	(86)	(46)	(149)	(132)	(60)	(77)	(95)	(11)	(44)	(35)	60	(130)	(53)	(24)	(2)	56	(120)	(140)	(219)	(263)	(118)	(84)	(118)	18	51	(13)	86	44	(41)	(29)	(32)	7	(70)	(132)	(178)	(196)	(183)	(66)	(13)	(69)	(28)	(98)	(93)	(110)	(90)	(98)	(151)	(122)	(124)	(147)	(102)	(73)	(94)	(5)	93	113	193	162	112	24
Cash from Operating Activities	396 N/A	462 +17%	458 -1%	498 +9%	472 -5%	433 -8%	460 +6%	338 -27%	393 +16%	415 +6%	438 +6%	562 +28%	539 -4%	524 -3%	543 +4%	523 -4%	560 +7%	549 -2%	546 -1%	595 +9%	581 -2%	576 -1%	642 +11%	581 -9%	558 -4%	573 +3%	536 -7%	536 +0%	527 -2%	601 +14%	628 +4%	651 +4%	716 +10%	686 -4%	691 +1%	694 +0%	564 -19%	556 -1%	414 -26%	393 -5%	428 +9%	383 -10%	425 +11%	484 +14%	467 -3%	505 +8%	529 +5%	310 -41%	336 +8%	321 -4%	310 -3%	314 +1%	168 -46%	183 +9%	83 -55%	71 -15%	178 +151%	140 -21%	106 -24%	261 +146%	292 +12%	246 -16%	331 +34%	268 -19%	195 -27%	207 +6%	239 +16%	287 +20%	230 -20%	200 -13%	167 -16%	165 -1%	216 +30%	303 +41%	334 +10%	211 -37%	222 +6%	162 -27%	167 +3%	202 +21%	223 +10%	229 +3%	209 -9%	236 +13%	214 -9%	198 -7%	234 +18%	260 +11%	238 -8%	251 +5%	348 +39%	407 +17%	452 +11%	495 +9%	435 -12%	347 -20%
Investing Cash Flow
Capital Expenditures	(212)	(184)	(174)	(153)	(144)	(132)	(123)	(126)	(138)	(159)	(177)	(205)	(216)	(209)	(232)	(238)	(245)	(273)	(273)	(284)	(301)	(290)	(298)	(290)	(275)	(286)	(279)	(289)	(292)	(287)	(269)	(258)	(230)	(211)	(234)	(244)	(248)	(252)	(230)	(216)	(222)	(221)	(223)	(225)	(210)	(208)	(209)	(207)	(229)	(231)	(236)	(237)	(226)	(225)	(185)	(137)	(100)	(59)	(58)	(67)	(72)	(74)	(69)	(60)	(62)	(71)	(75)	(98)	(109)	(110)	(115)	(94)	(90)	(81)	(74)	(70)	(58)	(57)	(154)	(163)	(164)	(167)	(79)	(83)	(91)	(91)	(87)	(93)	(92)	(92)	(90)	(83)	(77)	(76)	(74)	(72)
Other Items	(39)	(27)	(13)	(23)	(16)	(26)	(58)	(31)	(75)	(61)	(84)	(145)	(97)	(179)	(115)	(68)	(125)	(25)	(38)	(37)	(93)	(147)	(170)	(291)	(305)	(275)	(261)	(41)	74	87	97	(23)	(12)	11	12	34	21	(72)	(52)	(44)	(55)	52	34	(10)	1	(37)	(58)	199	255	225	303	466	411	433	233	(289)	(470)	(436)	(377)	(245)	(143)	(389)	(368)	(382)	(291)	(80)	(108)	(133)	(184)	(177)	(167)	(143)	(63)	(28)	52	269	184	(81)	(79)	(332)	(248)	(35)	(167)	(101)	(115)	(98)	(45)	(60)	(80)	(80)	21	21	17	24	(51)	(108)
Cash from Investing Activities	(252) N/A	(210) +16%	(187) +11%	(176) +6%	(160) +9%	(158) +1%	(181) -14%	(157) +13%	(213) -35%	(220) -3%	(260) -18%	(349) -34%	(313) +10%	(388) -24%	(347) +11%	(307) +12%	(369) -20%	(298) +19%	(310) -4%	(321) -4%	(394) -23%	(437) -11%	(469) -7%	(581) -24%	(580) +0%	(561) +3%	(541) +4%	(330) +39%	(218) +34%	(201) +8%	(172) +14%	(281) -63%	(242) +14%	(200) +17%	(222) -11%	(210) +6%	(227) -8%	(324) -43%	(282) +13%	(261) +8%	(277) -6%	(169) +39%	(189) -12%	(235) -24%	(209) +11%	(245) -17%	(266) -9%	(8) +97%	26 N/A	(6) N/A	67 N/A	229 +240%	185 -19%	208 +12%	48 -77%	(426) N/A	(570) -34%	(495) +13%	(436) +12%	(311) +29%	(214) +31%	(463) -116%	(437) +6%	(442) -1%	(354) +20%	(151) +57%	(183) -21%	(231) -26%	(293) -27%	(288) +2%	(282) +2%	(237) +16%	(153) +35%	(109) +29%	(22) +80%	199 N/A	127 -37%	(138) N/A	(234) -70%	(495) -112%	(412) +17%	(202) +51%	(246) -22%	(184) +25%	(206) -12%	(189) +8%	(132) +30%	(153) -16%	(172) -12%	(172) +0%	(69) +60%	(62) +10%	(60) +4%	(52) +14%	(125) -141%	(179) -44%
Financing Cash Flow
Net Issuance of Common Stock	5	5	5	6	4	5	5	5	13	15	14	16	9	9	9	7	6	7	7	(51)	(66)	(68)	(92)	(42)	(27)	(93)	(105)	(99)	(100)	(36)	(1)	(61)	(87)	(103)	(337)	(405)	(498)	(493)	(307)	(248)	(127)	(191)	(166)	(103)	(107)	(33)	(10)	2	0	(317)	(317)	(320)	0	14	14	(18)	(100)	(119)	(120)	(108)	(27)	(19)	(53)	(49)	(128)	(143)	(125)	(118)	(39)	(24)	(7)	(2)	(30)	(59)	(119)	(137)	(108)	(79)	(41)	(56)	(64)	(89)	(87)	(70)	(85)	(106)	(147)	(193)	(190)	(174)	(160)	(114)	(98)	(68)	(19)	(3)
Net Issuance of Debt	(112)	(229)	(211)	(278)	(249)	(214)	(213)	(71)	(106)	(134)	(103)	(159)	(121)	(42)	(65)	(51)	(12)	(28)	(21)	(24)	(11)	(29)	(2)	89	56	113	112	64	(68)	(111)	(111)	(151)	(5)	11	24	(4)	28	2	22	137	18	22	(5)	129	(15)	10	(21)	(244)	(7)	(29)	(5)	(2)	(37)	510	512	506	554	16	108	113	98	89	(15)	(17)	0	(23)	(22)	(23)	6	17	21	32	5	14	14	(3)	(4)	(14)	33	159	118	110	174	61	68	90	40	62	101	105	(25)	(83)	22	(53)	(71)	111
Cash Paid for Dividends	(54)	(54)	(54)	(54)	(55)	(55)	(56)	(56)	(59)	(62)	(65)	(68)	(69)	(70)	(71)	(72)	(73)	(74)	(75)	(76)	(77)	(78)	(78)	(79)	(80)	(81)	(82)	(82)	(82)	(82)	(82)	(82)	(83)	(83)	(83)	(82)	(80)	(78)	(76)	(76)	(75)	(75)	(75)	(147)	(129)	(110)	(92)	(1)	(20)	(39)	(53)	(68)	(65)	(61)	(62)	(54)	(45)	(36)	(27)	(27)	(28)	(28)	(28)	(28)	(29)	(29)	(29)	(29)	(29)	(29)	(29)	(30)	(30)	(30)	(30)	(30)	(30)	(30)	(30)	(30)	(30)	(30)	(31)	(31)	(31)	(31)	(31)	(31)	(31)	(31)	(30)	(30)	(30)	(31)	(31)	(31)
Other	0	0	0	0	(3)	(4)	(5)	0	0	0	0	0	(2)	(2)	0	0	0	1	1	1	1	0	1	0	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	(3)	0	0	1	0	2	0	(3)	(102)	(92)	0	(109)	(10)	(21)	0	(0)	(5)	(5)	(10)	(13)	(18)	(23)	(3)	11	15	18	10	(25)	(25)	(34)	(45)	(62)	(60)	(42)	(47)	10	14	21	36	40	59	62	79	56	9	(13)	(258)	(256)	(234)	(242)
Cash from Financing Activities	(162) N/A	(279) -72%	(260) +7%	(326) -25%	(303) +7%	(268) +11%	(269) 0%	(122) +55%	(150) -23%	(179) -19%	(150) +16%	(212) -41%	(182) +14%	(105) +42%	(129) -22%	(116) +10%	(80) +31%	(94) -18%	(88) +6%	(149) -69%	(152) -2%	(174) -14%	(171) +1%	(32) +81%	(51) -60%	(61) -20%	(75) -23%	(118) -56%	(251) -113%	(229) +9%	(194) +15%	(293) -51%	(175) +40%	(175) 0%	(396) -126%	(491) -24%	(551) -12%	(569) -3%	(362) +36%	(187) +48%	(184) +2%	(244) -33%	(245) -1%	(122) +50%	(251) -106%	(136) +46%	(125) +8%	(243) -94%	(21) +91%	(381) -1 695%	(372) +2%	(389) -4%	(420) -8%	459 N/A	361 -21%	342 -5%	318 -7%	(248) N/A	(49) +80%	(43) +12%	22 N/A	42 +88%	(100) N/A	(100) +0%	(182) -81%	(208) -15%	(193) +7%	(192) +0%	(64) +67%	(25) +61%	0 N/A	19 +4 575%	(45) N/A	(100) -121%	(161) -61%	(204) -27%	(187) +8%	(185) +1%	(98) +47%	31 N/A	(23) N/A	1 N/A	71 +11 131%	(18) N/A	(12) +36%	(6) +44%	(80) -1 141%	(100) -25%	(41) +59%	(43) -7%	(206) -378%	(241) -17%	(364) -51%	(408) -12%	(355) +13%	(165) +53%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	(0)	(0)	1	1	1	1	2	1	(0)	(1)	(4)	(2)	2	4	8	7	6	8	5	9	9	(3)	(19)	(28)	(19)	(9)	9	9	(3)	3	3	9	12	(1)	(2)	(1)	(5)	4	4	(2)	(2)	(1)	(2)	2	5	(3)	(9)	(15)	(15)	(17)	(11)	(5)	(9)	(3)	(11)	(8)	(2)	2	11	11	(1)	(3)	(7)	(10)	(2)	(5)	3	(7)	(3)	2	3	10	7	3	(3)	(2)	(7)	(12)	(2)	(0)	4	7	4	(1)	(1)	9	(8)	0	7	0	11
Net Change in Cash	(17) N/A	(28) -60%	11 N/A	(5) N/A	9 N/A	6 -31%	10 +64%	60 +498%	31 -48%	17 -46%	28 +68%	3 -90%	44 +1 482%	30 -32%	67 +123%	97 +44%	110 +14%	159 +45%	151 -5%	132 -12%	43 -68%	(29) N/A	9 N/A	(27) N/A	(64) -140%	(40) +38%	(83) -108%	69 N/A	31 -56%	153 +401%	253 +65%	86 -66%	309 +261%	308 0%	76 -75%	(5) N/A	(205) -4 078%	(325) -59%	(232) +29%	(57) +76%	(34) +40%	(35) -3%	(6) +84%	131 N/A	6 -96%	123 +2 049%	136 +11%	57 -58%	342 +497%	(61) N/A	2 N/A	145 +8 453%	(82) N/A	835 N/A	476 -43%	(24) N/A	(79) -231%	(612) -674%	(382) +38%	(104) +73%	92 N/A	(177) N/A	(205) -16%	(263) -29%	(329) -25%	(153) +54%	(140) +8%	(144) -3%	(137) +4%	(115) +16%	(120) -4%	(50) +58%	11 N/A	92 +764%	154 +68%	209 +36%	171 -18%	(154) N/A	(162) -6%	(264) -63%	(214) +19%	20 N/A	22 +8%	32 +44%	(4) N/A	7 N/A	30 +357%	11 -62%	24 +112%	35 +45%	82 +132%	96 +18%	28 -71%	42 +49%	(45) N/A	14 N/A
Free Cash Flow
Free Cash Flow	184 N/A	278 +51%	285 +3%	345 +21%	328 -5%	301 -8%	337 +12%	212 -37%	255 +20%	256 +0%	261 +2%	357 +37%	323 -10%	315 -2%	312 -1%	285 -9%	316 +11%	276 -13%	273 -1%	311 +14%	281 -10%	285 +2%	343 +20%	291 -15%	283 -3%	287 +2%	256 -11%	247 -4%	235 -5%	314 +34%	359 +14%	394 +10%	486 +24%	476 -2%	457 -4%	450 -2%	316 -30%	305 -4%	184 -40%	177 -4%	206 +16%	162 -22%	202 +25%	259 +28%	258 -1%	297 +15%	320 +8%	104 -68%	107 +3%	90 -16%	74 -18%	76 +3%	(58) N/A	(43) +26%	(102) -140%	(66) +35%	78 N/A	81 +5%	48 -41%	195 +307%	221 +13%	172 -22%	262 +52%	208 -21%	133 -36%	136 +2%	164 +20%	189 +15%	121 -36%	89 -26%	52 -41%	72 +37%	125 +74%	222 +78%	260 +17%	141 -46%	165 +17%	105 -36%	13 -88%	40 +216%	60 +50%	62 +4%	130 +111%	153 +18%	122 -20%	107 -13%	148 +38%	166 +13%	146 -12%	159 +9%	258 +63%	324 +26%	375 +16%	419 +12%	361 -14%	275 -24%

Income Statement Balance Sheet Cash Flow Statement

Graham Holdings Co
NYSE:GHC

Cash Flow Statement

Cash Flow Statement
Graham Holdings Co

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Graham Holdings Co NYSE:GHC

Cash Flow Statement

Cash Flow Statement Graham Holdings Co

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Graham Holdings Co
NYSE:GHC

Cash Flow Statement
Graham Holdings Co