Income Statement

Revenue

+25%

+70%

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
Revenue
Interest Expense	44	39	36	34	32	30	28	28	27	28	27	28	28	27	28	27	26	26	25	25	25	25	24	24	25	25	25	25	26	28	28	32	31	31	31	31	31	31	32	33	44	45	45	36	36	36	36	36	36	35	35	36	35	35	34	33	32	32	33	35	36	37	37	34	34	42	39	38	37	28	29	30	30	29	29	38	39	39	41	34	37	46	48	54	57	53	53	63	68	148	162	186	249	176	167	0
Revenue	2 425 N/A	2 469 +2%	2 517 +2%	2 584 +3%	2 624 +2%	2 684 +2%	2 749 +2%	2 839 +3%	2 958 +4%	3 069 +4%	3 183 +4%	3 300 +4%	3 375 +2%	3 454 +2%	3 508 +2%	3 554 +1%	3 668 +3%	3 740 +2%	3 813 +2%	3 905 +2%	3 942 +1%	4 020 +2%	4 096 +2%	4 180 +2%	4 258 +2%	4 317 +1%	4 424 +2%	4 212 -5%	4 407 +5%	4 384 -1%	4 364 0%	4 326 -1%	4 507 +4%	4 613 +2%	4 688 +2%	4 586 -2%	4 499 -2%	4 346 -3%	4 175 -4%	3 526 -16%	3 312 -6%	3 130 -5%	2 995 -4%	3 373 +13%	3 449 +2%	3 458 +0%	3 437 -1%	2 601 -24%	2 617 +1%	2 222 -15%	2 069 -7%	2 737 +32%	2 548 -7%	2 759 +8%	2 697 -2%	2 586 -4%	2 540 -2%	2 488 -2%	2 469 -1%	2 482 +1%	2 463 -1%	2 510 +2%	2 546 +1%	2 592 +2%	2 669 +3%	2 665 0%	2 683 +1%	2 696 +0%	2 729 +1%	2 794 +2%	2 858 +2%	2 932 +3%	2 972 +1%	2 888 -3%	2 866 -1%	2 889 +1%	2 869 -1%	3 730 +30%	3 823 +2%	3 186 -17%	4 101 +29%	3 520 -14%	3 723 +6%	3 924 +5%	4 041 +3%	5 245 +30%	5 344 +2%	4 415 -17%	5 568 +26%	5 769 +4%	5 865 +2%	4 791 -18%	5 957 +24%	4 835 -19%	4 906 +1%	4 912 +0%
Gross Profit
Cost of Revenue	(1 377)	(1 372)	(1 369)	(1 370)	(1 385)	(1 419)	(1 455)	(1 549)	(1 610)	(1 662)	(1 706)	(1 717)	(1 760)	(1 813)	(1 876)	(1 618)	(1 879)	(1 821)	(1 764)	(1 739)	(1 768)	(1 817)	(1 855)	(1 883)	(1 923)	(1 967)	(2 016)	(1 865)	(1 992)	(1 962)	(1 908)	(1 879)	(1 875)	(1 880)	(1 898)	(1 850)	(1 861)	(1 854)	(1 861)	(1 563)	(1 469)	(1 380)	(1 301)	(1 535)	(1 561)	(1 564)	(1 550)	(1 211)	(1 211)	(1 062)	(995)	(1 262)	(1 195)	(1 264)	(1 240)	(1 206)	(1 189)	(1 173)	(1 165)	(1 270)	(1 304)	(1 390)	(1 472)	(1 454)	(1 494)	(1 553)	(1 627)	(1 687)	(1 800)	(1 863)	(1 932)	(2 023)	(2 043)	(1 983)	(1 943)	(1 912)	(1 886)	(2 448)	(2 519)	(2 115)	(2 730)	(2 357)	(2 503)	(2 658)	(2 769)	(3 633)	(3 720)	(3 103)	(3 923)	(4 080)	(4 125)	(3 325)	(4 144)	(3 332)	(3 409)	(3 442)
Gross Profit	1 048 N/A	1 097 +5%	1 148 +5%	1 214 +6%	1 239 +2%	1 265 +2%	1 294 +2%	1 290 0%	1 347 +4%	1 407 +4%	1 477 +5%	1 583 +7%	1 615 +2%	1 642 +2%	1 632 -1%	1 936 +19%	1 790 -8%	1 919 +7%	2 049 +7%	2 166 +6%	2 174 +0%	2 203 +1%	2 240 +2%	2 297 +3%	2 335 +2%	2 350 +1%	2 408 +2%	2 347 -3%	2 415 +3%	2 421 +0%	2 456 +1%	2 447 0%	2 632 +8%	2 733 +4%	2 791 +2%	2 736 -2%	2 638 -4%	2 493 -6%	2 315 -7%	1 963 -15%	1 843 -6%	1 750 -5%	1 694 -3%	1 837 +8%	1 888 +3%	1 894 +0%	1 887 0%	1 390 -26%	1 406 +1%	1 161 -17%	1 075 -7%	1 475 +37%	1 353 -8%	1 495 +10%	1 457 -3%	1 380 -5%	1 352 -2%	1 315 -3%	1 304 -1%	1 212 -7%	1 159 -4%	1 120 -3%	1 074 -4%	1 138 +6%	1 175 +3%	1 112 -5%	1 056 -5%	1 009 -4%	929 -8%	931 +0%	926 -1%	909 -2%	929 +2%	905 -3%	923 +2%	977 +6%	983 +1%	1 282 +30%	1 304 +2%	1 071 -18%	1 371 +28%	1 164 -15%	1 221 +5%	1 267 +4%	1 272 +0%	1 612 +27%	1 624 +1%	1 312 -19%	1 645 +25%	1 689 +3%	1 740 +3%	1 466 -16%	1 813 +24%	1 503 -17%	1 497 0%	1 470 -2%
Operating Income
Operating Expenses	(823)	(817)	(826)	(837)	(831)	(860)	(939)	(968)	(957)	(978)	(948)	(1 020)	(1 049)	(1 084)	(1 102)	(1 421)	(1 245)	(1 415)	(1 548)	(1 696)	(1 760)	(1 761)	(1 796)	(1 820)	(1 883)	(2 019)	(2 087)	(1 980)	(2 301)	(2 293)	(2 192)	(2 148)	(2 251)	(2 204)	(2 197)	(2 133)	(2 116)	(2 052)	(1 969)	(1 629)	(1 528)	(1 450)	(1 370)	(1 577)	(1 727)	(1 708)	(1 716)	(1 237)	(1 221)	(1 058)	(1 010)	(1 225)	(1 173)	(1 265)	(1 234)	(1 201)	(1 130)	(1 082)	(1 038)	(987)	(976)	(953)	(947)	(992)	(995)	(926)	(828)	(754)	(679)	(688)	(735)	(755)	(790)	(808)	(801)	(847)	(843)	(1 082)	(1 136)	(961)	(1 220)	(1 050)	(1 058)	(1 054)	(1 071)	(1 363)	(1 394)	(1 143)	(1 441)	(1 484)	(1 494)	(1 201)	(889)	(1 205)	(1 212)	(1 223)
Selling, General & Administrative	(616)	(625)	(642)	(664)	(656)	(684)	(765)	(792)	(821)	(837)	(803)	(835)	(864)	(898)	(913)	(1 223)	(1 044)	(1 212)	(1 333)	(1 484)	(1 532)	(1 526)	(1 563)	(1 582)	(1 635)	(1 761)	(1 811)	(1 694)	(1 856)	(1 826)	(1 863)	(1 832)	(1 949)	(1 924)	(1 925)	(1 869)	(1 822)	(1 754)	(1 670)	(1 384)	(1 290)	(1 222)	(1 149)	(1 318)	(1 320)	(1 303)	(1 316)	(1 124)	(1 115)	(1 024)	(1 007)	(1 132)	(1 109)	(1 158)	(1 134)	(1 104)	(1 037)	(997)	(949)	(896)	(886)	(859)	(849)	(888)	(888)	(820)	(723)	(650)	(574)	(581)	(625)	(643)	(674)	(681)	(670)	(715)	(712)	(928)	(979)	(832)	(1 057)	(913)	(921)	(922)	(939)	(1 198)	(1 229)	(1 007)	(1 271)	(1 318)	(1 332)	(1 077)	(1 348)	(1 091)	(1 098)	(1 110)
Depreciation & Amortization	(207)	(192)	(184)	(173)	(175)	(177)	(174)	(175)	(178)	(183)	(187)	(185)	(186)	(186)	(189)	(198)	(201)	(203)	(215)	(212)	(228)	(236)	(234)	(239)	(248)	(257)	(276)	(286)	(307)	(329)	(327)	(316)	(302)	(281)	(272)	(264)	(264)	(263)	(264)	(246)	(238)	(231)	(226)	(260)	(268)	(266)	(261)	(113)	(176)	(103)	(72)	(93)	(64)	(107)	(100)	(97)	(93)	(85)	(89)	(91)	(90)	(94)	(98)	(104)	(107)	(106)	(105)	(104)	(106)	(108)	(111)	(113)	(117)	(127)	(131)	(131)	(131)	(154)	(156)	(129)	(164)	(137)	(137)	(132)	(132)	(166)	(165)	(136)	(169)	(167)	(162)	(124)	(153)	(114)	(113)	(112)
Other Operating Expenses	0	0	0	0	0	0	0	0	42	42	42	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(138)	(138)	(3)	0	0	0	0	0	(31)	(34)	(34)	0	0	3	5	0	(139)	(139)	(139)	0	69	69	69	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	611	0	0	0
Operating Income	226 N/A	279 +24%	322 +15%	378 +17%	408 +8%	404 -1%	355 -12%	322 -9%	390 +21%	429 +10%	529 +23%	563 +6%	566 +1%	558 -1%	530 -5%	515 -3%	545 +6%	504 -7%	500 -1%	470 -6%	414 -12%	442 +7%	444 +0%	477 +7%	452 -5%	332 -27%	321 -3%	367 +14%	114 -69%	128 +13%	264 +106%	299 +13%	381 +27%	529 +39%	594 +12%	603 +1%	522 -13%	441 -15%	346 -22%	334 -4%	315 -6%	300 -5%	324 +8%	260 -20%	161 -38%	186 +15%	171 -8%	153 -11%	185 +21%	102 -44%	65 -37%	250 +286%	180 -28%	229 +28%	223 -3%	179 -20%	222 +24%	233 +5%	266 +14%	225 -16%	183 -19%	168 -8%	127 -24%	146 +15%	180 +23%	187 +4%	228 +22%	254 +11%	250 -2%	243 -3%	191 -21%	154 -20%	138 -10%	97 -30%	123 +26%	131 +7%	141 +8%	200 +42%	168 -16%	110 -34%	150 +36%	113 -25%	163 +44%	213 +31%	201 -5%	248 +23%	230 -7%	168 -27%	204 +21%	205 +1%	246 +20%	265 +8%	924 +248%	298 -68%	286 -4%	247 -13%
Pre-Tax Income
Interest Income Expense	(105)	(104)	(96)	(53)	(47)	(41)	(39)	(37)	(35)	(30)	(28)	(29)	(27)	(26)	(28)	(24)	(23)	(22)	(18)	(14)	(2)	(1)	(2)	(7)	(22)	(29)	(31)	(27)	(28)	(6)	(33)	(42)	(50)	(71)	(29)	(32)	(5)	0	(23)	(80)	(43)	(44)	(32)	(26)	(10)	(26)	(16)	(45)	(40)	332	312	319	304	(52)	(57)	(48)	(43)	(66)	(74)	(81)	(76)	(51)	(30)	(27)	(38)	(54)	8	(41)	(5)	21	(12)	90	(34)	(6)	30	35	227	374	334	251	290	(73)	(156)	(185)	(213)	43	117	80	170	115	96	6	(43)	(93)	4	101
Non-Reccuring Items	0	0	0	0	0	0	0	42	0	0	0	0	0	0	0	0	0	0	0	(10)	0	0	0	0	0	0	(60)	(135)	0	0	(101)	(12)	(25)	(25)	(28)	0	0	0	4	0	(22)	(22)	0	(112)	0	0	0	(3)	(3)	(3)	(3)	379	385	383	109	(272)	(262)	(257)	18	(9)	(28)	(41)	(41)	(10)	(4)	(5)	(12)	(14)	9	15	22	19	(29)	(29)	(30)	181	200	201	177	(29)	(28)	(23)	3	(107)	(109)	(97)	(196)	(84)	(83)	(119)	(18)	611	0	621	614	(26)
Gain/Loss on Disposition of Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	128	128	128	128	0	3	3	21	24	56	56	34	34	0	0	0	0	3	3	3	3	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	(19)	(14)	13	29	71	79	79	55	8	6	5	8	15	11	17	9	2	39	37	74	74	44	50	11	15	14	(18)	(2)	(6)	(9)	12	0	(3)	(3)	(2)	8	3	3	3	1	18	17	21	2	(1)	4	(0)	1	6	4	3	1	(0)	(1)	(2)	(1)	(1)	1	2	82	101	118	136	74	78	82	83	122	120	108	110	164	163	163	153	61	73	118	140	117	169	164	184	201	182	194	178	135	178	183	185	143	178	139	132	128
Pre-Tax Income	102 N/A	162 +58%	238 +47%	354 +49%	431 +22%	442 +3%	395 -11%	383 -3%	363 -5%	404 +12%	506 +25%	542 +7%	554 +2%	543 -2%	519 -4%	500 -4%	524 +5%	522 0%	520 0%	519 0%	486 -6%	485 0%	493 +2%	482 -2%	446 -7%	317 -29%	213 -33%	203 -5%	79 -61%	114 +44%	141 +24%	245 +74%	304 +24%	431 +42%	535 +24%	578 +8%	520 -10%	444 -15%	331 -26%	256 -23%	269 +5%	251 -7%	313 +25%	125 -60%	151 +21%	164 +8%	155 -6%	105 -32%	275 +162%	562 +104%	504 -10%	1 078 +114%	869 -19%	563 -35%	276 -51%	(121) N/A	(60) +51%	(34) +43%	268 N/A	251 -6%	214 -15%	195 -9%	192 -1%	183 -5%	216 +18%	212 -1%	309 +46%	324 +5%	376 +16%	387 +3%	311 -20%	427 +37%	238 -44%	225 -6%	275 +22%	407 +48%	641 +57%	893 +39%	818 -8%	450 -45%	582 +29%	181 -69%	193 +7%	122 -37%	62 -49%	388 +528%	330 -15%	299 -9%	468 +56%	384 -18%	509 +33%	1 025 +101%	1 058 +3%	965 -9%	1 035 +7%	450 -57%
Net Income
Tax Provision	(48)	(71)	(101)	(137)	(165)	(167)	(148)	(142)	(135)	(153)	(192)	(210)	(214)	(209)	(201)	(185)	(194)	(192)	(183)	(190)	(174)	(183)	(192)	(193)	(182)	(124)	(82)	(107)	(54)	(66)	(78)	(89)	(111)	(156)	(201)	(222)	(200)	(173)	(133)	(104)	(111)	(104)	(123)	(73)	(82)	(90)	(83)	(41)	(102)	(117)	(103)	(312)	(236)	(209)	(162)	(21)	(42)	(46)	(85)	(81)	(62)	(62)	(67)	91	81	88	92	(52)	(66)	(67)	(72)	(99)	(26)	(51)	(66)	(107)	(194)	(237)	(201)	(96)	(132)	(26)	(45)	(51)	(35)	(117)	(114)	(87)	(131)	(117)	(147)	(292)	(300)	(273)	(291)	(146)
Income from Continuing Operations	54	91	137	216	266	275	247	241	227	252	314	333	340	334	318	314	330	330	336	330	312	302	301	289	264	192	130	96	25	48	63	156	192	274	334	356	320	271	198	151	158	147	190	51	69	74	72	65	173	445	401	765	633	355	114	(141)	(102)	(80)	184	170	152	133	125	274	296	301	401	271	310	321	239	328	212	174	209	300	447	656	618	353	450	155	149	70	27	271	216	212	337	266	362	733	758	692	744	303
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(0)	(1)	(1)	(1)	(0)	1	2	2	2	1	(0)	(0)	0	0	0	0	0	(0)	(0)	0	(0)	(0)	(0)	(1)	(1)	(0)	1	1	1	(1)	(1)	(2)	(1)	(1)	(1)	(1)	(1)	(0)	0	(0)	(0)	(1)	(1)	(1)	(0)	(0)	(0)	0	0	1	1	0	0	(0)	0	1	(1)	(2)	(4)	(5)	(3)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(8)	(10)	(10)	(12)	(11)
Net Income (Common)	41 N/A	78 +89%	124 +59%	203 +64%	265 +30%	274 +4%	246 -10%	240 -2%	226 -6%	251 +11%	313 +25%	332 +6%	339 +2%	333 -2%	317 -5%	313 -1%	324 +3%	324 N/A	330 +2%	324 -2%	311 -4%	301 -3%	300 0%	288 -4%	263 -9%	191 -27%	129 -33%	65 -50%	7 -89%	22 +216%	29 +31%	91 +217%	155 +71%	234 +51%	278 +19%	275 -1%	245 -11%	199 -19%	132 -34%	116 -12%	132 +14%	139 +5%	239 +72%	131 -45%	105 -20%	98 -7%	34 -65%	236 +592%	363 +54%	1 069 +194%	1 115 +4%	1 293 +16%	1 182 -9%	489 -59%	182 -63%	(101) N/A	(85) +17%	(82) +3%	181 N/A	167 -8%	150 -10%	132 -12%	124 -6%	299 +142%	321 +7%	326 +1%	425 +31%	270 -37%	308 +14%	319 +3%	237 -26%	326 +37%	212 -35%	174 -18%	208 +20%	299 +44%	444 +49%	651 +47%	613 -6%	350 -43%	445 +27%	152 -66%	145 -4%	67 -54%	23 -65%	265 +1 045%	209 -21%	204 -2%	328 +61%	256 -22%	351 +37%	720 +105%	743 +3%	677 -9%	728 +7%	291 -60%
EPS (Diluted)	4.32 N/A	8.18 +89%	13.05 +60%	21.38 +64%	27.56 +29%	28.55 +4%	25.64 -10%	25.01 -2%	23.58 -6%	26.11 +11%	32.63 +25%	34.55 +6%	35.29 +2%	34.65 -2%	33 -5%	32.64 -1%	33.7 +3%	33.7 N/A	34.41 +2%	33.69 -2%	32.73 -3%	31.69 -3%	31.6 0%	30.28 -4%	27.63 -9%	20.1 -27%	13.71 -32%	6.89 -50%	0.74 -89%	2.29 +209%	3.04 +33%	9.65 +217%	16.84 +75%	24.92 +48%	31.21 +25%	30.89 -1%	30.24 -2%	24.85 -18%	16.7 -33%	14.7 -12%	17.39 +18%	18.52 +6%	32.31 +74%	17.72 -45%	14.56 -18%	13.04 -10%	4.67 -64%	32.32 +592%	49.1 +52%	201.66 +311%	192.25 -5%	195.9 +2%	207.28 +6%	84.34 -59%	31.92 -62%	-17.77 N/A	-15.08 +15%	-14.69 +3%	32.94 N/A	29.73 -10%	26.82 -10%	23.53 -12%	22.08 -6%	53.42 +142%	59.44 +11%	60.31 +1%	80.24 +33%	49.9 -38%	58.15 +17%	59.01 +1%	44.79 -24%	61.52 +37%	40.67 -34%	34.05 -16%	40.78 +20%	58.56 +44%	88.76 +52%	130.77 +47%	123.2 -6%	70.46 -43%	91.7 +30%	31.29 -66%	30.03 -4%	13.79 -54%	4.89 -65%	56.93 +1 064%	45.44 -20%	43.82 -4%	74.1 +69%	58.17 -21%	80.12 +38%	163.4 +104%	170.6 +4%	154.89 -9%	166.18 +7%	66.47 -60%

Income Statement Balance Sheet Cash Flow Statement

Graham Holdings Co
NYSE:GHC

Income Statement

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Graham Holdings Co

Income Statement
Graham Holdings Co

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Graham Holdings Co NYSE:GHC

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Graham Holdings Co
NYSE:GHC

Earnings Waterfall
Graham Holdings Co

Income Statement
Graham Holdings Co