0001628280-26-028607 | 10-Q | XBRL Viewer

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Contingencies (Details) $ in Millions	Mar. 31, 2026 USD ($) claim
Loss Contingencies [Line Items]
Number of existing legal claims or proceedings that are likely to have a material effect on the Company's business \| claim	0
Maximum [Member]
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss \| $	$ 20

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Credit loss expense	$ 1,540	$ 1,140
Cash overdrafts	$ 700		$ 600
Weighted average interest rate	5.70%	6.00%
Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Floor plan interest expense	$ 1,700	$ 2,200
Floor plan assistance	1,900	$ 2,000
Automotive [Member] \| Vehicle Floor Plan Facility - New Vehicles [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Obligations outstanding related to floor plan facilities associated with new vehicles	$ 99,200		$ 105,900
Vehicle Floor Plan Facility [Member] \| Automotive [Member]
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities [Line Items]
Weighted average interest rate	5.70%	6.30%

Acquisitions and Dispositions of Businesses

3 Months Ended

Mar. 31, 2026

Acquisitions And Dispositions [Abstract]

Acquisitions and Dispositions of Businesses

ACQUISITIONS AND DISPOSITIONS OF BUSINESSES

Acquisitions. In March 2026, the Company acquired one small business which is included in other healthcare businesses. The assets and liabilities of the company acquired were recorded at their estimated fair values at the date of acquisition.

During 2025, the Company acquired five businesses: one in education, two in other healthcare businesses, one in manufacturing and one in automotive for $71.2 million in cash and the assumption of floor plan payables and $107.5 million in net pension obligations. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

In June 2025, Kaplan acquired one small business which is included in its supplemental education division.

In July 2025, Hoover acquired 100% of Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation, which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of certain pension obligations. The acquisition expands Hoover’s product offerings and is included in manufacturing.

In October 2025, Graham Healthcare Group (GHG) acquired two small businesses which are included in other healthcare businesses.

In October 2025, the Company’s automotive subsidiary acquired a Honda automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $4.9 million in floor plan payables, the automotive subsidiary borrowed $38.7 million under the delayed draw term loan to finance the acquisition (see Note 7). The dealership is operated and managed by an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships. This acquisition expands the Company’s automotive business operations and is included in automotive.

Acquisition-related costs for the acquisition that closed during the first three months of 2026 were expensed as incurred. The aggregate purchase price of the 2025 acquisitions was allocated as follows, based on the acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended
(in thousands)	December 31, 2025
Accounts receivable	$	11,641
Inventory	32,731
Property, plant and equipment	35,920
Lease right-of-use assets	3,642
Goodwill	51,943
Indefinite-lived intangible assets	15,500
Amortized intangible assets	41,300
Deferred income taxes	13,947
Other assets	221
Pension liabilities	(107,517)
Floor plan payables	(4,939)
Other liabilities	(18,371)
Current and noncurrent lease liabilities	(4,783)


Aggregate purchase price, net of cash acquired	$	71,235

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the estimated future economic benefits arising from other assets acquired that could not be individually identified and separately recognized. The goodwill recorded due to these acquisitions is attributable to the assembled workforces of the acquired companies and expected synergies. The Company expects to deduct $12.4 million of goodwill for income tax purposes for the acquisitions completed in 2025.

The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The following unaudited pro forma financial information includes the 2025 acquisitions as if they occurred at the beginning of 2024:


	Three Months Ended March 31
(in thousands)		2025
Operating revenues		$	1,213,392
Net income		27,084

These pro forma results were based on estimates and assumptions, which the Company believes are reasonable, and include the historical results of operations of the acquired companies and adjustments for depreciation and amortization of identified assets and the effect of pre-acquisition transaction related expenses incurred by the Company and the acquired entities. The pro forma information does not include efficiencies, cost reductions and synergies expected to result from the acquisitions. They are not the results that would have been realized had these entities been part of the Company during the periods presented and are not necessarily indicative of the Company’s consolidated results of operations in future periods.

Disposition of Businesses. During the first quarter of 2026, Kaplan entered into a Share Purchase Agreement to sell the KLG business, which is included in Kaplan international. KLG comprises Kaplan International Languages, Alpadia Language Schools, Azurlingua and English as a second language (ESL) Education. As a result, the Company classified the assets and liabilities of KLG as held for sale in the Company’s Condensed Consolidated Balance Sheet as of March 31, 2026. The sale is expected to close on May 1, 2026.

The carrying amounts of the major classes of assets and liabilities of the KLG disposal group classified as held for sale as of March 31, 2026 are as follows:


	As of
(in thousands)	March 31, 2026
Cash and cash equivalents	$	28,801
Restricted cash	6,041
Accounts receivable, net	7,779
Prepaid expenses	5,934
Other current assets	585
Current Assets Held for Sale	49,140
Property, plant and equipment, net	8,106
Lease right-of-use assets	19,772
Amortized intangible assets, net	458
Deferred charges and other assets	2,400
Valuation allowance on assets held for sale	(16,587)
Noncurrent Assets Held for Sale	$	14,149

Accounts payable and accrued liabilities	$	18,877
Deferred revenue	31,696
Income taxes payable	(35)
Current portion of lease liabilities	5,464
Current Liabilities Held for Sale	56,002
Other liabilities	1,768
Deferred income taxes	(3,545)
Lease liabilities	14,124
Noncurrent Liabilities Held for Sale	$	12,347

The Company measures the assets and liabilities of a disposal group classified as held for sale at the lower of its carrying value or fair value less costs to sell. The Company determined that the fair value less costs to sell of the KLG disposal group did not exceed its carrying value. As a result, upon classification of the KLG disposal group as held for sale, the Company recognized total impairment charges of $19.0 million, consisting of a $1.0 million goodwill impairment charge and an $18.0 million impairment charge related to the asset group held for sale. This resulted in the Company recording a $16.6 million valuation allowance in order to reduce the carrying value of the KLG disposal group to its fair value less costs to sell. The Company used a market approach to estimate the fair value of the KLG disposal group.

In early September 2025, the Company ceased operations of the Ourisman Jeep of Bethesda dealership.

In April 2025, Kaplan completed the sale of a small business, BridgeU Limited, which was included in Kaplan International.

In the first half of 2025, World of Good Brands (WGB) completed the sale of various websites and related businesses that made up the WGB operations, which were included in other businesses. All remaining WGB operations were substantially shut down by the end of the third quarter of 2025.

Other Transactions. In March 2026, the Company acquired some of the minority-owned shares of CSI Pharmacy Holding Company, LLC (CSI) for a total amount of $41.0 million. The Company paid cash of $16.4 million and entered into promissory notes with the minority owners for the remaining $24.6 million at an interest rate of 8% per annum. The notes are included in other indebtedness (see Note 7) and payable in quarterly installments with the final payment due on April 1, 2028. Following the redemption, the Company owns 93.4% of CSI.

In January 2026, pursuant to the exercise of a put right, the Company purchased some of the minority-owned interest of Clarus for $1.0 million. Following the redemption, the Company owns 97.5% of Clarus.

In October 2025, pursuant to the exercise of a put right, the Company purchased some of the minority-owned interest of Clarus for $0.4 million. Following the redemption, the Company owned 95.75% of Clarus.

In July 2025, CSI exercised its call option to purchase some of the minority-owned interest of CSI for $1.8 million.

On February 25, 2025, the Company and a group of minority shareholders entered into an agreement to settle a significant portion of the mandatorily redeemable noncontrolling interest related to GHC One LLC (GHC One), including CSI, for a total of $205 million, which consisted of approximately $186.25 million in cash and $18.75 million in Graham Holdings Company Class B common stock.

The settlement agreement resulted in a $66.2 million increase to the mandatorily redeemable noncontrolling interest obligation, which the Company recorded as interest expense in the first quarter of 2025. The remaining mandatorily redeemable noncontrolling interest obligation related to GHC One and GHC Two LLC (GHC Two) was $7.6 million at March 31, 2026, with $6.0 million included in current liabilities due to the expected dissolution of GHC One within one year.

In December 2024, the Company acquired some of the minority-owned shares of CSI for a total estimated amount of $2.0 million. The Company paid cash of $0.6 million and entered into a promissory note with the minority owner for the remaining $1.4 million at an interest rate of 5.5% per annum. The note was included in other indebtedness (see Note 7) and was due and payable on January 31, 2026. Following the redemption, the Company owned 87.5% of CSI. Pursuant to the terms of the purchase agreement, the purchase price was finalized in December 2025, resulting in an additional amount payable of $0.1 million, plus interest at 5.5% per annum, to the minority owner. The note was subsequently paid in the first quarter of 2026.

As of March 31, 2026, the Company holds a controlling financial interest in GHC One and GHC Two and therefore includes the assets, liabilities, results of operations and cash flows in its consolidated financial statements. GHC One acquired Clarus during 2019. GHC Two acquired Impact Medical during 2021 and Skin Clique and Surpass in 2022. The Company accounts for the minority ownership of the group of current and former senior managers in GHC One and GHC Two as a mandatorily redeemable noncontrolling interest (see Note 8).

Organization, Basis of Presentation and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Recent Accounting Pronouncements	ORGANIZATION, BASIS OF PRESENTATION AND RECENT ACCOUNTING PRONOUNCEMENTS Graham Holdings Company (the Company), is a diversified holding company whose operations include educational services, television broadcasting, healthcare, manufacturing, automotive dealerships and other businesses. Through Kaplan, Inc. (Kaplan), the Company provides a wide variety of educational services to students, schools, colleges, universities and businesses, both domestically and outside the United States (U.S.). Kaplan’s educational services include academic preparation programs for international students; English-language programs; operations support services for pre-college, certificate, undergraduate and graduate programs; exam preparation for high school and graduate students and for professional certifications and licensures; career and academic advisement services to businesses; and a United Kingdom (U.K.) sixth-form college that prepares students for A-level examinations. The Company’s television broadcasting segment owns and operates seven television broadcasting stations and provides social media management tools designed to connect newsrooms with their users. The Company’s healthcare division provides in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; physician services for allergy, asthma and immunology patients; in-home aesthetics; applied behavior analysis therapy; and healthcare software-as-a-service technology. The Company’s manufacturing companies include a supplier of pressure-treated wood and aluminum cladding products, a manufacturer of electrical solutions, a manufacturer of lifting solutions, and a supplier of parts used in electric utilities and industrial systems. The Company’s automotive business comprises eight dealerships and valet repair services. The Company’s other businesses include restaurants; a custom framing company; a marketing solutions provider; a customer data and analytics software company; Slate and Foreign Policy magazines; a daily local news podcast and newsletter company; a company that provides a software-as-a-service platform that enables podcasters and media companies to monetize audio content through paid subscriptions, memberships, and audiobooks; an online art gallery and in-person art fair business; and an online commerce platform featuring original art and designs on an array of consumer products. On February 1, 2026, Kaplan entered into a Share Purchase Agreement to sell its Kaplan Languages Group (KLG) business, consisting of more than 20 language schools in eight countries. The transaction is expected to close on May 1, 2026. Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three months ended March 31, 2026 and 2025 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates. Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell the asset or business; (ii) the asset or business is available for immediate sale in its present condition; (iii) the asset or business is actively marketed for sale at a reasonable price; (iv) the sale is expected to be completed within one year; and (v) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. The assets and related liabilities are aggregated and reported separately in the Company’s Condensed Consolidated Financial Statements (see Note 2). Recently Adopted and Issued Accounting Pronouncements – In November 2024, the Financial Accounting Standards Board (FASB) issued new guidance that requires disclosures about certain significant expense categories including inventory purchases, employee compensation, depreciation, amortization, and selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Condensed Consolidated Financial Statements. In September 2025, FASB issued new guidance which updates the accounting for internal-use software by removing references to software development project stages and adding new criteria to determine when an entity is required to start capitalizing internal-use software costs. The guidance is effective for fiscal years and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements.

Earnings Per Share (Narrative) (Details) - $ / shares	3 Months Ended
Earnings Per Share (Narrative) (Details) - $ / shares	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share	$ 3.76	$ 3.60
Contingently Issuable Shares [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares excluded from earnings per share	1,000	1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Accumulated Other Comprehensive Income (Loss) (Components of OCI) (Details 1) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before tax

$ (6,376)

$ 12,690

Other Comprehensive Income (Loss), income tax

406

Other Comprehensive Income (Loss), Net of Tax

(6,342)

13,096

Foreign Currency Translation Adjustment [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

(6,248)

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

Other Comprehensive Income (Loss), before tax

(6,248)

14,267

Other Comprehensive Income (Loss), income tax

Other Comprehensive Income (Loss), Net of Tax

(6,248)

14,267

Pension and Other Postretirement Plans [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

(754)

(898)

Reclassification from AOCI, Current Period, Tax

197

230

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(557)

(668)

Other Comprehensive Income (Loss), before tax

(754)

(898)

Other Comprehensive Income (Loss), income tax

197

230

Other Comprehensive Income (Loss), Net of Tax

(557)

(668)

Net Prior Service Credit [Member]

Other Comprehensive Income (Loss) [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

(496)

(519)

Reclassification from AOCI, Current Period, Tax

130

133

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(366)

(386)

Net Actuarial Gain [Member]

Other Comprehensive Income (Loss) [Line Items]

Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax

^[1]

(258)

(379)

Reclassification from AOCI, Current Period, Tax

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

(191)

(282)

Cash Flow Hedges [Member]

Other Comprehensive Income (Loss) [Line Items]

Other Comprehensive Income (Loss), before Reclassifications, Net of Tax

299

Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax

164

Other Comprehensive Income (Loss), before tax

626

(679)

Other Comprehensive Income (Loss), income tax

(163)

176

Other Comprehensive Income (Loss), Net of Tax

$ 463

$ (503)

[1]

These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Receivable) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivable from contracts with customers, less estimated credit losses	$ 461,970	$ 519,068
Other receivables	58,512	57,686
Accounts receivable, net	520,482	576,754
Estimated credit losses	$ 24,534	$ 23,164

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

DEBT

The Company’s borrowings consist of the following:


				As of

(in thousands)	Maturities	Stated Interest Rate	Effective Interest Rate	March 31, 2026		December 31, 2025
Unsecured notes (1)	2033	5.625%	5.625%	$	493,550	$	493,625

Revolving credit facility	2030	5.04% - 7.13%	5.13%	149,115		222,466
Real estate term loan (2)	2028	5.42% - 5.45%	5.49%	90,596		91,836
Capital term loan (3)	2028	6.17% - 6.20%	6.24%	62,153		64,079





Other indebtedness	2026 - 2028	6.25% - 8.00%		26,568		8,750
Total Debt				821,982		880,756
Less: current portion				(107,098)		(175,138)
Total Long-Term Debt				$	714,884	$	705,618

___________

(1) The carrying value is net of $6.4 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.

(2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.

(3) The carrying value is net of $0.4 million and $0.5 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.

On November 24, 2025, the Company issued $500 million of 5.625% unsecured eight-year fixed-rate notes due December 1, 2033 (the Notes). Interest is paid semi-annually on June 1 and December 1. Also on November 24,

2025, the Company used the net proceeds from the sale of the notes, together with the borrowings under the revolving credit agreement, to (i) redeem the $400 million of 5.75% unsecured notes due June 1, 2026, (ii) refinance outstanding revolving loans under the existing revolving credit facility, and (iii) repay all amounts outstanding under the Company’s existing $150 million term loan. On October 21, 2025, the automotive subsidiary borrowed $38.7 million under the delayed draw term loan to finance the acquisition of a Honda automotive dealership, including the real property for the dealership operations.

In combination with the issuance of the Notes, the Company amended and restated the Second Amended and Restated Five Year Credit Agreement, dated as of May 3, 2022, to, among other things, (i) increase the Company’s borrowing capacity by replacing the existing revolving commitments with a new revolving credit facility in the aggregate principal amount of $400 million, (ii) extend the maturity of the facility to November 24, 2030, and (iii) increase the letter of credit sublimit to $40 million.

At March 31, 2026 and December 31, 2025, the fair value of the Company’s 5.625% unsecured notes, based on quoted market prices (Level 2 fair value assessment), totaled $489.5 million and $504.0 million, respectively.

The outstanding balance on the Company’s $400 million unsecured revolving credit facility was $149.1 million as of March 31, 2026, consisting of U.S. dollar borrowings of $83.0 million with interest payable at SOFR plus 1.375% or prime rate plus 0.375%, and British Pound borrowings of £50 million with interest payable at Daily Sterling Overnight Index Average (SONIA) plus 1.375%.

The fair value of the Company’s other debt, which is based on Level 2 inputs, approximates its carrying value as of March 31, 2026 and December 31, 2025. The Company is in compliance with all financial covenants of the revolving credit facility and term loans as of March 31, 2026.

During the three months ended March 31, 2026 and 2025, the Company had average borrowings outstanding of approximately $892.8 million and $789.1 million, respectively, at average annual interest rates of approximately 5.7% and 6.0%, respectively. During the three months ended March 31, 2026 and 2025, the Company incurred net interest expense of $13.8 million and $79.8 million, respectively.

During the three months ended March 31, 2026, the Company recorded interest income of $0.7 million to adjust the fair value of the mandatorily redeemable noncontrolling interest. During the three months ended March 31, 2025, the Company recorded interest expense of $66.4 million to adjust the fair value of the mandatorily redeemable noncontrolling interest. The fair value of the mandatorily redeemable noncontrolling interest was based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value (Level 3 fair value assessment) (See Note 2 and 8).

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1B
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (b)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Acquisitions and Dispositions of Businesses (Tables)

3 Months Ended

Mar. 31, 2026

Acquisitions And Dispositions [Abstract]

Schedule of assets acquired and liabilities assumed

The aggregate purchase price of the 2025 acquisitions was allocated as follows, based on the acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended
(in thousands)	December 31, 2025
Accounts receivable	$	11,641
Inventory	32,731
Property, plant and equipment	35,920
Lease right-of-use assets	3,642
Goodwill	51,943
Indefinite-lived intangible assets	15,500
Amortized intangible assets	41,300
Deferred income taxes	13,947
Other assets	221
Pension liabilities	(107,517)
Floor plan payables	(4,939)
Other liabilities	(18,371)
Current and noncurrent lease liabilities	(4,783)


Aggregate purchase price, net of cash acquired	$	71,235

Acquisition Pro Forma Financial Information

The following unaudited pro forma financial information includes the 2025 acquisitions as if they occurred at the beginning of 2024:


	Three Months Ended March 31
(in thousands)		2025
Operating revenues		$	1,213,392
Net income		27,084

Schedule of assets and liabilities of businesses classified as held for sale

The carrying amounts of the major classes of assets and liabilities of the KLG disposal group classified as held for sale as of March 31, 2026 are as follows:


	As of
(in thousands)	March 31, 2026
Cash and cash equivalents	$	28,801
Restricted cash	6,041
Accounts receivable, net	7,779
Prepaid expenses	5,934
Other current assets	585
Current Assets Held for Sale	49,140
Property, plant and equipment, net	8,106
Lease right-of-use assets	19,772
Amortized intangible assets, net	458
Deferred charges and other assets	2,400
Valuation allowance on assets held for sale	(16,587)
Noncurrent Assets Held for Sale	$	14,149

Accounts payable and accrued liabilities	$	18,877
Deferred revenue	31,696
Income taxes payable	(35)
Current portion of lease liabilities	5,464
Current Liabilities Held for Sale	56,002
Other liabilities	1,768
Deferred income taxes	(3,545)
Lease liabilities	14,124
Noncurrent Liabilities Held for Sale	$	12,347

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 205
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Components of Debt

The Company’s borrowings consist of the following:


				As of

(in thousands)	Maturities	Stated Interest Rate	Effective Interest Rate	March 31, 2026		December 31, 2025
Unsecured notes (1)	2033	5.625%	5.625%	$	493,550	$	493,625

Revolving credit facility	2030	5.04% - 7.13%	5.13%	149,115		222,466
Real estate term loan (2)	2028	5.42% - 5.45%	5.49%	90,596		91,836
Capital term loan (3)	2028	6.17% - 6.20%	6.24%	62,153		64,079





Other indebtedness	2026 - 2028	6.25% - 8.00%		26,568		8,750
Total Debt				821,982		880,756
Less: current portion				(107,098)		(175,138)
Total Long-Term Debt				$	714,884	$	705,618

___________

(1) The carrying value is net of $6.4 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.

(2) The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.

(3) The carrying value is net of $0.4 million and $0.5 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.

Acquisitions and Dispositions of Businesses (Assets and Liabilities of Businesses Classified as Held for Sale (Details 3) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 28,801
Restricted cash	6,041
Current Assets Held for Sale	49,140	$ 0
Noncurrent Assets Held for Sale	14,149	0
Current Liabilities Held for Sale	56,002	0
Noncurrent Liabilities Held for Sale	12,347	$ 0
Kaplan Languages Group (KLG) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Valuation allowance on assets held for sale	(16,600)
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] \| Kaplan Languages Group (KLG) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and cash equivalents	28,801
Restricted cash	6,041
Accounts receivable, net	7,779
Prepaid expenses	5,934
Other current assets	585
Current Assets Held for Sale	49,140
Property, plant and equipment, net	8,106
Lease right-of-use assets	19,772
Amortized intangible assets, net	458
Deferred charges and other assets	2,400
Valuation allowance on assets held for sale	(16,587)
Noncurrent Assets Held for Sale	14,149
Accounts payable and accrued liabilities	18,877
Deferred revenue	31,696
Income taxes payable	(35)
Current portion of lease liabilities	5,464
Current Liabilities Held for Sale	56,002
Other liabilities	1,768
Deferred income taxes	(3,545)
Lease liabilities	14,124
Noncurrent Liabilities Held for Sale	$ 12,347

Other Non-Operating Expense (Tables)

3 Months Ended

Mar. 31, 2026

Other Nonoperating Income (Expense) [Abstract]

Summary of Other Non-Operating Expense

A summary of non-operating expense is as follows:


	Three Months Ended March 31
(in thousands)		2026		2025

Foreign currency loss, net		(1,224)		(4,379)

Gain on sale of cost method investment		484		—




Other gain, net		312		314
Total Other Non-Operating Expense		$	(428)	$	(4,065)

Acquisitions and Dispositions of Businesses (Dispositions and Other) (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended						3 Months Ended
	Feb. 25, 2025	Mar. 31, 2026	Jan. 31, 2026	Dec. 31, 2025	Oct. 31, 2025	Jul. 31, 2025	Dec. 31, 2024	Mar. 31, 2026	Mar. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total impairment charges								$ 19,029	$ 0
Impairment of goodwill								976
Noncontrolling interest, decrease from redemptions or purchase of interests								16,849
Interest expense								16,229	82,277
Mandatorily redeemable noncontrolling interest, Current		$ 6,033		$ 6,874				6,033
Kaplan Languages Group (KLG) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total impairment charges								19,000
Impairment of goodwill								1,000
Impairment charge related to the asset group held for sale								18,000
Valuation allowance on assets held for sale		16,600						16,600
Disposal Group, Held-for-Sale, Not Discontinued Operations [Member] \| Kaplan Languages Group (KLG) [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Valuation allowance on assets held for sale		16,587						16,587
CSI Pharmacy Holding Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests		41,000				$ 1,800	$ 2,000
Clarus [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests			$ 1,000		$ 400
GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mandatory redemption settlement amount	$ 205,000
Mandatorily redeemable noncontrolling interest, Current		6,000						6,000
Remaining GHC One and GHC Two [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mandatory redemption settlement amount		7,600						$ 7,600
Securities Subject to Mandatory Redemption [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense									$ (66,400)
Securities Subject to Mandatory Redemption [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest expense	66,200
Cash paid for CSI minority shares [Member] \| CSI Pharmacy Holding Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests		16,400					600
Promissory Notes for CSI Minority Shares due 2028 [Member] \| CSI Pharmacy Holding Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests		$ 24,600
Interest rate		8.00%						8.00%
Cash paid to settle a significant portion of the mandatorily redeemable noncontrolling interest [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mandatory redemption settlement amount	186,250
GHC Class B Common Stock issued [Member] \| GHC One [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mandatory redemption settlement amount	$ 18,750
Promissory Note for CSI minority shares due 2026 [Member] \| CSI Pharmacy Holding Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests							$ 1,400
Interest rate							5.50%
Additional Amount Payable for CSI Minority Shares [Member] \| CSI Pharmacy Holding Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Noncontrolling interest, decrease from redemptions or purchase of interests				$ 100
Interest rate				5.50%
Education [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill								$ 976
Education [Member] \| Kaplan International [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of goodwill								$ 976
Graham Holdings Company [Member] \| CSI Pharmacy Holding Company, LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent		93.40%					87.50%	93.40%
Graham Holdings Company [Member] \| Clarus [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership percentage by parent		97.50%			95.75%			97.50%

Business Segments (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s segment information is as follows:


	Three Months Ended March 31, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	440,479	$	111,553	$	209,340	$	125,034	$	267,624	$	1,154,030
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											82,599
Intersegment Elimination											(637)
Total Consolidated Revenues											$	1,235,992

Less: Significant Expenses (2)
Cost of Revenue (3)	167,427				133,936		88,214		226,743		616,320
Payroll and Fringe Benefits Expense (4)	117,657		27,285						19,992		164,934
Occupancy Expense	27,377								2,032		29,409
Advertising and Marketing Expense	19,429										19,429
Networking and Programming Expense			30,123								30,123
Management Services (5)									2,292		2,292
Other Segment Items (6)	46,371		15,018		54,082		20,712		9,390		145,573
EBITDAP	$	62,218	$	39,127	$	21,322	$	16,108	$	7,175	$	145,950

Pension Service Cost	4,439		1,488		1,886		1,230		17		9,060
Depreciation Expense	6,054		2,336		1,914		3,135		1,845		15,284

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale	$	51,725	$	35,303	$	17,522	$	11,743	$	5,313	$	121,606

Other Businesses (7)											(23,600)
Corporate Costs											(15,089)
Amortization of Intangible Assets											(6,055)
Impairment of Goodwill and Asset Group Held for Sale											(19,029)
Income from Operations											$	57,833
Equity in Earnings of Affiliates, Net											34,850
Interest Expense, Net											(13,754)
Non-Operating Pension and Postretirement Benefit Income, Net											31,073
Loss on Marketable Equity Securities, Net											(68,923)
Other Expense, Net											(428)
Income Before Income Taxes											$	40,651

Capital Expenditures	$	4,450	$	2,936	$	2,165	$	1,688	$	6,133	$	17,372
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											3,497
Total Capital Expenditures											$	20,869


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM).
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
	(c)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s segment information is as follows:


	Three Months Ended March 31, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	424,731	$	103,554	$	173,741	$	98,005	$	280,991	$	1,081,022
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											85,517
Intersegment Elimination											(624)
Total Consolidated Revenues											$	1,165,915

Less: Significant Expenses (2)
Cost of Revenue (3)	166,087				100,115		69,737		240,307		576,246
Payroll and Fringe Benefits Expense (4)	113,320		27,764						19,429		160,513
Occupancy Expense	27,922								1,871		29,793
Advertising and Marketing Expense	19,220										19,220
Networking and Programming Expense			31,357								31,357
Management Services (5)									2,052		2,052
Other Segment Items (6)	44,043		14,628		50,406		16,578		9,079		134,734
EBITDAP	$	54,139	$	29,805	$	23,220	$	11,690	$	8,253	$	127,107

Pension Service Cost	4,223		1,419		2,999		1,076		27		9,744
Depreciation Expense	7,764		2,628		1,786		2,703		1,729		16,610

Income from Operations before Amortization of Intangible Assets	$	42,152	$	25,758	$	18,435	$	7,911	$	6,497	$	100,753

Other Businesses (7)											(29,447)
Corporate Costs											(16,009)
Amortization of Intangible Assets											(7,824)

Income from Operations											$	47,473
Equity in Losses of Affiliates, Net											(8,428)
Interest Expense, Net											(79,777)
Non-Operating Pension and Postretirement Benefit Income, Net											34,617
Gain on Marketable Equity Securities, Net											43,801
Other Expense, Net											(4,065)
Income Before Income Taxes											$	33,621

Capital Expenditures	$	4,741	$	198	$	617	$	3,373	$	480	$	9,409
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											4,694
Total Capital Expenditures											$	14,103


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
	(c)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

Asset information for the Company’s business segments is as follows:


	As of
(in thousands)	March 31, 2026		December 31, 2025
Identifiable Assets
Kaplan international	$	1,431,048	$	1,551,682
Higher education	164,418		174,738
Supplemental education	234,128		247,181
Kaplan corporate and other	38,053		34,973
Education	1,867,647		2,008,574
Television broadcasting	388,564		393,097
CSI	197,339		128,170
Other healthcare	183,373		227,457
Healthcare	380,712		355,627
Manufacturing	542,933		535,006
Automotive	579,675		582,715
Total Segments	3,759,531		3,875,019
Other businesses	345,737		357,408
Corporate office	79,149		79,389
Investments in Marketable Equity Securities	966,719		1,081,938
Investments in Affiliates	237,053		229,565
Prepaid Pension Cost	2,792,300		2,772,394

Total Assets	$	8,180,489	$	8,395,713

Education [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s education division segment information is as follows:


	Three Months Ended March 31, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	271,636	$	92,403	$	76,864	$	271	$	(695)	$	440,479

Less: Significant Expenses (1)
Cost of Revenue (2)	90,001		66,243		11,522				(339)		167,427
Payroll and Fringe Benefits Expense (3)	76,392		3,805		33,032		4,502		(74)		117,657
Occupancy Expense	26,278		158		834		374		(267)		27,377
Advertising and Marketing Expense	8,199		1,920		9,217		93				19,429
Other Segment Items (4)	34,285		401		12,183		(764)		266		46,371
EBITDAP	$	36,481	$	19,876	$	10,076	$	(3,934)	$	(281)	$	62,218

Pension Service Cost	126		1,920		1,986		407				4,439
Depreciation Expense	4,968		267		810		9				6,054

Income (Loss) from Operations before Amortization of Intangible Assets	$	31,387	$	17,689	$	7,280	$	(4,350)	$	(281)	$	51,725

Capital Expenditures	$	3,300	$	815	$	335	$	—			$	4,450


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s education division segment information is as follows:


	Three Months Ended March 31, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	261,256	$	88,487	$	75,403	$	12	$	(427)	$	424,731

Less: Significant Expenses (1)
Cost of Revenue (2)	88,097		66,662		11,755				(427)		166,087
Payroll and Fringe Benefits Expense (3)	70,666		4,477		33,167		5,010				113,320
Occupancy Expense	27,025		176		658		63				27,922
Advertising and Marketing Expense	8,185		1,877		9,030		128				19,220
Other Segment Items (4)	30,532		224		12,185		1,065		37		44,043
EBITDAP	$	36,751	$	15,071	$	8,608	$	(6,254)	$	(37)	$	54,139

Pension Service Cost	140		1,808		1,887		388				4,223
Depreciation Expense	6,549		456		753		6				7,764

Income (Loss) from Operations before Amortization of Intangible Assets	$	30,062	$	12,807	$	5,968	$	(6,648)	$	(37)	$	42,152

Capital Expenditures	$	2,787	$	173	$	1,781	$	—			$	4,741


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

Healthcare [Member]

Segment Reporting Information [Line Items]

Summary of Segment Reporting Information, by Operating Segment

The Company’s healthcare division segment information is as follows:


	Three Months Ended March 31, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	117,781	$	91,559	$	209,340

Less: Significant Expenses (1)
Cost of Revenue (2)	91,144		42,792		133,936
Other Segment Items (3)	20,011		34,071		54,082
EBITDAP	$	6,626	$	14,696	$	21,322

Pension Service Cost	—		1,886		1,886
Depreciation Expense	293		1,621		1,914

Income from Operations before Amortization of Intangible Assets	$	6,333	$	11,189	$	17,522

Capital Expenditures	$	1,567	$	598	$	2,165


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s healthcare division segment information is as follows:


	Three Months Ended March 31, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	90,248	$	83,493	$	173,741

Less: Significant Expenses (1)
Cost of Revenue (2)	63,974		36,141		100,115
Other Segment Items (3)	16,422		33,984		50,406
EBITDAP	$	9,852	$	13,368	$	23,220

Pension Service Cost	—		2,999		2,999
Depreciation Expense	176		1,610		1,786

Income from Operations before Amortization of Intangible Assets	$	9,676	$	8,759	$	18,435

Capital Expenditures	$	298	$	319	$	617


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of Other Comprehensive Income (Loss)

The other comprehensive (loss) income consists of the following components:


	Three Months Ended March 31
	2026						2025
	Before-Tax		Income		After-Tax		Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount		Amount		Tax		Amount
Foreign currency translation adjustments:


Translation adjustments arising during the period	$	(6,248)	$	—	$	(6,248)	$	14,267	$	—	$	14,267
Pension and other postretirement plans:
Amortization of net prior service credit included in net income	(496)		130		(366)		(519)		133		(386)
Amortization of net actuarial gain included in net income	(258)		67		(191)		(379)		97		(282)


	(754)		197		(557)		(898)		230		(668)
Cash flow hedges:
Gain (loss) for the period	626		(163)		463		(679)		176		(503)
Other Comprehensive (Loss) Income	$	(6,376)	$	34	$	(6,342)	$	12,690	$	406	$	13,096

Summary of Changes in Accumulated Other Comprehensive Income (Loss)

The accumulated balances related to each component of other comprehensive income (loss) are as follows:


(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment		Unrealized Gain on Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
As of December 31, 2025	$	(12,262)	$	601,064	$	(1,722)	$	587,080

Other comprehensive (loss) income before reclassifications	(6,248)		—		299		(5,949)
Net amount reclassified from accumulated other comprehensive income (loss)	—		(557)		164		(393)
Net other comprehensive (loss) income	(6,248)		(557)		463		(6,342)
As of March 31, 2026	$	(18,510)	$	600,507	$	(1,259)	$	580,738

Summary of Amounts and Line Items of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows:


	Three Months Ended March 31			Affected Line Item in the Condensed Consolidated Statements of Operations

(in thousands)		2026				2025



Pension and Other Postretirement Plans:
Amortization of net prior service credit		$	(496)	$	(519)		(1)
Amortization of net actuarial gain		(258)		(379)			(1)

		(754)		(898)			Before tax
		197		230			Provision for Income Taxes
		(557)		(668)			Net of Tax

Cash Flow Hedges		164		60			Interest expense


Total reclassification for the period		$	(393)	$	(608)		Net of Tax

____________

(1) These accumulated other comprehensive income (loss) components are included in the computation of net periodic pension and postretirement plan cost (see Note 11) and are included in non-operating pension and postretirement benefit income in the Company’s Condensed Consolidated Statements of Operations.

Investments

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments

INVESTMENTS

Money Market Investments. As of March 31, 2026 and December 31, 2025, the Company had money market investments of $7.5 million and $5.3 million, respectively, that are classified as cash and cash equivalents in the Company’s Condensed Consolidated Balance Sheets.

Investments in Marketable Equity Securities. Investments in marketable equity securities consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Total cost	$	256,059	$	256,897
Gross unrealized gains	736,466		845,889
Gross unrealized losses	(25,806)		(20,848)
Total Fair Value	$	966,719	$	1,081,938

At March 31, 2026 and December 31, 2025, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $106.1 million and $119.2 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of March 31, 2026, the Company owned 422 Class A and 481,920 Class B shares in Berkshire Hathaway valued at $534.0 million, which exceeded 5% of the Company’s total assets.

The Company purchased $3.7 million and $4.8 million of marketable equity securities during the first three months of 2026 and 2025, respectively. During the first three months of 2026, the gross cumulative realized net gains from the sales of marketable equity securities were $45.5 million. The total proceeds from such sales were $50.0 million. There were no sales of marketable equity securities during the first three months of 2025.

The net (loss) gain on marketable equity securities comprised the following:


	Three Months Ended March 31
(in thousands)		2026		2025
(Loss) gain on marketable equity securities, net		$	(68,923)	$	43,801
Less: Net gains in earnings from marketable equity securities sold		(2,367)		—
Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the period		$	(71,290)	$	43,801

Investments in Affiliates. As of March 31, 2026, the Company’s healthcare subsidiary held investments in several affiliates that GHG actively manages; GHG held a 40% interest in each of the following affiliates: Residential Home Health Illinois, Residential Hospice Illinois, Mary Free Bed at Home, and Allegheny Health Network Healthcare at Home. For the three months ended March 31, 2026 and 2025, the Company recorded $4.1 million and $3.8 million, respectively, in revenue for services provided to the affiliates of GHG.

As of March 31, 2026, the Company held a 50.4%, 41.4% and 25.2% interest in N2K Networks, Realm and Intersection, respectively, on a fully diluted basis, and accounts for these investments under the equity method. The Company holds two of the five seats of N2K Networks’ governing board with the other shareholders retaining substantive participation rights to control the financial and operating decisions of N2K Networks through representation on the board. In May 2024, the Company entered into a convertible promissory note agreement to loan N2K Networks $2.0 million. The convertible promissory note bears interest at a rate of 12% per annum and, subject to conversion provisions, all unpaid interest and principal are due by May 2027.

The Company had $46.9 million and $30.0 million in its investment account that represents cumulative undistributed income in its investments in affiliates as of March 31, 2026 and December 31, 2025, respectively.

Additionally, Kaplan International Holdings Limited (KIHL) held a 45% interest in a joint venture formed with University of York. KIHL loaned the joint venture £22 million, which is repayable over 25 years at an interest rate of 7% and guaranteed by the University of York. The outstanding balance on this loan was £18.8 million as of March 31, 2026. The loan is repayable by December 2041.

Cost Method Investments. The Company held investments without readily determinable fair values in a number of equity securities that are accounted for as cost method investments, which are recorded at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer. The carrying value of these investments was $49.4 million as of March 31, 2026 and December 31, 2025, respectively.

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Contract with Customer, Liability

The following table presents the change in the Company’s deferred revenue balance:


	As of
	March 31, 2026		December 31, 2025		%
(in thousands)					Change
Deferred revenue	$	369,183	$	418,090	(12)

Capitalized Contract Cost

The following table presents changes in the Company’s costs to obtain a contract asset:


(in thousands)	Balance at Beginning of Period		Costs associated with new contracts		Less: Costs amortized during the period		Other		Balance at End of Period
2026	$	42,404	$	21,832	$	(25,035)	$	(2,627)	$	36,574

Acquisitions and Dispositions of Businesses (Assets Acquired and Liabilities Assumed) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill	$ 1,599,489	$ 1,585,666
Business Combination, Series of Individually Immaterial Business Combinations [Member]
Business Combination [Line Items]
Accounts receivable		11,641
Inventory		32,731
Property, plant and equipment		35,920
Lease right-of-use assets		3,642
Goodwill		51,943
Indefinite-lived intangible assets		15,500
Amortized intangible assets		41,300
Deferred income taxes		13,947
Other assets		221
Pension liabilities		(107,517)
Floor plan payables		(4,939)
Other liabilities		(18,371)
Current and noncurrent lease liabilities		(4,783)
Aggregate purchase price, net of cash acquired		$ 71,235

Investments (Net (Loss) Gain on Marketable Equity Securities) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments [Abstract]
(Loss) gain on marketable equity securities, net	$ (68,923)	$ 43,801
Less: Net gains in earnings from marketable equity securities sold	(2,367)	0
Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the period	$ (71,290)	$ 43,801

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Changes in Carrying Amount of Goodwill

The changes in the carrying amount of goodwill, by segment, were as follows:


(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Other Businesses		Total
As of December 31, 2025
Goodwill	$	1,181,284	$	190,815	$	136,637	$	272,523	$	140,832	$	108,943	$	2,031,034
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(32,155)		(445,368)
	850,133		190,815		136,637		190,461		140,832		76,788		1,585,666


Acquisition	—		—		17,996		—		—		—		17,996
Impairment	(976)		—		—		—		—		—		(976)


Foreign currency exchange rate changes	(3,197)		—		—		—		—		—		(3,197)
As of March 31, 2026
Goodwill	1,178,087		190,815		154,633		272,523		140,832		108,943		2,045,833
Accumulated impairment losses	(332,127)		—		—		(82,062)		—		(32,155)		(446,344)
	$	845,960	$	190,815	$	154,633	$	190,461	$	140,832	$	76,788	$	1,599,489

Other Intangible Assets

Other intangible assets consist of the following:


		As of March 31, 2026						As of December 31, 2025
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	296,773	$	259,893	$	36,880	$	307,312	$	266,453	$	40,859
Trade names and trademarks	2–10 years	108,127		93,878		14,249		114,227		98,147		16,080
Network affiliation agreements	10 years	17,400		16,022		1,378		17,400		15,588		1,812
Databases and technology	3–6 years	30,224		28,349		1,875		32,376		30,293		2,083

Other	1–8 years	38,063		37,330		733		38,063		37,266		797
		$	490,587	$	435,472	$	55,115	$	509,378	$	447,747	$	61,631
Indefinite-Lived Intangible Assets
Franchise agreements		$	97,002					$	97,002
Trade names and trademarks		62,169						62,653
FCC licenses		11,000						11,000

Other		150						150
		$	170,321					$	170,805

Education and Healthcare Divisions [Member]

Changes in Carrying Amount of Goodwill

The changes in carrying amount of goodwill at the Company’s education and healthcare divisions were as follows:


(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total Education		CSI		Other Healthcare		Total Healthcare
As of December 31, 2025
Goodwill	$	614,096	$	174,564	$	392,624	$	1,181,284	$	87,140	$	49,497	$	136,637
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	614,096		63,240		172,797		850,133		87,140		49,497		136,637


Acquisition	—		—		—		—		—		17,996		17,996
Impairment	(976)		—		—		(976)		—		—		—


Foreign currency exchange rate changes	(3,168)		—		(29)		(3,197)		—		—		—
As of March 31, 2026
Goodwill	610,928		174,564		392,595		1,178,087		87,140		67,493		154,633
Accumulated impairment losses	(976)		(111,324)		(219,827)		(332,127)		—		—		—
	$	609,952	$	63,240	$	172,768	$	845,960	$	87,140	$	67,493	$	154,633

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenue from Contracts with Customers (Capitalized Contract Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Contract costs capitalized during the period	$ 21,832
Costs amortized during the period	(25,035)
Change in capitalized contract cost, other	(2,627)
Balance of costs to obtain a contract	$ 36,574	$ 42,404

Pension Plans (Narrative) (Details) - Defined Benefit Pension Plan [Member] $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2026 USD ($) company investment	Mar. 31, 2025 USD ($)	Jun. 30, 2025	Dec. 31, 2025 USD ($) investment
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 4,100	$ 624
Percent of plan assets managed internally by the company	43.00%
Percent of plan assets managed by investment companies	57.00%
Number of investment companies actively managing plan assets \| company	2
Percentage of total plan assets	100.00%			100.00%
Markel Corporation [Member]
Defined Benefit Plan Disclosure [Line Items]
Value of investments	$ 111,000			$ 124,700
Berkshire Hathaway Common Stock [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator	20.00%
Alphabet and Berkshire Hathaway Common Stock [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator	15.00%
Foreign Investments [Member] \| Maximum [Member] \| Investment Manager 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	50.00%
Foreign Investments [Member] \| Maximum [Member] \| Investment Manager 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation percentage of assets	15.00%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of total plan assets	18.00%			17.00%
Single Equity Concentration [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined benefit plan, target allocation maximum percentage of assets, singular equity security, without prior approval by plan administrator	10.00%
Value of investments	$ 1,199,500			$ 1,267,400
Percentage of total plan assets	38.00%			37.00%
Single Equity Concentration [Member] \| Equity Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| investment	1			1
Single Equity Concentration [Member] \| Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Number of investments the company's pension plan held which individually exceed 10% of total plan assets \| investment	1			1
Concentration In Single Entity, Type Of Industry, Foreign Country Or Individual Fund [Member] \| Defined Benefit Plan Assets Total [Member]
Defined Benefit Plan Disclosure [Line Items]
Minimum percentage of plan assets considered as significant concentrations in pension plans	10.00%		10.00%
Kaplan, Graham Media Group, Joyce, Dekko, Framebridge, Code3, Slate and Corporate [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense	$ 4,100
World of Good Brands [Member] \| Separation Incentive Program [Member]
Defined Benefit Plan Disclosure [Line Items]
Special separation benefit expense		$ 600

Organization, Basis of Presentation And Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying condensed consolidated financial statements have been prepared in accordance with: (i) generally accepted accounting principles in the United States of America (GAAP) for interim financial information; (ii) the instructions to Form 10-Q; and (iii) the guidance of Rule 10-01 of Regulation S-X under the Securities and Exchange Act of 1934, as amended, for financial statements required to be filed with the Securities and Exchange Commission (SEC). They include the assets, liabilities, results of operations and cash flows of the Company, including its domestic and foreign subsidiaries that are more than 50% owned or otherwise controlled by the Company. As permitted under such rules, certain notes and other financial information normally required by GAAP have been condensed or omitted. Management believes the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows as of and for the periods presented herein. The Company’s results of operations for the three months ended March 31, 2026 and 2025 may not be indicative of the Company’s future results. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements	Use of Estimates in the Preparation of the Condensed Consolidated Financial Statements – The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates.
Assets Held For Sale	Assets Held for Sale – An asset or business is classified as held for sale when (i) management commits to a plan to sell the asset or business; (ii) the asset or business is available for immediate sale in its present condition; (iii) the asset or business is actively marketed for sale at a reasonable price; (iv) the sale is expected to be completed within one year; and (v) it is unlikely significant changes to the plan will be made or that the plan will be withdrawn. The assets and related liabilities are aggregated and reported separately in the Company’s Condensed Consolidated Financial Statements (see Note 2).
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted and Issued Accounting Pronouncements – In November 2024, the Financial Accounting Standards Board (FASB) issued new guidance that requires disclosures about certain significant expense categories including inventory purchases, employee compensation, depreciation, amortization, and selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on the disclosures within its Condensed Consolidated Financial Statements. In September 2025, FASB issued new guidance which updates the accounting for internal-use software by removing references to software development project stages and adding new criteria to determine when an entity is required to start capitalizing internal-use software costs. The guidance is effective for fiscal years and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of evaluating the impact of this new guidance on its Condensed Consolidated Financial Statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Acquisitions and Dispositions of Businesses (Acquisitions) (Narrative) (Details) $ in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2026 business	Oct. 31, 2025 USD ($) business	Jun. 30, 2025 business	Dec. 31, 2025 USD ($) business	Jul. 31, 2025
Business Combination [Line Items]
Number of businesses acquired				5
Acquisition purchase price \| $				$ 71.2
Net pension obligations \| $				107.5
Goodwill expected to be deductible for income tax purposes \| $				$ 12.4
Graham Healthcare Group [Member] \| Other Healthcare Businesses [Member]
Business Combination [Line Items]
Number of businesses acquired	1	2		2
Education [Member]
Business Combination [Line Items]
Number of businesses acquired				1
Education [Member] \| Supplemental Education [Member]
Business Combination [Line Items]
Number of businesses acquired			1
Manufacturing [Member]
Business Combination [Line Items]
Number of businesses acquired				1
Automotive [Member]
Business Combination [Line Items]
Number of businesses acquired				1
Arconic Architectural Products, LLC [Member] \| Manufacturing [Member] \| Hoover Treated Wood Products [Member]
Business Combination [Line Items]
Percentage of interest acquired					100.00%
Honda auto dealership [Member] \| Automotive [Member]
Business Combination [Line Items]
Floor plan payables \| $		$ 4.9
Honda auto dealership [Member] \| Delayed Draw Term Loan [Member] \| Automotive [Member]
Business Combination [Line Items]
Amount borrowed to finance business acquisition \| $		$ 38.7

Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income attributable to Graham Holdings Company common stockholders	$ 29,106	$ 23,894
Less: Dividends paid-common stock outstanding and unvested restricted shares	(16,398)	(15,662)
Undistributed earnings	$ 12,708	$ 8,232
Percent allocated to common stockholders	99.44%	99.38%
Undistributed earnings allocated to common stockholders	$ 12,636	$ 8,182
Add: Dividends paid-common stock outstanding	16,306	15,563
Numerator for basic earnings per share	28,942	23,745
Add: Additional undistributed earnings due to dilutive stock options	1	0
Numerator for diluted earnings per share	$ 28,943	$ 23,745
Denominator:
Weighted average shares outstanding (shares)	4,331	4,320
Denominator for diluted earnings per share (shares)	4,375	4,358
Graham Holdings Company Common Stockholders:
Basic earnings per common share (in USD per share)	$ 6.68	$ 5.50
Diluted earnings per common share (in USD per share)	$ 6.62	$ 5.45
Stock Options [Member]
Denominator:
Add: Effect of dilutive stock options (shares)	44	38

Inventories and Contracts in Progress (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]
Raw materials	$ 80,855	$ 77,977
Work-in-process	13,804	12,906
Finished goods	208,344	209,287
Contracts in progress	3,889	3,200
Inventories and contracts in progress	$ 306,892	$ 303,370

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The Company’s unvested restricted stock awards contain nonforfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. The diluted earnings per share computed under the two-class method is lower than the diluted earnings per share computed under the treasury stock method, resulting in the presentation of the lower amount in diluted earnings per share. The computation of the earnings per share under the two-class method excludes the income attributable to the unvested restricted stock awards from the numerator and excludes the dilutive impact of those underlying shares from the denominator.

The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:


	Three Months Ended March 31
(in thousands, except per share amounts)		2026			2025
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders		$	29,106		$	23,894
Less: Dividends paid-common stock outstanding and unvested restricted shares		(16,398)			(15,662)
Undistributed earnings		12,708			8,232
Percent allocated to common stockholders		99.44		%	99.38		%
		12,636			8,182
Add: Dividends paid-common stock outstanding		16,306			15,563
Numerator for basic earnings per share		$	28,942		$	23,745
Add: Additional undistributed earnings due to dilutive stock options		1			—
Numerator for diluted earnings per share		$	28,943		$	23,745
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding		4,331			4,320
Add: Effect of dilutive stock options		44			38
Denominator for diluted earnings per share		4,375			4,358
Graham Holdings Company Common Stockholders:
Basic earnings per share		$	6.68		$	5.50
Diluted earnings per share		$	6.62		$	5.45

____________

Earnings per share amounts may not recalculate due to rounding.

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:


	Three Months Ended March 31
(in thousands)		2026	2025
Weighted average restricted stock		17	12

The diluted earnings per share amounts for each of the three months ended March 31, 2026 and 2025 excludes the effect of 1,000 contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition.

In the three months ended March 31, 2026 and 2025, the Company declared regular dividends totaling $3.76 and $3.60 per common share, respectively.

Investments (Narrative) (Details) £ in Millions	1 Months Ended	3 Months Ended
Investments (Narrative) (Details) £ in Millions	May 31, 2024 USD ($)	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Mar. 31, 2026 GBP (£) shares	Dec. 31, 2025 USD ($) shares
Schedule of Investments [Line Items]
Money Market Investments		$ 7,500,000			$ 5,300,000
Marketable equity securities		966,719,000			1,081,938,000
Payments to Acquire Marketable Securities		3,698,000	$ 4,823,000
Cumulative realized net gains on sales of marketable securities		45,500,000
Proceeds from sales of marketable equity securities		49,994,000	0
Cumulative undistributed income in investments in affiliates		46,900,000			30,000,000.0
Cost method investments		$ 49,400,000			$ 49,400,000
Concentration in single marketable equity security [Member] \| Assets, Total [Member]
Schedule of Investments [Line Items]
Minimum percentage of total assets considered as significant concentrations		5.00%
Related Party [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Operating Revenues		$ 4,100,000	$ 3,800,000
Markel Corporation [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares		55,430		55,430	55,430
Marketable equity securities		$ 106,100,000			$ 119,200,000
Berkshire Hathaway [Member]
Schedule of Investments [Line Items]
Marketable equity securities		$ 534,000,000.0
Berkshire Hathaway [Member] \| Common Class A [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares		422		422
Berkshire Hathaway [Member] \| Common Class B [Member]
Schedule of Investments [Line Items]
Number of Shares Held in Investment \| shares		481,920		481,920
Residential Home Health Illinois [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%		40.00%
Residential Hospice Illinois [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%		40.00%
Mary Free Bed at Home [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%		40.00%
Allegheny Health Network Healthcare at Home [Member] \| Graham Healthcare Group [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		40.00%		40.00%
N2K Networks [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		50.40%		50.40%
Payments for Advance to Affiliate	$ 2,000,000.0
Loan Receivable Fixed Interest Rate	12.00%
Realm [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		41.40%		41.40%
Intersection [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Diluted Ownership Percentage		25.20%		25.20%
York Joint Venture [Member] \| KIHL [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage		45.00%		45.00%
Loan Receivable Fixed Interest Rate		7.00%
Cumulative payments for advance to affiliate \| £				£ 22.0
Loan Receivable, Payment Terms		25 years
Advances to Affiliate \| £				£ 18.8

Revenue from Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Percentage of Refundable Amounts Included Within Contract Liabilities	15.00%		22.00%
Deferred Revenue Recognized in Period Related to Beginning Balance	$ 218.0
Deferred Revenue Recognized of Refundable Prepaid Amounts	$ 31.2
U.S. [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	78.00%	78.00%
Non-US [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	22.00%	22.00%
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	54.00%	54.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Percentage of Revenue	46.00%	46.00%
Kaplan International [Member]
Disaggregation of Revenue [Line Items]
Contract Asset, Total	$ 28.5		$ 36.5
Contract Asset, Current	5.1		4.4
Contract Asset, Noncurrent	23.4		32.1
Additional Contract Assets
Disaggregation of Revenue [Line Items]
Contract Asset, Current	$ 2.7		$ 3.0
Long-term Contract with Customer [Member] \| Supplemental Education [Member]
Disaggregation of Revenue [Line Items]
Minimum Term of Contract	12 months
Revenue Remaining Performance Obligation Percentage of Revenue Expected to be Recognized Over Next 12 Months	56.00%

Goodwill and Other Intangible Assets (Other Intangible Assets) (Details 2) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 490,587	$ 509,378
Accumulated Amortization	435,472	447,747
Net Carrying Amount	55,115	61,631
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	170,321	170,805
Franchise Agreements [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	97,002	97,002
Trade Names and Trademarks [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	62,169	62,653
FCC licenses [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	11,000	11,000
Other [Member]
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	150	150
Student and Customer Relationships [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	296,773	307,312
Accumulated Amortization	259,893	266,453
Net Carrying Amount	$ 36,880	$ 40,859
Student and Customer Relationships [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Student and Customer Relationships [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Trade Names and Trademarks [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 108,127	$ 114,227
Accumulated Amortization	93,878	98,147
Net Carrying Amount	$ 14,249	$ 16,080
Trade Names and Trademarks [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	2 years	2 years
Trade Names and Trademarks [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Network Affiliation Agreements [Member]
Amortized Intangible Assets [Line Items]
Useful Life	10 years	10 years
Gross Carrying Amount	$ 17,400	$ 17,400
Accumulated Amortization	16,022	15,588
Net Carrying Amount	1,378	1,812
Databases and Technology [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	30,224	32,376
Accumulated Amortization	28,349	30,293
Net Carrying Amount	$ 1,875	$ 2,083
Databases and Technology [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	3 years	3 years
Databases and Technology [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	6 years	6 years
Other [Member]
Amortized Intangible Assets [Line Items]
Gross Carrying Amount	$ 38,063	$ 38,063
Accumulated Amortization	37,330	37,266
Net Carrying Amount	$ 733	$ 797
Other [Member] \| Minimum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	1 year	1 year
Other [Member] \| Maximum [Member]
Amortized Intangible Assets [Line Items]
Useful Life	8 years	8 years

Fair Value Measurements (Fair Value of Financial Assets and Liabilities) (Details 1) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets

Money Market Investments

$ 7,500

$ 5,300

Marketable equity securities

966,719

1,081,938

Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

7,527

5,251

Marketable equity securities

^[2]

966,719

1,081,938

Other current investments

^[3]

5,982

7,032

Total Financial Assets

980,228

1,094,221

Liabilities

Contingent consideration liabilities

^[4]

1,223

1,526

Interest rate swaps

^[5]

1,672

2,289

Mandatorily redeemable noncontrolling interest

^[6]

7,636

8,401

Total Financial Liabilities

10,531

12,216

Level 1 | Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

Marketable equity securities

^[2]

966,719

1,081,938

Other current investments

^[3]

Total Financial Assets

966,719

1,081,938

Liabilities

Contingent consideration liabilities

^[4]

Interest rate swaps

^[5]

Mandatorily redeemable noncontrolling interest

^[6]

Total Financial Liabilities

Level 2 | Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

7,527

5,251

Marketable equity securities

^[2]

Other current investments

^[3]

5,982

7,032

Total Financial Assets

13,509

12,283

Liabilities

Contingent consideration liabilities

^[4]

Interest rate swaps

^[5]

1,672

2,289

Mandatorily redeemable noncontrolling interest

^[6]

Total Financial Liabilities

1,672

2,289

Level 3 | Fair Value, Recurring [Member]

Assets

Money Market Investments

^[1]

Marketable equity securities

^[2]

Other current investments

^[3]

Total Financial Assets

Liabilities

Contingent consideration liabilities

^[4]

1,223

1,526

Interest rate swaps

^[5]

Mandatorily redeemable noncontrolling interest

^[6]

7,636

8,401

Total Financial Liabilities

$ 8,859

$ 9,927

[1]	The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty.
[2]	The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available.
[3]	Includes mutual funds, which are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments.
[4]	Included in Current liabilities held for sale and Noncurrent liabilities held for sale as of March 31, 2026. The balances were included in Accounts payable, vehicle floor plan payable and accrued liabilities and Other Liabilities as of December 31, 2025. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates.
[5]	Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates.
[6]	The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

Goodwill and Other Intangible Assets (Other Intangible Assets) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Amortized Intangible Assets [Line Items]
Total impairment charges	$ 19,029	$ 0
Amortization of Intangible Assets
Amortization of intangible assets	6,055	$ 7,824
Estimated amortization of intangible assets, remainder of 2026	17,000
Estimated amortization of intangible assets, 2027	9,000
Estimated amortization of intangible assets, 2028	6,000
Estimated amortization of intangible assets, 2029	5,000
Estimated amortization of intangible assets, 2030	5,000
Estimated amortization of intangible assets, after 2030	$ 13,000

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

REVENUE FROM CONTRACTS WITH CUSTOMERS

The Company generated 78% of its revenue from U.S. domestic sales for each of the three months ended March 31, 2026 and 2025, respectively. The remaining 22% of revenue was generated from non-U.S. sales for the three months ended March 31, 2026 and 2025.

For each of the three months ended March 31, 2026 and 2025, the Company recognized 54% of its revenue over time as control of the services and goods transferred to the customer, and the remaining 46% at a point in time, when the customer obtained control of the promised goods.

Contract Assets. As of March 31, 2026, the Company recognized a contract asset of $28.5 million related to a contract at a Kaplan International business, of which $5.1 million is included in Other current assets and $23.4

million is included in Deferred Charges and Other Assets. The Company expects to recognize an additional $211.7 million related to the remaining performance obligation in the contract over the next three years. As of December 31, 2025, the contract asset was $36.5 million, of which $4.4 million was included in Other current assets and $32.1 million was included in Deferred Charges and Other Assets. Additional contract assets of $2.7 million and $3.0 million are included in Other current assets on the Company’s Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively.

Deferred Revenue. The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance which includes some payments that are refundable due to the contractual right of the customer to cancel the agreement. As of March 31, 2026 and December 31, 2025, 15% and 22%, respectively, of the Company’s deferred revenue consisted of prepaid amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance:


	As of
	March 31, 2026		December 31, 2025		%
(in thousands)					Change
Deferred revenue	$	369,183	$	418,090	(12)

The majority of the change in the deferred revenue balance is related to the cyclical nature of services in the Kaplan International division and the reclassification of deferred revenue included in the KLG disposal group (see Note 2), offset by increases in the Supplemental Education division. During the three months ended March 31, 2026, the Company recognized $218.0 million related to the Company’s deferred revenue balance as of December 31, 2025, including $31.2 million of prepaid amounts which were refundable at the prior year-end.

Revenue allocated to remaining performance obligations represents deferred revenue amounts that will be recognized as revenue in future periods. As of March 31, 2026, the deferred revenue balance related to certain medical and nursing qualifications with an original contract length greater than twelve months at Kaplan Supplemental Education was $6.0 million. Kaplan Supplemental Education expects to recognize 56% of this revenue over the next twelve months and the remainder thereafter.

Costs to Obtain a Contract. The following table presents changes in the Company’s costs to obtain a contract asset:


(in thousands)	Balance at Beginning of Period		Costs associated with new contracts		Less: Costs amortized during the period		Other		Balance at End of Period
2026	$	42,404	$	21,832	$	(25,035)	$	(2,627)	$	36,574

The majority of other activity was related to the reclassification of costs to obtain contracts assets included in the KLG disposal group (see Note 2) and currency translation adjustments for the three months ended March 31, 2026.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 24, 2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-06714
Entity Registrant Name	GRAHAM HOLDINGS CO
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0182885
Entity Address, Address Line One	1812 North Moore Street
Entity Address, City or Town	Arlington
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22209
City Area Code	703
Local Phone Number	345-6300
Title of 12(b) Security	Class B Common Stock, par value $1.00 per share
Trading Symbol	GHC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000104889
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		964,001
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		3,343,083

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Schedule of Accounts Payable and Accrued Liabilities) (Details 2) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 167,742	$ 181,009
Vehicle floor plan payable	114,668	118,959
Accrued compensation and related benefits	131,395	194,972
Other accrued liabilities	213,623	226,686
Total Accounts payable and Accrued liabilities	$ 627,428	$ 721,626

Other Non-Operating Expense

3 Months Ended

Mar. 31, 2026

Other Nonoperating Income (Expense) [Abstract]

Other Non-Operating Expense

OTHER NON-OPERATING EXPENSE

A summary of non-operating expense is as follows:


	Three Months Ended March 31
(in thousands)		2026		2025

Foreign currency loss, net		(1,224)		(4,379)

Gain on sale of cost method investment		484		—




Other gain, net		312		314
Total Other Non-Operating Expense		$	(428)	$	(4,065)

Goodwill and Other Intangible Assets (Goodwill) (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Line Items]
Impairment of goodwill	$ 976
Education [Member]
Goodwill [Line Items]
Impairment of goodwill	976
Education [Member] \| Kaplan International [Member]
Goodwill [Line Items]
Impairment of goodwill	$ 976

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Acquisitions and Dispositions of Businesses (Pro Forma Financials) (Details 2) $ in Thousands	3 Months Ended
	Mar. 31, 2025 USD ($)
Acquisitions And Dispositions [Abstract]
Operating revenues	$ 1,213,392
Net income	$ 27,084

Investments (Investments in Marketable Equity Securities) (Details 1) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments [Abstract]
Total Cost	$ 256,059	$ 256,897
Gross unrealized gains	736,466	845,889
Gross unrealized losses	(25,806)	(20,848)
Investments in Marketable Equity Securities	$ 966,719	$ 1,081,938

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2026

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The other comprehensive (loss) income consists of the following components:


	Three Months Ended March 31
	2026						2025
	Before-Tax		Income		After-Tax		Before-Tax		Income		After-Tax
(in thousands)	Amount		Tax		Amount		Amount		Tax		Amount
Foreign currency translation adjustments:


Translation adjustments arising during the period	$	(6,248)	$	—	$	(6,248)	$	14,267	$	—	$	14,267
Pension and other postretirement plans:
Amortization of net prior service credit included in net income	(496)		130		(366)		(519)		133		(386)
Amortization of net actuarial gain included in net income	(258)		67		(191)		(379)		97		(282)


	(754)		197		(557)		(898)		230		(668)
Cash flow hedges:
Gain (loss) for the period	626		(163)		463		(679)		176		(503)
Other Comprehensive (Loss) Income	$	(6,376)	$	34	$	(6,342)	$	12,690	$	406	$	13,096

The accumulated balances related to each component of other comprehensive income (loss) are as follows:


(in thousands, net of taxes)	Cumulative Foreign Currency Translation Adjustment		Unrealized Gain on Pensions and Other Postretirement Plans		Cash Flow Hedges		Accumulated Other Comprehensive Income
As of December 31, 2025	$	(12,262)	$	601,064	$	(1,722)	$	587,080

Other comprehensive (loss) income before reclassifications	(6,248)		—		299		(5,949)
Net amount reclassified from accumulated other comprehensive income (loss)	—		(557)		164		(393)
Net other comprehensive (loss) income	(6,248)		(557)		463		(6,342)
As of March 31, 2026	$	(18,510)	$	600,507	$	(1,259)	$	580,738

The amounts and line items of reclassifications out of Accumulated Other Comprehensive Income (Loss) are as follows:


	Three Months Ended March 31			Affected Line Item in the Condensed Consolidated Statements of Operations

(in thousands)		2026				2025



Pension and Other Postretirement Plans:
Amortization of net prior service credit		$	(496)	$	(519)		(1)
Amortization of net actuarial gain		(258)		(379)			(1)

		(754)		(898)			Before tax
		197		230			Provision for Income Taxes
		(557)		(668)			Net of Tax

Cash Flow Hedges		164		60			Interest expense


Total reclassification for the period		$	(393)	$	(608)		Net of Tax

____________

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:


	As of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	7,527	$	—	$	7,527
Marketable equity securities (2)	966,719		—		—		966,719
Other current investments (3)	—		5,982		—		5,982

Total Financial Assets	$	966,719	$	13,509	$	—	$	980,228
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,223	$	1,223
Interest rate swaps (5)	—		1,672		—		1,672
Mandatorily redeemable noncontrolling interest (6)	—		—		7,636		7,636
Total Financial Liabilities	$	—	$	1,672	$	8,859	$	10,531


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	5,251	$	—	$	5,251
Marketable equity securities (2)	1,081,938		—		—		1,081,938
Other current investments (3)	—		7,032		—		7,032


Total Financial Assets	$	1,081,938	$	12,283	$	—	$	1,094,221
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,526	$	1,526
Interest rate swaps (5)	—		2,289		—		2,289

Mandatorily redeemable noncontrolling interest (6)	—		—		8,401		8,401
Total Financial Liabilities	$	—	$	2,289	$	9,927	$	12,216

____________


(1)			The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty.
(2)			The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available.
(3)			Includes mutual funds, which are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments.
(4)			Included in Current liabilities held for sale and Noncurrent liabilities held for sale as of March 31, 2026. The balances were included in Accounts payable, vehicle floor plan payable and accrued liabilities and Other Liabilities as of December 31, 2025. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates.
(5)			Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates.
(6)			The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs:


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2025	$	1,526	$	8,401

Changes in fair value (1)	—		(669)
Capital contributions	—		4
Accretion of value included in net income (1)	21		—
Settlements or distributions	(299)		(100)
Foreign currency exchange rate changes	(25)		—
As of March 31, 2026	$	1,223	$	7,636


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2024	$	1,419	$	159,548

Changes in fair value (1)	—		66,407
Capital contributions	—		80
Accretion of value included in net income (1)	46		—
Settlements or distributions	—		(205,315)
Foreign currency exchange rate changes	20		—
As of March 31, 2025	$	1,485	$	20,720

____________


(1)			Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Inventories and Contracts in Progress

3 Months Ended

Mar. 31, 2026

Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]

Inventories and Contracts in Progress

INVENTORIES AND CONTRACTS IN PROGRESS

Inventories and contracts in progress consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Raw materials	$	80,855	$	77,977
Work-in-process	13,804		12,906
Finished goods	208,344		209,287
Contracts in progress	3,889		3,200
	$	306,892	$	303,370

Earnings Per Share (Details 2) - shares shares in Thousands	3 Months Ended
Earnings Per Share (Details 2) - shares shares in Thousands	Mar. 31, 2026	Mar. 31, 2025
Restricted Stock [Member] \| Class B Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities, shares	17	12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Other Intangible Assets (Changes in Carrying Amount of Goodwill) (Details 1) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,031,034
Accumulated impairment losses, beginning balance	(445,368)
Goodwill, net, beginning balance	1,585,666
Acquisitions	17,996
Impairment	(976)
Foreign currency exchange rate changes	(3,197)
Goodwill, ending balance	2,045,833
Accumulated impairment losses, ending balance	(446,344)
Goodwill, net, ending balance	1,599,489
Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	1,181,284
Accumulated impairment losses, beginning balance	(331,151)
Goodwill, net, beginning balance	850,133
Acquisitions	0
Impairment	(976)
Foreign currency exchange rate changes	(3,197)
Goodwill, ending balance	1,178,087
Accumulated impairment losses, ending balance	(332,127)
Goodwill, net, ending balance	845,960
Education [Member] \| Kaplan International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	614,096
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	614,096
Acquisitions	0
Impairment	(976)
Foreign currency exchange rate changes	(3,168)
Goodwill, ending balance	610,928
Accumulated impairment losses, ending balance	(976)
Goodwill, net, ending balance	609,952
Education [Member] \| Higher Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	174,564
Accumulated impairment losses, beginning balance	(111,324)
Goodwill, net, beginning balance	63,240
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	174,564
Accumulated impairment losses, ending balance	(111,324)
Goodwill, net, ending balance	63,240
Education [Member] \| Supplemental Education [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	392,624
Accumulated impairment losses, beginning balance	(219,827)
Goodwill, net, beginning balance	172,797
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	(29)
Goodwill, ending balance	392,595
Accumulated impairment losses, ending balance	(219,827)
Goodwill, net, ending balance	172,768
Television Broadcasting [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	190,815
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	190,815
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	190,815
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	190,815
Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	136,637
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	136,637
Acquisitions	17,996
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	154,633
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	154,633
Healthcare [Member] \| CSI [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	87,140
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	87,140
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	87,140
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	87,140
Healthcare [Member] \| Other Healthcare [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	49,497
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	49,497
Acquisitions	17,996
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	67,493
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	67,493
Manufacturing [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	272,523
Accumulated impairment losses, beginning balance	(82,062)
Goodwill, net, beginning balance	190,461
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	272,523
Accumulated impairment losses, ending balance	(82,062)
Goodwill, net, ending balance	190,461
Automotive [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	140,832
Accumulated impairment losses, beginning balance	0
Goodwill, net, beginning balance	140,832
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	140,832
Accumulated impairment losses, ending balance	0
Goodwill, net, ending balance	140,832
Other Businesses [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	108,943
Accumulated impairment losses, beginning balance	(32,155)
Goodwill, net, beginning balance	76,788
Acquisitions	0
Impairment	0
Foreign currency exchange rate changes	0
Goodwill, ending balance	108,943
Accumulated impairment losses, ending balance	(32,155)
Goodwill, net, ending balance	$ 76,788

Pension Plans (Total Benefit/Cost) (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Net Periodic Cost (Benefit)	$ (20,401)	$ (23,253)
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	11,580	12,192
Interest cost	8,695	6,421
Expected return on assets	(44,280)	(41,971)
Amortization of prior service credit	(496)	(519)
Net Periodic Cost (Benefit)	(24,501)	(23,877)
Special separation benefit expense	4,100	624
Net Periodic Cost (Benefit)	(20,401)	(23,253)
Supplemental Executive Retirement Plan (SERP) [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	289	239
Interest cost	1,155	1,197
Net Periodic Cost (Benefit)	$ 1,444	$ 1,436

Debt (Narrative) (Details)

3 Months Ended

Nov. 24, 2025

USD ($)

Mar. 31, 2026

USD ($)

Mar. 31, 2025

USD ($)

Mar. 31, 2026

GBP (£)

Dec. 31, 2025

USD ($)

Oct. 21, 2025

USD ($)

Debt Instrument [Line Items]

Average borrowings outstanding

$ 892,800,000

$ 789,100,000

Weighted average interest rate

5.70%

6.00%

Interest expense, net

$ 13,754,000

$ 79,777,000

Interest income

2,475,000

2,500,000

Interest expense

(16,229,000)

(82,277,000)

5.625% Unsecured Notes maturing in 2033 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

$ 6,400,000

Unsecured fixed-rate notes, face amount

$ 500,000,000

Interest rate

5.625%

Fair value of debt instrument

$ 489,500,000

$ 504,000,000.0

5.75% Unsecured Notes maturing in 2026 [Member]

Debt Instrument [Line Items]

Interest rate

5.75%

Debt extinguishment amount

$ 400,000,000

Term Loan maturing in 2027 [Member]

Debt Instrument [Line Items]

Debt extinguishment amount

150,000,000

Five-Year Credit Agreement

Debt Instrument [Line Items]

Credit facility current borrowing capacity

400,000,000

Letter of credit sublimit

$ 40,000,000

Line of credit facility outstanding

149,115,000

222,466,000

USD revolving credit facility borrowings

Debt Instrument [Line Items]

Line of credit facility outstanding

83,000,000.0

GBP revolving credit facility borrowings [Member]

Debt Instrument [Line Items]

Line of credit facility outstanding | £

£ 50,000,000

Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

100,000

Loans Payable to Bank

^[1]

90,596,000

91,836,000

Capital Term Loan maturing in 2028[Member]

Debt Instrument [Line Items]

Unamortized debt issuance costs

400,000

500,000

Loans Payable to Bank

^[2]

$ 62,153,000

$ 64,079,000

Secured Overnight Financing Rate (SOFR) [Member] | USD revolving credit facility borrowings

Debt Instrument [Line Items]

Applicable interest rate margin

1.375%

Prime Rate [Member] | USD revolving credit facility borrowings

Debt Instrument [Line Items]

Applicable interest rate margin

0.375%

Sterling Overnight Interbank Average Rate (SONIA) [Member] | GBP revolving credit facility borrowings [Member]

Debt Instrument [Line Items]

Applicable interest rate margin

1.375%

Automotive [Member] | Delayed Draw Term Loan [Member]

Debt Instrument [Line Items]

Loans Payable to Bank

$ 38,700,000

Securities Subject to Mandatory Redemption [Member]

Debt Instrument [Line Items]

Interest income

$ 700,000

Interest expense

$ 66,400,000

[1]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.
[2]	The carrying value is net of $0.4 million and $0.5 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.

Debt (Details 1) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Nov. 24, 2025

Debt Instrument [Line Items]

Other indebtedness

$ 26,568

$ 8,750

Total Debt

821,982

880,756

Less: current portion

(107,098)

(175,138)

Total Long-Term Debt

714,884

705,618

5.625% Unsecured Notes maturing in 2033 [Member]

Debt Instrument [Line Items]

Unsecured notes

^[1]

493,550

493,625

Unamortized debt issuance costs

$ 6,400

Stated interest rate

5.625%

Effective interest rate

5.625%

Five-Year Credit Agreement

Debt Instrument [Line Items]

Credit facility

$ 149,115

$ 222,466

Effective interest rate

5.13%

Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Loans Payable to Bank

^[2]

$ 90,596

91,836

Unamortized debt issuance costs

$ 100

100

Effective interest rate

5.49%

Capital Term Loan maturing in 2028[Member]

Debt Instrument [Line Items]

Loans Payable to Bank

^[3]

$ 62,153

64,079

Unamortized debt issuance costs

$ 400

$ 500

Effective interest rate

6.24%

Minimum [Member] | Five-Year Credit Agreement

Debt Instrument [Line Items]

Stated interest rate

5.04%

Minimum [Member] | Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Stated interest rate

5.42%

Minimum [Member] | Capital Term Loan maturing in 2028[Member]

Debt Instrument [Line Items]

Stated interest rate

6.17%

Minimum [Member] | Other Indebtedness [Member]

Debt Instrument [Line Items]

Stated interest rate

6.25%

Maximum [Member] | Five-Year Credit Agreement

Debt Instrument [Line Items]

Stated interest rate

7.13%

Maximum [Member] | Real Estate Term Loan maturing in 2028 [Member]

Debt Instrument [Line Items]

Stated interest rate

5.45%

Maximum [Member] | Capital Term Loan maturing in 2028[Member]

Debt Instrument [Line Items]

Stated interest rate

6.20%

Maximum [Member] | Other Indebtedness [Member]

Debt Instrument [Line Items]

Stated interest rate

8.00%

[1]	The carrying value is net of $6.4 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.
[2]	The carrying value is net of $0.1 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025.
[3]	The carrying value is net of $0.4 million and $0.5 million of unamortized debt issuance costs as of March 31, 2026 and December 31, 2025, respectively.

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Revenues
Operating Revenues	$ 1,235,992	$ 1,165,915
Operating Costs and Expenses
Selling, general and administrative	277,481	270,706
Depreciation of property, plant and equipment	18,394	20,554
Amortization of intangible assets	6,055	7,824
Impairment of goodwill and asset group held for sale	19,029	0
Total Operating Costs and Expenses	1,178,159	1,118,442
Income from Operations	57,833	47,473
Equity in earnings (losses) of affiliates, net	34,850	(8,428)
Interest income	2,475	2,500
Interest expense	(16,229)	(82,277)
Non-operating pension and postretirement benefit income, net	31,073	34,617
(Loss) gain on marketable equity securities, net	(68,923)	43,801
Other expense, net	(428)	(4,065)
Income Before Income Taxes	40,651	33,621
Provision for Income Taxes	9,900	7,900
Net Income	30,751	25,721
Net Income Attributable to Noncontrolling Interests	(1,645)	(1,827)
Net Income Attributable to Graham Holdings Company Common Stockholders	$ 29,106	$ 23,894
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share (in USD per share)	$ 6.68	$ 5.50
Basic average number of common shares outstanding (in shares)	4,331	4,320
Diluted net income per common share (in USD per share)	$ 6.62	$ 5.45
Diluted average number of common shares outstanding (in shares)	4,375	4,358
Services [Member]
Operating Revenues
Operating Revenues	$ 673,799	$ 647,507
Operating Costs and Expenses
Cost of services and goods	394,993	386,136
Goods [Member]
Operating Revenues
Operating Revenues	562,193	518,408
Operating Costs and Expenses
Cost of services and goods	$ 462,207	$ 433,222

Fair Value Measurements (Reconciliation of Changes in Financial Liabilities Fair Value Using Level 3 Inputs) (Details 2) - Level 3 - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Contingent consideration liabilities [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance

$ 1,526

$ 1,419

Changes in fair value

^[1]

Capital contributions

Accretion of value included in net income

^[1]

Settlements or distributions

(299)

Foreign currency exchange rate changes

(25)

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance

1,223

1,485

Mandatorily redeemable noncontrolling interest [Member]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance

8,401

159,548

Changes in fair value

^[1]

(669)

66,407

Capital contributions

Accretion of value included in net income

^[1]

Settlements or distributions

(100)

(205,315)

Foreign currency exchange rate changes

Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance

$ 7,636

$ 20,720

[1]

Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Other Non-Operating Expense (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Nonoperating Income (Expense) [Abstract]
Foreign currency loss, net	$ (1,224)	$ (4,379)
Gain on sale of cost method investment	484	0
Other gain, net	312	314
Total Other Non-Operating Expense	$ (428)	$ (4,065)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 135,676	$ 266,988
Restricted cash	63,439	44,417
Investments in marketable equity securities and other investments	972,701	1,088,970
Accounts receivable, net	520,482	576,754
Inventories and contracts in progress	306,892	303,370
Prepaid expenses	135,826	124,875
Income taxes receivable	14,788	15,447
Other current assets	10,011	10,274
Current assets held for sale (includes $28,801 of cash and $6,041 of restricted cash)	49,140	0
Total Current Assets	2,208,955	2,431,095
Property, Plant and Equipment, Net	576,348	587,434
Lease Right-of-Use Assets	387,163	404,818
Investments in Affiliates	237,053	229,565
Goodwill, Net	1,599,489	1,585,666
Indefinite-Lived Intangible Assets	170,321	170,805
Amortized Intangible Assets, Net	55,115	61,631
Prepaid Pension Cost	2,792,300	2,772,394
Deferred Income Taxes	9,913	9,690
Deferred Charges and Other Assets	129,683	142,615
Noncurrent Assets Held for Sale	14,149	0
Total Assets	8,180,489	8,395,713
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities	627,428	721,626
Deferred revenue	361,621	411,651
Income taxes payable	7,368	8,995
Mandatorily redeemable noncontrolling interest	6,033	6,874
Current portion of lease liabilities	58,581	64,290
Current portion of long-term debt	107,098	175,138
Dividends declared	8,198	0
Current liabilities held for sale	56,002	0
Total Current Liabilities	1,232,329	1,388,574
Accrued Compensation and Related Benefits	131,641	135,323
Other Liabilities	28,122	28,639
Deferred Income Taxes	896,992	890,984
Mandatorily Redeemable Noncontrolling Interest	1,603	1,527
Lease Liabilities	365,847	377,897
Long-Term Debt	714,884	705,618
Noncurrent Liabilities Held for Sale	12,347	0
Total Liabilities	3,383,765	3,528,562
Commitments and Contingencies (Note 14)
Redeemable Noncontrolling Interests	29,920	39,824
Preferred Stock	0	0
Common Stockholders’ Equity
Common stock	20,000	20,000
Capital in excess of par value	346,943	379,896
Retained earnings	8,305,389	8,292,681
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(18,510)	(12,262)
Unrealized gain on pensions and other postretirement plans	600,507	601,064
Cash flow hedges	(1,259)	(1,722)
Cost of Class B common stock held in treasury	(4,520,318)	(4,485,632)
Total Common Stockholders’ Equity	4,732,752	4,794,025
Noncontrolling Interests	34,052	33,302
Total Equity	4,766,804	4,827,327
Total Liabilities and Equity	$ 8,180,489	$ 8,395,713

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:


	As of March 31, 2026
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	7,527	$	—	$	7,527
Marketable equity securities (2)	966,719		—		—		966,719
Other current investments (3)	—		5,982		—		5,982

Total Financial Assets	$	966,719	$	13,509	$	—	$	980,228
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,223	$	1,223
Interest rate swaps (5)	—		1,672		—		1,672
Mandatorily redeemable noncontrolling interest (6)	—		—		7,636		7,636
Total Financial Liabilities	$	—	$	1,672	$	8,859	$	10,531


	As of December 31, 2025
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments (1)	$	—	$	5,251	$	—	$	5,251
Marketable equity securities (2)	1,081,938		—		—		1,081,938
Other current investments (3)	—		7,032		—		7,032


Total Financial Assets	$	1,081,938	$	12,283	$	—	$	1,094,221
Liabilities

Contingent consideration liabilities (4)	$	—	$	—	$	1,526	$	1,526
Interest rate swaps (5)	—		2,289		—		2,289

Mandatorily redeemable noncontrolling interest (6)	—		—		8,401		8,401
Total Financial Liabilities	$	—	$	2,289	$	9,927	$	12,216

____________


(1)			The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty.
(2)			The Company’s investments in marketable equity securities are held in common shares of U.S. corporations that are actively traded on U.S. stock exchanges. Price quotes for these shares are readily available.
(3)			Includes mutual funds, which are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments.
(4)			Included in Current liabilities held for sale and Noncurrent liabilities held for sale as of March 31, 2026. The balances were included in Accounts payable, vehicle floor plan payable and accrued liabilities and Other Liabilities as of December 31, 2025. The Company determined the fair value of the contingent consideration liabilities using either a Monte Carlo simulation, Black-Scholes model, or probability-weighted analysis depending on the type of target included in the contingent consideration requirements (revenue, EBITDA, client retention). All analyses included estimated financial projections for the acquired businesses and acquisition-specific discount rates.
(5)			Included in Other Liabilities. The Company utilized a market approach model using the notional amount of the interest rate swaps multiplied by the observable inputs of time to maturity and market interest rates.
(6)			The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One and GHC Two, after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined using enterprise value analyses which include an equal weighing between guideline public company and discounted cash flow analyses.

The following tables provide a reconciliation of changes in the Company’s financial liabilities measured at fair value on a recurring basis, using Level 3 inputs:


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2025	$	1,526	$	8,401

Changes in fair value (1)	—		(669)
Capital contributions	—		4
Accretion of value included in net income (1)	21		—
Settlements or distributions	(299)		(100)
Foreign currency exchange rate changes	(25)		—
As of March 31, 2026	$	1,223	$	7,636


(in thousands)	Contingent consideration liabilities		Mandatorily redeemable noncontrolling interest
As of December 31, 2024	$	1,419	$	159,548

Changes in fair value (1)	—		66,407
Capital contributions	—		80
Accretion of value included in net income (1)	46		—
Settlements or distributions	—		(205,315)
Foreign currency exchange rate changes	20		—
As of March 31, 2025	$	1,485	$	20,720

____________


(1)			Changes in fair value and accretion of value of contingent consideration liabilities are included in Selling, general and administrative expenses and the changes in fair value of mandatorily redeemable noncontrolling interest is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.

Mandatorily Redeemable Noncontrolling Interest. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders, consisting of a group of current and former senior managers of the healthcare business, in subsidiaries of GHG. The Company established GHC One and GHC Two as vehicles to invest in a portfolio of healthcare businesses together with the group of senior managers of GHG. As the holder of preferred units, the Company is obligated to contribute 95% of the capital required for the acquisition of portfolio investments with the remaining 5% of the capital coming from the group of senior managers. The operating agreements of GHC One and GHC Two require the dissolution of the entities on March 31, 2026, and March 31, 2029, respectively, at which time the net assets will be distributed to its members. As a preferred unit holder, the Company will receive an amount up to its contributed capital plus a preferred annual return of 8% (guaranteed return) after the group of senior managers has received the redemption of their 5% interest in net assets (manager return). All distributions in excess of the manager and guaranteed return will be paid to common unit holders, which currently comprise the group of senior managers of GHG. The Company may convert its preferred units to common units at any time after which it will receive 80% of all distributions in excess of the manager return, with the remaining 20% of excess distributions going to the group of senior managers as holders of the other common units. The mandatorily redeemable noncontrolling interest related to GHC One is reported as a current liability at March 31, 2026 and December 31, 2025 in the Condensed Consolidated Balance Sheets. The mandatorily redeemable noncontrolling interest related to GHC Two is reported as a noncurrent liability at March 31, 2026 and December 31, 2025 in the Condensed Consolidated Balance Sheets.

Other. During the first quarter of 2026, in connection with the classification of the KLG disposal group as held for sale, the Company recognized total impairment charges of $19.0 million, consisting of a $1.0 million goodwill impairment charge and an $18.0 million impairment charge related to the asset group held for sale. The Company used a market approach to estimate the fair value of the KLG disposal group (see Note 2 and 6).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Business Segments (Narrative) (Details) $ in Thousands	3 Months Ended
Business Segments (Narrative) (Details) $ in Thousands	Mar. 31, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Business Segments [Line Items]
Number of reportable segments \| segment	7
Accounts Receivable, Current	$ 520,482	$ 576,754
Purdue University Global [Member] \| Education [Member] \| Higher Education [Member]
Business Segments [Line Items]
Accounts Receivable	72,900
Kaplan University Transaction [Member] \| Purdue University Global [Member] \| Education [Member] \| Higher Education [Member]
Business Segments [Line Items]
Accounts Receivable, Current	$ 20,000

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

During the first quarter of 2026, in connection with the classification of the KLG disposal group as held for sale, the Company recognized a goodwill impairment charge of $1.0 million at Kaplan International (see Note 2).

Amortization of intangible assets for the three months ended March 31, 2026 and 2025, was $6.1 million and $7.8 million, respectively. Amortization of intangible assets is estimated to be approximately $17 million for the remainder of 2026, $9 million in 2027, $6 million in 2028, $5 million in 2029, $5 million in 2030 and $13 million thereafter.

The changes in the carrying amount of goodwill, by segment, were as follows:


(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Other Businesses		Total
As of December 31, 2025
Goodwill	$	1,181,284	$	190,815	$	136,637	$	272,523	$	140,832	$	108,943	$	2,031,034
Accumulated impairment losses	(331,151)		—		—		(82,062)		—		(32,155)		(445,368)
	850,133		190,815		136,637		190,461		140,832		76,788		1,585,666


Acquisition	—		—		17,996		—		—		—		17,996
Impairment	(976)		—		—		—		—		—		(976)


Foreign currency exchange rate changes	(3,197)		—		—		—		—		—		(3,197)
As of March 31, 2026
Goodwill	1,178,087		190,815		154,633		272,523		140,832		108,943		2,045,833
Accumulated impairment losses	(332,127)		—		—		(82,062)		—		(32,155)		(446,344)
	$	845,960	$	190,815	$	154,633	$	190,461	$	140,832	$	76,788	$	1,599,489

The changes in carrying amount of goodwill at the Company’s education and healthcare divisions were as follows:


(in thousands)	Kaplan International		Higher Education		Supplemental Education		Total Education		CSI		Other Healthcare		Total Healthcare
As of December 31, 2025
Goodwill	$	614,096	$	174,564	$	392,624	$	1,181,284	$	87,140	$	49,497	$	136,637
Accumulated impairment losses	—		(111,324)		(219,827)		(331,151)		—		—		—
	614,096		63,240		172,797		850,133		87,140		49,497		136,637


Acquisition	—		—		—		—		—		17,996		17,996
Impairment	(976)		—		—		(976)		—		—		—


Foreign currency exchange rate changes	(3,168)		—		(29)		(3,197)		—		—		—
As of March 31, 2026
Goodwill	610,928		174,564		392,595		1,178,087		87,140		67,493		154,633
Accumulated impairment losses	(976)		(111,324)		(219,827)		(332,127)		—		—		—
	$	609,952	$	63,240	$	172,768	$	845,960	$	87,140	$	67,493	$	154,633

Other intangible assets consist of the following:


		As of March 31, 2026						As of December 31, 2025
(in thousands)	Useful Life Range	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
Student and customer relationships	2–10 years	$	296,773	$	259,893	$	36,880	$	307,312	$	266,453	$	40,859
Trade names and trademarks	2–10 years	108,127		93,878		14,249		114,227		98,147		16,080
Network affiliation agreements	10 years	17,400		16,022		1,378		17,400		15,588		1,812
Databases and technology	3–6 years	30,224		28,349		1,875		32,376		30,293		2,083

Other	1–8 years	38,063		37,330		733		38,063		37,266		797
		$	490,587	$	435,472	$	55,115	$	509,378	$	447,747	$	61,631
Indefinite-Lived Intangible Assets
Franchise agreements		$	97,002					$	97,002
Trade names and trademarks		62,169						62,653
FCC licenses		11,000						11,000

Other		150						150
		$	170,321					$	170,805

Business Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Business Segments

BUSINESS SEGMENTS

The Company has seven reportable segments: Kaplan International, Kaplan Higher Education, Kaplan Supplemental Education, Television Broadcasting, CSI, Manufacturing and Automotive.

As of March 31, 2026, Kaplan had a total outstanding accounts receivable balance of $72.9 million from Purdue Global related to amounts due for reimbursements for services, fees earned and a deferred fee. Included in this total was a $20.0 million short-term receivable balance related to the advance during the initial KU Transaction.

The Company’s segment information is as follows:


	Three Months Ended March 31, 2026
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	440,479	$	111,553	$	209,340	$	125,034	$	267,624	$	1,154,030
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											82,599
Intersegment Elimination											(637)
Total Consolidated Revenues											$	1,235,992

Less: Significant Expenses (2)
Cost of Revenue (3)	167,427				133,936		88,214		226,743		616,320
Payroll and Fringe Benefits Expense (4)	117,657		27,285						19,992		164,934
Occupancy Expense	27,377								2,032		29,409
Advertising and Marketing Expense	19,429										19,429
Networking and Programming Expense			30,123								30,123
Management Services (5)									2,292		2,292
Other Segment Items (6)	46,371		15,018		54,082		20,712		9,390		145,573
EBITDAP	$	62,218	$	39,127	$	21,322	$	16,108	$	7,175	$	145,950

Pension Service Cost	4,439		1,488		1,886		1,230		17		9,060
Depreciation Expense	6,054		2,336		1,914		3,135		1,845		15,284

Income from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale	$	51,725	$	35,303	$	17,522	$	11,743	$	5,313	$	121,606

Other Businesses (7)											(23,600)
Corporate Costs											(15,089)
Amortization of Intangible Assets											(6,055)
Impairment of Goodwill and Asset Group Held for Sale											(19,029)
Income from Operations											$	57,833
Equity in Earnings of Affiliates, Net											34,850
Interest Expense, Net											(13,754)
Non-Operating Pension and Postretirement Benefit Income, Net											31,073
Loss on Marketable Equity Securities, Net											(68,923)
Other Expense, Net											(428)
Income Before Income Taxes											$	40,651

Capital Expenditures	$	4,450	$	2,936	$	2,165	$	1,688	$	6,133	$	17,372
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											3,497
Total Capital Expenditures											$	20,869


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker (CODM).
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
	(c)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division segment information is as follows:


	Three Months Ended March 31, 2026
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	271,636	$	92,403	$	76,864	$	271	$	(695)	$	440,479

Less: Significant Expenses (1)
Cost of Revenue (2)	90,001		66,243		11,522				(339)		167,427
Payroll and Fringe Benefits Expense (3)	76,392		3,805		33,032		4,502		(74)		117,657
Occupancy Expense	26,278		158		834		374		(267)		27,377
Advertising and Marketing Expense	8,199		1,920		9,217		93				19,429
Other Segment Items (4)	34,285		401		12,183		(764)		266		46,371
EBITDAP	$	36,481	$	19,876	$	10,076	$	(3,934)	$	(281)	$	62,218

Pension Service Cost	126		1,920		1,986		407				4,439
Depreciation Expense	4,968		267		810		9				6,054

Income (Loss) from Operations before Amortization of Intangible Assets	$	31,387	$	17,689	$	7,280	$	(4,350)	$	(281)	$	51,725

Capital Expenditures	$	3,300	$	815	$	335	$	—			$	4,450


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s healthcare division segment information is as follows:


	Three Months Ended March 31, 2026
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	117,781	$	91,559	$	209,340

Less: Significant Expenses (1)
Cost of Revenue (2)	91,144		42,792		133,936
Other Segment Items (3)	20,011		34,071		54,082
EBITDAP	$	6,626	$	14,696	$	21,322

Pension Service Cost	—		1,886		1,886
Depreciation Expense	293		1,621		1,914

Income from Operations before Amortization of Intangible Assets	$	6,333	$	11,189	$	17,522

Capital Expenditures	$	1,567	$	598	$	2,165


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

The Company’s segment information is as follows:


	Three Months Ended March 31, 2025
(in thousands)	Education		Television Broadcasting		Healthcare		Manufacturing		Automotive		Total Segments
Operating Revenues	$	424,731	$	103,554	$	173,741	$	98,005	$	280,991	$	1,081,022
Reconciliation of Revenue
Other Businesses and Corporate Office Revenues (1)											85,517
Intersegment Elimination											(624)
Total Consolidated Revenues											$	1,165,915

Less: Significant Expenses (2)
Cost of Revenue (3)	166,087				100,115		69,737		240,307		576,246
Payroll and Fringe Benefits Expense (4)	113,320		27,764						19,429		160,513
Occupancy Expense	27,922								1,871		29,793
Advertising and Marketing Expense	19,220										19,220
Networking and Programming Expense			31,357								31,357
Management Services (5)									2,052		2,052
Other Segment Items (6)	44,043		14,628		50,406		16,578		9,079		134,734
EBITDAP	$	54,139	$	29,805	$	23,220	$	11,690	$	8,253	$	127,107

Pension Service Cost	4,223		1,419		2,999		1,076		27		9,744
Depreciation Expense	7,764		2,628		1,786		2,703		1,729		16,610

Income from Operations before Amortization of Intangible Assets	$	42,152	$	25,758	$	18,435	$	7,911	$	6,497	$	100,753

Other Businesses (7)											(29,447)
Corporate Costs											(16,009)
Amortization of Intangible Assets											(7,824)

Income from Operations											$	47,473
Equity in Losses of Affiliates, Net											(8,428)
Interest Expense, Net											(79,777)
Non-Operating Pension and Postretirement Benefit Income, Net											34,617
Gain on Marketable Equity Securities, Net											43,801
Other Expense, Net											(4,065)
Income Before Income Taxes											$	33,621

Capital Expenditures	$	4,741	$	198	$	617	$	3,373	$	480	$	9,409
Reconciliation of Capital Expenditures
Other Businesses and Corporate Office Capital Expenditures (8)											4,694
Total Capital Expenditures											$	14,103


(1)	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
(2)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(3)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(4)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(5)	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
(6)	Other segment items for each reportable segment include:
	(a)	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other G&A expenses.
	(b)	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other SG&A expenses.
	(c)	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
	(d)	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
	(e)	Automotive - advertising and marketing expense and other G&A expenses.
(7)	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
(8)	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

The Company’s education division segment information is as follows:


	Three Months Ended March 31, 2025
(in thousands)	Kaplan International		Higher Education		Supplemental Education		Kaplan Corporate and Other		Intersegment Elimination		Total Education
Operating Revenues	$	261,256	$	88,487	$	75,403	$	12	$	(427)	$	424,731

Less: Significant Expenses (1)
Cost of Revenue (2)	88,097		66,662		11,755				(427)		166,087
Payroll and Fringe Benefits Expense (3)	70,666		4,477		33,167		5,010				113,320
Occupancy Expense	27,025		176		658		63				27,922
Advertising and Marketing Expense	8,185		1,877		9,030		128				19,220
Other Segment Items (4)	30,532		224		12,185		1,065		37		44,043
EBITDAP	$	36,751	$	15,071	$	8,608	$	(6,254)	$	(37)	$	54,139

Pension Service Cost	140		1,808		1,887		388				4,223
Depreciation Expense	6,549		456		753		6				7,764

Income (Loss) from Operations before Amortization of Intangible Assets	$	30,062	$	12,807	$	5,968	$	(6,648)	$	(37)	$	42,152

Capital Expenditures	$	2,787	$	173	$	1,781	$	—			$	4,741


(1)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
(3)	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
(4)	Other segment items for each reportable segment include:
	(a)	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
	(b)	Higher education - training and employment expense, operating fees and other G&A expenses.
	(c)	Supplemental education - training and employment expense, operating fees and other G&A expenses.

The Company’s healthcare division segment information is as follows:


	Three Months Ended March 31, 2025
(in thousands)	CSI		Other Healthcare		Total Healthcare
Operating Revenues	$	90,248	$	83,493	$	173,741

Less: Significant Expenses (1)
Cost of Revenue (2)	63,974		36,141		100,115
Other Segment Items (3)	16,422		33,984		50,406
EBITDAP	$	9,852	$	13,368	$	23,220

Pension Service Cost	—		2,999		2,999
Depreciation Expense	176		1,610		1,786

Income from Operations before Amortization of Intangible Assets	$	9,676	$	8,759	$	18,435

Capital Expenditures	$	298	$	319	$	617


(1)			The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)			Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations. Cost of revenue excludes charges related to depreciation, which is shown separately.
(3)			Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.

Asset information for the Company’s business segments is as follows:


	As of
(in thousands)	March 31, 2026		December 31, 2025
Identifiable Assets
Kaplan international	$	1,431,048	$	1,551,682
Higher education	164,418		174,738
Supplemental education	234,128		247,181
Kaplan corporate and other	38,053		34,973
Education	1,867,647		2,008,574
Television broadcasting	388,564		393,097
CSI	197,339		128,170
Other healthcare	183,373		227,457
Healthcare	380,712		355,627
Manufacturing	542,933		535,006
Automotive	579,675		582,715
Total Segments	3,759,531		3,875,019
Other businesses	345,737		357,408
Corporate office	79,149		79,389
Investments in Marketable Equity Securities	966,719		1,081,938
Investments in Affiliates	237,053		229,565
Prepaid Pension Cost	2,792,300		2,772,394

Total Assets	$	8,180,489	$	8,395,713

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 21
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Paragraph 47
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers (Contract Liability) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred Revenue	$ 369,183	$ 418,090
Deferred Revenue, Period Increase (Decrease) Percentage	(12.00%)

Organization, Basis of Presentation and Recent Accounting Pronouncements (Organization and Basis of Presentation) (Narrative) (Details)	Mar. 31, 2026 televisionStation automotiveDealership	Feb. 01, 2026 schools country
Kaplan Languages Group (KLG) [Member]
Number of language schools \| schools		20
Number of countries \| country		8
Television Broadcasting [Member]
Number of television broadcast stations \| televisionStation	7
Automotive [Member]
Number of Automotive Dealerships Owned \| automotiveDealership	8

Pension Plans (Tables)

3 Months Ended

Mar. 31, 2026

Defined Benefit Pension Plan [Member]

Schedule of Net Benefit Costs

The total benefit arising from the Company’s defined benefit pension plans consists of the following components:


	Three Months Ended March 31
(in thousands)		2026		2025
Service cost		$	11,580	$	12,192
Interest cost		8,695		6,421
Expected return on assets		(44,280)		(41,971)
Amortization of prior service credit		(496)		(519)

Net Periodic Benefit		(24,501)		(23,877)


Special separation benefit expense		4,100		624
Total Benefit		$	(20,401)	$	(23,253)

Schedule of Allocation of Plan Assets

The assets of the Company’s pension plans were allocated as follows:


	As of
	March 31, 2026		December 31, 2025

U.S. equities	63	%	63	%
Private investment funds	18	%	17	%
International equities	15	%	16	%
U.S. fixed income	4	%	4	%

	100	%	100	%

Supplemental Executive Retirement Plan (SERP) [Member]

Schedule of Net Benefit Costs

The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components:


	Three Months Ended March 31
(in thousands)		2026		2025
Service cost		$	289	$	239
Interest cost		1,155		1,197


Net Periodic Cost		$	1,444	$	1,436

Business Segments (Information by Operating Segment) (Details 1) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Dec. 31, 2025

Segment Reporting Information [Line Items]

Operating Revenues

$ 1,235,992

$ 1,165,915

Depreciation Expense

18,394

20,554

Amortization of Intangible Assets

(6,055)

(7,824)

Impairment of Goodwill and Asset Group Held for Sale

(19,029)

Income from Operations

57,833

47,473

Equity in earnings (losses) of affiliates, net

34,850

(8,428)

Interest Expense, Net

(13,754)

(79,777)

Non-operating pension and postretirement benefit income, net

31,073

34,617

(Loss) gain on marketable equity securities, net

(68,923)

43,801

Other expense, net

(428)

(4,065)

Income Before Income Taxes

40,651

33,621

Capital Expenditures

20,869

14,103

Investments in Marketable Equity Securities

966,719

$ 1,081,938

Investments in Affiliates

237,053

229,565

Prepaid Pension Cost

2,792,300

2,772,394

Total Assets

8,180,489

8,395,713

Operating Segments [Member] | Reportable Segment, Aggregation before Other Operating Segment [Member]

Segment Reporting Information [Line Items]

Operating Revenues

1,154,030

1,081,022

Cost of Revenue

^[1]

616,320

576,246

Payroll and Fringe Benefits Expense

^[2]

164,934

160,513

Occupancy Expense

29,409

29,793

Advertising and Marketing Expense

19,429

19,220

Networking and Programming Expenses

30,123

31,357

Management Services

^[3]

2,292

2,052

Other Segment Items

^[4]

145,573

134,734

EBITDAP

145,950

127,107

Pension Service Cost

9,060

9,744

Depreciation Expense

15,284

16,610

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

121,606

100,753

Capital Expenditures

17,372

9,409

Identifiable Assets

3,759,531

3,875,019

Operating Segments [Member] | Education [Member]

Segment Reporting Information [Line Items]

Operating Revenues

440,479

424,731

Cost of Revenue

^[1]

167,427

166,087

Payroll and Fringe Benefits Expense

^[2]

117,657

113,320

Occupancy Expense

27,377

27,922

Advertising and Marketing Expense

19,429

19,220

Other Segment Items

^[5]

46,371

44,043

EBITDAP

62,218

54,139

Pension Service Cost

4,439

4,223

Depreciation Expense

6,054

7,764

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

51,725

42,152

Capital Expenditures

4,450

4,741

Identifiable Assets

1,867,647

2,008,574

Operating Segments [Member] | Education [Member] | Kaplan Corporate and Other [Member]

Segment Reporting Information [Line Items]

Operating Revenues

271

Payroll and Fringe Benefits Expense

^[2]

4,502

5,010

Occupancy Expense

374

Advertising and Marketing Expense

128

Other Segment Items

^[5]

(764)

1,065

EBITDAP

(3,934)

(6,254)

Pension Service Cost

407

388

Depreciation Expense

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

(4,350)

(6,648)

Capital Expenditures

Identifiable Assets

38,053

34,973

Operating Segments [Member] | Education [Member] | Intersubsegment Eliminations [Member]

Segment Reporting Information [Line Items]

Operating Revenues

(695)

(427)

Cost of Revenue

^[1]

(339)

(427)

Payroll and Fringe Benefits Expense

^[2]

(74)

Occupancy Expense

(267)

Other Segment Items

^[5]

266

EBITDAP

(281)

(37)

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

(281)

(37)

Operating Segments [Member] | Education [Member] | Kaplan International [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

271,636

261,256

Cost of Revenue

^[1]

90,001

88,097

Payroll and Fringe Benefits Expense

^[2]

76,392

70,666

Occupancy Expense

26,278

27,025

Advertising and Marketing Expense

8,199

8,185

Other Segment Items

^[6]

34,285

30,532

EBITDAP

36,481

36,751

Pension Service Cost

126

140

Depreciation Expense

4,968

6,549

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

31,387

30,062

Capital Expenditures

3,300

2,787

Identifiable Assets

1,431,048

1,551,682

Operating Segments [Member] | Education [Member] | Higher Education [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

92,403

88,487

Cost of Revenue

^[1]

66,243

66,662

Payroll and Fringe Benefits Expense

^[2]

3,805

4,477

Occupancy Expense

158

176

Advertising and Marketing Expense

1,920

1,877

Other Segment Items

^[7]

401

224

EBITDAP

19,876

15,071

Pension Service Cost

1,920

1,808

Depreciation Expense

267

456

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

17,689

12,807

Capital Expenditures

815

173

Identifiable Assets

164,418

174,738

Operating Segments [Member] | Education [Member] | Supplemental Education [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

76,864

75,403

Cost of Revenue

^[1]

11,522

11,755

Payroll and Fringe Benefits Expense

^[2]

33,032

33,167

Occupancy Expense

834

658

Advertising and Marketing Expense

9,217

9,030

Other Segment Items

^[8]

12,183

12,185

EBITDAP

10,076

8,608

Pension Service Cost

1,986

1,887

Depreciation Expense

810

753

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

7,280

5,968

Capital Expenditures

335

1,781

Identifiable Assets

234,128

247,181

Operating Segments [Member] | Television Broadcasting [Member]

Segment Reporting Information [Line Items]

Operating Revenues

111,553

103,554

Payroll and Fringe Benefits Expense

^[2]

27,285

27,764

Networking and Programming Expenses

30,123

31,357

Other Segment Items

^[9]

15,018

14,628

EBITDAP

39,127

29,805

Pension Service Cost

1,488

1,419

Depreciation Expense

2,336

2,628

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

35,303

25,758

Capital Expenditures

2,936

198

Identifiable Assets

388,564

393,097

Operating Segments [Member] | Healthcare [Member]

Segment Reporting Information [Line Items]

Operating Revenues

209,340

173,741

Cost of Revenue

^[1]

133,936

100,115

Other Segment Items

^[10]

54,082

50,406

EBITDAP

21,322

23,220

Pension Service Cost

1,886

2,999

Depreciation Expense

1,914

1,786

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

17,522

18,435

Capital Expenditures

2,165

617

Identifiable Assets

380,712

355,627

Operating Segments [Member] | Healthcare [Member] | Other Healthcare [Member]

Segment Reporting Information [Line Items]

Operating Revenues

91,559

83,493

Cost of Revenue

^[1]

42,792

36,141

Other Segment Items

^[10]

34,071

33,984

EBITDAP

14,696

13,368

Pension Service Cost

1,886

2,999

Depreciation Expense

1,621

1,610

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

11,189

8,759

Capital Expenditures

598

319

Identifiable Assets

183,373

227,457

Operating Segments [Member] | Healthcare [Member] | CSI [Member] | Reportable Subsegments [Member]

Segment Reporting Information [Line Items]

Operating Revenues

117,781

90,248

Cost of Revenue

^[1]

91,144

63,974

Other Segment Items

^[11]

20,011

16,422

EBITDAP

6,626

9,852

Pension Service Cost

Depreciation Expense

293

176

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

6,333

9,676

Capital Expenditures

1,567

298

Identifiable Assets

197,339

128,170

Operating Segments [Member] | Manufacturing [Member]

Segment Reporting Information [Line Items]

Operating Revenues

125,034

98,005

Cost of Revenue

^[1]

88,214

69,737

Other Segment Items

^[12]

20,712

16,578

EBITDAP

16,108

11,690

Pension Service Cost

1,230

1,076

Depreciation Expense

3,135

2,703

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

11,743

7,911

Capital Expenditures

1,688

3,373

Identifiable Assets

542,933

535,006

Operating Segments [Member] | Automotive [Member]

Segment Reporting Information [Line Items]

Operating Revenues

267,624

280,991

Cost of Revenue

^[1]

226,743

240,307

Payroll and Fringe Benefits Expense

^[2]

19,992

19,429

Occupancy Expense

2,032

1,871

Management Services

^[3]

2,292

2,052

Other Segment Items

^[13]

9,390

9,079

EBITDAP

7,175

8,253

Pension Service Cost

Depreciation Expense

1,845

1,729

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

5,313

6,497

Capital Expenditures

6,133

480

Identifiable Assets

579,675

582,715

Operating Segments [Member] | Other Businesses [Member]

Segment Reporting Information [Line Items]

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

^[14]

(23,600)

(29,447)

Identifiable Assets

345,737

357,408

Operating Segments [Member] | Other Businesses and Corporate Office [Member]

Segment Reporting Information [Line Items]

Operating Revenues

^[15]

82,599

85,517

Capital Expenditures

^[16]

3,497

4,694

Corporate Office [Member]

Segment Reporting Information [Line Items]

Income (loss) from Operations before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale

(15,089)

(16,009)

Identifiable Assets

79,149

$ 79,389

Intersegment Elimination [Member]

Segment Reporting Information [Line Items]

Operating Revenues

$ (637)

$ (624)

[1]	Cost of revenue reflects the amounts reported and provided to the CODM and does not necessarily reconcile to the Company's Consolidated Statement of Operations or align across reportable segments. Cost of revenue excludes charges related to depreciation, which is shown separately above.
[2]	Excludes pension service cost, which is shown separately above. Excludes any payroll and related benefits costs captured in cost of revenue.
[3]	Management and operating services provided by Christopher J. Ourisman and his team of industry professionals.
[4]	Other segment items for each reportable segment include:
[5]	Education (includes Kaplan International, Kaplan Higher Education and Kaplan Supplemental Education) - training and employment expense, travel meals and entertainment expense, operating fees and other general and administrative (G&A) expenses.
[6]	Kaplan international - travel meals and entertainment expense, training and employment expense, operating fees and other G&A expenses.
[7]	Higher education - training and employment expense, operating fees and other G&A expenses.
[8]	Supplemental education - training and employment expense, operating fees and other G&A expenses.
[9]	Television Broadcasting - other broadcast expenses, facilities expenses, third-party commission costs and other selling, general and administrative (SG&A) expenses.
[10]	Healthcare - indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
[11]	Other segment items for CSI include indirect costs (e.g. payroll and benefits expenses, general and administrative expenses) and other SG&A expenses.
[12]	Manufacturing - payroll and fringe benefits expense (SG&A) and other SG&A expenses.
[13]	Automotive - advertising and marketing expense and other G&A expenses.
[14]	Profit or loss from operating segments below the quantitative thresholds attributable to Other Businesses as described above. These operating segments did not meet any of the quantitative thresholds for determining reportable segments.
[15]	Revenue from segments below the quantitative thresholds is attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.
[16]	Capital Expenditures from operating segments below the quantitative thresholds are attributable to Other Businesses and the Corporate Office, as described above. None of these operating segments meet the quantitative thresholds for determining reportable segments.

Revenue from Contracts with Customers (Narrative 2) (Details) - Long-term Contract with Customer [Member] - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 $ in Millions	Mar. 31, 2026 USD ($)
Kaplan International [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 211.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years
Supplemental Education [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 6.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract]

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities

ACCOUNTS RECEIVABLE, ACCOUNTS PAYABLE, VEHICLE FLOOR PLAN PAYABLE AND ACCRUED LIABILITIES

Accounts receivable consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $24,534 and $23,164	$	461,970	$	519,068
Other receivables	58,512		57,686
	$	520,482	$	576,754

Credit loss expense was $1.5 million and $1.1 million for the three months ended March 31, 2026 and 2025, respectively.

Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Accounts payable	$	167,742	$	181,009
Vehicle floor plan payable	114,668		118,959
Accrued compensation and related benefits	131,395		194,972
Other accrued liabilities	213,623		226,686
	$	627,428	$	721,626

Cash overdrafts of $0.7 million and $0.6 million are included in accounts payable as of March 31, 2026 and December 31, 2025, respectively.

The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation and Ford Motor Credit Company. At March 31, 2026, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 5.7% and 6.3% for the three months ended March 31, 2026 and 2025, respectively. The Company incurred floor plan interest expense of $1.7 million and $2.2 million for the three months ended March 31, 2026 and 2025, respectively. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows.

The floor plan facilities are collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contain a number of covenants, including, among others, covenants restricting the dealership subsidiary with respect to the creation of liens and changes in ownership, officers and key management personnel. The Company was in compliance with all of these restrictive covenants as of March 31, 2026.

The floor plan interest expense related to the vehicle floor plan arrangements is offset by amounts received from manufacturers in the form of floor plan assistance capitalized in inventory and recorded against cost of goods sold in the Condensed Consolidated Statements of Operations when the associated inventory is sold. For the three months ended March 31, 2026 and 2025, the Company recognized a reduction in cost of goods sold of $1.9 million and $2.0 million, respectively, related to manufacturer floor plan assistance.

As of March 31, 2026 and December 31, 2025, the Company had $99.2 million and $105.9 million, respectively, in obligations outstanding related to floor plan facilities associated with new vehicles.

Condensed Consolidated Statements of Changes in Common Stockholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]
As of at Dec. 31, 2024	$ 4,286,815	$ 20,000	$ 356,919	$ 8,031,750	$ 334,797	$ (4,486,805)	$ 30,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	25,721			25,721
Net income attributable to nonredeemable noncontrolling interests	0			(1,129)			1,129
Net income attributable to redeemable noncontrolling interests	(698)			(698)
Change in redemption value of redeemable noncontrolling interests	634						634
Noncontrolling interest capital contribution	180						180
Distributions to noncontrolling interests	(747)						(747)
Dividends on common stock	(15,662)			(15,662)
Repurchase of Class B Common Stock	(3,468)					(3,468)
Issuance of Class B common stock, net of restricted stock award forfeitures	18,572		9,431			9,141
Shares withheld related to net share settlement	(402)					(402)
Amortization of unearned stock compensation and stock option expense	1,724		1,724
Other comprehensive (loss) income, net of income taxes	13,096				13,096
As of at Mar. 31, 2025	4,325,765	20,000	368,074	8,039,982	347,893	(4,481,534)	31,350
As of at Dec. 31, 2024	43,821
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	698
Change in redemption value of redeemable noncontrolling interests	8
Distributions to noncontrolling interests	(941)
As of at Mar. 31, 2025	43,586
As of at Dec. 31, 2025	4,827,327	20,000	379,896	8,292,681	587,080	(4,485,632)	33,302
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income for the period	30,751			30,751
Net income attributable to nonredeemable noncontrolling interests	0			(699)			699
Net income attributable to redeemable noncontrolling interests	(946)			(946)
Change in redemption value of redeemable noncontrolling interests	(8,229)		(8,225)				(4)
Distributions to noncontrolling interests	(884)						(884)
Dividends on common stock	(16,398)			(16,398)
Repurchase of Class B Common Stock	(34,476)					(34,476)
Issuance of Class B common stock, net of restricted stock award forfeitures	(28)		(252)			224
Shares withheld related to net share settlement	(434)					(434)
Amortization of unearned stock compensation and stock option expense	1,525		1,525
Purchase of noncontrolling interest	(25,062)		(26,001)				939
Other comprehensive (loss) income, net of income taxes	(6,342)				(6,342)
Purchase of redeemable noncontrolling interest	0
As of at Mar. 31, 2026	4,766,804	$ 20,000	$ 346,943	$ 8,305,389	$ 580,738	$ (4,520,318)	$ 34,052
As of at Dec. 31, 2025	39,824
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income attributable to redeemable noncontrolling interests	946
Change in redemption value of redeemable noncontrolling interests	8,250
Distributions to noncontrolling interests	(2,251)
Purchase of redeemable noncontrolling interest	(16,849)
As of at Mar. 31, 2026	$ 29,920

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities
Net Income	$ 30,751,000	$ 25,721,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and asset group held for sale impairment	43,478,000	28,378,000
Amortization of lease right-of-use asset	14,814,000	14,103,000
Net pension benefit and special separation benefit expense	(20,401,000)	(23,253,000)
Loss (gain) on marketable equity securities	68,923,000	(43,801,000)
(Gain) loss on disposition of property, plant and equipment and investments, net	(518,000)	276,000
Credit loss expense	1,540,000	1,140,000
Stock-based compensation expense, net of forfeitures	1,496,000	1,546,000
Foreign exchange loss	1,224,000	4,379,000
Equity in (earnings) losses of affiliates, net of distributions	(8,466,000)	12,241,000
Provision for deferred income taxes	2,743,000	941,000
Change in operating assets and liabilities:
Accounts receivable, net	48,469,000	16,550,000
Inventories	(2,155,000)	35,808,000
Accounts payable and accrued liabilities	(74,385,000)	(72,779,000)
Deferred revenue	(13,640,000)	3,443,000
Income taxes receivable/payable	(1,148,000)	(164,000)
Lease liabilities	(14,945,000)	(7,337,000)
Other assets and other liabilities, net	(10,647,000)	48,946,000
Other	599,000	(124,000)
Net Cash Provided by Operating Activities	67,732,000	46,014,000
Cash Flows from Investing Activities
Proceeds from sales of marketable equity securities	49,994,000	0
Purchases of property, plant and equipment	(19,171,000)	(15,482,000)
Investments in certain businesses, net of cash acquired	(18,162,000)	0
Purchases of marketable equity securities	(3,698,000)	(4,823,000)
Net proceeds from disposition of businesses, property, plant and equipment and investments	667,000	940,000
Other	870,000	775,000
Net Cash Provided by (Used in) Investing Activities	10,500,000	(18,590,000)
Cash Flows from Financing Activities
Net (payments) borrowings under revolving credit facilities	(68,210,000)	121,400,000
Common shares repurchased	(34,143,000)	(3,468,000)
Purchase of noncontrolling interest	(17,340,000)	0
Repayments of borrowings	(11,972,000)	(7,139,000)
Dividends paid	(8,200,000)	(7,813,000)
Net repayments of vehicle floor plan payable	(4,291,000)	(32,301,000)
Principal payments of finance leases	(3,837,000)	(4,441,000)
Distributions paid to noncontrolling interests	(3,235,000)	(188,253,000)
Other	(867,000)	288,000
Net Cash Used in Financing Activities	(152,095,000)	(121,727,000)
Effect Of Currency Exchange Rate Change	(3,585,000)	3,388,000
Net Decrease in Cash and Cash Equivalents and Restricted Cash	(77,448,000)	(90,915,000)
Beginning Cash and Cash Equivalents and Restricted Cash	311,405,000	297,853,000
Ending Cash and Cash Equivalents and Restricted Cash	$ 233,957,000	$ 206,938,000

Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details 3) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Other expense, net

$ (428)

$ (4,065)

Interest expense

16,229

82,277

Provision for Income Taxes

9,900

7,900

Net of Tax

(30,751)

(25,721)

Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Net of Tax

(393)

(608)

Foreign Currency Translation Adjustment [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, net of tax

Pension and Other Postretirement Plans [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

(754)

(898)

Provision for Income Tax

197

230

Reclassifications, net of tax

(557)

(668)

Net Prior Service Credit [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

^[1]

(496)

(519)

Provision for Income Tax

130

133

Reclassifications, net of tax

(366)

(386)

Net Actuarial Gain [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, before tax

^[1]

(258)

(379)

Provision for Income Tax

Reclassifications, net of tax

(191)

(282)

Cash Flow Hedges [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Reclassifications, net of tax

164

Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member]

Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]

Interest expense

$ 164

$ 60

[1]

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net Income	$ 30,751	$ 25,721
Foreign currency translation adjustments:
Total foreign currency translation adjustments	(6,248)	14,267
Pension and other postretirement plans:
Amortization of net prior service credit included in net income	(496)	(519)
Amortization of net actuarial gain included in net income	(258)	(379)
Total pension and other postretirement plans, before tax	(754)	(898)
Cash flow hedges gain (loss)	626	(679)
Other Comprehensive (Loss) Income, Before Tax	(6,376)	12,690
Income tax benefit related to items of other comprehensive (loss) income	34	406
Other Comprehensive (Loss) Income, Net of Tax	(6,342)	13,096
Comprehensive Income	24,409	38,817
Comprehensive income attributable to noncontrolling interests	(1,645)	(1,827)
Total Comprehensive Income Attributable to Graham Holdings Company	$ 22,764	$ 36,990

Inventories and Contracts in Progress (Tables)

3 Months Ended

Mar. 31, 2026

Inventory, Net of Allowances, Customer Advances and Progress Billings [Abstract]

Schedule of Inventories and Contracts in Progress

Inventories and contracts in progress consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Raw materials	$	80,855	$	77,977
Work-in-process	13,804		12,906
Finished goods	208,344		209,287
Contracts in progress	3,889		3,200
	$	306,892	$	303,370

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Investments in Marketable Equity Securities

Investments in marketable equity securities consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Total cost	$	256,059	$	256,897
Gross unrealized gains	736,466		845,889
Gross unrealized losses	(25,806)		(20,848)
Total Fair Value	$	966,719	$	1,081,938

Net (Loss) Gain on Marketable Equity Securities

The net (loss) gain on marketable equity securities comprised the following:


	Three Months Ended March 31
(in thousands)		2026		2025
(Loss) gain on marketable equity securities, net		$	(68,923)	$	43,801
Less: Net gains in earnings from marketable equity securities sold		(2,367)		—
Net unrealized (losses) gains in earnings from marketable equity securities still held at the end of the period		$	(71,290)	$	43,801

Pension Plans

3 Months Ended

Mar. 31, 2026

Retirement Benefits, Description [Abstract]

Pension Plans

PENSION PLANS

Defined Benefit Plans. The total benefit arising from the Company’s defined benefit pension plans consists of the following components:


	Three Months Ended March 31
(in thousands)		2026		2025
Service cost		$	11,580	$	12,192
Interest cost		8,695		6,421
Expected return on assets		(44,280)		(41,971)
Amortization of prior service credit		(496)		(519)

Net Periodic Benefit		(24,501)		(23,877)


Special separation benefit expense		4,100		624
Total Benefit		$	(20,401)	$	(23,253)

In the first quarter of 2026, the Company recorded $4.1 million in expenses related to Separation Incentive Programs (SIPs) for certain Kaplan, Graham Media Group, Joyce, Dekko, Framebridge, Code3, Slate and Corporate employees. In the first quarter of 2025, the Company recorded $0.6 million in expenses related to a SIP for certain WGB employees. These SIPs were funded from the assets of the Company’s pension plans.

The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components:


	Three Months Ended March 31
(in thousands)		2026		2025
Service cost		$	289	$	239
Interest cost		1,155		1,197


Net Periodic Cost		$	1,444	$	1,436

Defined Benefit Plan Assets. The Company’s defined benefit pension obligations are funded by a portfolio made up of private investment funds and a relatively small number of stocks and high-quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plans were allocated as follows:


	As of
	March 31, 2026		December 31, 2025

U.S. equities	63	%	63	%
Private investment funds	18	%	17	%
International equities	15	%	16	%
U.S. fixed income	4	%	4	%

	100	%	100	%

The Company manages approximately 43% of the pension assets internally, of which the majority is invested in Berkshire Hathaway stock, with the remaining investments in private investment funds, Markel stock, and short-term fixed-income securities. The remaining 57% of plan assets are managed by two investment companies. The goal of the investment managers is to produce moderate long-term growth in the value of these assets, while protecting them against large decreases in value. Both investment managers may invest in a combination of equity and fixed-income securities and cash. The managers are not permitted to invest in securities of the Company or in alternative investments. One investment manager cannot invest more than 15% of the assets at the time of purchase in each of the stocks of Alphabet and Berkshire Hathaway, and no more than 50% of the assets it manages in specified international exchanges at the time the investment is made. The other investment manager cannot invest more than 20% of the assets at the time of purchase in the stock of Berkshire Hathaway and no more than 15% of the assets it manages in specified international exchanges at the time the investment is made. Excluding the exceptions noted above, the investment managers cannot invest more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval from the Plan administrator.

In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks.

The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of March 31, 2026. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At March 31, 2026, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,199.5 million, or approximately 38% of total plan assets. At December 31, 2025, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,267.4 million, or approximately 37% of total plan assets. Assets also included $111.0 million and $124.7 million of Markel shares at March 31, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

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+ Details

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable And Accrued Liabilities [Abstract]

Schedule of Accounts Receivable

Accounts receivable consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Receivables from contracts with customers, less estimated credit losses of $24,534 and $23,164	$	461,970	$	519,068
Other receivables	58,512		57,686
	$	520,482	$	576,754

Schedule of Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities

Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:


	As of
	March 31, 2026		December 31, 2025
(in thousands)
Accounts payable	$	167,742	$	181,009
Vehicle floor plan payable	114,668		118,959
Accrued compensation and related benefits	131,395		194,972
Other accrued liabilities	213,623		226,686
	$	627,428	$	721,626

Condensed Consolidated Balance Sheet (Parentheticals) $ in Thousands	Mar. 31, 2026 USD ($)
Statement of Financial Position [Abstract]
Cash held for sale	$ 28,801
Restricted cash held for sale	$ 6,041

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:


	Three Months Ended March 31
(in thousands, except per share amounts)		2026			2025
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders		$	29,106		$	23,894
Less: Dividends paid-common stock outstanding and unvested restricted shares		(16,398)			(15,662)
Undistributed earnings		12,708			8,232
Percent allocated to common stockholders		99.44		%	99.38		%
		12,636			8,182
Add: Dividends paid-common stock outstanding		16,306			15,563
Numerator for basic earnings per share		$	28,942		$	23,745
Add: Additional undistributed earnings due to dilutive stock options		1			—
Numerator for diluted earnings per share		$	28,943		$	23,745
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding		4,331			4,320
Add: Effect of dilutive stock options		44			38
Denominator for diluted earnings per share		4,375			4,358
Graham Holdings Company Common Stockholders:
Basic earnings per share		$	6.68		$	5.50
Diluted earnings per share		$	6.62		$	5.45

____________

Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:


	Three Months Ended March 31
(in thousands)		2026	2025
Weighted average restricted stock		17	12

Accumulated Other Comprehensive Income (Loss) (AOCI balances) (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	$ 4,827,327	$ 4,286,815
Other Comprehensive (Loss) Income, Net of Tax	(6,342)	13,096
As of	4,766,804	4,325,765
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	587,080
Other comprehensive (loss) income before reclassifications	(5,949)
Net amount reclassified from accumulated other comprehensive income (loss)	(393)
Other Comprehensive (Loss) Income, Net of Tax	(6,342)
As of	580,738
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	(12,262)
Other comprehensive (loss) income before reclassifications	(6,248)
Net amount reclassified from accumulated other comprehensive income (loss)	0
Other Comprehensive (Loss) Income, Net of Tax	(6,248)	14,267
As of	(18,510)
Unrealized Gain on Pensions and Other Postretirement Plans [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	601,064
Other comprehensive (loss) income before reclassifications	0
Net amount reclassified from accumulated other comprehensive income (loss)	(557)	(668)
Other Comprehensive (Loss) Income, Net of Tax	(557)	(668)
As of	600,507
Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
As of	(1,722)
Other comprehensive (loss) income before reclassifications	299
Net amount reclassified from accumulated other comprehensive income (loss)	164
Other Comprehensive (Loss) Income, Net of Tax	463	$ (503)
As of	$ (1,259)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Amount after tax of reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impairment charges	$ 19,029	$ 0
Goodwill impairment charge	976
Kaplan Languages Group (KLG) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total impairment charges	19,000
Goodwill impairment charge	1,000
Impairment charge related to the asset group held for sale	$ 18,000
Graham Holdings Company [Member] \| GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guaranteed Return	8.00%
Percentage of Distributions Available to Common Unit Holders	80.00%
Group of Senior Managers of GHG [Member] \| GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Distributions Available to Common Unit Holders	20.00%
Group of Senior Managers of GHG [Member] \| GHC One and GHC Two [Member] \| GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	5.00%
Graham Holdings Company [Member] \| GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Contributed Capital	95.00%
Group of Senior Managers of GHG [Member] \| GHC One and GHC Two [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of Contributed Capital	5.00%

Pension Plans (Asset Allocation) (Details 2) - Defined Benefit Pension Plans [Member]	Mar. 31, 2026	Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	100.00%	100.00%
U.S. equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	63.00%	63.00%
Private investment fund [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	18.00%	17.00%
International equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	15.00%	16.00%
U.S. fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan Assets Allocation (Percent)	4.00%	4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Contingencies	CONTINGENCIES Litigation, Legal and Other Matters. The Company and its subsidiaries are subject to complaints and administrative proceedings and are defendants in various civil lawsuits that have arisen in the ordinary course of their businesses, including contract disputes; actions alleging negligence, libel, defamation and invasion of privacy; trademark, copyright and patent infringement; real estate lease and sublease disputes; violations of employment laws and applicable wage and hour laws; and statutory or common law claims involving current and former students and employees. Although the outcomes of the legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, management believes that there are no existing claims or proceedings that are likely to have a material effect on the Company’s business, financial condition, results of operations or cash flows. However, based on currently available information, management believes it is reasonably possible that future losses from existing and threatened legal, regulatory and other proceedings in excess of the amounts recorded could reach approximately $20 million.