Graham Holdings Company (GHC)

Graham Holdings Company Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	303.27	732.61	211.7	70.43	353.33
Depreciation & Amortization	184.49	237.24	302.9	328.71	235.98
Stock-Based Compensation	5.72	6.33	6.71	6.12	5.66
Other Adjustments	-170.53	-680.53	-192.51	-42.5	-281.3
Change in Receivables	-11.2	11.32	8.23	45.52	-47.43
Changes in Inventories	35.29	8.3	-62.87	-64.32	4.55
Changes in Accounts Payable	5.28	13.91	24.7	-33.59	32.4
Changes in Income Taxes Payable	-10.73	3.22	6.15	6.77	-8.69
Changes in Unearned Revenue	-1.71	6.44	38.5	18.22	7.22
Changes in Other Operating Activities	7.31	68.17	-83.64	-99.75	-99.29
Operating Cash Flow	347.19	406.99	259.88	235.6	202.43
Operating Cash Flow Growth	-14.69%	56.61%	10.30%	16.39%	-3.91%
Capital Expenditures	-71.88	-82.91	-93.45	-82.68	-162.54
Purchases of Investments	-69.4	-11.55	-50.21	-79.41	-56.57
Proceeds from Sale of Investments	-	23.52	61.98	102.04	65.5
Payments for Business Acquisitions	-71.24	-4.12	-78.15	-130.11	-351.88
Proceeds from Business Divestments	26.16	8.39	4.29	5.06	10.3
Other Investing Activities	6.91	4.34	2.56	1.04	0.56
Investing Cash Flow	-179.44	-62.33	-152.98	-184.07	-494.64
Short-Term Debt Issued	117.99	-36.17	-30.51	29.23	124.13
Net Short-Term Debt Issued (Repaid)	117.99	-36.17	-30.51	29.23	124.13
Long-Term Debt Issued	538.9	1.39	293.39	77.3	70.18
Long-Term Debt Repaid	-558.09	-29.03	-121.74	-14.48	-49.65
Net Long-Term Debt Issued (Repaid)	-19.19	-27.64	171.64	62.82	20.54
Issuance of Common Stock	0.76	0.6	3.93	8.12	7.19
Repurchase of Common Stock	-5.76	-116.09	-198.15	-72.59	-59.19
Net Common Stock Issued (Repurchased)	-5	-115.48	-194.22	-64.47	-52
Common Dividends Paid	-223.26	-36.46	-36.26	-33.69	-30.78
Other Financing Activities	-36.03	-25.21	-10.49	-11.99	-30.87
Financing Cash Flow	-165.48	-240.97	-99.84	-18.11	31.03
Effect of Exchange Rate Changes on Cash and Cash Equivalents	11.29	-7.73	4.39	-1.84	-3.03
Net Cash Flow	13.55	95.96	11.46	31.59	-264.21
Free Cash Flow	275.3	324.08	166.43	152.92	39.89
Free Cash Flow Growth	-15.05%	94.72%	8.83%	283.36%	-71.72%
FCF Margin	5.61%	6.76%	3.77%	3.90%	1.25%
Free Cash Flow Per Share	62.96	73.57	35.76	32.01	8.03
Levered Free Cash Flow	539.14	915.18	478.71	232.47	506.38
Unlevered Free Cash Flow	306.5	408.43	181.42	121.89	70.44

Updated Feb 25, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q