Graham Holdings Company reported financial results for the third quarter of 2026, filing a Form 10-Q with the Securities and Exchange Commission on October 29, 2026. The company reported total revenue of $1,326.0 million for the quarter, a 4% increase compared to the $1,278.9 million reported in the same period of 2025. Operating income for the third quarter of 2026 was $85.5 million, up from $67.1 million in the prior year.
Adjusted operating cash flow (non-GAAP) for the third quarter of 2026 was $121.8 million, compared to $110.1 million in the prior year. For the first nine months of 2026, the company reported total revenue of $3,864.5 million, an increase of 6% from the $3,660.5 million reported in the first nine months of 2025. Operating income for the first nine months of 2026 was $227.0 million, compared to $187.4 million in the prior year.
Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education. The company also disclosed the disposition of a business segment. In the third quarter of 2026, Kaplan entered into an agreement to sell Dublin Business School (DBS) to China Chunlai Education Group Co., Ltd. The transaction closed on October 27, 2026. Under the terms of the agreement, the company sold all outstanding shares of Accountancy & Business College (Ireland) Limited, which operates DBS, along with certain intellectual property, for $127.5 million.
At September 30, 2026, Graham Holdings reported $853.4 million in borrowings outstanding at an average interest rate of 5.8%. The company also reported cash, marketable equity securities, and other investments totaling $1,246.2 million, excluding cash classified as held for sale related to the DBS transaction. Common stock repurchases during the first nine months of 2026 totaled 176,529 shares at a cost of $198.6 million. As of September 30, 2026, there were 4,185,665 shares of Class B common stock outstanding.
Net income attributable to common stockholders for the third quarter of 2026 was $75.1 million, or $17.60 per share, compared to $122.9 million, or $27.91 per share, in the third quarter of 2025. For the first nine months of 2026, net income attributable to common stockholders was $385.3 million, or $88.92 per share, compared to $183.6 million, or $41.75 per share, in the prior year.
