The earnings beat on an adjusted basis and accelerated share repurchases signal management confidence. Monitor education segment stabilization post-KLG sale and healthcare margin trends. The stock may see modest upside as the market digests the improved operating trajectory.
Price Chart
Executive Summary
Graham Holdings reported Q2 2026 revenue of $1.3025B (+7% YoY) and adjusted EPS of $19.46 (+36% YoY), driven by growth in television broadcasting, healthcare, and manufacturing, though education revenue declined 4% due to the KLG sale. GAAP net income surged to $281.1M ($64.86/share) from $36.7M, inflated by a $137M pension settlement gain and $101.9M in marketable equity securities gains. The company repurchased 110,471 shares for $122M in H1 2026.
Key Financial Metrics
Key Facts
- Revenue $1.3025B, +7% YoY (vs $1.2158B)
- Operating income $83.6M, +15% YoY
- Adjusted net income $84.2M ($19.46/diluted share) vs $63.1M ($14.33) in Q2 2025
- GAAP net income $281.1M ($64.86/share) includes $137M pension settlement gain and $101.9M securities gains
- Repurchased 110,471 shares for $122.0M in first half of 2026
- Education revenue -4% (KLG sale); Healthcare +22%; Manufacturing +39%; TV Broadcasting +3%
- Adjusted operating cash flow $119.8M, +8% YoY
Financial Impact
Revenue growth of 7% and adjusted EPS growth of 36% indicate improving core operations, though one-time gains distort GAAP results.
Risk Factors
- Education revenue decline and automotive weakness persist
- GAAP earnings volatility from marketable equity securities and pension settlements
- No explicit forward guidance provided
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-050829 |
| Document: ghc-20260730.htm | 0001628280-26-050829 |
| Document: 0001628280-26-050829-index-headers.html | 0001628280-26-050829 |
| Document: 0001628280-26-050829-index.html | 0001628280-26-050829 |
| Document: 0001628280-26-050829.txt | 0001628280-26-050829 |
| 8-K Data (Synthetic) | 0001628280-26-050829 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 10w ago | Institutional Cluster | $1,191.20 | awaiting T+60 | — | $1,199.04 (+0.66%) |
Jul 30, 2026 12w ago | 8-K | $1,225.52 $1,213.48 | ▼ −0.98% | ▼ −3.45% | $1,199.04 (−2.16%) |
Mar 24, 2026 30w ago | DEFA14A | $1,060.80 $1,144.66 | ▲ +7.90% | ▼ −6.42% | $1,199.04 (+13.03%) |
Feb 25, 2026 34w ago | 8-K | $1,049.49 $1,103.73 | ▲ +5.17% | ▼ −1.78% | $1,199.04 (+14.25%) |
US Market Status
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