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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


☒			Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Fiscal Year Ended December 31, 2025


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number 001-06714

Graham Holdings Company

(Exact name of registrant as specified in its charter)


Delaware						53-0182885
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1812 North Moore Street, Arlington, Virginia						22209
(Address of principal executive offices)						(Zip Code)

Registrant’s Telephone Number, Including Area Code: (703) 345-6300

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class B Common Stock, par value
$1.00 per share

GHC

New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated
filer

☐

Non-accelerated
filer

☐

Smaller reporting
company

☐

Emerging growth
company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☒ No ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Aggregate market value of the registrant’s common equity held by non-affiliates on June 30, 2025, based on the closing price for the Company’s Class B Common Stock on the New York Stock Exchange on such date: approximately $3,061,000,000.

Shares of common stock outstanding at February 20, 2026:

Class A Common Stock – 964,001 shares

Class B Common Stock – 3,397,834 shares

Documents partially incorporated by reference:

Definitive Proxy Statement for the registrant’s 2026 Annual Meeting of Stockholders

(incorporated in Part III to the extent provided in Items 10, 11, 12, 13 and 14 hereof).

GRAHAM HOLDINGS COMPANY 2025 FORM 10-K


Item 1.	Business	1
	Education	1
	Television Broadcasting	8
	Healthcare	11
	Manufacturing	12
	Automotive	13
	Other Activities	13
	Competition	14
	Executive Officers	18
	Human Capital	18
	Forward-Looking Statements	21
	Available Information	21
Item 1A.	Risk Factors	22
Item 1B.	Unresolved Staff Comments	40
Item 1C.	Cybersecurity	40
Item 2.	Properties	41
Item 3.	Legal Proceedings	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	42
Item 6.	Reserved	43
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	43
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 8.	Financial Statements and Supplementary Data	44
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	44
Item 9A.	Controls and Procedures	44
Item 9B.	Other Information	45
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	45
Item 10.	Directors, Executive Officers and Corporate Governance	45
Item 11.	Executive Compensation	45
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	46
Item 13.	Certain Relationships and Related Transactions, and Director Independence	46
Item 14.	Principal Accountant Fees and Services	46
Item 15.	Exhibits and Financial Statement Schedules	46
Item 16.	Form 10-K Summary	46
INDEX TO EXHIBITS		47
SIGNATURES		49
INDEX TO FINANCIAL INFORMATION		50

PART I

Item 1. Business.

Graham Holdings Company (the Company) is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare, 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 broadcast stations and provides social media management tools designed to connect newsrooms with their users. The Company’s healthcare segments provide in-home specialty pharmacy infusion therapies; home health, hospice and palliative services; applied behavior analysis therapy; physician services for allergy, asthma and immunology patients; in-home aesthetics; and healthcare software-as-a-service technology. The Company’s manufacturing companies include a multi-product supplier to the commercial building industry, 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 software-as-a-service platform provider 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.

Financial information concerning the principal segments of the Company’s business for the past three fiscal years is contained in Note 19 to the Company’s Consolidated Financial Statements appearing elsewhere in this Annual Report on Form 10-K. Revenues for each segment are shown in Note 19 gross of intersegment sales. Consolidated revenues are reported net of intersegment sales, which did not exceed 0.1% of consolidated operating revenues.

The Company’s operations in geographic areas outside the U.S. consist primarily of Kaplan’s non-U.S. operations. During each of the fiscal years 2025, 2024 and 2023, these operations accounted for approximately 22%, 22% and 21%, respectively, of the Company’s consolidated revenues, and the identifiable assets attributable to non-U.S. operations represented approximately 18% of the Company’s consolidated assets at each of December 31, 2025 and 2024.

EDUCATION

Kaplan provides an extensive range of education and related services worldwide for students, universities and businesses. Kaplan conducts its business through three operating segments: Kaplan International (KI), and the Kaplan Higher Education (KHE) and Supplemental Education (SE) segments under Kaplan North America (KNA).

Kaplan products and services reach learners directly or through Kaplan’s many relationships. These relationships include approximately 17,680 companies and approximately 1,510 universities, colleges, schools and school districts, which, along with individual students and professionals, pay for Kaplan’s products and services. In 2025, Kaplan was the provider for the educational needs of approximately 1,158,680 students and professionals worldwide who engaged with Kaplan services and materials in-person, online, through their schools (K-12, college, or university) or through their employer education or coaching programs. In 2025, Kaplan’s reach also included sales of 1,456,186 units of book/study aid products to individuals, businesses, schools, colleges and universities.

Kaplan International

KI operates a diverse portfolio of educational businesses across Europe, the Middle East and North Africa, the Asia Pacific region, and North America.

Europe and the Middle East

In Europe, the division manages a collection of businesses primarily based in the U.K. and Ireland, including Kaplan Professional Education, Kaplan Assessments, KI Pathways, Kaplan Languages Group (KLG), Mander Portman Woodward (MPW), Dublin Business School, and Kaplan Open Learning. In the Middle East, operations are anchored by Kaplan Professional Middle East in the United Arab Emirates and Saudi Arabia.

Professional Training and Assessments. Kaplan Professional Education, headquartered in London with 14 training centers nationwide, serves as a provider of apprenticeship training and test preparation for accounting and financial services professionals, including those pursuing qualifications from the ACCA (Association of Chartered

Certified Accountants), CIMA (Chartered Institute of Management Accountants), and ICAEW (Institute of Chartered Accountants in England and Wales). In 2025, this unit provided courses to approximately 44,030 students in accountancy, tax and financial services. Kaplan Professional Middle East and North Africa also delivers professional training programs across the entire region with a focus on the UAE and Saudi Arabia. Kaplan Assessments and its services portfolio includes the administration of the Solicitors Qualifying Examination (SQE). In 2018, the Solicitors Regulation Authority (SRA) awarded Kaplan UK the contract to be the sole authorized assessment provider for all candidates seeking to become solicitors in England and Wales, with the first assessments having taken place in 2021.

Higher Education and Pathways. KI operates several dedicated academic institutions. In the higher education sector, KI operates Dublin Business School in Ireland and Kaplan Open Learning in the U.K., the latter of which functions as an online institution in partnership with the University of Essex and the University of Liverpool. At the end of 2025, these higher education institutions enrolled an aggregate of approximately 13,270 students. The KI Pathways business offers academic preparation programs and support services specifically designed for international students intending to study for degrees at universities in English-speaking countries and provides associated services to its partner universities. This unit also connects international students with university partners’ programs in the U.S., U.K., and Canada.

K-12 Education. MPW comprises three independent fifth- and sixth-form colleges with campuses in London, Cambridge, and Birmingham that offer domestic and international students GCSE, Foundation and A-Level preparation courses.

Language Study. KLG comprises Kaplan International Languages, Alpadia Language Schools, and Azurlingua, which was acquired in 2024. In 2025, KLG served approximately 37,890 students through language training, academic preparation, and proficiency exam preparation. As of December 31, 2025, the group operated nineteen English-language schools across the U.K., Ireland, Canada, and the U.S., as well as an online school, alongside five Alpadia schools, and corresponding language camps for juniors and teens, in the U.K., U.S., France, Germany, and Switzerland. KLG also includes English-as-a-second language (ESL) Education, a study abroad agency connecting students with partner schools primarily for language study.

Asia Pacific

Singapore and Hong Kong. In Singapore, Kaplan operates through two primary divisions: Kaplan Higher Education and Kaplan Professional Education. The Higher Education business offers university preparation programs and its own diplomas, as well as bachelor’s and postgraduate degrees in partnership with institutions in Australia, Ireland, and the U.K. Kaplan Professional Education provides courses for financial and accountancy qualifications such as the ACCA, Chartered Financial Analyst (CFA), and Singapore Chartered Accountant (SCA). In Hong Kong, Kaplan operates two main business units: Kaplan Higher Education and Kaplan Professional. The Professional division offers accountancy and financial markets exam training in the region and provides customized professional training services to corporations in all related disciplines. The Higher Education division offers diploma, undergraduate and postgraduate degrees from affiliated educational institutions in Singapore, Australia and the U.K.

Australia and New Zealand. In Australia, Kaplan Business School offers a range of undergraduate and postgraduate courses, serving approximately 11,550 students in 2025 through face-to-face and online modalities. Kaplan Professional, Australia’s leading provider of financial planning, real estate, mortgage broking, insurance and leadership education, served approximately 28,570 students with both vocational education and higher education qualifications via distance learning. Additionally, Kaplan Professional had approximately 48,700 subscribers for its Ontrack continuing professional development platform, which provides tailored corporate short courses and continuing education. The Kaplan Australia Pathways business operates colleges in partnership with Murdoch University, the University of Newcastle, and Adelaide University. In New Zealand, Kaplan operates in partnership with Massey University College in Auckland.

North America

As discussed above, both the Pathways and Languages business serve partners and students in the U.S. and Canada.

Regulatory Landscape

Kaplan’s international operations are subject to complex regulatory environments. In the U.K., businesses serving international students must hold Student Visa sponsor licenses and retain Educational Oversight accreditation through annual Basic Compliance Assessments (BCA). All KI institutions successfully retained these credentials for the fifteenth consecutive year. The MPW schools each hold current Student Visa and Child Student Visa (applicable to students aged 4-17) licenses.

Most KI higher education businesses in England are registered with the Office for Students (OfS), while Glasgow International College is overseen by the Quality Assurance Agency for Higher Education (QAA). No assurance can be given that each KI business in the U.K. will be able to maintain its Student Visa or Child Student Visa license and Educational Oversight or OfS/QAA registration. The loss by one or more institutions of the Student Visa or Child Student Visa license, Educational Oversight accreditation or OfS/QAA registration would have a material adverse effect on KI Europe’s operating results.

Over the last few years, restrictions on grants of student visas and tightening of the regulatory environment for recruiting and enrolling international students in major study-abroad destinations like the U.K., Canada, Australia, and the U.S. have been reshaping international student recruitment. Governments are tightening rules to reduce migration levels, which can mean fewer work opportunities during and after study, stricter requirements to obtain visas, and slower or more selective visa processing. This has impacted and will continue to impact Kaplan International’s operations. In particular, limits on international student recruitment introduced in Australia are expected to impact Kaplan Business school in 2026. Australia introduced an indicative Student Visa approval allocation for post-secondary education providers at the end of 2024. Under this new system, a slowdown in visa approvals applies once an institution reaches 80% of its allocation. These measures have impacted, and are expected to continue impacting, international student recruitment for Kaplan’s colleges and partner universities in the region.

Kaplan North America

Based in the U.S., KNA operates through the KHE and SE segments. KNA offers managed services, advisory services and lifelong education, reaching learners from kindergarten through the master’s or professional level. Training offered to learners includes exam preparation, professional licensure, certification, and continuing education, and degrees predominantly online leading through its industry expertise.

Kaplan Higher Education

KNA provides non-academic managed services such as analytics, technology support, marketing, student advising and admissions support, financial aid services, and curriculum development support for online programs offered at higher education institutions. In 2025, KNA served a total of 74,968 students from Wake Forest University, Creighton University, Lynn University, University of Massachusetts Global, Purdue University Global (Purdue Global), and Purdue University. Kaplan receives payment from university clients for these services, which may be based in part on the revenue of the programs Kaplan supports. For another group of university clients, KNA creates exploratory programs for high school students, called “Prelum,” focused on learning about professional careers, college majors, and previewing college courses that align with their interests. KNA’s clients in this space include Harvard Medical School, Georgetown University, University of Notre Dame, Dartmouth College, Rice University, Northwestern University, Wake Forest University, William & Mary, Parsons Paris, University of Rochester, and Case Western Reserve University, among others.

Transition and Support Operations for Purdue University Global. Governed by a Transition and Operations Support Agreement (TOSA) in effect since March 2018, KNA provides operations support functions to Purdue Global, an online Indiana public university affiliated with Purdue University. The operations support activities that KNA provides to Purdue Global include technology support, helpdesk functions, admissions support, financial aid processing, back-office business functions, certain test preparation and other non-academic functions.

Pursuant to the TOSA, KNA is not entitled to receive any reimbursement of costs incurred in providing support functions, or any fee, unless and until Purdue Global has first covered all of its academic costs (subject to a cap). If Purdue Global achieves cost efficiencies in its operations, Purdue Global may be entitled to an additional payment equal to 20% of such cost efficiencies (Purdue Efficiency Payment). In addition, during each of Purdue Global’s first five years until 2023, prior to any payment to KNA, Purdue Global was entitled to a priority payment of $10 million per year beyond costs (Purdue Priority Payment). Upon closing of the transaction, Kaplan paid to Purdue Global an advance in the amount of $20 million, representing, and in lieu of, a Purdue Priority Payment for each of the fiscal years ending June 30, 2019, and June 30, 2020. Kaplan is entitled to reimbursement of this advance, subject to available cash or upon termination of the TOSA.

To the extent that there is remaining revenue after accounting for Purdue Global’s academic cost, KNA is then reimbursed for its operating costs (subject to a cap) related to its support functions. If KNA achieves cost efficiencies in its operations, then KNA may be entitled to an additional payment equal to 20% of such cost efficiencies (KNA Efficiency Payment). The TOSA, as amended, reflects the parties’ intent that, subject to available cash (calculated as cash balance minus cash deficiencies, if any, projected for the next six-month period based on applicable budget), KNA is entitled to receive a payment equal to 12.5% (increased to 13% beginning on June 30, 2023 and through June 30, 2027) of Purdue Global’s revenue, which serves as the deferred purchase price for the transfer of Kaplan University to Purdue Global (Deferred Purchase Price). Separately, KNA is entitled to a fee for services provided equal to 8% of KNA’s costs of providing such services to Purdue Global (Contributor Service Fee). KNA’s

Contributor Service Fee is deducted from any amounts owed to KNA for the Deferred Purchase Price. Together, these payments are known as “Contributor Compensation.” In each case, the Contributor Compensation remains subject to available cash and certain limitations on unpaid amounts carrying over from year to year.

In addition, beginning in 2023, to the extent that there are sufficient revenues after payment of the KNA Efficiency Payment (if any), Purdue Global is entitled to an annual payment equal to 10% of the remaining revenue after the KNA Efficiency Payment (if any) is paid, subject to certain other adjustments.

The TOSA has a 30-year initial term, which automatically renews for five-year periods unless terminated. After the sixth year, Purdue Global has the right to terminate the agreement upon payment of an early termination fee equal to 125% of Purdue Global’s total revenue earned during the preceding 12-month period, which payment would be made pursuant to a 10-year note, and at the election of Purdue Global, for no additional consideration, it may receive certain tangible assets used exclusively by KNA to provide the support functions pursuant to the TOSA. At the end of the 30-year term, if Purdue Global does not renew the TOSA, Purdue Global will be obligated to make a final payment of 75% of its total revenue earned during the preceding 12-month period, which payment will be made pursuant to a 10-year note, and, at the election of Purdue Global, for no additional consideration, it may receive certain assets used exclusively by KNA to provide the support activities pursuant to the TOSA. Either party may terminate the TOSA at any time if Purdue Global generates (i) $25 million in cash operating losses for three consecutive years or (ii) aggregate cash operating losses greater than $75 million at any point during the initial term. Operating loss is defined as the amount by which the sum of (1) Purdue Global’s and KNA’s respective costs in performing academic and support functions and (2) the $10 million Purdue Priority Payment in each of the first five years following March 22, 2018, exceeds the revenue Purdue Global generates for the applicable fiscal year. Upon termination for any reason, Purdue Global will retain the assets that Kaplan contributed pursuant to the TOSA. Each party also has certain termination rights in connection with a material default or material breach of the TOSA by the other party. Short of termination, Purdue Global has the right to take over from Kaplan the provision of certain back-office support functions at any time with nine months’ notice. Those functions include technology support, human resources, facility and property management, finance and accounting, communications, and default management. In 2022, pursuant to the TOSA, Purdue Global began providing certain functions previously provided by KNA in-house. Those functions include human resources, facility management, and communications services.

Higher Education Regulatory Environment. KNA no longer owns or operates Kaplan University or any other institution participating in student financial aid programs created under Title IV of the U.S. Federal Higher Education Act of 1965 (Higher Education Act), as amended (Title IV). KNA provides services, including financial aid support, to Purdue Global. While KNA does not currently provide financial aid services to any other university, its provision of these services to Purdue Global results in KNA meeting the definition of a “Third Party Servicer” pursuant to Title IV regulations. As a Third Party Servicer, KNA is subject to applicable statutory provisions of Title IV and U.S. Department of Education (ED) regulations that, among other things, require KNA to be jointly and severally liable with Purdue Global to the ED for any violation by KNA or Purdue Global of any Title IV statute or ED regulation or requirement. KNA also provides services (not including financial aid support) to Wake Forest University, Lynn University, University of Massachusetts Global, Creighton University, and other Title IV participating institutions. While these services may require KNA to comply with certain laws and regulations, including applicable statutory provisions of Title IV, KNA is not a Third Party Servicer for those institutions. However, changes to the ED’s guidance on Third Party Servicers, including a change to the definition of what entity or services fall within the scope of the Third Party Servicer regulations, could cause KNA to be considered a Third Party Servicer for other university clients.

KNA is also subject to other non-Title IV, federal and state laws, including, but not limited to, federal and state consumer protection laws and rules prohibiting unfair or deceptive marketing practices, data privacy, data protection and information security requirements established by federal, state and foreign governments, including, for example, the Federal Trade Commission and the applicable provisions of the Family Educational Rights and Privacy Act regarding the privacy of student records that KNA handles for university clients. KNA’s failure to comply with

these and other federal and state laws and regulations could result in adverse consequences to KNA’s business, including, for example:

•The imposition on KNA and/or Kaplan of fines, other sanctions or liabilities, including, without limitation, repayment obligations for Title IV funds to the ED (where KNA is a Third Party Servicer) or the termination or limitation on Kaplan’s eligibility to provide services as a Third-Party Servicer to any Title IV participating institution;

•Adverse effects on KNA’s business and results of operations from a reduction or loss in KNA’s revenues under the TOSA or any other agreement with any Title IV participating institution if a client institution loses or has limits placed on its Title IV eligibility, accreditation, operations or state licensure, or is subject to fines, repayment obligations or other adverse actions due to noncompliance by KNA (or the institution) with Title IV, accreditor, federal or state agency requirements;

•Liability under the TOSA or any other agreement with any client institution for noncompliance with federal, state or accreditation requirements arising from KNA’s conduct; and

•Liability for noncompliance with Title IV or other federal or state laws and regulations occurring prior to the transfer of Kaplan University to Purdue.

The laws, regulations and other requirements applicable to KNA or any KNA client institutions are subject to change and to interpretation. For example, the Title IV borrower defense to repayment (BDTR) regulations that allow students to discharge certain federal loans and provide a process for the ED to recover the discharged amounts from the students’ school, and closed school loan discharge rules allowing students to discharge loans taken to attend later closed institutions may create future liability to the ED for Kaplan as a past owner of Title IV eligible institutions. Additionally, the Title IV definition of “nonprofit” institution, which excludes from that definition any institution that is an obligor on a debt owed to a former owner of the institution or that maintains a revenue-based service agreement with a former owner of the institution, may apply to public institutions such as Purdue Global as well as private nonprofit institutions. Such regulatory changes and interpretations, including those described above, could subject Kaplan or its partner institutions to additional regulatory requirements and liabilities.

Incentive compensation. KNA is a third party providing services to Title IV participating institutions that include marketing, admissions support, recruiting and, in the case of Purdue Global, financial aid services. As such, KNA is subject to the incentive compensation rules as applied to the institutions it serves. Under these incentive compensation rules, an institution participating in Title IV programs and entities providing recruiting or financial aid services to those institutions may not provide any commission, bonus or other incentive payment to any person or entity engaged in any student recruiting or in making decisions regarding the awarding of Title IV funds if such payment is based directly or indirectly on success in securing enrollments or financial aid. Tuition revenue-sharing payments to KNA under the TOSA (as well as any other agreement with any Title IV participating institution) must comply with the ED’s revenue sharing guidance related to bundled services agreements. For more information, see Item 1A. Risk Factors. Failure to Comply with the ED’s Title IV Incentive Compensation Rule Could Subject Kaplan to Liabilities, Sanctions and Fines.

Misrepresentations. A Title IV participating institution is required to comply with the ED regulations related to misrepresentations and with related federal and state laws. These laws and regulations are broad in scope and may extend to statements by servicers, such as KNA, that provide marketing or certain other services to such institutions. The laws and regulations apply to statements addressing the nature of an institution’s programs, financial charges or the employability of its graduates. Additionally, failure to comply with these and other federal and state laws and regulations regarding misrepresentations and marketing practices could result in the imposition on KNA or its client institutions of fines, other sanctions or liabilities, including, without limitation, federal student aid repayment obligations to the ED, the termination or limitation on KNA’s eligibility to provide services as a Third Party Servicer to Title IV participating institutions, the termination or limitation of a client institution’s eligibility to participate in the Title IV programs, or legal action by students or other third parties. A violation of misrepresentation regulations or other federal or state laws and regulations applicable to the services KNA provides to its client institutions arising out of statements by KNA, its employees or agents could require KNA to pay the costs associated with indemnifying its client institutions from losses resulting from the violation and could result in fines, other sanctions or liabilities imposed on KNA.

Compliance by client institutions with Title IV program requirements and other federal, state and accreditation requirements. KNA currently provides services to education institutions that are subject to federal and state laws and regulations and extensive accrediting body requirements. A material portion of KNA’s revenues is attributable to deferred purchase price and service fees it receives under the TOSA with Purdue Global, which are dependent upon revenues generated by Purdue Global and Purdue Global’s eligibility to participate in the Title IV federal student aid program. To maintain Title IV eligibility, Purdue Global and KNA’s other client institutions must be certified by the ED as eligible institutions, maintain authorizations by applicable state education agencies and be

accredited by an accrediting commission recognized by the ED. Purdue Global and KNA’s other client institutions must also comply with the extensive statutory and regulatory requirements of the Higher Education Act and other state and federal laws and accrediting standards relating to their financial aid management, educational programs, financial strength, disbursement and return of Title IV funds, facilities, recruiting practices, representations made by the school and other parties, and various other matters. Additionally, Purdue Global and other client institutions are subject to laws and regulations that, among other things, limit student default rates on the repayment of Title IV loans, permit borrower defenses to repayment of Title IV loans based on certain conduct of the institution, establish specific measures of financial responsibility and administrative capability, regulate the addition of new campuses and programs and other institutional changes, require compliance with state professional licensure board requirements to the extent applicable to institutional programs and require state authorization and institutional and programmatic accreditation. If the ED finds that Purdue Global or other client institutions have failed to comply with Title IV requirements or improperly disbursed or retained Title IV program funds, it may take one or more of a number of actions, including, but not limited to:

•fining the school;

•requiring the school to repay Title IV program funds;

•limiting or terminating the school’s eligibility to participate in Title IV programs;

•initiating an emergency action to suspend the school’s participation in Title IV programs without prior notice or opportunity for a hearing;

•transferring the school to a method of Title IV payment that would adversely affect the timing of the institution’s receipt of Title IV funds;

•requiring the school to submit a letter of credit;

•denying or refusing to consider the school’s application for renewal of its certification to participate in the Title IV programs or for approval to add a new campus or educational program; and

•referring the matter for possible civil or criminal investigation.

If Purdue Global or other client institutions lose or have limits placed on their Title IV eligibility, accreditation or state licensure, or if they are subject to fines, repayment obligations or other adverse actions due to their or KNA’s noncompliance with Title IV regulations, accreditor or state agency requirements or other state or federal laws, KNA’s financial results of operations could be adversely affected. On November 25, 2024, the ED approved Purdue Global’s Application for Participation in the Title IV program and granted a full Program Participation Agreement. This Program Participation Agreement expires on December 31, 2028, and will need to be renewed prior to that date pursuant to federal regulations. Per the terms of the Program Participation Agreement, Purdue Global must report to the ED any accreditation or governmental agency action or class action lawsuit.

Compliance, regulatory actions, reviews and litigation. KNA and its client institutions are subject to reviews, audits, investigations and other compliance reviews conducted by various regulatory agencies and auditors, including, among others, the ED and the ED’s Office of the Inspector General (for financial aid services as a Third Party Servicer to Purdue Global), accrediting bodies and state and various other federal agencies. These compliance reviews could result in findings of noncompliance with statutory and regulatory requirements that could, in turn, result in the imposition of fines, liabilities, civil or criminal penalties or other sanctions against KNA and its client institutions. Separately, if KNA provides financial aid services to more than one Title IV participating institution (i.e., one or more participating institutions in addition to Purdue Global), or if the ED expands the current interpretation of the definition of Third Party Servicer to include services in addition to providing financial aid services, KNA will be required to arrange for an independent auditor to conduct an annual Title IV compliance audit of KNA’s compliance with applicable ED requirements. KNA’s client institutions are also required to arrange for an independent auditor to conduct an annual Title IV compliance audit of their compliance with applicable ED requirements, including requirements related to services provided by KNA.

In 2021, Kaplan received BDTR applications from the ED seeking discharge of approximately $35 million in loans, excluding interest, from students at Kaplan’s previously owned schools, including Kaplan University. It is not clear to what extent the ED will exclude claims based on the underlying statutes of limitations, evidence provided by Kaplan, prior settlements with these students relieving their debt outside of the BDTR process, or any prior investigation related to schools attended by the student applicants.

Kaplan believes it has substantive as well as procedural defenses to the borrower defense claims that would bar any student discharge or school liability, including that the claims are barred by the applicable statute of limitations, are unproven, incomplete and fail to meet regulatory filing requirements. Kaplan expects to vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges. If the claims are successful, the ED

may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability.

In the Sweet v. Cardona lawsuit in the Northern District of California which was settled in November 2022, Plaintiffs claimed that the ED failed to properly consider and decide pending BDTR claims. As part of the Sweet v. Cardona settlement, the ED agreed to review any BDTR applications submitted between June 23, 2022 and November 15, 2022 on an expedited basis. In January 2024, Kaplan was informed that the ED received applications during this time period regarding former Kaplan University and Purdue Global students. Kaplan received those applications and believes none of the applications has merit and that the applications are far outside any statute of limitations period and accordingly Kaplan responded similarly to responses for prior claims. The total discharge amount sought or how much of that amount would apply to Kaplan University students is not fully known. The Sweet v. Cardona settlement requires the ED to adjudicate applications received during the designated time period pursuant to the requirements of the 2016 Borrower Defense Regulation. Kaplan believes it has significant defenses against any attempt by the ED at recoupment including the claims’ collective lack of merit, the applicable statute of limitations periods, and the ED’s standing for recoupment given the Sweet v. Cordona settlement. If the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability.

In addition, Kaplan could be the subject of future compliance reviews or lawsuits related to formerly owned Kaplan University and KHE schools in connection with the pre-sale conduct of such schools that could result in monetary liabilities or fines or other sanctions against Kaplan.

Supplemental Education

KNA offers supplemental education at significant scale directly to students and professionals and indirectly through agreements with other organizations. The market covers exam preparation, professional licensure and certification, corporate training, career advising, and continuing education.

In 2025, KNA served approximately 782,280 students through its exam preparation, professional licensure and certification, and corporate training and continuing education programs and related products (such as online tutoring, online question banks and online practice tests), excluding sales of test prep books by third-party retailers. KNA publishes epubs, print test preparation books, and reference resources sold through retail channels. At the end of 2025, KNA published 1,029 titles available in print and digital formats, including 261 epub products. In 2025, KNA served approximately 3,420 business-to-business clients, including 165 Fortune 500 companies. The business also began expanding its public sector footprint in 2024, by offering “all access” arrangements to public institutions.

High School Segment. KNA, operating under the Kaplan Test Prep and Barron’s Educational Series brands, prepares students for high-stakes exams like the SAT, ACT, and AP and provides college admissions advising. On June 27, 2025, KNA acquired Ohana Institute, an accredited, innovative K-12 private school located in Inlet Beach, Florida. Ohana offers students creative programming, academic rigor and personalized support that leverages project-based learning and STEAM (Science, Technology, Engineering, Arts, Math) as core instructional elements.

College Segment. At the collegiate and post-graduate level, KNA provides preparation for admissions tests such as the LSAT, MCAT, GMAT, and GRE under the Kaplan and Manhattan Prep brands. This segment also provides preparation for Engineering and Architecture certification exams under the PPI brand and for attorney state licensure exams through Kaplan Bar Review and Preliminary Multistate Bar Review (PMBR).

In 2024, KNA began exam development for state bar examinations by entering into a contract with the State Bar of California to prepare questions for its exam. Also in 2024, KNA was awarded a contract with the State of Illinois to provide graduate school and licensure test preparation for the LSAT, MCAT, GMAT and GRE and license and certificate courses in nursing, financial services, real estate, engineering, and related to other professional careers to all Illinois public university students and all students at five community colleges in Illinois. The contract has a five-year initial term, which is subject to annual reappropriation of funds and has one optional five-year renewal term for a total contract term of 10 years. The state of Illinois may cancel the contract early if it lacks appropriated funds.

Health Segment. In the healthcare field, KNA provides professional licensure exam preparation for physicians (USMLE), nurses (NCLEX), pharmacists (NAPLEX), dentists (NBDE) and physician assistants (PANCE). Under the brand i-Human Patients, KNA offers online, simulated patient interaction training for medical health professionals, which is typically licensed to medical, nursing and physician assistant schools. KNA’s accredited Kaplan Medical Prep school offers USMLE in-person programs in New York approved by Student and Exchange Visitor Program (SEVP) for attendance by students with F-1 visas. Separately, Kaplan Medical Education, offers online continuing medical education for physicians, nurses and pharmacists which is accredited by Joint Accreditation for Interprofessional Continuing Education.

Finance and Real Estate Segment. In the accounting, insurance, securities, real estate, financial services and wealth management sectors, KNA provides professional license test preparation, as well as licensing and post

licensing continuing education. Programs are operated under the brands Dearborn Real Estate Education, Kaplan Real Estate Education, Kaplan Financial Education and Kaplan Schweser. Additionally, KNA collaborates with organizations to solve their talent management challenges through customized corporate learning and development solutions.

Government Segment. KNA supports military advancement through the Bluejacketeer subscription service for Navy advancement exams. KNA also offers preparation programs for the Armed Services Vocational Aptitude Battery (ASVAB) that measure developed abilities and help predict future academic and occupational success in the military. KNA also provides education advising and test preparation services to state government agencies such as the Florida Department of Corrections.

TELEVISION BROADCASTING

Graham Media Group, Inc. (GMG), a subsidiary of the Company, owns seven television stations located in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA, as well as Social News Desk, a provider of social media management tools for news, government, education, and enterprise sectors. The following table sets forth certain information with respect to each of the Company’s television stations:

Station, Location and
Year Commercial
Operation Commenced

National
Market
Ranking (a)

Primary
Network
Affiliation

Expiration
Date of FCC
License

Expiration Date
of Network
Agreement

Total Commercial
Stations
in DMA (b)

KPRC, Houston, TX, 1949

6th

NBC

Aug. 1, 2030

Dec. 31, 2028

WDIV, Detroit, MI, 1947

14th

NBC

Oct. 1, 2029

Dec. 31, 2028

WKMG, Orlando, FL, 1954

15th

CBS

Feb. 1, 2029

June 30, 2026

KSAT, San Antonio, TX, 1957

31st

ABC

Aug. 1, 2030

March 31, 2026

WJXT, Jacksonville, FL, 1947

41st

None

Feb. 1, 2029

—

WCWJ, Jacksonville, FL, 1966

41st

Feb. 1, 2029

Aug. 31, 2028

WSLS, Roanoke, VA, 1952

70th

NBC

Oct. 1, 2028

Dec. 31, 2028

_________________________________________________________________________________

(a) Source: 2025/2026 Local Television Market Universe Estimates, the Nielsen Company, September 2025 and effective January 1, 2026, based on television homes in DMA (see note (b) below).

(b) Full-power commercial TV stations, Designated Market Area (DMA) is a market designation of the Nielsen Company that defines each television market exclusive of another, based on measured viewing patterns.

Revenue from broadcasting operations is derived primarily from the sale of advertising to local, regional and national advertisers. In 2025, advertising revenue accounted for 54% of the total revenue for GMG’s operations. Advertising revenue is sensitive to a number of factors, some specific to a particular station or market and others more general in nature. These factors include a station’s audience share and market ranking; seasonal fluctuations in demand for airtime; annual or biannual events, such as sporting events and political elections; and broader economic and other market trends, including alternative advertising platforms (e.g., digital advertising), among others.

GMG also derives significant revenue from retransmission agreements with traditional cable, satellite and other multichannel video program distributors (MVPDs), which typically provide for payment to GMG on a per-subscriber basis, as well as agreements for distribution on various digital platforms.

Regulation of Broadcasting and Related Matters

GMG’s television broadcasting operations are subject to the jurisdiction of the U.S. Federal Communications Commission (FCC) under the U.S. Federal Communications Act of 1934, as amended (Communications Act). Each GMG television station holds an FCC license that is renewable upon application for an eight-year period. As shown in the table above, the current terms of the GMG station licenses expire between 2028 and 2030. GMG expects the FCC to grant future license renewal applications for its stations in due course, but cannot provide any assurances that the FCC will do so.

Digital Television (DTV) and Spectrum Issues. Each GMG station (and each full-power television station nationwide) broadcasts only in a digital format, which allows transmission of HDTV programming and multiple channels of standard-definition television programming (multicasting).

Television stations may receive interference from a variety of sources, including interference from other broadcast stations, that is below a threshold established by the FCC. That interference could limit viewers’ ability to receive television stations’ over-the-air signals. The amount of interference received by television stations could increase in the future based on the FCC’s decision to allow electronic devices, known as “white space” devices, to operate in the television frequency band on an unlicensed basis on channels not used by nearby television stations.

In November 2017, the FCC voted to adopt rules authorizing broadcast television stations to voluntarily transition to a new technical standard, called Next Generation TV (NextGenTV) or ATSC 3.0. The new standard is designed to allow broadcasters to provide consumers with better sound and picture quality; hyper-localized programming, including news and weather; enhanced emergency alerts; and improved mobile reception. The ATSC 3.0 standard allows for the use of targeted advertising and more efficient use of spectrum by, for example, allowing for more multicast streams to be aired on the same six-megahertz channel. ATSC 3.0 is not backward compatible with existing television equipment (although certain adapters/converter boxes are now commercially available), and the FCC’s rules require full-power television stations that transition to the new standard to continue broadcasting a signal in the existing DTV standard (ATSC 1.0) (the “simulcasting” requirement) until the FCC phases out the requirement in a future order. Under current rules, a transitioning station’s DTV-formatted content must be substantially similar to the programming aired on its ATSC 3.0 channel until July 17, 2027, to ensure that all viewers continue to have access to the same DTV-formatted programming during the transition to the NextGenTV standard. In a notice released in October 2025, the FCC proposed to eliminate both the simulcasting and the “substantially similar” requirements for stations transitioning to or broadcasting in ATSC 3.0, and to make other updates to the current ATSC 3.0 rules. As of December 31, 2025, GMG is broadcasting in the ATSC 3.0 standard on all of its stations. It is too soon to predict precisely how the use of broadcast spectrum for ATSC 3.0 services could impact the broadcast industry.

In recent years, the FCC has authorized the use by wireless broadband providers and other unlicensed devices of certain bands of spectrum that have historically been used by broadcast stations and satellite operators. Broadcasters continue to urge the FCC to ensure that incumbent broadcast operations are protected against interference from new users, including unlicensed devices operating in those bands. In November 2023, GMG timely filed a certification identifying all of its current, active authorizations in the 12.7-13.25 GHz band of spectrum, as required by the FCC as it considers whether to allow unlicensed devices, or new satellite uses, to operate in that band. In the 4.0-4.2 GHz band, GMG holds various authorizations currently classified as “incumbent,” which are entitled to certain regulatory accommodations in the event any action is taken by the FCC to repurpose the 3.98-4.2 GHz band, including authorizing additional users in the band or relocating incumbent broadcast users from their current allocations in the band. The extent to which GMG’s broadcast business will be affected by FCC action allowing new users, including unlicensed devices, to operate in bands of spectrum currently used by broadcasters is not yet known.

Carriage of Local Broadcast Signals. Congress has established, and periodically extended or otherwise modified, various statutory copyright licensing regimes governing the local and distant carriage of broadcast television signals on traditional cable and satellite systems.

At present, the statutory copyright license does not extend to so-called “virtual” MVPDs (vMVPDs) that distribute programming via the internet. GMG cannot predict whether or how Congress may maintain or modify these regimes in the future, or what effect such decisions would have on its broadcast operations.

The Communications Act and FCC rules allow a commercial television broadcast station, under certain circumstances, to insist on mandatory carriage of its signal on cable systems serving the station’s market area (referred to as “must carry”). Alternatively, stations may elect, at three-year intervals, to forgo must-carry rights and allow their signals to be carried by cable systems only pursuant to a “retransmission consent” agreement negotiated by the broadcaster and the cable provider. A station that fails to make a timely carriage election is presumed to have elected “must carry.”

Commercial television stations may also elect either mandatory carriage or retransmission consent with respect to the carriage of their signals on direct broadcast satellite (DBS) systems that provide “local-into-local” service (i.e., systems that distribute the signals of local television stations to viewers in the local market area). A station that fails to make a timely carriage election on a DBS system has no mandatory carriage right and retains only its retransmission consent rights.

Stations that elect retransmission consent may negotiate for compensation from cable and DBS systems in exchange for the right to carry their signals. Retransmission consent elections must be made every three years. The most recent election deadline was October 1, 2023. Each of GMG’s television stations has elected retransmission consent for both cable and DBS operators, and each is carried on all of the major cable and DBS systems serving each station’s respective local market pursuant to retransmission consent agreements.

Statutory changes over the last several years have resulted in changes to certain FCC rules governing retransmission consent negotiations. Pursuant to the Television Viewer Protection Act, enacted on December 20, 2019, the FCC made changes to the “good faith” standards that govern retransmission consent negotiations, as a result of which “large station groups” (groups of television broadcast stations that have a national audience reach of more than 20%) are required to negotiate in good faith with MVPD “buying groups” (entities that negotiate on behalf of multiple small MVPDs). GMG does not qualify as a “large station group” under the statute and therefore is not subject to this obligation. While GMG does not anticipate that these rules will materially affect its bargaining position

in retransmission consent negotiations, if Congress or the FCC were to enact further changes to the retransmission consent rules (such as by requiring small station groups like GMG to negotiate with MVPD buying groups, mandating continued carriage of a station’s signal by an MVPD during a retransmission consent dispute, or otherwise giving MVPDs heightened bargaining power in retransmission consent negotiations), such changes could have a material effect on GMG’s retransmission consent revenues.

In 2014, the FCC opened a proceeding to consider whether certain vMVPDs should be classified as MVPDs and thus subject to the retransmission consent rules. Eleven years later, the FCC has taken no action in that proceeding, despite broadcasters’ sustained advocacy efforts. Because the retransmission consent rules at present do not apply to vMVPDs such as YouTube TV, Hulu + Live TV, FuboTV, and DIRECTV Stream, the national broadcast networks negotiate agreements with vMVPDs that are presented to their affiliates as “opt-in” agreements, and local affiliates of the broadcast networks are essentially unable to negotiate directly with vMVPDs to reach agreements for the carriage of their signals. Unless the FCC enacts rules (or Congress enacts legislation) that classify vMVPDs as MVPDs or otherwise apply the retransmission consent rules to vMVPDs, GMG may be unable to negotiate carriage agreements with these distribution services that include the payment of market-based retransmission fees or provide other favorable terms with respect to, for example, carriage of the stations’ signals in specific tiers or genre packages offered by the vMVPD. At the same time, broadcasters have no “must carry” rights with respect to vMVPDs and thus often cannot secure carriage of non-network-affiliated commercial television stations on vMVPD platforms. As one example, WJXT-TV is not carried on Hulu + Live TV. The current rules are significant to GMG stations as vMVPD subscriber numbers continue to increase. vMVPD YouTube TV has reported 10 million subscribers and is poised to become the largest pay-TV provider, surpassing traditional facilities-based cable and satellite distributors.

The FCC has also considered proposals to alter its rules governing network non-duplication and syndicated exclusivity. In March 2014, the FCC solicited comments on a proposal to eliminate its network non-duplication and syndicated exclusivity rules, which restrict the ability of cable operators, DBS systems and other distributors classified by the FCC as MVPDs to import the signals of out-of-market television stations with duplicate programming during retransmission consent disputes or otherwise. The FCC has not acted on that proposal. If Congress or the FCC were to enact further changes to the exclusivity rules, such changes could materially affect the GMG stations’ bargaining position in future retransmission consent negotiations.

Ownership Limits. The Communications Act and the FCC’s rules limit the number and types of media outlets in which a single person or entity may have an attributable interest. The FCC is required by statute to review its media ownership rules (with the exception of the national television ownership rule, discussed below) every four years to determine whether those rules remain necessary in the public interest as a result of competition. This process is referred to as the quadrennial review. The media ownership rule most relevant to GMG is the local television ownership rule. The “duopoly rule” prohibits ownership of more than two, full-power television stations in a single market. One aspect of the rule, which prohibited a single broadcaster from owning (or having an attributable interest in) two full-power television stations licensed in the same Nielsen DMA if both were ranked among the top four stations in the market (the two top four restriction), was eliminated in July 2025 following litigation challenging the FCC’s 2018 quadrennial review order.

Under the national television ownership rule, a single person or entity may have an attributable interest in an unlimited number of television stations nationwide, as long as the aggregate audience reach of such stations does not exceed 39% of nationwide television households and as long as such interest complies with the FCC’s other ownership restrictions. That calculation takes into account the 50% Ultra High Frequency (UHF) discount, under which stations broadcasting on UHF channels are credited with only half the number of households in their market. In December 2017, the FCC initiated a rule-making proceeding seeking comments regarding its authority to modify or eliminate the national television ownership cap, as well as the potential elimination of the UHF discount. In June 2025, the FCC called for comments to “refresh” the eight-year-old record. Interested parties filed comments in August 2025, several of which called for elimination of the national ownership cap. That proceeding remains open, and no FCC decision has yet been issued.

Programming. Six of GMG’s seven stations are affiliated on their primary stream with one of the national television networks that provides a substantial amount of programming to their television station affiliates. The expiration dates of GMG’s affiliation agreements are set forth in the table at the beginning of this Television Broadcasting section. WJXT, one of GMG’s Jacksonville stations, has operated as an independent station since 2002. In addition, each GMG station receives programming from syndicators and other third-party programming providers. GMG’s performance depends in part on the quality and availability of third-party programming broadcast by its stations. Any substantial decline in the quality or availability of such programming could materially affect the ability of GMG and its competitors to attract viewers, generate advertising and distribution revenues, or enter into certain transactions in the future. In addition, the advent of network direct-to-consumer platforms such as Paramount+, ESPN Unlimited, Fox One, and Peacock potentially impacts the value of programming provided by the national networks, much of which is also (or, in some instances, exclusively) available on the network-owned streaming platforms. The

availability of network programming to subscribers on those platforms could affect GMG’s leverage in its retransmission consent negotiations.

Public Interest Obligations. To satisfy FCC requirements, stations are generally expected to air a specified number of hours of programming intended to serve the educational and informational needs of children, and to complete reports on an annual basis concerning children’s programming. At present, the rules require stations to air at least 156 hours annually of “core programs,” including at least 26 hours per quarter of regularly scheduled weekly programs. In July 2019, the FCC modified the children’s programming rules to provide broadcasters with more flexibility in meeting their public interest obligations. Among other things, the current rules allow up to 52 hours per year of children’s programming to consist of educational specials and/or short-form programming. The prior rules required all qualifying programming to be regularly scheduled and aired in 30-minute blocks. While stations are required to air the substantial majority of their educational and informational children’s programming on their primary program stream, under the current rules they may air up to 13 hours per quarter of regularly scheduled weekly programming on a multicast stream. In addition, the FCC requires stations to limit the amount of advertising that appears during certain children’s programs.

Other FCC regulations and policies ensure that broadcast licensees operate in the public interest, including rules requiring the disclosure of certain information and documents in an online public inspection file; rules requiring the closed-captioning of programming to assist television viewing by the hearing impaired; video description rules to assist television viewing by the visually impaired; rules concerning the captioning of video programming distributed via the internet; rules governing the broadcast of emergency alerts; rules requiring broadcasters to maintain equal employment opportunity recruitment programs; rules imposing certain inquiry, disclosure, and recordkeeping requirements related to programming sponsored by foreign governmental entities; and rules concerning the volume of commercials. Compliance with these rules imposes additional costs on the GMG stations that could affect GMG’s operations. In March 2025, the FCC issued a public notice commencing a proceeding in which the FCC seeks to modify or eliminate outdated and burdensome regulations. Multiple commenters, including broadcasters and broadcast industry groups, urged the elimination of a large number of FCC rules, including several recordkeeping and reporting requirements that apply to broadcast television stations. That proceeding remains open; to date, the FCC has released a series of orders addressing a wide array of rules applicable to a number of industries, including broadcast television.

Political Advertising. The FCC regulates the sale of advertising by GMG’s stations to candidates for public office and imposes other obligations regarding the broadcast of political announcements more generally, including the disclosure of certain information related to such advertising in the station’s online public inspection file. The application of these regulations may limit the advertising revenues of GMG’s television stations during the periods preceding elections. Failure to comply with the political advertising rules may result in enforcement actions by the FCC. The Company has procedures in place regarding compliance with the FCC’s political advertising rules and seeks the advice and guidance of outside counsel as appropriate, but cannot predict how the FCC’s future application of these rules will affect GMG’s stations.

Broadcast Indecency. The FCC’s policies prohibit the broadcast of indecent and profane material during certain hours of the day, and the FCC may impose monetary forfeitures when it determines that a television station has violated that policy. Broadcasters have repeatedly challenged these rules, arguing, among other things, that the FCC has failed to justify its indecency decisions adequately; the FCC’s policy is too subjective to guide broadcasters’ programming decisions; and the FCC’s enforcement approach otherwise violates the First Amendment.

The Company cannot predict how GMG’s stations may be affected by the FCC’s current or future interpretation and enforcement of its indecency policies.

HEALTHCARE

The healthcare group provides home health infusions through its CSI Pharmacy Holding Company, LLC (CSI) segment and other healthcare services, including home health, hospice and palliative care; software-as-a-service technology; physician services for allergy, asthma and immunology patients; in-home aesthetics; and applied behavior analysis therapy. The healthcare group served over 140,000 patients in 2025.

CSI

CSI, headquartered in Dallas, TX, is a nationwide specialty home infusion pharmacy licensed in all 50 states serving patients suffering from chronic and rare illness. CSI specializes in treating chronic diseases with biologics and plasma-derived therapies, with revenues derived primarily from immunoglobulin (IG) therapy. CSI delivers high-cost, specialty infusion medications to patients’ homes, supported by skilled nurses who provide complex clinical management to ensure safe and effective therapy.

Other Healthcare

Other healthcare businesses include Graham Healthcare Group (GHG) which involves home health, palliative and hospice operations. GHG provides services to approximately 94,000 patients annually across the states of Michigan, Illinois, Pennsylvania, Kansas, Missouri, Ohio, and Florida. GHG’s brands include Residential Home Health, Residential Hospice, AHN Healthcare@Home, and Mary Free Bed at Home, and across these companies there are 18 home health, 11 hospice, and six palliative care operating units. Fourteen of GHG’s 35 operating units are operated through joint ventures with health systems and physician groups and the remainder are wholly-owned. Home health, palliative and hospice services include a wide range of health care services that are provided wherever home may be and are tailored to the unique needs and goals of the patients. Home health care helps patients gain independence and remain safe at home as active community members. Hospice care supports patients and their families’ unique physical, emotional, and spiritual needs, while focusing on optimizing quality of life, comfort, and dignity. Palliative care complements curative treatments and is provided by in-home nurse practitioners who aim to treat advanced pain and uncomfortable symptoms of disease. All home health, palliative, and hospice operating units are Medicare certified and accredited. GHG generates over 90% of its revenues for home health, palliative, and hospice services from Medicare and Medicare Advantage payors. The remaining sources of revenue are from Medicaid, commercial insurance, and private payors.

Clarus, based in Nashville, TN, provides patient call management solutions to ambulatory clinics within health systems, Management Service Organizations, independently owned physician practices and home health agencies. Clarus replaces traditional human-staffed answering services with an agentic AI SaaS-based solution. Clarus streamlines ambulatory clinic workflows for patient calls. The solution assists in reducing direct costs, managing patient phone calls and more quickly resolving patient needs while also enabling improvements in patient access and boosting provider satisfaction.

Impact Medical operates a full-service physician practice dedicated to providing advanced care for allergies, asthma, and immunology with eight locations in New Jersey and New York.

Skin Clique is a concierge aesthetic medicine and product practice. Skin Clique generates much of its revenue from neurotoxin injections and the remaining revenue from GLP-1, skin peels, skin consultations, dermal fillers, microneedling, and medical-grade skin care products. Skin Clique, based in Charleston, SC, serves clients across approximately 42 states.

Surpass Behavioral Health operates 14 Applied Behavior Analysis (ABA) clinics throughout Kentucky, South Carolina and Georgia, as well as a school program in Pennsylvania, and a positive behavior support program in Kentucky. Surpass Behavioral Health is headquartered in Nashville, TN. Approximately 70% of its revenue is generated across the 14 clinics, with a smaller portion coming from the school settings, and the remaining generated through the Kentucky positive behavior support program.

MANUFACTURING

Hoover Treated Wood Products, Inc.

Hoover Treated Wood Products, Inc. (Hoover) is a multi-product supplier to the commercial building industry. Hoover, founded in 1955, is a supplier of pressure-impregnated kiln-dried lumber and plywood products for fire-retardant and preservative applications and is headquartered in Augusta, GA. On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC (operating as Hoover Architectural Solutions) which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. Hoover operates 11 facilities across the country and services a wood stocking distributor network of more than 100 locations spanning the U.S. and Canada.

Group Dekko Inc.

Group Dekko Inc. (Dekko) is an electrical solutions company that focuses on innovative power charging and data systems; industrial and commercial indoor lighting solutions; and the manufacture of electrical components and assemblies for medical equipment, transportation, industrial and appliance products. Dekko, founded in 1952, is headquartered in Fort Wayne, IN, and operates 10 facilities in four states and Mexico.

Joyce/Dayton Corp.

Joyce/Dayton Corp. (Joyce/Dayton) is a leading manufacturer of screw jacks, linear actuators and related linear motion products and lifting systems in North America. Joyce/Dayton provides its lifting and positioning products to customers across a diverse range of industrial end markets, including renewable energy, metals and metalworking, oil and gas, satellite antennae and material handling sectors.

Forney Corporation

Forney Corporation (Forney) is a global supplier of burners, igniters, dampers, and controls for combustion processes in electric utility and industrial applications. Forney is headquartered in Addison, TX, and its manufacturing plant is in Monterrey, Mexico. Forney’s customers include power plants and industrial systems around the world.

AUTOMOTIVE

Graham Automotive LLC

The Company owns a 90% interest in eight automotive dealerships in the Washington, D.C. area: Ourisman Honda of Tysons Corner in Virginia; Ourisman Lexus of Rockville in Maryland; Ourisman Ford of Manassas in Virginia; Toyota of Woodbridge in Virginia, Ourisman Chrysler-Dodge-Jeep-Ram of Woodbridge in Virginia; Ourisman Toyota of Richmond in Henrico, Virginia; Ourisman Kia in Bethesda, Maryland; and Ourisman Honda of Woodbridge in Virginia. The Company has a management services agreement with an entity affiliated with Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships, to operate and manage the operations of the dealerships. The Company also owns Roda, which provides valet automotive repair services in the Washington, D.C. metropolitan area.

OTHER ACTIVITIES

Clyde’s Restaurant Group

Clyde’s Restaurant Group (CRG), founded in 1963, owns and operates 14 restaurants and entertainment venues in the Washington, D.C. metropolitan area, including six Clyde’s locations, Old Ebbitt Grill, The Hamilton, Hamilton Live, Rye Street Tavern, Cordelia Fishbar, 1789 Restaurant, Fitzgerald’s and The Tombs. CRG has another restaurant under construction, Ebbitt House, with the planned opening in 2026. Additionally, a Clyde’s will open in Dulles International Airport under a licensing agreement in 2026.

Framebridge, Inc.

Framebridge, Inc. (Framebridge) provides high-quality, affordable and fast custom framing directly to consumers. Through its website, app and retail locations, Framebridge offers consumers the option to drop off or ship artwork, pictures and other personal objects directly to Framebridge to be custom framed and then delivered directly to a customer or a retail store for in-store pick up. Framebridge is headquartered in Bethesda, MD, with 44 retail locations and three manufacturing facilities in Kentucky, Nevada, and Virginia.

Saatchi Online, Inc.

Saatchi Online, Inc. (Saatchi Art) including SaatchiArt.com and its art fair event brand, The Other Art Fair, provides an online art gallery where a global community of artists exhibit and sell their original artwork directly to consumers through an online gallery as well as through virtual reality and in-person art fairs hosted in the U.S., U.K. and Australia. Saatchi Art’s online art gallery features a wide selection of original paintings, drawings, sculptures and photography.

Society6, LLC

Society6, LLC (Society6) is an online art and design marketplace where a curated community of artists and designers can market and sell their original art and designs printed on a wide variety of products. Its made-to-order marketplaces, consisting of Society6.com and its wholesale channel Deny Designs, provide its artists and designers with an online commerce platform to feature and sell their original art and designs on an array of consumer products primarily in the home décor category. Deny Designs sells products to trade and hospitality clients, as well as retail distribution partners.

Code3 LLC

Code3 LLC (Code3) is a marketing and insights company that manages digital advertising for global and mid-market brands and early-stage companies. It delivers media, creative and data services to transform consumer and performance data into planning, content, media activation and measurement to maximize return on investment. Code3 works across platforms such as Facebook, Instagram, Amazon, Google, TikTok, X, Pinterest, Snapchat and YouTube, as well as direct digital media relationships and streaming TV and audio solutions.

Decile LLC

Decile LLC (Decile) is an AI-powered ecommerce analytics platform that helps marketers extract value from their proprietary first-party customer, product and sales data. Decile provides software and an AI Analyst (“Luma”) to help

its business clients better understand customer personas, customer acquisition and retention, product analytics and how to increase profitable growth.

The Slate Group LLC

The Slate Group LLC (Slate) publishes Slate, an online magazine. Slate features articles and podcasts analyzing news, politics and contemporary culture and adds new material on a daily basis. Content is supplied by the magazine’s own editorial staff, as well as by independent contributors. As measured by The Slate Group, Slate had an average of more than 5 million unique visitors per month and averaged more than 15 million page views per month across desktop and mobile platforms in 2025. The Slate Group owns an interest in E2J2 SAS, a company incorporated in France that produces a French-language news magazine website at slate.fr.

Foreign Policy LLC

Foreign Policy LLC (Foreign Policy) produces Foreign Policy magazine and the ForeignPolicy.com website, which cover developments in national security, international politics, global economics and related issues. The site features analysis, unique news content, specialized channels and newsletters, and podcasts focusing on regions and topics of interest. Foreign Policy provides insight and analysis into global affairs for government, military, business, media and academic leaders. FP Events also produces a growing number of live and virtual events, bringing together government, military, business and investment leaders to discuss important regional and topical developments and their implications.

City Cast LLC

City Cast LLC (City Cast) is a local media network currently operating in 13 cities around the country. City Cast publishes daily podcasts, email newsletters, and social media posts covering local news, events, and places. City Cast also hosts occasional real-world events for its listeners and readers.

Supporting Cast LLC

Supporting Cast LLC (Supporting Cast) provides a software-as-a-service platform that enables podcasters and media companies to monetize premium audio content through paid subscriptions, memberships, and audiobooks. The platform's distinctive approach eliminates the need for native apps, delivering exclusive content to subscribers through mainstream podcast players including Spotify, Apple Podcasts, and YouTube Music.

COMPETITION

EDUCATION

Kaplan’s businesses operate in fragmented and competitive markets.

Kaplan International. Kaplan operates within highly fragmented and competitive markets across its global footprint. For KI, this landscape is disaggregated featuring competitors ranging from large for-profit universities to small English-language course providers, as well as government-supported institutions offering similar training. Success in this arena is driven by variable factors such as program offerings, the ranking of university partners, convenience, cost, placement rates, reputation, and the quality of instruction and student services. To maintain its market position, KI leverages competitive advantages including the delivery of high-quality educational experiences, widespread brand recognition, competitive pricing, and strong relationships with corporate clients and recruitment partners.

Kaplan North America. KNA competes with companies that provide various education technology solutions, consumer test and licensure preparation and course delivery, corporate training, university administrative support for online programs and courses, curriculum development, overall online program development and analytics for colleges and universities, as well as support for corporate, employer and employee education programs. The market for KNA’s services and products, and especially its higher education services and products, is dynamic and rapidly evolving, and several competitors offer a mix of some of the same products and services or are seeking to move into the markets in which KNA operates. Competitive factors in these KNA markets include 1) the ability to deliver a wide range of educational services and programs to clients across all levels of programs and administrative functions; 2) cost effectiveness; 3) expertise in marketing, recruitment and program delivery; 4) student outcomes and satisfaction; 5) the ability to invest in start-up and scaling initiatives; 6) reputation; and 7) compliance with laws and the ability to navigate complex regulatory requirements. KNA’s ability to effectively compete in the higher education services markets will depend in large part on its successful delivery and navigation of these factors. While the competitive landscape is expanding, KNA’s resources, capabilities and experience are key differentiators in the market. Similarly, KNA’s supplemental education products and services compete with a wide range of national, regional, local, online and location-based competitors. In the area of test prep, competitors vary by test, with many focused on preparing students for a single high-stakes test. For its curricular and

assessment services, KNA has a number of national competitors as well as competitors focused on preparation for particular tests. Competitive factors for the supplemental education products vary by product line and include price, features, modality, schedule and reputation. Although KNA faces intense competition and shifting consumer preferences in these areas, particularly with respect to online test preparation, where some new competitors are offering lower-cost and free test preparation products, KNA and Kaplan remain leading names in test preparation owing in part to their technical expertise and capabilities, quality of instructors, content, curricula, longevity and reputation in the industry. KNA’s professional licensure training and preparation and corporate training products and services offer a broad portfolio of products, many within highly regulated and mature industries, including securities, insurance, real estate and wealth management, where competition includes a wide variety of national, regional and local companies seeking the same market share and resulting in deep price discounting and commoditization of offerings.

TELEVISION BROADCASTING

GMG competes for audiences and advertising revenues with television and radio stations, cable systems, video services offered by telephone and broadband companies serving the same or nearby areas, DBS services, digital media services, and, to a lesser degree, with other media providers, such as newspapers and magazines. Cable systems operate in substantially all of the areas served by the Company’s television stations, where they compete for television viewers by importing out-of-market television signals; by distributing pay-cable, advertiser-supported, and other programming that is originated for cable systems; and by offering movies and other programming on an on-demand, digital, or pay-per-view basis. In addition, DBS services provide nationwide distribution of television programming, including pay-per-view programming and programming packages unique to DBS, using digital transmission technologies. Moreover, to the extent that competing television stations in the Company’s television markets continue to transition to ATSC 3.0, such stations may pose an increased competitive challenge to the Company’s stations in the future, such as by offering an increased number of multicast channels or by offering advanced features.

Competition continues to increase from established and emerging online distribution platforms. Movies and other video programming are increasingly available on an on-demand basis through a variety of online platforms, including ad-supported viewing on platforms such as Pluto TV and Tubi, and subscription-based access through services such as Netflix and Amazon Prime Video. In addition, internet-based subscription services offering live television programming have been launched both by traditional pay-TV service providers (such as DISH and DIRECTV) and other entrants (such as YouTube TV, Hulu and Fubo). The national broadcast networks have also launched proprietary direct-to-consumer digital platforms, such as Peacock (NBC) and Paramount+ (CBS), which include both access to network programming and, in some cases, the live linear programming of local network-affiliated stations. The Company has entered into agreements for some of its stations to be distributed via certain of these services, typically (with respect to vMVPDs) through opt-in agreements negotiated by the stations’ affiliated networks. Participation in these services has given the Company’s stations access to new distribution platforms. At the same time, competition from these various platforms could adversely affect the viewership of the Company’s television stations via traditional platforms and/or the Company’s strategic position in negotiations with pay-TV services. In addition, the networks’ increased role in negotiating online distribution arrangements for their affiliated stations, together with the networks’ imposition of higher fees on affiliated stations in exchange for the right to distribute network programming in their markets (much of which programming is no longer exclusive to network-affiliated stations in their local markets) and for broadcast and traditional pay-TV retransmission rights, may have broader effects on the overall network-affiliate relationship, the extent to which the Company cannot now predict. In November 2025, the FCC opened a proceeding focused on the current state of the network-affiliate relationship. The comment period in that proceeding has closed, but the FCC has taken no action in that docket to date.

HEALTHCARE

The specialty home infusion market is highly competitive and continues to evolve rapidly. CSI competes with a wide range of providers, including hospital outpatient departments, payer- and PBM-owned specialty pharmacies, large national home infusion providers expanding into specialty and higher-acuity therapies, and independent infusion platforms benefiting from increased capital investment and aggressive growth strategies. The home health and hospice industries are extremely competitive and fragmented, consisting of both for-profit and nonprofit companies. According to the Medicare Payment Advisory Commission’s July 2025 Data Book, there are approximately 12,057 Medicare-certified home health agencies and approximately 6,535 hospices in the U.S. Home health and hospice services are marketed to physicians, discharge planners and social workers at hospitals, nursing homes, senior living communities and physicians’ offices through a direct sales model. Throughout the states in which it operates, GHG’s home health and hospice services compete primarily with both privately owned and hospital-operated home health and hospice service providers. The competitive landscape for the other healthcare businesses is highly fragmented, with competition from a number of small providers and a few national companies. The healthcare group differentiates its offerings based on response time, clinical programming, clinical outcomes and patient satisfaction.

MANUFACTURING

Hoover Treated Wood Products, Inc.

The markets for both aluminum cladding and fire‑retardant wood products are highly competitive, and Hoover faces risks from numerous domestic and international manufacturers offering comparable building‑material solutions. Competitors may benefit from greater scale, lower raw‑material costs, or broader distribution networks, which could exert pricing pressure and adversely affect margins. These product categories are also exposed to volatility in key input costs, including aluminum and lumber, as well as changes in trade policies and tariffs that may disrupt supply chains or increase material costs. Demand for cladding systems and fire‑retardant wood products is further influenced by macroeconomic conditions, including construction‑cycle downturns, reduced commercial building activity, and shifts in public or private infrastructure spending.

Group Dekko, Inc.

Dekko has three distinct product categories that compete in fragmented, competitive global markets: power and data distribution for office and furniture products, lighting solutions, and electrical harness manufacturing. These products are sold through dealer and distribution channels and original equipment manufacturer customers, focused primarily on the North American market. While all markets and products are price sensitive, technology, engineering solutions, quality and delivery performance are critical in purchase decisions. Dekko’s multiple long-term relationships, high-quality manufacturing facilities, engineering support and reputation as a solutions provider, in addition to being a product supplier, all contribute to sustaining its competitive advantages.

AUTOMOTIVE

Graham Automotive LLC

The retail automotive industry is highly competitive and fragmented. Automobile dealerships compete with dealerships offering the same brands as well as those offering other manufacturers’ brands. Competitors include small local dealerships and large national multi-franchise automotive dealership groups. In addition to competition for vehicle sales, dealerships compete for parts and service business with other dealerships, automotive parts retailers and independent mechanics. The principal competitive factors in vehicle sales are price, selection of vehicles, location of dealerships and quality of customer service. The principal competitive factors in parts and service sales are price, the use of factory-approved replacement parts, factory-trained technicians and the quality of customer service.

OTHER ACTIVITIES

Clyde’s Restaurant Group

The restaurant industry is highly competitive. CRG competes with national and regional chains and independent, locally owned restaurants for customers and personnel. The principal bases for competition are types of food and service, quality, price, location, brand and attractiveness of facilities.

Framebridge, Inc.

Framebridge operates in a highly fragmented market. Competitors include small local retail operations and a few national retail chains. The competitive factors in the framing industry are price, selection and convenience. Framebridge’s centralized manufacturing, clear and transparent pricing, retail stores that are optimized for foot traffic and a curated buying experience rather than framing workshops, and strong e-commerce and digital capabilities contribute to its competitive advantages.

Saatchi Online, Inc.

Saatchi Art competes with a wide variety of online and brick-and-mortar companies selling comparable products. Its online art gallery and in-person art fair business compete with traditional offline art galleries, art consultants and online platforms selling original artwork, such as Artfinder, Artspace, Rise Art, Singulart, eBay and Amazon Art; home retailers that sell wall art such as West Elm, Crate and Barrel, and Restoration Hardware; and various art fairs that feature reasonably priced artwork from emerging artists, such as The Affordable Art Fair.

Society6, LLC

Operating an e-commerce marketplace is highly competitive, and Society6 expects competition to increase in the future. Society6 competes with a wide variety of online and brick-and-mortar companies selling comparable products. Its made-to-order marketplace business primarily competes with companies that also utilize a made-to-order business model whereby consumer products featuring artist designs are produced by third-party fulfillment partners and shipped directly to customers, such as Redbubble, Zazzle, Art.com, Shutterfly and Minted, as well as

companies that offer broader home décor and apparel products, such as Amazon, Etsy, and Wayfair. Additionally, Society6 is facing, and will likely continue to face, increased international competition from brands offering ultra-low-cost goods, such as Shein and Temu.

Code3

The business of managed digital advertising is highly competitive. Public multinational advertising agencies may exacerbate price competition in an attempt to protect existing relationships with advertising clients in traditional media formats such as television. Public and private advertising technology companies, digital media agencies and newer market entrants such as consulting firms also compete on price, service and technology offerings. Code3 seeks to maintain a competitive advantage and maximize its clients’ return on advertising budgets by utilizing a combination of best-in-class third-party technologies, artificial intelligence (AI), and the deep expertise of its employees, who manage media spending on the largest digital platforms and a full-service creative team with a nuanced understanding of digital media.

Decile LLC

Decile faces competition from lower-cost providers that provide a narrower data analytics and reporting offering. In addition, at higher price points aimed at larger marketers ($100M+ annual revenue), there are several large customer data platform competitors or in-house solutions that attempt to unify many disparate sources of data to improve omnichannel advertising outcomes. Decile seeks to maintain a competitive advantage by providing a better view of high-value customers and personas and their associated value and making it easier for clients to activate those customers in a more personalized way. Decile’s third-party data enrichment capabilities and advanced analytics (now surfaced via Luma AI, Decile’s ecommerce analyst) serve as key differentiators in the mid-market space where those capabilities are either not affordable or not available at all.

The Slate Group LLC

As a digital media company, Slate operates in highly competitive markets for subscribers, audiences and advertisers. For written work, Slate faces competition from other online publishers, especially magazines and newspapers. In podcasting, Slate faces competition from other podcast networks, as well as traditional radio networks. In the face of stiff competition, Slate is able to attract and retain a large educated, affluent audience and subscriber base by creating high-quality content, and is then able to compete for advertisers who wish to reach that audience on trusted, brand-safe properties.

City Cast LLC

City Cast is the only national network of daily local podcasts. City Cast faces significant competition in all aspects of its business. Several companies operate large national networks of local daily newsletters, notably Axios and 6am City, both of which have many more subscribers than City Cast. There are also single-city daily newsletters–often created by the local newspaper–in every city where City Cast is located. On the podcasting side, public radio stations in most City Cast markets create local podcasts, as do some commercial radio stations. Social media accounts from influencers and media companies also compete with City Cast. City Cast competes for advertising dollars with all these newsletter, podcast, and social media competitors, as well as with local radio, newspaper, TV and digital outlets.

Foreign Policy

As a geopolitical media company, Foreign Policy produces daily digital news, a quarterly magazine, research and analytics, podcasts and in person events around the world. With a global audience of senior leaders, Foreign Policy has a range of competitors, from global news organizations to niche research and consulting firms that focus on geopolitical topics. In the event space, it also competes and cooperates with large global events hosted by nonprofit and for-profit organizers, including think tanks. Foreign Policy's unique combination of highly produced news analysis, research and programming is a strong differentiator for its subscribers and partners.

Supporting Cast

In the growing creator monetization landscape, Supporting Cast differentiates itself from competitors like Patreon and Apple Podcasts Subscriptions through its white-label service model. While most platforms maintain direct control of subscriber data and payment information, Supporting Cast empowers clients to own their customer relationships. The platform has carved out a strong market position by specializing in complex subscription architectures, multi-show network capabilities, and customizable enterprise solutions that meet the needs of major media organizations.

EXECUTIVE OFFICERS

The executive officers of the Company, each of whom is elected annually by the Board of Directors, are as follows:

Donald E. Graham, age 80, Chairman Emeritus, served as Chairman of the Board of the Company from September 1993 until May 2023 and served as Chief Executive Officer of the Company from May 1991 until November 2015. Mr. Graham served as President of the Company from May 1991 until September 1993 and prior to that had been a Vice President of the Company for more than five years. Mr. Graham also served as Publisher of The Washington Post (the Post) from 1979 until September 2000 and as Chairman of the Post from September 2000 to February 2008.

Timothy J. O’Shaughnessy, age 44, became Chief Executive Officer of the Company in November 2015. From November 2014 until November 2015, he served as President of the Company. He was elected to the Board of Directors in November 2014. From 2007 to August 2014, Mr. O’Shaughnessy served as chief executive officer of LivingSocial, an e-commerce and marketing company that he co-founded in 2007. Mr. O’Shaughnessy is the son-in-law of Donald E. Graham, Chairman Emeritus of the Company.

Andrew S. Rosen, age 65, became Executive Vice President of the Company in April 2014. He became Chairman of Kaplan, Inc. in November 2008 and served as Chief Executive Officer of Kaplan, Inc. from November 2008 to April 2014 and from August 2015 to the present. Mr. Rosen has spent more than 39 years at the Company and its affiliates. He joined the Company in 1986 as a staff attorney with the Post and later served as assistant counsel at Newsweek. He moved to Kaplan in 1992 and held numerous leadership positions there before being named Chairman and Chief Executive Officer of Kaplan, Inc.

Wallace R. Cooney, age 63, became Senior Vice President–Finance and Chief Financial Officer of the Company in April 2017. Mr. Cooney served as the Company’s Vice President–Finance and Chief Accounting Officer from 2008 to 2017. He joined the Company in 2001 as Controller.

Jacob M. Maas, age 49, became Executive Vice President of the Company in January 2022, prior to which he served as Senior Vice President–Planning and Development beginning October 2015. Prior to joining the Company, he served as executive vice president of operations and head of corporate development at LivingSocial, an e-commerce and marketing company that he joined as chief financial officer in 2008.

Nicole M. Maddrey, age 61, became Senior Vice President, General Counsel and Secretary of the Company in April 2015. Ms. Maddrey joined the Company in 2007 as Associate General Counsel. Prior to joining the Company, Ms. Maddrey served as Special Counsel in the Division of Corporation Finance at the U.S. Securities and Exchange Commission.

Marcel A. Snyman, age 51, became Vice President and Chief Accounting Officer of the Company in January 2018. Mr. Snyman served as Controller of the Company from 2016 to 2018, prior to which he served as Assistant Controller beginning in April 2014 and Director of Accounting Policy beginning in July 2008.

Sandra M. Stonesifer, age 41, became Senior Vice President and Chief HR and Administrative Officer in January 2026. She joined the Company as Chief Human Resources Officer in January 2021. Prior to joining the Company, Ms. Stonesifer was a consultant with S-Squared Consulting, an organization development consulting company.

HUMAN CAPITAL

The Company employs approximately 19,920 people worldwide, of which approximately 11,930 are employed in the U.S. and approximately 7,990 are employed outside the U.S. Employment across each of the Company’s businesses is further discussed below.

Worldwide, Kaplan employs approximately 6,833 people on a full-time basis as well as a substantial number of part-time employees, approximately 4,400, across 40 countries. Part-time employees serve in a variety of instructional and administrative capacities. Collectively, in the U.S. and Canada, approximately 91 Kaplan employees are represented by a union. There are several countries, such as the U.K., Australia, and Singapore, where union membership is not disclosed to the employer. Nevertheless, there are recognized unions in Liverpool and Glasgow. Furthermore, in Australia, while union membership is generally not disclosed to employers, Kaplan is aware that some employees are union members where unions act as their representatives in matters such as bargaining or disputes, and Kaplan engages with those unions to the extent legally required (including bargaining with unions as default bargaining representatives for their members).

GMG has approximately 885 employees, including 866 full-time employees and 19 part-time employees, of whom approximately 106 are represented by a union.

Among our healthcare companies, GHG has approximately 2,523 full-time employees and 556 part-time employees. CSI has approximately 429 full-time employees and 313 part-time employees. Surpass has approximately 301 full-time employees and 34 part-time employees. Impact Medical has approximately 33 full-time employees and 46 part-time employees. Skin Clique has approximately 40 full-time employees and three part-time employees. Clarus has approximately 13 employees and one part-time employee. No employees in the healthcare group are represented by a union.

In the manufacturing segment, Hoover has approximately 517 full-time employees, of whom 15 are represented by a union. Dekko has approximately 930 full-time employees, none of whom is represented by a union. Joyce/Dayton has approximately 200 full-time employees and five part-time employees, none of whom is represented by a union. Forney has approximately 118 full-time employees. Of those employees, 55 are represented by a union, all of whom are employed in Mexico.

Graham Automotive employs approximately 875 full-time employees and 121 part-time employees, none of whom is represented by a union.

In other businesses, CRG has approximately 190 full-time employees and 1,665 part-time employees, none of whom is represented by a union. Framebridge has approximately 852 employees, none of whom is represented by a union. Code3 has approximately 105 full-time employees and three part-time employees, none of whom is represented by a union. Supporting Cast employs approximately 11 full-time employees and one part-time employee, none of whom is represented by a union. Decile has approximately 15 full-time employees, none of whom is represented by a union. Slate employs approximately 105 full-time employees and three part-time employees, of whom approximately 50 are represented by a union. Foreign Policy has approximately 66 full-time employees, approximately 15 of whom are represented by a union. Saatchi Art and Society6 employ approximately 88 full-time and part-time employees collectively, none of whom is represented by a union. City Cast employs approximately 90 full-time employees and three part-time employees, none of whom is represented by a union.

The parent Company has approximately 87 full-time employees, none of whom is represented by a union.

The Company recognizes the importance of attracting, developing, and retaining highly qualified employees throughout each of its businesses. The following is a description of the Company’s efforts to manage and promote human capital within its organization.

Oversight and Management. The Company’s human resources organization and the human resource organizations of its various businesses manage employment-related matters, including recruiting and hiring qualified employees, training and development, compensation, workplace safety, performance management, support for specific needs including supporting employees who are caregivers or working remotely, and ensuring a talented and inclusive workforce where all employees can be successful. The Compensation Committee of the Board of Directors provides oversight of certain human capital matters, including compensation and benefits, executive development, employee inclusion and retention initiatives, and succession planning.

The Company’s culture of trust and integrity is led and driven by senior management and supported by our internal practices, regular communications, and ongoing training efforts. Employees and stakeholders are encouraged to address any concerns with their managers and business leaders. The Company also provides a dedicated communication channel, the Ethics Hotline, to report possible violations of the Code of Business Conduct or concerns about ethics or integrity in the workplace. The Company’s Ethics Hotline is independently operated by a third party and anonymity is ensured upon request. Reports are forwarded to appropriate individuals within the Company for investigation. Every allegation is professionally and confidentially handled.

Compensation and Benefits. The Company offers strong compensation and benefits programs to its employees. Depending on the business unit, employee benefits may include healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, adoption assistance plans, employee assistance programs, tuition assistance programs, transportation benefits programs, a matching gifts program, bonuses, long-term incentive compensation plans, Company-paid pension contributions and a 401(k) Plan. The Company offers discounts on courses and programs offered by Purdue Global as well as various supplemental education products offered by KNA to all full-time employees through the Gift of Knowledge Program. The Company also offers a small group of eligible employees certain equity-based grants under the Company’s Incentive Compensation Plan with vesting and performance conditions to facilitate the attraction, retention, motivation and reward of key employees and to align their interests with those of the Company’s stockholders.

Training and Talent Development. The Company is committed to the continued growth and development of its employees across all businesses. While development opportunities vary across businesses, the Company seeks to offer a variety of learning opportunities, including virtual learning, on-the-job mentoring and coaching. U.S. employees complete core harassment and discrimination training and ethics training and all employees are offered specific skills training designed to support the growth and advancement of their professional skills.

Through these efforts, the Company seeks to build a culture of continuous learning that enables employees at all levels to grow, adapt, and contribute to the long-term success of the business.

Attracting and Retaining Employees. The Company strives to recruit, hire and promote the most talented and qualified individuals for roles in all its businesses. Focusing on identifying and considering a broad group of highly qualified applicants from all backgrounds for employment fosters a culture of excellence and drives positive outcomes for the Company’s businesses. The Company is committed to a culture in which its talented employee base can thrive in an inclusive and respectful environment.

The Company’s businesses have various initiatives to support their inclusion strategies in ways that are tailored to their employees, customers, and products. These include training and other education opportunities, venues for employees to come together to create community, and efforts to continually gather feedback from our employees to ensure we are a workplace in which our diverse group of talented employees can thrive.

Community Impact. The Company has a long history of investing in the communities it serves. In addition to philanthropy managed at the corporate level, the Company’s businesses engage in charitable works, community and civic activities, and volunteer projects in the communities they serve. While the Company’s businesses operate in a variety of industries in markets around the world, the Company is unified in its connection to the places where its teams live and work.

In 2025, the Corporate office provided approximately $1.2 million in financial support to 31 nonprofit and civic organizations in the areas of education, health and human services, civics and community, and culture and art. Corporate philanthropy is primarily focused on providing resources, access and services to the most underserved members of the community. Corporate staff have also volunteered directly with organizations in the region such as College Track, organizing career development opportunities for students, and PathForward, packing lunches and care packages for Arlington residents experiencing homelessness. The Company has forged deep relationships with its partners in service and philanthropy, and it works closely in collaboration with them to support their very important work.

The service-oriented nature of the Company’s businesses, along with its core values, enables its businesses to authentically engage in service through its normal business activities. For example, at the education segment, Kaplan continues to be the primary donor and supporter of The Kaplan Educational Foundation (KEF), an independent public charity founded by Kaplan executives to help promote equity through higher education. The Foundation relies on Kaplan grants, in-kind service, donations from the Kaplan community, and volunteers from Kaplan’s employee base. A number of KEF alumni have been hired by Kaplan as full-time employees or served as interns at Kaplan over the years, and many have secured post-graduation employment with Fortune 500 and multinational corporations.

Additionally, Kaplan partners with ACT, Inc., to provide free ACT® prep for low-income students. In 2025, Kaplan enrolled approximately 115,730 students who qualified as such–according to eligibility in ACT’s fee waiver program–delivering approximately $20 million in free ACT prep to low-income students.

Kl supports various charitable organizations providing a broad range of education-related services to underserved communities in the U.K., including paid internships for underrepresented young talent. Kaplan Professional Education provides free accountancy tuition for ACCA qualifications through a refugee employment charity; offers scholarships to women in finance and postgraduate applied finance scholarships to under-represented individuals; provides internship, mentoring, and professional development opportunities through a social mobility charity; runs skills workshops for youth from low socio-economic backgrounds; and together with the Association of Accounting Technicians offers aspiring accountants who lack opportunity the chance to study for the AAT qualification for free.

At GMG, both the stations and their employees are committed to their local communities by providing educational, public affairs and special broadcasts addressing current affairs and issues related to their communities. Additionally, each media hub elevates the work of several nonprofit and community organizations by spotlighting their work in the community, hosting community forums to voice and address community concerns, volunteering at local classrooms to conduct science experiments, and partnering with local organizations to raise money for and provide other assistance to people who have been impacted by natural disasters, including survivors of the California wildfires and Texas floods.

At the Company’s healthcare group, GHG partners with We Honor Veterans to serve the unique hospice needs of veterans and their families. GHG also created the Residential Hospice Foundation, an organization dedicated to educating the community, prospective hospice patients, and their families about end-of-life issues, grief, and the bereavement process. Contributions help families to receive the hospice care they need even when they are underinsured or do not have insurance. Additionally, CSI supports the communities and patient populations they serve through strategic partnerships with patient support organizations and foundations.

FORWARD-LOOKING STATEMENTS

All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in the Company’s Annual Report on Form 10-K and in the Company’s 2025 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company’s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company’s business strategies and objectives, the prospects for growth in the Company’s various business operations, the Company’s future financial performance, and the risks and uncertainties described in Item 1A of the Company’s Annual Report on Form 10-K. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. Any forward-looking statements made in this Annual Report on Form 10-K speaks only as of the date on which it is made. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.

AVAILABLE INFORMATION

The Company’s internet address is www.ghco.com. The Company makes available free of charge through its website its Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, definitive proxy statements on Schedule 14A and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (Exchange Act) as soon as reasonably practicable after such documents are electronically filed with the Securities and Exchange Commission (SEC). In addition, the Company’s Certificate of Incorporation, its Corporate Governance Guidelines, the Charters of the Audit and Compensation Committees of the Company’s Board of Directors and the codes of conduct adopted by the Company and referred to in Item 10 of this Annual Report on Form 10-K are all available on the Company’s website; printed copies of such documents may be obtained by any stockholder upon written request to the Secretary, Graham Holdings Company at 1812 North Moore Street, Arlington, VA 22209. We routinely post information that may be important to investors on our website at www.ghco.com, and we use this website address as a means of disclosing material information to the public in a broad, non-exclusionary manner for purposes of the SEC’s Regulation Fair Disclosure. The contents of the Company’s website are not incorporated by reference into this Form 10-K and shall not be deemed “filed” under the Exchange Act.

The SEC website, www.sec.gov, contains the reports, proxy statements and information statements and other information regarding issuers that file electronically with the SEC.

Item 1A. Risk Factors.

SUMMARY RISK FACTORS

This risk factor summary does not contain all of the information that may be important to you, and you should read this risk factor summary together with the more detailed discussion of risks and uncertainties set forth following this section under the heading “Risk Factors,” as well as elsewhere in this Annual Report on Form 10-K. Additional risks, beyond those summarized below or discussed elsewhere in this Annual Report on Form 10-K, may apply to the Company’s business, activities or operations as currently conducted or as may be conducted in the future. These risks include, but are not limited to, the following:

Risks Related to the Company’s Education Business

•Changes in International Laws and Regulations, Related Policy Announcements, Travel Restrictions and Sanctions.

•Difficulties and Expenses in Managing Properties in England and Scotland.

•Difficulties in Managing Foreign Operations and Failure to Comply with Foreign Regulatory Requirements.

•Changes in U.K. and International Tax Laws.

•Possible Changes to the Department of Education.

•Failure to Comply with Statutory and Regulatory Requirements as a Third Party Servicer to Title IV Participating Institutions.

•Failure to Comply with the ED’s Title IV Incentive Compensation Rule.

•Failure to Comply with the ED’s Title IV Misrepresentation Regulations.

•Compliance Reviews, Program Reviews, Audits and Investigations, Including in Connection with Borrower Defense to Repayment Claims.

•Noncompliance with Regulations by KNA’s Client Institutions.

•Failure to Realize the Anticipated Benefits of the Purdue Global Transaction.

•Regulatory Changes and Developments.

•Reductions in the Use of Standardized Tests and Increased Competition.

•Changes in the Extent to Which Licensing and Proficiency Examinations Are Used.

Risks Related to the Company’s Television Broadcasting and Media Businesses

•Changing Perceptions About the Effectiveness of Television Broadcasting in Delivering Advertising and Competition from Digital Platforms.

•Increased Competition Resulting from Technological Innovations and Changing Consumer Behavior.

•Changes in the Nature and Extent of Government Regulations.

•Transition to New Technical Standards for Broadcast Television Stations.

•Changes in MVPD Subscriber Numbers, Retransmission Consent Fees, “Reverse Retransmission Consent” Payments to the Networks, and Broadcast Exclusivity.

Risks Related to the Company’s Healthcare Business

•Extensive Regulation of the Healthcare Industry.

•Ongoing Market Consolidation.

•Reviews and Audits by Government Agencies and Private Payors.

•Federal and State Changes to Reimbursement and Other Aspects of Medicare and Medicaid.

•Continued Nursing Staffing Shortages.

•Negative Impact on Medicare Reimbursement from Value-based Purchasing and Decreased Medicare Payments.

•Limited Ability to Control Rates Received for Services.

•Reliance on Plasma Supply and Third Party Manufacturing.

Risks Related to the Company’s Manufacturing Businesses

•Failure to Recruit and Retain Production Staff Needed to Meet Customer Demand.

•Potential Liability Claims.

Risks Related to the Company’s Automotive Businesses

•Termination or Non-renewal of Dealership Agreements and Limitations on the Company’s Ability to Acquire Additional Dealerships.

•Changes Affecting Automobile Manufacturers.

•Changes to State Dealer Franchise Laws and Technological Innovations.

•Changes in Economic Conditions and Vehicle Inventories.

Risks Related to the Company’s Other Businesses

•Failure by Saatchi Art to Attract and Retain Artists and Customers and Convert Visitors to Customers.

•Claims Related to Authenticity, Ownership or Intellectual Property Rights of Artwork Sold by Saatchi Art.

•Failure by Society6 to Attract and Retain Customers.

•Failure to Recruit and Retain Employees in the Company’s Restaurants.

•Food-Borne Illness Concerns and Damage to the Company’s Reputation.

•Concentration of the Company’s Restaurants in the Washington, D.C. Region.

Risks Related to the Company’s Stock Ownership and Operations

•As a Controlled Company, the Rights of Class B Common Stockholders Are Limited.

•Failure to Comply with Environmental and Health and Safety Laws.

•Failure to Successfully Integrate Acquired Businesses.

•Goodwill and Other Intangible Assets Impairment.

•Introduction of Additional Tariffs.

Risks Related to Cybersecurity, Privacy, Artificial Intelligence and Intellectual Property

•System Disruptions and Security Threats to the Company’s Information Technology Infrastructure or Those of Third Parties.

•Failure to Comply with Privacy Laws or Regulations.

•Artificial Intelligence Concerns.

•Potential Liability for Intellectual Property Infringement.

RISK FACTORS

The Company faces a number of risks and uncertainties in connection with its operations. Described below are the most material risks faced by the Company. These risks and uncertainties may not be the only ones faced by the Company. Additional risks and uncertainties not presently known, or currently deemed immaterial, may adversely affect the Company in the future. In addition to the other information included in this Annual Report on Form 10-K, investors should carefully consider the following risk factors. If any of the events or developments described below occurs, it could have a material adverse effect on the Company’s business, financial condition or results of operations.

Risks Related to the Company’s Education Business

• Changes in International Laws and Regulations and Travel Restrictions and Related Policy Announcements Have Materially Adversely Affected, and Together with Changes in Immigration Laws or Sanctions Could Continue to Materially Adversely Affect, International Student Enrollments and Kaplan’s Business.

Kaplan is subject to a wide range of laws and regulations relating to its international operations. These include domestic laws with extraterritorial reach, such as the U.S. Foreign Corrupt Practices Act, international laws such as the U.K. Bribery Act, as well as the local regulatory regimes of the countries in which Kaplan operates. These laws and regulations change frequently. Failure to comply with these laws and regulations could result in significant penalties or the revocation of Kaplan’s authority to operate in the applicable jurisdiction, each of which could have a material adverse effect on Kaplan’s operating results.

In response to the COVID-19 pandemic, many governments imposed student travel restrictions (applicable to exit and entry), made recommendations for their students to return home and closed physical campus locations, and many state and professional bodies postponed or canceled examination dates related to state examinations and professional education programs, all of which have materially adversely affected Kaplan International’s operations and resulted in significant losses at KLG during the pandemic. The emergence of new pandemics and consequential changes to travel and study arrangements in one or more countries could negatively affect KI and its operating results.

Further changes to the regulatory environment, including changes to government policy or practice in oversight and enforcement, or other factors, including war, civil unrest, geopolitical instability, imposition or extension of international sanctions, a natural disaster or a pandemic in either the students’ countries of origin or countries in which they desire to study, could continue to negatively affect Kaplan’s ability to attract and retain students and negatively affect Kaplan’s operating results. Increasingly, governments have begun imposing sales taxes on digital services, such as education, offered in their jurisdictions by foreign providers. Significant changes to the availability of government funding for education or training, visa policies for students and their dependents, or other administrative immigration requirements, or the tax environment, including changes to tax laws, policies and practices, in any one or more countries in which KI operates or makes its services available could negatively affect its operating results. KI’s operations, institutions and programs in the U.S. may be subject to state-level regulation and oversight by state regulatory agencies, whose approval or exemption from approval is necessary to allow an institution to operate in the state. These agencies may establish standards for instruction, qualifications of faculty, location and nature of facilities, financial policies and responsibilities and other operational matters. Institutions that seek to admit international students are required to be federally certified and legally authorized to operate in the state in which the institution is physically located in order to be allowed to issue the relevant documentation to permit international students to obtain a visa. Agencies at both local and national levels in other countries may also impose similar requirements on KI’s operations outside the U.S.

A substantial portion of KI’s revenue comes from programs that prepare international students to study and travel in English-speaking countries. In 2025, university preparation programs were principally delivered in Australia, New Zealand, Singapore and the U.K. KI’s ability to enroll students in these programs is directly dependent on its ability to comply with complex regulatory environments.

KI’s ability to enroll international students in programs in the U.K., U.S., Singapore, Australia, New Zealand, Canada and other countries and to recruit students for study with KI’s partners is directly dependent on the laws and regulations governing student immigration. Changes to Australian and Canadian student immigration rules have impacted, and will continue to impact, KI’s ability to recruit students for study at its own colleges and its partner universities. Overall, there continues to be a trend of tightening of student immigration regulations and access to student visas worldwide, including, most recently, an Australian Government international indicative student visa approval target for post-secondary education providers. The new U.S. presidential administration has implemented policy changes that have affected international student entry to, or ability to study in, the U.S., including increased visa vetting for individuals seeking to enter the U.S. and restrictions on conduct while in the U.S. The closure of U.S. visa offices in 2025 had a negative impact on KI’s ability to recruit international students and materially adversely affected KI’s recruitment for U.S. university partners. Negative perceptions regarding travel to the U.S., as well as

the legal and regulatory environment’s susceptibility to change by the new administration, could have a negative impact on KI’s ability to recruit international students, which could materially adversely affect Kaplan’s U.S. Pathways business as well as the U.S.-based KLG. Changes to visa policies and practices have had, and could continue to have, a negative impact on students’ ability to travel to the U.S. to begin their courses, which has significantly adversely affected, and could continue to significantly adversely affect, those KI businesses.

Changes to levels of direct and indirect government funding for international education programs would also materially affect the success of KI’s operations. For example, if access to student loans or other funding were to be lost for KI operations that admit students who are entitled to receive the benefit of this funding, Kaplan’s operating results could be materially adversely affected.

In the U.K., Level 7 (Masters’ level) apprenticeship training accounts for nearly 50% of the Kaplan Professional Education business. Starting January 1, 2026, government apprenticeship levy for Level 7 apprenticeships has been reduced. Level 7 apprenticeship funding is now available only for learners who are 21 years of age or under at the start of their apprenticeship. Employers are now expected to fund more L7 apprenticeships outside of the apprenticeships levy. This change is not expected to materially impact Kaplan Professional Education’s revenues for 2026. The Level 7 apprentices are on an apprenticeship program for 36 months, so the learners initiating their programs prior to January 1, 2026, will remain on their program. Learners who are not eligible for funding are expected to switch to either a commercial fee-pay option or to a Level 4 apprenticeship route. Kaplan Professional Education is considering additional strategies to reduce the potential impact. These include growing the fee-paying activities within the business (as opposed to accessing funding), spreading the apprenticeship portfolio over a wider range of sectors and taking on non-apprenticeship streams of government funding.

•Difficulties and Expenses in Connection with Managing Properties in England and Scotland Could Materially Impact Kaplan’s Expenses.

Kaplan has a number of real estate investments in England and Scotland, usually on long-term leases. As the tenant, Kaplan is required to keep the buildings in repair. Kaplan usually benefits from a package of contractor and subcontractor arrangements in relation to defects in the buildings due to poor construction or failure to adhere to property regulations during construction of the properties. If, however, the entities who have entered into these collateral agreements become insolvent or successfully assert another defense to a claim from Kaplan under the relevant agreement, Kaplan, as the tenant, may be expected to carry out work related to the relevant defect and/or bear the relevant cost of such work. The relevant costs may be material. Kaplan’s ability to enforce collateral agreements may also be impacted by other factors, including but not limited to, the operation of Scottish law on time periods permitted to bring a claim. Kaplan may be required to bear some or all of the costs of work at two of its residences, the scope of which, and Kaplan’s legal responsibility for undertaking it, is yet to be established.

• Difficulties in Managing Foreign Operations and Failure to Comply with Foreign Regulatory Requirements Have Negatively Impacted and Could Continue to Negatively Affect Kaplan’s Business.

Kaplan has operations and investments in a growing number of foreign countries and regions, including Australia, Canada, the People’s Republic of China, Colombia, France, Germany, Hong Kong, India, Ireland, Japan, New Zealand, Nigeria, Saudi Arabia, Singapore, the U.K. and the United Arab Emirates. Operating in foreign countries and regions presents a number of inherent risks, including the difficulties of complying with unfamiliar laws and regulations, effectively managing and staffing foreign operations, successfully navigating local customs and practices, preparing for potential political and economic instability and adapting to currency exchange rate fluctuations. Countries have also increasingly begun imposing national data protection laws, which increases compliance costs and creates additional legal risk in relation to operating internationally. New privacy or data protection legislation placing restrictions on the processing or export of personal information enacted in a jurisdiction where Kaplan operates could have a material and adverse effect should Kaplan be unable to process personal information needed to provide the services Kaplan offers or plans to offer. Failure to effectively manage these risks could have a material adverse effect on Kaplan’s operating results.

• Changes in U.K. and International Tax Laws Could Have a Material Adverse Effect on Kaplan International.

The UK Pathways Colleges located in England were required to register with the OfS to ensure they could continue operating as English higher education providers. The UK Pathways Colleges (excluding Glasgow and York) were entered on the OfS register of approved providers with Approved Fee Cap Status in August 2020. These colleges now operate under the regulatory oversight of the OfS. Colleges registered with the OfS under Approved Fee Cap status do not charge students Value Added Tax (VAT) on tuition fees based on a statutory exemption available to Approved Fee Cap providers. The York College forms part of the University of York’s Approved Fee Cap registration. If KI Pathways were to lose its Approved Fee Cap status with the OfS, KI Pathways Colleges’ financial results may be materially adversely impacted.

The Glasgow College is not currently included in the OfS registration as it is located in Scotland. Under a different statutory VAT exemption, bodies that qualify for VAT purposes as “colleges of a university” are able to exempt their tuition fees from VAT, and UK Pathways Glasgow International College applies this status. In 2019, a tax case was determined by the U.K. Supreme Court on the meaning of “college of a university.” The U.K. Supreme Court decided the case in the college’s favor. The result was more favorable to private providers working in collaboration with a university. The U.K. Supreme Court emphasized five principal tests for a private provider to meet, for it to be sufficiently integrated with a university, to qualify as a “college of a university,” even if it does not have a constitutional link to the university. Although the focus on these five tests has now been incorporated into official His Majesty’s Revenue and Customs (HMRC) guidance, it is not yet clear how HMRC will apply the Supreme Court judgment and the five key tests in practice. If HMRC’s application of the Supreme Court judgment and the five key tests deem Glasgow International College not to constitute a “college of a university” and not entitled to a VAT exemption, KI Pathways Colleges’ financial results may be materially adversely impacted if they are not able to meet any new requirements.

Following the departure of the U.K. from the European Union (EU) on December 31, 2020, the U.K. may further develop its VAT rules in this complex area separate from the EU rules. Kaplan continues to closely monitor this area.

The U.K. government ended the VAT exemption for private schools, effective January 1, 2025. The resulting 20% effective increase in tuition, boarding and other costs materially impacted enrollment of new and existing students at MPW. The U.K. government has also increased employer’s national insurance contributions, a tax paid by U.K. employers to fund government benefits programs that increases the costs of employment for all U.K. businesses. The U.K. government may make other changes to U.K. tax rates and employment laws which would further increase the costs of KI’s activities in the U.K.

• Possible Changes to the Department of Education Could Negatively Impact the Company’s Operations and Businesses.

On March 20, 2025, the U.S. President issued an executive order directing the Secretary of Education to begin dismantling the ED and “returning authority” over education to states and local communities to the maximum extent permitted by law. The order signals an intent to potentially close or reduce many federal education functions. Certain eliminations of staff or functions could disrupt federal student aid, civil rights enforcement, and program funding at the federal level. Legal challenges and congressional inaction make its ultimate outcome uncertain. It is also unclear which functions will be deemed critical, and which could be phased out or downsized. Such changes could lead to operational interruptions to systems relied upon by Kaplan’s partner institutions that could impact their ability to comply with obligations to Kaplan. Operational interruptions could also interfere with Kaplan’s ability to deliver services.

• Failure to Comply with Statutory and Regulatory Requirements as a Third Party Servicer to Title IV Participating Institutions Could Result in Monetary Liabilities or Subject Kaplan to Other Material Adverse Consequences.

KNA provides services to Purdue Global, including financial aid services, and as such, KNA is a “Third Party Servicer” for Purdue Global pursuant to the Title IV regulations. As a result, KNA is subject to applicable statutory provisions of Title IV and ED regulations that, among other things, require Kaplan to be jointly and severally liable with Purdue Global to the ED for any violation by Purdue Global or KNA of any Title IV statute or ED regulation or requirement. Separately, if the ED expands the definition of what services or entities fall within the Third Party Servicer regulations, and/or, if KNA provides financial aid services to more than one Title IV participating institution, it will be required to arrange for an independent auditor to conduct an annual Title IV audit of KNA’s compliance with applicable ED requirements. KNA provides non-financial aid services to institutions such as Purdue University, Wake Forest University, and other Title IV participating institutions. As such, if the Third Party Servicer regulations or the interpretation of those regulations by the ED change, KNA could be considered a Third Party Servicer to its multiple client institutions as well.

KNA is also subject to other federal and state laws, including federal and state consumer protection laws and rules prohibiting unfair or deceptive marketing practices; data privacy, data protection and information security requirements established by federal, state and foreign governments, including, for example, the Federal Trade Commission; and applicable provisions of the Family Educational Rights and Privacy Act regarding the privacy of student records handled by KNA for its university clients.

Failure to comply with these and other federal and state laws and regulations could result in adverse consequences, including, for example:

•The imposition on Kaplan of fines, other sanctions or liabilities, including repayment obligations for Title IV funds to the ED or the termination or limitation of Kaplan’s eligibility to provide services as a Third Party Servicer to any Title IV participating institution if KNA fails to comply with statutory or regulatory requirements applicable to such service providers;

•Adverse effects on Kaplan’s business and operations from a reduction or loss in KNA’s revenues under the TOSA or any other agreement with any Title IV participating institution if a client institution loses or has limits placed on its Title IV eligibility, accreditation, operations or state licensure or is subject to fines, repayment obligations or other adverse actions owing to noncompliance by KNA (or the institution) with Title IV, accreditor, federal or state agency requirements;

•Liability under the TOSA or any other agreement with any Title IV participating institution for noncompliance with federal, state or accreditation requirements arising from KNA’s conduct; and

•Liability for noncompliance with Title IV or other federal or state requirements occurring prior to the transfer of Kaplan University to Purdue.

Although KNA endeavors to comply with all U.S. federal and state laws and regulations, KNA cannot guarantee that its implementation of the relevant rules will be upheld by the ED or other agencies or upon judicial review. The laws, regulations and other requirements applicable to KNA and its client institutions are subject to change and to interpretation. In addition, there are other factors related to KNA’s client institutions’ compliance with federal, state and accrediting agency requirements, some of which are outside of KNA’s control, that could have a material adverse effect on KNA’s client institutions’ revenues and, in turn, on KNA’s operating results.

• Failure to Comply with the ED’s Title IV Incentive Compensation Rule Could Subject Kaplan to Liabilities, Sanctions and Fines.

An institution participating in Title IV programs may not provide any commission, bonus or other incentive payment to any person or entity engaged in any student recruiting or admission activities or in making decisions regarding the awarding of Title IV funds if such payment is based directly or indirectly on success in securing enrollments or financial aid. KNA provides various services to Title IV participating institutions, including recruiting and, in the case of Purdue Global, financial aid services. As such, KNA is subject to the incentive compensation rule and cannot provide any commission, bonus or other incentive payment to any covered employees, subcontractors or other parties engaged in certain student recruiting, admission or financial aid activities based on success in securing enrollments or financial aid. In addition, KNA’s client Title IV institutions’ payments to KNA must comply with revenue sharing guidance provided by the ED related to bundled services agreements. In 2011 guidance, the ED provided that in certain arrangements with Title IV participating institutions where student recruiting services are “bundled” with other non-recruiting services, revenue sharing may be allowable despite the incentive compensation rule’s general prohibition on such revenue sharing with entities or individuals that provide recruiting services. Because this guidance is not codified in any rule or law but is instead ED guidance on the applicability of the incentive compensation rule, such guidance can be revoked at any time and without notice. The ED has indicated it is considering a change to this guidance as some lawmakers and states, such as California, have publicly called for the revocation of this guidance or sought to introduce federal and state legislation seeking to prevent any such revenue sharing with entities that engage in recruiting students. KNA cannot predict how the ED or a federal court will interpret, revise or enforce all aspects of the incentive compensation rule or the bundled service revenue sharing guidance in the future. Any revisions or changes in interpretation or enforcement could require KNA and its client institutions to change their practices or renegotiate the tuition revenue sharing payment terms of KNA’s agreements with such client institutions and could have a material adverse effect on Kaplan’s business and results of operations. Additionally, failure to comply with the incentive compensation rule could result in litigation or enforcement actions against KNA or its clients and could result in liabilities, fines or other sanctions against KNA or its clients, which could have a material adverse effect on Kaplan’s business and results of operations.

• Failure to Comply with the ED’s Title IV Misrepresentation Regulations Could Subject Kaplan to Liabilities, Sanctions and Fines.

A Title IV participating institution is required to comply with the ED regulations related to misrepresentations and with related federal and state laws. These laws and regulations are broad in scope and may extend to statements by servicers, such as KNA, that provide marketing or certain other services to such institutions. These laws and regulations may also apply to KNA’s employees and agents, with respect to statements addressing the nature of an institution’s programs, financial charges or the employability of its graduates. KNA provides marketing and other services to Title IV participating institutions. The failure to comply with these or other federal and state laws and regulations regarding misrepresentation and marketing practices could result in the imposition on KNA or its client institutions of fines, other sanctions or liabilities, including federal student aid repayment obligations to the ED, the

termination or limitation of Kaplan’s eligibility to provide services as a third-party servicer to Title IV participating institutions, the termination or limitation of a client institution’s eligibility to participate in the Title IV programs, or legal action by students or other third parties. A violation of misrepresentation regulations or other federal or state laws and regulations applicable to the services KNA provides to its client institutions arising out of statements by KNA, its employees or agents could require KNA to pay the costs associated with indemnifying its client institutions from applicable losses resulting from the violation or could result in termination by such client institutions of their services agreements with KNA.

• Compliance Reviews, Program Reviews, Audits and Investigations, Including in Connection with Borrower Defense to Repayment Claims, Could Result in Findings of Noncompliance with Statutory and Regulatory Requirements and Result in Liabilities, Sanctions and Fines.

KNA and its client institutions are subject to reviews, audits, investigations and other compliance reviews conducted by various regulatory agencies and auditors, including, among others, the ED and the ED’s Office of the Inspector General (in connection with KNA’s Third Party Servicer status with respect to Purdue Global), accrediting bodies and state and various other federal agencies. These compliance reviews can result in findings of noncompliance with statutory and regulatory requirements that can, in turn, result in the imposition of fines, liabilities, civil or criminal penalties or other sanctions against KNA and its client institutions, which could have an adverse effect on Kaplan’s financial results and operations. Separately, if KNA provides financial aid services to more than one Title IV participating institution, it will be required to arrange for an independent auditor to conduct an annual Title IV compliance audit of KNA’s compliance with applicable ED requirements. KNA’s client institutions are also required to arrange for an independent auditor to conduct an annual Title IV audit of their compliance with applicable ED requirements, including requirements related to services provided by KNA.

Although Kaplan no longer owns Kaplan University or the former KHE Campuses, Kaplan may be liable to the current owners of Kaplan University and the former KHE Campuses, for the pre-sale conduct of the schools, and the pre-sale conduct of the schools has been and could be the subject of future compliance reviews, regulatory proceedings or lawsuits that could result in monetary liabilities or fines or other sanctions.

In 2021, Kaplan received claims and related information requests seeking discharge of approximately $35 million in loans, excluding interest, from students at Title IV participating schools formerly owned by Kaplan. Kaplan believes it has defenses that would bar any student discharge or school liability including that the claims are barred by the applicable statute of limitations, unproven, incomplete and fail to meet regulatory filing requirements.

As part of the Sweet v. Cardona settlement in November 2022 in the Northern District of California, the ED agreed to review any borrower defense applications submitted between June 23, 2022, and November 15, 2022 on an expedited basis. In January 2024, Kaplan was informed that the ED received applications during this time period regarding former Kaplan University and Purdue Global students. Unknown at this time is the total discharge amount sought or how much of that amount would apply to Kaplan University students. The Sweet v. Cardona settlement requires the ED to adjudicate applications received during the designated time period pursuant to the requirements of the 2016 Borrower Defense Regulation. To the extent these applications apply to Kaplan University, Kaplan anticipates that it will have defenses similar to those described above.

Kaplan expects to vigorously defend any attempt by the ED to hold Kaplan liable for any ultimate student discharges and responded to the prior claims with documentary and narrative evidence to refute the allegations, demonstrate their lack of merit and support the denial of all such claims by the ED. Kaplan will similarly respond to all future claims it receives. As noted, if the claims are successful, the ED may seek reimbursement for the amount discharged from Kaplan. If the ED initiates a reimbursement action against Kaplan following approval of additional former students’ borrower defense to repayment applications, Kaplan may be subject to significant liability.

• Noncompliance with Regulations by KNA’s Client Institutions May Adversely Impact Kaplan’s Results of Operations.

KNA currently provides services to higher education institutions that are heavily regulated by federal and state laws and regulations and by accrediting bodies. A substantial portion of KNA’s revenue is attributable to service fees and deferred purchase price payments it receives under its agreement with Purdue Global, which are dependent upon revenue generated by Purdue Global and upon Purdue Global’s eligibility to participate in the Title IV federal student aid program. To maintain Title IV eligibility, Purdue Global and KNA’s other client institutions must be certified by the ED as eligible institutions, maintain authorizations by applicable state education agencies and be accredited by an accrediting commission recognized by the ED. Purdue Global and KNA’s other client institutions must also comply with the extensive statutory and regulatory requirements of the Higher Education Act and other state and federal laws, and accrediting standards relating to their financial aid management, educational programs, financial strength, disbursement and return of Title IV funds, facilities, recruiting practices, representations made by the school and other parties, and various other matters. Additionally, Purdue Global and other client institutions are subject to laws and regulations that, among other things, limit student default rates on the repayment of Title IV loans; permit BDTR

of Title IV loans based on certain conduct of the institution; establish specific measures of financial responsibility and administrative capability; regulate the addition of new campuses and programs and other institutional changes; require compliance with state professional licensure board requirements to the extent applicable to institutional programs; require compliance with the Title IV definition of nonprofit institution; and require state authorization and institutional and programmatic accreditation.

If the ED finds that Purdue Global or any other KNA client institution has failed to comply with Title IV requirements or improperly disbursed or retained Title IV program funds, it may take one or more of a number of actions, including fining the school, requiring the school to repay Title IV program funds, limiting or terminating the school’s eligibility to participate in Title IV programs, initiating an emergency action to suspend the school’s participation in the Title IV programs without prior notice or opportunity for a hearing, transferring the school to a method of Title IV payment that would adversely affect the timing of the institution’s receipt of Title IV funds, requiring the school to submit a letter of credit, denying or refusing to consider the school’s application for renewal of its certification to participate in the Title IV programs or for approval to add a new campus or educational program, requiring the institution to comply with additional regulatory requirements reserved for schools not meeting the definition of a nonprofit institution including 90/10 and Gainful Employment requirements, and/or referring the matter for possible civil or criminal investigation. There can be no assurance that the ED will not take any of these or other actions in the future, whether as a result of lawsuits, program reviews or otherwise. On November 25, 2024, the ED approved Purdue Global’s Application for Participation in the Title IV program and granted a full Program Participation Agreement. This Program Participation Agreement expires on December 31, 2028 and will need to be renewed prior to that date pursuant to federal regulations. Pursuant to the terms of the Program Participation Agreement, Purdue Global must report to the ED any accreditation or governmental agency action or class action lawsuit. If Purdue Global or another KNA client institution loses or has limits placed on its Title IV eligibility, accreditation or state licensure, or if Purdue Global or another KNA client institution is subject to fines, repayment obligations or other adverse actions, accreditor or state agency requirements, or other state or federal laws, Kaplan’s financial results of operations could be adversely affected.

In turn, any of the aforementioned consequences could have a material adverse effect on Kaplan’s operating results even though such institution’s compliance is affected by circumstances beyond Kaplan’s control, including, for example:

•a reduction or loss in KNA’s revenues under the TOSA or other client agreements if Purdue Global or any other KNA client institution loses or has limits placed on its Title IV eligibility, accreditation or state licensure;

•a reduction or loss in KNA’s revenues under the TOSA or other client agreements if Purdue Global or any other client institution is subject to fines, repayment obligations or other adverse actions owing to noncompliance by the institution (or Kaplan) with Title IV, accreditor or state agency requirements;

•the imposition on KNA of fines or repayment obligations to the ED or the termination or limitation on Kaplan’s eligibility to provide services to Purdue Global or other Title IV participating institutions if findings of noncompliance by Purdue Global or such other institution result in a determination that Kaplan failed to comply with statutory or regulatory requirements applicable to service providers; and

•liability under the TOSA or other client agreements for noncompliance with federal, state or accreditation requirements arising from KNA’s conduct.

• Kaplan May Fail to Realize the Anticipated Benefits of the Purdue Global Transaction.

Kaplan’s ability to realize the anticipated benefits of the Purdue Global transaction will depend, in part, on its ability to successfully and efficiently provide services to Purdue Global. Achieving the anticipated benefits is subject to a number of uncertainties, including whether the services can be provided in the manner and at the cost Kaplan anticipated and whether Purdue Global is able to realize anticipated student enrollment levels. The TOSA (Kaplan’s service agreement with Purdue Global) acknowledges that the Purdue Global Board of Trustees controls the university. While the TOSA provides financial protections to Kaplan to ensure payment of certain of its fees, actions by Purdue Global that change university policies, direct the provision of certain non-academic service functions, or increase costs associated with the non-academic service functions could impact Kaplan’s ability to achieve the benefits of the transaction.

• Regulatory Changes and Developments Could Negatively Impact Kaplan’s Results of Operations.

Any legislative, regulatory or other development that has the effect of materially reducing the amount of Title IV financial assistance or other federal, state or private financial assistance available to the students of Purdue Global or any other client institution could have a material adverse effect on Kaplan’s business and results of operations. In addition, any development that has the effect of making the terms on which Title IV financial assistance or other financial assistance funds are available to Purdue Global’s or other client institutions’ students materially less attractive could have a material adverse effect on Kaplan’s business and results of operations.

The laws, regulations and other requirements applicable to KNA or any KNA client institutions are subject to change and to interpretation. The July 2023 regulations included new rules and changes to existing rules related to the ability of student borrowers to obtain discharges of their obligations to repay certain Title IV loans that were first disbursed on or after July 1, 2023; closed school loan discharges; disability loan discharges; public loan forgiveness; income-driven repayment plans; colleges and universities undergoing changes in ownership; and arbitration agreements. The ED also changed the Title IV definition of “nonprofit” institution to generally exclude from that definition any institution that is an obligor on a debt owed to a former owner of the institution or maintains a revenue-based service agreement with a former owner of the institution. Such regulatory changes as well as those described above could subject Purdue Global and other KNA client institutions to additional regulatory requirements. These and other regulatory, policy or legal changes could include the imposition of outcome metrics on universities, a form of free community college, and changes to the financial aid system, including broad loan forgiveness. Other regulatory requirements or developments could have a material adverse effect on Purdue Global’s and other client institutions’ revenues and, in turn, on Kaplan’s operating results, including, for example:

Reductions in Title IV or other federal, state or private financial assistance: KNA receives revenue based on its agreements with client institutions and particularly revenue from Purdue Global under the TOSA. Purdue Global is expected to derive a significant percentage of its tuition revenues from its participation in Title IV programs. Any legislative, regulatory or other development that materially reduces the amount of Title IV, federal, state or private financial assistance available to the students of Purdue Global and other client institutions could have a material adverse effect on Kaplan’s business and results of operations. In addition, any development that makes the terms of such financial assistance less attractive could have a material adverse effect on Kaplan’s business and results of operations.

Compliance reviews and litigation: Institutions participating in the Title IV programs, including Purdue Global and other client institutions, are subject to program reviews, audits, investigations and other compliance reviews conducted by various regulatory agencies and auditors, including, among others, the ED, the ED’s Office of the Inspector General, accrediting bodies and state and various other federal agencies, as well as annual audits by an independent certified public accountant of compliance with Title IV statutory and regulatory requirements. Purdue Global and other client institutions may also be subject to various lawsuits and claims related to a variety of matters, including but not limited to alleged violations of federal and state laws and accrediting agency requirements. These compliance reviews and litigation matters could extend to activities conducted by KNA on behalf of Purdue Global or other client institutions and to KNA itself as a Third Party Servicer subject to Title IV regulations.

Changes in legislation, regulations or interpretations: Congress periodically revises the Higher Education Act and other laws and enacts new laws governing the Title IV programs and annually determines the funding level for each Title IV program and may make changes in the laws at any time. The ED and other federal and state agencies may also issue new regulations and guidance or change their interpretation of regulations at any time. In addition, any action by Congress or the ED that impacts the ability of Purdue Global to contract with KNA to receive a share of revenue as deferred payment for the sale of Kaplan University or the ability of KNA to contract with any client institution to provide bundled services in exchange for a share of tuition revenue could require KNA to modify the TOSA, other agreements or its practices and could impact the revenues KNA may receive under such agreements. Congress, the ED and other federal and state regulators may create new laws or take actions that may require Purdue Global, other client institutions or KNA to modify practices in ways that could have a material adverse effect on Kaplan’s business and results of operations.

Increases in regulatory scrutiny of postsecondary education and service providers: The increased scrutiny of online schools that offer programs similar to those offered by Purdue Global or other client institutions and of service providers that provide services similar to Kaplan’s has resulted, and may continue to result, in additional enforcement actions, investigations and lawsuits by the ED, other federal agencies, Congress, state Attorneys General and state licensing agencies, or private plaintiffs. Recent enforcement actions have resulted in substantial liabilities, restrictions and sanctions and in some cases have led to the loss of Title IV eligibility and closure of institutions. New legislation or regulation could affect Kaplan’s participation in Title IV programs as a Third Party Servicer to Purdue Global or such other client institutions. In addition, legislative proposals that restrict the ability of entities like KNA to provide certain admissions-related services to Title IV participating institutions under revenue sharing arrangements could impact KNA agreements.

• Reductions in the Use of Standardized Tests in the Admissions Process by Colleges or Graduate Schools and Increased Competition Could Reduce Demand for KNA Supplemental Education Test Preparation Offerings.

KNA Supplemental Education Exam Preparation provides courses that prepare students for a broad range of admissions examinations that are considered by colleges and graduate schools. Historically, colleges and graduate

schools have required standardized tests as part of the admissions process. Certain colleges have moved away from the historical reliance on standardized admissions tests. Reductions in the use of standardized tests in college or graduate school admissions processes have had and could continue to have an adverse effect on KNA’s operating results.

Additionally, KNA faces increased competition offering lower-cost or free test prep products that may be used by students to piece together alternatives to traditional comprehensive test prep programs. Kaplan’s operating results may be adversely affected if student demand for KNA’s traditional comprehensive programs shifts to KNA’s lower-cost, stand-alone offerings, or if competitors offer lower-cost, stand-alone offerings or free test prep products that are more attractive to students than KNA’s products.

• Changes in the Extent to Which Licensing and Proficiency Examinations Are Used to Qualify Individuals to Pursue Certain Careers Could Reduce Demand for Kaplan’s Offerings.

A material portion of KNA’s and KI’s revenue comes from preparing individuals for licensing or technical proficiency examinations in various fields. Any significant relaxation or elimination of licensing or technical proficiency requirements in those fields served by KNA’s and KI’s businesses could negatively affect Kaplan’s operating results.

Risks Related to the Company’s Television Broadcasting and Media Businesses

• Changing Perceptions About the Effectiveness of Television Broadcasting in Delivering Advertising and Competition from Digital Platforms Could Adversely Affect the Profitability of Television Broadcasting.

Historically, television broadcasting has been viewed as a cost-effective method of delivering various forms of advertising, particularly local advertising. There can be no guarantee that this historical perception will guide future decisions by advertisers. To the extent that advertisers shift advertising expenditures, including local advertising, away from broadcast television to other media outlets, including digital distribution platforms, the profitability of the Company’s television broadcasting business could be adversely affected.

• Increased Competition Resulting from Technological Innovations in Video Programming Distribution Systems and Changing Consumer Behavior Could Adversely Affect the Company’s Operating Results.

The continuing growth and technological expansion of internet-based services has increased competitive pressure on the Company’s media businesses. Examples of such developments include delivery of programming via online platforms, including both ad-supported and subscription video programming services, including vMVPDs, and the national broadcast networks’ direct-to-consumer services, technologies that enable users to fast-forward or skip advertisements, and devices that allow users to consume content on demand and in remote locations while avoiding traditional commercial advertisements or cable and satellite subscriptions. A number of these platforms make local programming, including local news, available to viewers and subscribers. Subscription service Amazon Prime Video has publicly discussed the availability of local news on its platform.

In many cases, internet-based platforms and services compete with GMG’s broadcast stations for both viewers and advertising revenues. Changing consumer behavior may also put pressure on the Company’s media businesses to alter traditional distribution methods. The Company obtains significant revenue from its retransmission consent agreements with traditional cable and satellite distributors. These payments are calculated on a per-subscriber basis, so that payments to the Company may decrease as customers “cut the cord” and cancel their cable and satellite subscriptions. The Company also receives payments for the distribution of its stations’ signals on certain internet-based services (through “opt-in” agreements negotiated by the national networks and agreements with the networks for distribution of local programming on network-owned direct-to-consumer platforms); however, these revenues may be less than those received from traditional cable and satellite distribution. Anticipating and adapting to changes in technology and consumer behavior on a timely basis will affect the ability of the Company’s media businesses to continue to increase their revenue. The development and deployment of new technologies and changing consumer behavior have the potential to negatively and significantly affect the Company’s media businesses in ways that cannot now be reliably predicted and that may have a material adverse effect on the Company’s operating results.

• Changes in the Nature and Extent of Government Regulations Could Adversely Affect the Company’s Television Broadcasting Business and Other Businesses.

The Company’s television broadcasting business operates in a highly regulated environment. The costs and burdens of complying with applicable regulations have significantly increased, and may continue to increase, GMG’s operating costs, and have reduced, and may continue to reduce, the revenues of GMG’s business. Changes in regulations have the potential to negatively impact the television broadcasting business, not only by increasing compliance costs and reducing revenues through restrictions on certain types of advertising, limitations on pricing flexibility, or other means, but also by possibly creating more favorable regulatory environments for the providers of competing services, including unregulated digital programming distribution platforms. In addition, changes to the

FCC’s rules governing broadcast ownership may affect the Company’s ability to expand its television broadcasting business and/or may enable the Company’s competitors to improve their market positions through consolidation. More generally, significant changes in applicable regulations could adversely affect the profitability and/or competitive positions of the Company’s businesses.

• Transition to New Technical Standards for Broadcast Television Stations May Alter the Competitive Environment in the Company’s Stations’ Markets or Cause the Company to Incur Increased Costs.

The Company cannot predict how the market will evolve as the new broadcast television station technical standard, ATSC 3.0, is made available in a growing number of television markets across the country; today, ATSC 3.0 streams are available in more than 80 markets. Competing stations that transition to ATSC 3.0 may increase competition for the Company’s stations. As noted above, all of GMG’s stations have begun broadcasting ATSC 3.0 streams. The pace of transition to and consumer adoption of the ATSC 3.0 broadcasting standard may also be affected by the availability of ATSC 3.0-capable consumer devices. Equipment manufacturers began releasing certain TV models with built-in ATSC 3.0-capable receivers in 2020, and an increasing number of external tuners or converter boxes are available, but ATSC 3.0-capable consumer devices are not yet widely available or in use in the U.S. The ongoing transition to ATSC 3.0 may have material effects on the Company’s media businesses that cannot now be reliably predicted and that may have an adverse effect on the Company’s operating results.

• Changes in MVPD Subscriber Numbers, Retransmission Consent Fees, “Reverse Retransmission Consent” Payments to the Networks, and Broadcast Exclusivity Could Adversely Affect the Company’s Revenues.

As the number of subscribers to traditional cable, satellite and telecommunications services continues to decline, GMG faces the possibility of declining revenues under its existing retransmission agreements, which typically provide for payment to GMG on a per-subscriber basis. Those subscribers who “cut the cord” and move to internet-based subscription streaming services may not generate the same revenues as GMG receives under its existing retransmission consent agreements, because, as discussed above, the per-subscriber fees paid to network-affiliated stations under the network-negotiated distribution agreements that apply to vMVPDs may be less than the fees paid by traditional MVPDs under GMG’s retransmission consent agreements.

At the same time, GMG’s network affiliation agreements typically require payments to the networks with which GMG stations are affiliated in the form of what is frequently referred to as “reverse retransmission consent fees,” which require GMG to share a specified portion of its retransmission consent revenues with the respective networks. As reverse retransmission consent fee payments required to be paid to the networks escalate, GMG potentially could retain smaller shares of revenues generated by its retransmission consent agreements. Network affiliation fee obligations are sometimes structured as annual flat fees. In those cases, as the number of subscribers to traditional MVPD platforms decreases, GMG alone bears the costs and risks of declining retransmission consent revenues.

As the national networks have launched and continue to market and invest in their direct-to-consumer platforms, an increasing amount of network programming, including valuable sports programming, that was once available exclusively on an in-market network-affiliated station is now being made available on ad-supported or subscription services such as Paramount+ (CBS), ESPN Unlimited (ABC), Fox One (Fox), and Peacock (NBC), either exclusively or simultaneously with its over-the-air broadcast. The diminishing program exclusivity provided by network affiliation could decrease local broadcasters’ leverage in retransmission consent negotiations with MVPDs. This paradigm could create a growing imbalance for GMG, as “reverse retrans” payments to the networks increase at the same time network-affiliated stations’ exclusivity–and with it, the revenues generated by retransmission consent agreements–continue to decline.

Taken together, these factors could adversely affect GMG’s revenues and operating results.

Risks Related to the Company’s Healthcare Business

• Extensive Regulation of the Healthcare Industry Could Adversely Affect the Company’s Healthcare Businesses and Results of Operations.

Home health and hospice and home infusion therapies are subject to extensive federal, state and local laws, with regulations affecting a wide range of matters, including licensure and certification, quality of services, qualifications of personnel, confidentiality and security of medical records, relationships with physicians and other referral sources, operating policies and procedures, and billing and coding practices. Failure to obtain, maintain or timely renew required licenses, or to comply with evolving regulatory standards, could limit the healthcare group’s ability to operate in certain jurisdictions, delay growth initiatives or result in enforcement actions, fines, or other adverse consequences. In addition, these laws and regulations change frequently, and the manner in which they will be interpreted is subject to change in ways that cannot be predicted.

•Ongoing Market Consolidation Could Result in Reduced Access to Patients

Managed-care organizations, hospitals, physician practices and other third-party payors continue to consolidate in response to the evolving regulatory environment, thereby enhancing their ability to influence the delivery of healthcare services and decreasing the number of organizations serving patients. Continued consolidation among payors, PBMs and vertically integrated healthcare organizations could result in narrower or preferred specialty pharmacy networks, more restrictive participation criteria, or increased reliance on network adequacy standards. This consolidation could adversely impact the healthcare group’s businesses if they are unable to maintain their ability to participate in established networks.

•Reviews and Audits by Government Agencies and Private Payors Could Negatively Impact the Company’s Healthcare Businesses

The healthcare group is subject to periodic and routine reviews, audits and investigations by federal and state government agencies and private payors, which could result in negative findings that adversely impact the business. The federal Centers for Medicare and Medicaid Services (CMS) increasingly uses third-party, for-profit contractors to conduct these reviews, many of which share in the amounts that CMS denies. These reviews, audits and investigations consume significant staff and financial resources and may take years to resolve. The costs associated with these actions as well as potential negative outcomes could materially adversely affect the healthcare group’s results of operations.

•Federal and State Changes to Reimbursement and Other Aspects of Medicare and Medicaid Could Have a Material Adverse Effect on the Company’s Healthcare Business.

The healthcare group derives revenue primarily from Medicare. Payments received from Medicare are subject to changes made through federal legislation. When changes are implemented, internal billing processes and procedures must be modified, which can require significant time and expense. These changes can include changes to base payments, adjustments for home health services, changes to cap limits and per diem rates for hospice services, changes to Medicare eligibility and documentation requirements and changes designed to restrict utilization. Health care reform and legislation and continuing efforts of governmental payors to contain health care costs could decrease payments made for services. Within the Medicare program, the hospice benefit is often specifically targeted for cuts. Reimbursement payments under governmental payor programs, including Medicare supplemental insurance policies, may not remain at levels comparable to present levels or be sufficient to cover the costs allocable to patients eligible for reimbursement pursuant to these programs. Any such changes, including retroactive adjustments, could have a material adverse effect on our business and consolidated financial condition, results of operations and cash flows.

•Continued Nursing Staffing Shortages Could Adversely Affect the Growth of the Company’s Healthcare Businesses.

The country’s severe shortage of nurses, including shortages of specialized nursing personnel, could adversely affect the healthcare group’s ability to meet customer demand, impact its ability to take on new business and increase labor costs.

• Value-based Purchasing and Decreased Medicare Payments Could Negatively Impact Medicare Reimbursement.

Both private and government payors are increasingly looking to value-based purchasing to lower costs. Value-based purchasing focuses on quality of outcomes and care efficiency, rather than quantity of care. Effective January 1, 2023, under the 2022 Home Health final rule for Medicare home health providers, value-based purchasing was expanded to all 50 states. Under the expanded model, home health agencies receive adjustments to their Medicare fee-for-service payments based on their performance against a set of quality measures, relative to their peers’ performance. Performance on these quality measures in a specified year (performance year) impacts payment adjustments in a later year (payment year). The Home Health Final Rule for 2024, published on November 1, 2023, introduced significant updates that took effect in 2025. Those updates altered the risk profile for home health providers by implementing changes which included a redefined set of quality measures, updated performance benchmarks, and adjustments to payment methodologies, intensifying the financial and operational pressures on providers. CMS could also create a similar plan for hospice providers in the future. Additionally, the Home Health Rule for 2026, published on November 28, 2025, and effective January 1, 2026, will add further financial and operational pressures by decreasing aggregate Medicare payments to home health agencies by 1.3% compared to calendar year 2025. Private and government payors’ implementation of value-based purchasing requirements could negatively impact Medicare reimbursement and have an adverse effect on the healthcare group’s financial condition, results of operations and overall cash flows.

•The Company’s Healthcare Business Is Limited in its Ability to Control Rates Received for its Services, Which Could Materially Adversely Affect its Business if it Is Unable to Maintain or Reduce Costs to Provide Such Services.

Medicare is the primary payor for the healthcare group and rates are established through federal legislation. Additionally, non-Medicare rates are difficult to negotiate because such payors are under pressure to reduce their own costs. As a result, the Healthcare business must manage costs in order to achieve a desired level of profitability including, but not limited to, centralization of various processes, utilization of technology/automation and management of the number of employees utilized. If the Healthcare business is unable to streamline its processes and reduce costs, its business and consolidated financial condition, results of operations and cash flows could be materially adversely affected.

•Reliance on Plasma Supply and Third-Party Manufacturing Could Limit CSI’s Ability to Meet Demand and Increase Costs.

A significant portion of CSI’s revenue is derived from plasma-based therapies. The supply of plasma-derived products depends on donor availability, regulatory requirements, manufacturing capacity, quality standards, and the operations of third-party collection and fractionalization facilities. Disruptions in plasma supply, manufacturing delays or increases in acquisition costs could limit CSI’s ability to meet patient demand, increase costs and adversely affect financial results.

Risks Related to the Company’s Manufacturing Businesses

• Failure to Recruit and Retain Production Staff Needed to Meet Customer Demand Could Have a Material Adverse Effect on the Company’s Manufacturing Businesses.

The Company’s manufacturing operations have experienced in recent years a highly competitive market for production labor. While the market has improved, competitiveness in the industrial sector for experienced skilled workers will continue, which may limit its ability to meet customer demand. If staffing cannot be hired at a cost-efficient wage rate relative to product pricing, volume will be impacted.

• The Company May Be Subject to Liability Claims That Could Have a Material Adverse Effect on Its Business.

The Company’s manufacturing operations are subject to hazards inherent in manufacturing and production-related facilities. An accident involving these operations or equipment may result in losses due to personal injury; loss of life; damage or destruction of property, equipment or the environment; or a suspension of operations. Insurance may not protect the Company against liability for certain kinds of events, including those involving pollution or losses resulting from business interruption. In addition, claims related to product design, manufacturing or service (by the Company or its suppliers) may harm the Company’s reputation and brands and reduce demand. Any damages caused by the Company’s operations that are not covered by insurance, or are in excess of policy limits, could materially adversely affect the Company’s results of operations, financial position or cash flows.

Risks Related to the Company’s Automotive Businesses

•Termination or Non-renewal of a Dealership Agreement by an Automobile Manufacturer and Limitations on the Company’s Ability to Acquire Additional Dealerships Could Adversely Affect the Company’s Automotive Business and Results of Operations.

The Company’s automobile dealerships are dependent on maintaining strong relationships with manufacturers, and the Company’s ownership and operation of automobile dealerships is subject to its ability to comply with various requirements established by automobile manufacturers. The Company’s dealerships operate under separate agreements with each applicable automobile manufacturer. Manufacturers may terminate their agreements for a variety of reasons subject to state laws, including a dealership’s failure to meet a manufacturer’s standards for financial and sales performance, customer satisfaction, facilities and the quality of dealership management; and any unapproved change in ownership or management. These agreements also limit the Company’s ability to acquire multiple dealerships of the same brand within a particular market and preclude the Company from establishing new dealerships within an area already served by another dealer of the same vehicle brand. In addition, dealerships controlled by related parties of the management team operating the Company’s dealerships may restrict the Company’s ability to acquire new dealerships within an area in which such dealerships operate. Manufacturers also have the right of first refusal if the Company seeks to sell dealerships and may limit the Company’s ability to transfer ownership of a dealership without the prior approval of the manufacturer. Failure to maintain ownership of the dealerships in compliance with manufacturer agreements could constitute a breach of the agreements and could result in termination or non-renewal of existing dealer agreements. If one of the Company’s manufacturers does not renew its dealer agreement or terminates the agreement, the Company’s dealership would be unable to sell or

distribute new vehicles or perform manufacturer-authorized warranty service, which would adversely affect the Company’s automotive business.

•Changes Affecting Automobile Manufacturers Could Adversely Affect the Company’s Automotive Business.

The Company’s dealerships are dependent on the products and services offered by the brand of automobiles that its dealerships sell. The ability of the Company’s dealerships to sell and service these brands may be adversely affected by negative conditions faced by manufacturers such as negative changes to a manufacturer’s financial condition; negative publicity concerning a manufacturer or vehicle model; declines in consumer demand or brand preferences; changes in consumer preferences driven by fuel price volatility, disruptions in production and delivery, including those caused by natural disasters or labor strikes, new laws or regulations, including more stringent fuel economy and greenhouse gas emission standards; and technological innovations in ridesharing, electric vehicles and autonomous driving. The ability of the Company’s dealerships to align with manufacturers and adapt to evolving consumer demand for electric vehicles could adversely affect new and used vehicle sales volumes, parts and service revenue and results of operations.

•Changes to State Dealer Franchise Laws to Permit Manufacturers to Enter the Retail Market Directly and Technological Innovations Could Adversely Impact the Company’s Traditional Dealership Model.

Changes to state dealer franchise laws to permit the sale of new vehicles without the involvement of franchised dealers could adversely affect the Company’s dealerships. Certain manufacturers have been challenging state dealer franchise laws in many states and some have expressed interest in selling directly to customers. The Company’s dealership model could be adversely affected if new vehicle sales are allowed to be conducted on the internet without the involvement of franchised dealers.

•Changes in Economic Conditions and Vehicle Inventories Are Difficult to Predict and May Adversely Impact the Results of Operations of the Company’s Dealerships.

Sales of new and used vehicles are cyclical. Historically there have been periods of downturns characterized by weak demand due to general economic conditions, excess supplies, consumer confidence, discretionary income and credit availability. Recently, supply shortages have led to a period of higher average new and used selling prices as a result of strong consumer demand and inventory shortages related to supply chain disruptions and production delays at vehicle manufacturers. These conditions may deteriorate in the future. Changes in these conditions could materially adversely impact the results of the Company’s dealerships.

Risks Related to the Company’s Other Businesses

•If Saatchi Art is Unable to Attract and Retain Artists, Convert Visitors, Retain Customers and Successfully Drive Traffic to its Marketplaces and Events, its Business and Results of Operations Would Be Adversely Affected.

Saatchi Art’s business and results of operations depend upon attracting and retaining artists whose artwork adds value to its marketplaces and that consumers want to purchase, and upon attracting customers who convert into new and repeat purchasers. Saatchi Art must continue to ensure there is a strong value proposition for artists to join and remain in the marketplace due to the quality of the service offered and the sales commissions it can generate. If Saatchi Art is unable to do any of these functions effectively, then its business and results of operations would be adversely affected.

• Claims related to Authenticity, Ownership or Intellectual Property Rights of Artwork Sold by Saatchi Art Could Adversely Impact its Business.

Saatchi Art may face claims related to the authenticity, ownership, or intellectual property rights of artwork sold on its platform. Any such claims could result in litigation, financial liability, reputational harm, and increased operational costs.

•If Society6 is Unable to Attract and Retain Customers and Successfully Drive Traffic to its Marketplace, its Business and Results of Operations Would Be Adversely Affected.

Society6’s business and results of operation depend upon attracting and retaining customers who convert into new and repeat purchasers. Its ability to attract new customers, some of whom may already purchase similar products from competitors, depends in part on its ability to successfully drive traffic to its marketplace using social media platforms, email marketing campaigns and promotions, paid referrals, and search engines. If Society6 is unable to effectively attract and retain customers, then its business and results of operations would be adversely affected.

•Failure to Recruit and Retain Employees in the Company’s Restaurants Could Adversely Impact the Company’s Restaurant Business.

Historically, competition among restaurants for qualified management and staff has been very high. The Company’s ability to recruit and retain managers and staff to operate its restaurants is critical to a customer’s dining experience. Failure to recruit and retain employees, low levels of unemployment or high turnover levels could negatively affect the Company’s restaurant business. Tipped wage legislation is presenting new challenges to balance menu pricing, service standards, staffing levels, operating costs and public awareness as new wage laws are implemented.

•Food-borne Illness Concerns and Damage to the Company’s Reputation Could Harm the Company’s Restaurant Business.

Historically, reports of food-borne illness or food safety issues at restaurants, even if caused by food suppliers or distributors, have had negative effects, and may continue to have negative effects on restaurant sales. Because food safety issues could be experienced at the source by food suppliers or distributors, food safety could, in part, be out of the Company’s control. Even instances of food-borne illness at a location served by one of the Company’s competitors could result in negative publicity regarding the food service industry generally and could negatively impact restaurant revenue. Regardless of the source or cause, negative publicity about food-borne illness or other food safety issues could adversely impact the Company’s reputation. Similarly, publicity about litigation, violence, complaints, or government investigations could have a negative effect on the Company’s restaurant business.

• Concentration of the Company’s Restaurants in the Washington, D.C. Region Subjects the Company’s Restaurant Business to Regional Economic Conditions.

The concentration of the Company’s restaurants in the Washington, D.C. region subjects it to adverse economic conditions and trends in the region that are out of the Company’s control. For example, increases in the level of unemployment, a temporary government shutdown, reductions to the federal workforce or a decrease in tourism would decrease customers’ disposable income available for discretionary spending. These and other national, regional and local economic pressures could result in decreases in customer traffic and lower sales and profits.

Risks Related to the Company’s Stock Ownership and Operations

• As a Controlled Company, the Rights of Class B Common Stockholders Are Limited.

The Company has two classes of shares, Class A Common Stock and Class B Common Stock. Class B Common Stock has limited voting rights, including the right to elect 30% of the Company’s Board of Directors, to vote on the reservation of shares for option grants and on the acquisition of the stock or assets of other companies under certain circumstances. The descendants of Katharine Graham and trusts for the benefit of those descendants own the majority of the shares of Class A Common Stock and have the right to vote for 70% of the Board of Directors and to vote on all other matters. As a result, control of the Company has been and is expected to remain with members of the Graham family. In addition, the Company is a “controlled company” under the corporate governance rules of the New York Stock Exchange (NYSE) and as such, the Company is exempt from certain corporate governance requirements of the NYSE.

•Failure to Comply with Environmental and Health and Safety Laws Applicable to the Company’s Operations Could Negatively Impact the Company’s Businesses.

The Company’s operations are subject to extensive federal, state and local laws and regulations relating to the environment, as well as health and workplace safety, including those set forth by the Occupational Safety and Health Administration (OSHA), the Environmental Protection Agency (EPA) and state and local regulatory authorities in the U.S. as well as similar laws and regulations internationally where the Company operates. Such laws and regulations affect operations and require compliance with various environmental registrations, licenses, permits, inspections and other approvals. In the U.K., the Company is subject to new registration requirements under the U.K. Building Safety Act in 2022 with respect to its dormitories as well as compliance with existing U.K. and local legislation regarding licensing occupancy of such dormitories. The Company incurs substantial costs to comply with these regulations, and any failure to comply may expose the Company to civil, criminal and administrative fees, fines, penalties and interruptions in operations that could have a material adverse impact on the Company’s results of operations, financial position or cash flows.

Environmental laws and regulations to which the Company is subject include those governing discharges into the air and water; the operation and removal of above-ground and underground storage tanks; the use, handling, storage and disposal of hazardous substances and other materials; and the investigation and remediation of environmental contamination at facilities that are owned or operated by the Company. The Company may be subject to liability, for example, in the automotive business, because the business involves the generation, use, handling and contracting for recycling or disposal of hazardous or toxic substances or wastes, including environmentally sensitive materials such as motor oil, filters, transmission fluid, antifreeze, refrigerant, batteries, solvents, lubricants, tires and fuel. In

addition, climate change could cause increases in hurricanes, floods, wildfires, and other risks that could produce losses affecting the Company’s businesses. Although in connection with certain acquisitions the Company has obtained indemnification for certain environmental liabilities and insurance policies, such rights and policies may not be sufficient to reimburse the Company for all losses that it might incur. The Company has incurred, and will continue to incur, capital and operating expenditures and other costs to comply with such laws and regulations and changes to such regulations, including any new regulations related to climate change, could give rise to additional compliance or remedial costs.

• Failure to Successfully Integrate Acquired Businesses Could Negatively Affect the Company’s Operating Results.

Acquisitions involve various inherent risks and uncertainties, including difficulties in efficiently integrating the service offerings, accounting and other administrative systems of an acquired business; the challenges of assimilating and retaining key personnel; the consequences of diverting the attention of senior management from existing operations; the possibility that an acquired business does not meet or exceed the financial projections that supported the purchase price; and the possible failure of the due diligence process to identify significant business risks or liabilities associated with the acquired business. A failure to effectively manage growth and integrate acquired businesses could have a material adverse effect on the Company’s operating results.

• Changes in Business Conditions Have Caused and May in the Future Cause Goodwill and Other Intangible Assets to Become Impaired.

Goodwill generally represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired in a business combination. Goodwill is not amortized and remains on the Company’s balance sheet indefinitely unless there is an impairment or a sale of a portion of the business. Goodwill is subject to an impairment test on an annual basis and when circumstances indicate that an impairment is more likely than not. Such circumstances include an adverse change in the business climate for one of the Company’s businesses or a decision to dispose of a business or a significant portion of a business. Each of the Company’s businesses faces uncertainty in its business environment due to a variety of factors, including challenges in operating environments created by macro-economic factors, pandemics and changes in demand for products and services. In the fourth quarter of 2025, the Company recorded an intangible asset impairment charge of $10.1 million related to the CDJR franchise right indefinite-lived intangible asset as a result of underperformance at the CDJR automotive dealership from a continued decline in revenues. Additional declines in revenue could result in adverse changes in projections for future operating results or other key assumptions, such as projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates, and could lead to additional future impairments, which could be material. The Company may experience other unforeseen circumstances that adversely affect the value of the Company’s goodwill or intangible assets and trigger an evaluation of the amount of the recorded goodwill and intangible assets. There also exists a reasonable possibility that changes to the discounted cash-flow model used to perform the quantitative goodwill impairment review, including a decrease in the assumed projected cash flows or long-term growth rate, or an increase in the discount rate assumption, could result in an impairment charge. Future write-offs of goodwill or other intangible assets as a result of an impairment in the business could materially adversely affect the Company’s results of operations and financial condition.

•Current Tariffs and the Introduction of Additional Tariffs Could Increase Material Costs and Reduce Demand

The Company’s businesses purchase materials from suppliers in both the U.S. and other countries, including Mexico, Canada and China. Some of its businesses source products and parts from regions that have already been subject to tariffs that have impacted the cost of their products. Should new tariffs be levied on goods or materials imported from other countries, it could result in cost increases to both the Company and its customers and could impact customer demand. Widespread imposition of tariffs could materially adversely affect the Company’s results of operations.

Risks Related to Cybersecurity, Privacy, Artificial Intelligence and Intellectual Property

• System Disruptions and Security Threats to the Company’s Information Technology Infrastructure, or Those of Third Parties, Could Have a Material Adverse Effect on Its Businesses and Results of Operations.

The Company relies extensively on information technology systems, networks and services, including internet sites, data hosting and processing facilities and tools and other hardware, software and technical platforms, some of which are managed, hosted, provided and used by third parties or their vendors, to assist in conducting the Company’s business.

The Company’s systems and the third-party systems on which it relies have been subjected to, and will continue to be subject to, damage or interruption from a number of causes, including but not limited to power outages; computer

and telecommunications failures; computer viruses; industry-wide software supply chain vulnerabilities and security breaches; cyberattacks, including phishing and other forms of social engineering such as deepfakes, hacking, denial-of-service attacks, cyber extortion, including the use of ransomware and other actions or attempts to exploit vulnerabilities; and design or usage errors by our employees, contractors or third-party service providers. For example, in the fourth quarter of 2025, the Company experienced a data security incident in which an unauthorized third party accessed and acquired certain data stored on several of Kaplan’s file servers, including current and former student and other customer data at Kaplan’s U.S. Higher Education and U.K. Professional businesses. Upon discovery, the Company activated its incident response plan and took steps to respond to and investigate the incident, including working with external cybersecurity specialists and restricting access to involved systems. The Company also notified law enforcement. In accordance with applicable law, the Company has notified and will be notifying relevant authorities together with those individuals whose information was contained in the involved files. The incident did not have a material impact on Kaplan’s operations or the Company’s financial results. The techniques used by computer hackers and cyber criminals to obtain unauthorized access to data or to sabotage computer systems change frequently, continue to grow in sophistication and volume, and have not in the past and may not in the future be detected until after an incident has occurred. These techniques include using artificial intelligence, including generative AI to enhance their attacks, which may increase our cybersecurity risk. Although the Company and the third-party service providers seek to maintain their respective systems effectively and to successfully address the risk of compromise of the integrity, security and consistent operations of these systems, such efforts have not in the past and may not in the future be successful. As a result, the Company and its service providers have in the past and could in the future experience errors, interruptions, delays or cessations of service in key portions of the Company’s information technology infrastructure, which could significantly disrupt its operations, including manufacturing production delays, and be costly, time-consuming and resource-intensive to remedy. Any security breach or unauthorized access also has in the past and could in the future result in the compromise or misappropriation of the Company’s proprietary information or the proprietary information of the Company’s users, customers or partners, which could result in significant legal and financial exposure and damage to the Company’s reputation. If an actual or perceived breach of the Company’s security occurs, or if the Company’s consumer-facing sites become the subject of external attacks that affect or disrupt service or availability, the market perception of the effectiveness of the Company’s security measures could be harmed and the Company could lose users, customers, advertisers or partners, all of which could have a material adverse effect on the Company’s business, financial condition and results of operations. Any security breach at a company providing services to the Company or the Company’s users, including third-party payment processors, could have similar effects and the Company may not be fully indemnified for the costs it may incur as a result of any such breach. To the extent that such vulnerabilities require remediation, such remedial measures could require significant resources and may not be implemented before such vulnerabilities are exploited. As the cybersecurity landscape evolves, the Company may also find it necessary to make significant further investments to protect data and infrastructure, including continuing to evaluate control changes and investments needed to support an increased remote workforce. Any of these events could have a material adverse effect on the Company’s businesses and results of operations. Sustained or repeated system failures or security breaches that interrupt the Company’s ability to process information in a timely manner or that result in a breach of proprietary or personal information could have a material adverse effect on the Company’s operations and reputation. In addition, cybersecurity incidents, even if not material and even if dealt with promptly, could lead to severe legal, financial and reputational issues, such as investigations by authorities, enforcement, lawsuits and negative publicity, and a collection of incidents, though not considered material individually at the time they occur, may be deemed material later in the aggregate.

• Failure to Comply with Privacy Laws or Regulations Could Have a Material Adverse Effect on the Company’s Businesses.

Various U.S. federal, state and international laws and regulations govern the collection, use, retention, sharing and security of personal data. This area of the law is evolving, and interpretations of applicable laws and regulations differ. Legislative activity in the privacy area may result in new laws that are relevant to the Company’s operations, including restrictions on the collection, use and sharing of personal data that could limit our ability to use the data for marketing or advertising, and could result in exposure to material liability. For example, data privacy regulations adopted by the EU known as the General Data Protection Regulation (GDPR), became effective in May 2018. These regulations require certain of the Company’s operations to meet extensive requirements regarding the handling of personal data, including its use, protection and transfer. In addition, the GDPR provides the legal right for persons whose data is stored to request access to or correction or deletion of their personal data, among other rights. Failure to meet the applicable requirements in the GDPR could result in fines of up to 4% of the Company’s annual global revenues. In addition to the GDPR in Europe, new privacy laws and regulations are rapidly developing and being implemented elsewhere around the globe, including amendments to the scope, penalties and other provisions of existing data protection laws. Failure to comply with these international data protection laws and regulations could have a negative impact on the Company’s reputation and subject the Company to significant fines, penalties or other liabilities or restrict the Company’s ability to continue operating its existing business processes, all of which may increase the cost of operations, reduce customer growth, or otherwise harm the Company’s business.

The California Consumer Privacy Act of 2018 (CCPA), which became effective on January 1, 2020, provided a new private right of action for data breaches and requires companies that process personal information pertaining to California residents to make disclosures to consumers about their data collection, use and sharing practices and allows consumers to opt out of certain data sharing with third parties. The enforcement of the CCPA by the California Attorney General commenced on July 1, 2020. In November 2020, the California Privacy Rights Act (CPRA) was approved by California voters, and went into effect on January 1, 2023. The CPRA included new requirements that were not in the CCPA. In July 2025, the California Privacy Protection Agency (CPPA) approved updated CCPA regulations and that introduced new requirements, including requirements related to automated decision-making technology, risk assessments, and cybersecurity audits, with effectiveness of certain requirements beginning in 2026. In addition to California, numerous other states have enacted similar laws that are currently in effect, including laws in Rhode Island, Indiana and Kentucky that went into effect on January 1, 2026. Various U.S. states have enacted laws governing the personal data of minors and health-related personal data that are in addition to Federal laws. There are also comprehensive privacy bills that have been introduced at the U.S. federal level. In addition to the comprehensive privacy laws and bills, there are now laws and regulations focused on the development, use, and provision of AI technologies and other digital products and services, which could result in monetary penalties or other regulatory actions, and others continue to be proposed. States and local jurisdictions have passed new targeted AI legislation, such as the Colorado AI Act and NYC Local Law 144, Rules for AI in hiring. Internationally, the EU AI Act came into force on August 1, 2024, and will generally become fully applicable after a two-year transitional period (although certain obligations have already taken effect). There have also been actions taken at the U.S. federal level with respect to regulation of AI technologies, such as the executive order issued by the U.S. President on December 11, 2025, to establish a national policy framework for AI intended to preempt state AI laws and regulations. The passage of any additional laws, or modification of existing laws could result in further uncertainty and cause the Company to incur additional costs and expenses in order to comply. Compliance with the GDPR, the CCPA, the CPRA and other applicable international and U.S. privacy laws can be costly and time-consuming. If the Company fails to properly respond to security breaches of its or its third-party’s information technology systems or fails to properly respond to an individual’s requests under these laws, the Company could experience damage to its reputation, adverse publicity, loss of consumer confidence, reduced sales and profits, complications in executing the Company’s growth initiatives and regulatory and legal risk, including criminal penalties or civil liabilities.

Claims of failure to comply with the Company’s privacy policies or applicable laws or regulations could form the basis of governmental or private party actions against the Company and could result in significant penalties. Additionally, evolving concerns regarding data privacy may cause the Company’s customers and potential customers to resist providing the data necessary to allow the Company to deliver its solutions effectively. Even the perception that personal information is not satisfactorily protected or does not meet regulatory requirements could inhibit sales and any failure to comply with such laws and regulations could lead to significant fines, penalties or other liabilities. Such claims and actions could cause damage to the Company’s reputation and could have an adverse effect on the Company’s businesses.

•Uncertainty in the Development, Deployment, and Use of AI in the Company’s Products and Services, as Well as its Businesses More Broadly, Could Adversely Affect the Company’s Business and Reputation.

The Company is building and expects to use, and expects its third parties to use, systems and tools that incorporate AI-based technologies, including generative AI, for its customers and workforce. The development, adoption and use of generative AI technology is still maturing, and ineffective or inadequate AI or generative AI development or deployment practices by the Company or third parties could result in unintended consequences. For example, AI algorithms that the Company uses may be flawed or may be (or perceived to be) based on datasets that are biased or insufficient. In addition there is uncertainty around the validity and enforceability of intellectual property rights related to the Company’s development, deployment and use of AI. Compliance with new or changing laws, regulations or industry standards relating to AI may impose significant operational costs and may limit the Company’s ability to develop, deploy or use AI technologies. Failure to appropriately respond to this evolving landscape may result in legal liability, regulatory action or brand and reputational harm.

•Potential Liability for Intellectual Property Infringement Could Adversely Affect the Company’s Businesses.

The Company periodically receives claims from third parties alleging that the Company’s businesses infringe on the intellectual property rights of others. It is likely that the Company will continue to be subject to similar claims, particularly as they relate to its media businesses. Other parts of the Company’s business could also be subject to such claims. Addressing intellectual property claims is a time-consuming and expensive endeavor, regardless of the merits of the claims. In order to resolve such claims, the Company may have to change its method of doing business, enter into licensing agreements with copyright holders, or incur substantial monetary liability. It is also possible that one of the Company’s businesses could be enjoined from using the intellectual property at issue, causing it to significantly alter its operations. Although the Company cannot predict the impact at this time, if any

such claim is successful, the outcome would likely affect the business utilizing the intellectual property at issue and could have a material adverse effect on that business’s operating results or prospects.

Item 1B. Unresolved Staff Comments.

Not applicable.

Item 1C. Cybersecurity.

Cybersecurity Risk Management and Strategy

The Company is a holding company and its business units are decentralized. Together with its business units, the Company maintains a risk-based information security program establishing administrative, technical, and physical safeguards that are designed for the size, scope and type of the Company’s businesses.

The information security program is designed to protect the confidentiality, integrity, and availability of the Company’s information systems and data, and safeguard information systems and data in accordance with applicable local, state, federal or international laws, regulations, or standards.

The Company’s information security program is risk-based; the Company and its business units perform business impact assessments and risk assessments on a regular basis to calibrate areas of focus. Cybersecurity risks are evaluated as a part of the broader risk management activities at the Company.

The Company and its business units leverage several information security controls frameworks, standards and best practices with the International Organization for Standardizations (ISO) 27001 used as the overarching framework. ISO 27001 establishes a multi-pronged information security standard for organizations to manage information security risks, build cyber resilience, and improve operations.

Third-party service provider risk management is one of many components of the Company’s information security program. The Company and its business units use a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties that could adversely impact the Company. This approach may include, but is not limited to, reviewing and assessing providers’ cybersecurity maturity, conducting diligence on certain providers’ information security programs, and/or imposing contractual obligations on the provider depending on the type and quantity of data involved, the access provided to Company systems, the type of provider and the criticality of outsourced operations.

The Company maintains an incident response plan that is distributed to its business units for customization according to their specific operations and internal reporting structures. The Company leverages third-party cybersecurity experts to review the response plan and facilitate incident response exercises for its business units. The Company licenses third-party software that provides incident response simulation capabilities and playbooks and makes that available to its business units and also retains a third-party cybersecurity firm to provide assistance if needed during a cybersecurity incident.

The Company and its business units engage third parties to assess various aspects of the information security program, provide threat intelligence, perform external audits, perform penetration testing, and provide other services as needed.

The Company and its business units have not been materially affected by risks from cybersecurity threats. For a discussion of whether and how any risks from cybersecurity threats are reasonably likely to materially affect the Company, see Item 1A Risk Factors.

Governance

The Board of Directors has delegated oversight of risks related to cybersecurity to the Audit Committee which reports on its risk management activities, including risks arising from cybersecurity threats, to the full Board of Directors. The Company’s Vice President of Information Security and Privacy reports to the Audit Committee on an annual basis. In addition, the Audit Committee receives quarterly updates as part of the disclosure control process and other updates, as needed, for significant issues.

The annual report to the Audit Committee includes an overview of multiple topics, such as current cybersecurity threats; other cybersecurity risks, including operational, legal/regulatory, and reputational risks; a status summary of company-wide metrics relating to information security controls (e.g., controls addressing vulnerability and patch management, web and mobile application security, administrative access, incident response capability, compliance activities, disaster recovery, sensitive data inventory, and phishing prevention); and planned information security initiatives.

At the Company’s corporate level, the Information Security and Privacy team monitors the prevention, detection and remediation of cybersecurity incidents and coordinates with the Company’s business units to assess information security posture and risk. This coordination includes, for example, performing business impact assessments, conducting risk assessments, and testing and evaluating key aspects of business units’ information security programs, the results of which are reported to the Company’s senior management and the Audit Committee as appropriate.

The Company’s Information Security and Privacy team is led by the VP of Information Security and Privacy who reports to the Company’s Chief Financial Officer. She joined the Company in 2003 and has more than 30 years of relevant experience. Before joining the Company, she served as the federal government and southeast region leader of Guardent (now part of Verisign), a security and privacy consulting and managed security services company. Prior to Guardent, she worked at PricewaterhouseCoopers LLP in the Technology Risk Services consulting practice. She is a strategic advisor to several organizations in the information security and privacy field and is a Certified Information Systems Security Professional (CISSP), and a Certified Information Privacy Professional (CIPP).

Members of the Company’s Information Security and Privacy team have an average of more than 20 years of information security and compliance experience, spanning diverse environments and industries, government agencies, and public and private companies. All members of the core team maintain cybersecurity certifications and attend regular training programs relating to information security, privacy and compliance.

The Company views information security as a shared responsibility. It requires employees to complete information security and privacy awareness training and sends out regular communications on information security and privacy topics. Developers are trained regularly on secure coding practices and the Company mandates that every business unit perform phishing exercises quarterly. Some employees receive additional in-depth training related to their individual job responsibilities.

Item 2. Properties.

The Company leases space for its corporate offices in Arlington, VA.

Kaplan owns a total of six properties, including four in the U.S. and one property in South Kensington, London, U.K., used for school and dormitory space, and another in Nice, France. Kaplan also leases facilities used for offices, instruction and student dormitories in several countries, including the U.S., Canada, the U.K., Ireland, Germany, France, Switzerland, Spain, Singapore, Australia and India. In 2017, Kaplan International entered into a 135-year lease of land in Liverpool, U.K., on which it completed the construction of college and/or dormitory space that opened in January 2020.

GMG owns all six of its studio facilities in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA. GMG owns the tower facilities in its San Antonio, TX; Detroit, MI; and Roanoke, VA, markets and jointly owns the transmitter facilities in Jacksonville, FL; Orlando, FL; and Houston, TX.

The healthcare group leases 71 facilities to support their various business units. Of those 71 leases, 11 are through its home health and hospice joint ventures with health systems and physician groups. CSI owns one property used for pharmacy operations (Nash, TX) and the healthcare group owns a property used for administrative services (Lapeer, MI).

In the manufacturing segment, Hoover operates 11 properties in AR, CA, FL, GA (2), MI, PA, TX, VA, WA, and WV. Dekko owns 10 properties in IN, TX, AL and Juarez, Mexico; and Joyce/Dayton owns three properties in OH and IN, which are used for manufacturing, warehouse and office space. The remaining office and manufacturing facilities are leased, including one manufacturing facility in Monterrey, Mexico.

Graham Automotive owns properties for its Ourisman Honda of Tysons Corner dealership in VA, Toyota of Woodbridge dealership in VA, Ourisman Chrysler-Dodge-Jeep-Ram of Woodbridge dealership in VA, Ourisman Toyota of Richmond dealership in VA, and Ourisman Honda of Woodbridge dealership in VA. It leases 15 additional properties that serve as the sales and service departments for its Ourisman Lexus of Rockville, Ourisman Ford of Manassas and Ourisman Kia of Bethesda dealerships, along with two service facilities for Roda.

The businesses that comprise the Company’s other businesses lease space for their operations, including office space and retail locations in D.C., MD, VA, NY, NJ, IL, GA, MA, PA, CT, TX, TN, NC, LA and CA and manufacturing facilities in KY, VA, and NV for Framebridge; restaurant facilities and office space in D.C., MD, and VA for CRG; office space in NY and D.C. for Slate; office space in D.C. for Foreign Policy; office space and production facilities in CO for Society6; and office space in the U.K. and Australia for Saatchi Art.

The Company considers its properties suitable for the conduct of its respective businesses and adequate for its current use. The Company believes that suitable additional or alternative space is available at commercially

reasonable terms as leases expire or premises become unavailable. However, it recognizes that replacements for student dormitory space leased by KI may be difficult to obtain due to high demand and alternative transmitter facilities for GMG could be costly and require a significant amount of time to construct.

Item 3. Legal Proceedings.

Information with respect to legal proceedings may be found in Note 18, “Contingencies and Other Commitments - Litigation, Legal and Other Matters” to the consolidated financial statements in Part II of this Annual Report, which is incorporated herein by reference.

Item 4. Mine Safety Disclosures.

Not applicable.

PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information and Holders

The Company’s Class B Common Stock is traded on the NYSE under the symbol “GHC.” The Company’s Class A Common Stock is not publicly traded.

At January 31, 2026, there were 28 holders of record of the Company’s Class A Common Stock and 291 holders of record of the Company’s Class B Common Stock.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

There was no share repurchase activity during the quarter ended December 31, 2025.

Performance Graph

The following graph is a comparison of the yearly percentage change in the Company’s cumulative total shareholder return with the cumulative total return of the Standard & Poor’s 500 Stock Index (S&P 500 Index) and a custom peer group index comprised of a composite group of education and television broadcasting companies. The S&P 500 Index is comprised of 500 U.S. companies in the industrial, transportation, utilities and financial industries and is weighted by market capitalization. The custom peer group of composite companies includes Covista Inc. (formerly Adtalem Global Education Inc.), Chegg, Inc., Grand Canyon Education Inc., Gray Media, Inc., New Oriental Education & Technology Group Inc., Nexstar Media Group Inc., Pearson plc, Tegna Inc., and The E.W. Scripps Company. The graph reflects the investment of $100 on December 31, 2020, in the Company’s Class B Common Stock, the S&P 500 Index and the custom peer group index of composite companies. For purposes of this graph, it has been assumed that dividends were reinvested on the date paid in the case of the Company, and on a quarterly basis in the case of the S&P 500 Index and the custom peer group index of composite companies.


December 31	2020	2021	2022	2023	2024	2025
Graham Holdings Company	100.00	119.25	115.65	134.79	170.27	216.22
S&P 500 Index	100.00	128.71	105.40	133.10	166.40	196.16
Composite Peer Group	100.00	50.54	60.81	69.00	73.95	73.22

Item 6. Reserved.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

See the information contained under the heading “Management’s Discussion and Analysis of Results of Operations and Financial Condition,” which is included in this Annual Report on Form 10-K and listed in the index to financial information on page 50 hereof.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

The Company is exposed to market risk in the normal course of its business due primarily to its ownership of marketable equity securities, which are subject to equity price risk; to its borrowing and cash-management activities, which are subject to interest rate risk; and to its non-U.S. business operations, which are subject to foreign exchange rate risk.

Equity Price Risk. The Company has common stock investments in several publicly traded companies (as discussed in Note 4 to the Company’s Consolidated Financial Statements) that are subject to market price volatility. The fair value of these common stock investments totaled $1,081.9 million at December 31, 2025.

Interest Rate Risk. The Company manages the risk associated with interest rate movements through the use of a combination of variable and fixed-rate debt.

At December 31, 2025, the Company had $500 million principal amount of 5.625% unsecured fixed-rate notes due December 1, 2033 (the Notes). At December 31, 2025, the aggregate fair value of the Notes, based upon quoted market prices, was $504.0 million. There were no earnings or liquidity risks associated with the Company’s Notes. The fair value of the Notes varies with fluctuations in market interest rates. A 100 basis point decrease in market interest rates would increase the fair value of the Notes by $33.1 million at December 31, 2025 using a yield to maturity. A 100 basis point increase in market interest rates would decrease the fair value of the Notes by $30.7 million at December 31, 2025, using a yield to maturity. The Company also had approximately $9 million of other fixed-rate debt relating to the healthcare business.

At December 31, 2025, the Company had approximately $498 million of variable-rate debt, including floor plan facility obligations. Approximately $67.1 million of this debt is hedged by an interest rate swap. The Company is subject to earnings and liquidity risks for changes in the interest rate on the unhedged portion of this debt. A 100 basis point increase in the applicable floating rates for the unhedged portions of our variable-rate debt would increase annual interest expense by approximately $4.3 million.

Foreign Exchange Rate Risk. The Company is exposed to foreign exchange rate risk primarily at its Kaplan international operations, and the primary exposure relates to the exchange rate between the U.S. dollar and the British pound, the Australian dollar, and the Singapore dollar. In 2025, 2024 and 2023, the Company reported a net foreign currency loss of $10.1 million, a net foreign currency gain of $5.4 million and a net foreign currency loss of $1.1 million, respectively.

If the values of the British pound, the Australian dollar, and the Singapore dollar relative to the U.S. dollar had been 10% lower than the values that prevailed during 2025, the Company’s pre-tax income for 2025 would have been approximately $37 million lower. Conversely, if such values had been 10% higher, the Company’s reported pre-tax income for 2025 would have been approximately $37 million higher.

Item 8. Financial Statements and Supplementary Data.

See the Company’s Consolidated Financial Statements at December 31, 2025, and for the periods then ended, together with the report of PricewaterhouseCoopers LLP thereon, which are included in this Annual Report on Form 10-K and listed in the index to financial information on page 50 hereof.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Not applicable.

Item 9A. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

An evaluation was performed by the Company’s management, with the participation of the Company’s Chief Executive Officer (principal executive officer) and the Company’s Chief Financial Officer (principal financial officer), of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), as of December 31, 2025. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures, as designed and implemented, are effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, in a manner that allows timely decisions regarding required disclosure.

Management’s Report on Internal Control Over Financial Reporting

Management of Graham Holdings Company is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

The Company’s management assessed the effectiveness of internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth in Internal Control -Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO)

in 2013. Management has concluded that as of December 31, 2025, the Company’s internal control over financial reporting was effective based on these criteria.

As permitted under Securities and Exchange Commission guidelines for newly acquired businesses, management’s assessment of the effectiveness of internal control over financial reporting as of December 31, 2025 excluded Arconic Architectural Products, LLC, which was acquired by the Hoover Treated Wood Products subsidiary on July 15, 2025, and Hendrick Honda of Woodbridge dealership, which was acquired by the Graham-Ourisman Automotive subsidiary on October 21, 2025. The operating results of these businesses are included in our consolidated financial statements for the periods subsequent to acquisition and represent approximately 1% of total assets and 1% of revenue as of and for the year ended December 31, 2025. Arconic Architectural Products, LLC and the Hendrick Honda of Woodbridge dealership will be included in management’s assessment of internal control over financial reporting in fiscal year 2026.

The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report included herein.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting during the quarter ended December 31, 2025, that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

Item 9B. Other Information.

Rule 10b5-1 Trading Plans

For the three months ended December 31, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information contained under the heading “Executive Officers” in Item 1 hereof and the information contained under the headings “Nominees for Election by Class A Shareholders,” “Nominees for Election by Class B Shareholders,” “Audit Committee,” “Risk Assessment of Compensation Program, Insider Trading, Recoupment and Hedging Policies” and “Section 16(a) Beneficial Ownership Reporting Compliance” in the definitive Proxy Statement for the Company’s 2026 Annual Meeting of Stockholders is incorporated herein by reference thereto.

The Company has adopted codes of conduct that constitute “codes of ethics” as that term is defined in paragraph (b) of Item 406 of Regulation S-K and that apply to the Company’s principal executive officer, principal financial officer, principal accounting officer or controller and to any persons performing similar functions. Such codes of conduct are posted on the Company’s website, the address of which is ghco.com, and the Company intends to satisfy the disclosure requirements under Item 5.05 of Form 8-K with respect to certain amendments to, and waivers of the requirements of, the provisions of such codes of conduct applicable to the officers and persons referred to above by posting the required information on its website.

In addition to the certifications of the Company’s Chief Executive Officer and Chief Financial Officer filed as exhibits to this Annual Report on Form 10-K, on June 3, 2025, the Company’s Chief Executive Officer submitted to the New York Stock Exchange the annual certification regarding compliance with the NYSE’s corporate governance listing standards required by Section 303A.12(a) of the NYSE Listed Company Manual.

Item 11. Executive Compensation.

The information contained under the headings “Director Compensation,” “Compensation Committee Interlocks and Insider Participation,” “Executive Compensation” and “Compensation Committee Report” in the definitive Proxy Statement for the Company’s 2026 Annual Meeting of Stockholders is incorporated herein by reference thereto.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information contained under the heading “Stock Holdings of Certain Beneficial Owners and Management” in the definitive Proxy Statement for the Company’s 2026 Annual Meeting of Stockholders is incorporated herein by reference thereto.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information contained under the headings “Transactions With Related Persons, Promoters and Certain Control Persons” and “Controlled Company” in the definitive Proxy Statement for the Company’s 2026 Annual Meeting of Stockholders is incorporated herein by reference thereto.

Item 14. Principal Accountant Fees and Services.

The information contained under the heading “Audit Committee Report” in the definitive Proxy Statement for the Company’s 2026 Annual Meeting of Stockholders is incorporated herein by reference thereto.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

The following documents are filed as part of this report:

1. Financial Statements. As listed in the index to financial information on page 50 hereof.

2. Exhibits. As listed in the index to exhibits on page 47 hereof.

Item 16. Form 10-K Summary.

Not applicable.

INDEX TO EXHIBITS


Exhibit Number						Description

2.1						Contribution and Transfer Agreement, dated April 27, 2017, by and among Kaplan Higher Education, LLC, Iowa College Acquisition, LLC, Purdue University and Purdue New U, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed April 27, 2017).**
3.1						Restated Certificate of Incorporation of the Company dated November 13, 2003 (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2003).
3.2						Certificate of Amendment, effective November 29, 2013, to the Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed November 29, 2013).
3.3						By-Laws of the Company as amended and restated through September 12, 2024 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K dated September 12, 2024).
4.1						Senior Notes Indenture dated as of November 24, 2025, between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K dated November 24, 2025).
4.2						Description of the Company’s Securities (incorporated by reference to Exhibit 4.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019).
10.1						Amended and Restated Five Year Credit Agreement, dated as of May 30, 2018, among the Company, and the foreign borrowers from time to time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 4.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018).
10.2						First Amendment, dated as of November 23, 2021, to Amended and Restated Five Year Credit Agreement, dated as of May 30, 2018, among the Company, and the foreign borrowers from time to time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021).
10.3						Second Amended and Restated Five Year Credit Agreement, dated as of May 3, 2022, among the Company, Kaplan U.K. Limited, and the foreign borrowers from time to time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022).
10.4						First Amendment to Second Amended and Restated Five Year Credit Agreement, dated as of July 28, 2023, among the Company, Kaplan U.K. Limited, and the foreign borrowers from time to time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023).
10.5						Third Amended and Restated Five Year Credit Agreement, dated as of November 24, 2025, among the Company, Kaplan U.K. Limited, and the foreign borrowers from time to time party thereto, and certain of its domestic subsidiaries as guarantors, the several lenders from time to time party thereto, Wells Fargo Bank, National Association, as Administrative Agent and JPMorgan Chase Bank, N.A., as Syndication Agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated November 24, 2025).
10.6						Transition and Operations Support Agreement, dated March 22, 2018, by and among Kaplan Higher Education, LLC, Iowa College Acquisition, LLC and Purdue University Global, Inc., with Purdue University as a party to the Transition and Operations Support Agreement solely for the purposes of being bound by the Purdue Provisions (as defined therein) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated March 22, 2018).**+
10.7						First Amendment, dated as of July 29, 2019, to the Transition and Operations Support Agreement, dated March 22, 2018, by and among Kaplan Higher Education, LLC, Iowa College Acquisition, LLC and Purdue University Global, Inc. (the “First Amendment”), with The Trustees of Purdue University as a party to the First Amendment solely for the purposes of continuing to be bound by the Purdue Provisions (as defined therein) (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019).+


Exhibit Number						Description

10.8						Graham Holdings Company 2022 Incentive Compensation Plan, effective May 5, 2022, filed as Appendix A to the Company’s Proxy Statement on Form DEF 14A for the fiscal year ended December 31, 2021, and incorporated herein by reference.*
10.9						Graham Holdings Company Supplemental Executive Retirement Plan as amended and restated effective December 10, 2013 (incorporated by reference to Exhibit 10.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013).*
10.10						Amendment No. 1 to Graham Holdings Company Supplemental Executive Retirement Plan, effective March 31, 2014 (incorporated by reference to Exhibit 10.4 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014).*
10.11						Graham Holdings Company Deferred Compensation Plan as amended and restated effective January 1, 2014 (incorporated by reference to Exhibit 10.4 to Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013).*
10.12						Letter Agreement between the Company and Timothy J. O’Shaughnessy, dated October 20, 2014 (incorporated by reference to Exhibit 10.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014).*
10.13						Letter Agreement between the Company and Andrew S. Rosen, dated April 7, 2014 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015).*
10.14						Letter Agreement between the Company and Jacob M. Maas, dated August 24, 2015 (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018).*
19						Insider Trading and Hedging Policy (incorporated by reference to Exhibit 19 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024).
21						List of subsidiaries of the Company.
23						Consent of independent registered public accounting firm.
24						Power of Attorney dated January 1 5 , 202 6 .
31.1						Rule 13a-14(a)/15d-14(a) Certification of the Chief Executive Officer.
31.2						Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer.
32						Section 1350 Certification of the Chief Executive Officer and the Chief Financial Officer.
97						Graham Holdings Company Clawback Policy (incorporated by reference to Exhibit 97 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023).
101.INS						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH						Inline XBRL Taxonomy Extension Schema Document
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File, formatted in Inline XBRL and included as Exhibit 101

___________________________________________

*A management contract or compensatory plan or arrangement required to be included as an exhibit hereto pursuant to Item 15(b) of Form 10-K.

**Graham Holdings Company hereby undertakes to furnish supplementally a copy of any omitted exhibit or schedule to such agreement to the SEC upon request.

+ Select portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been filed separately with the SEC.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on February 25, 2026.


						GRAHAM HOLDINGS COMPANY
						(Registrant)

			By			/s/ Wallace R. Cooney
						Wallace R. Cooney
						Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on February 25, 2026:


Timothy J. O’Shaughnessy			President, Chief Executive Officer (Principal Executive Officer) and Director
Wallace R. Cooney			Chief Financial Officer (Principal Financial Officer)
Marcel A. Snyman			Principal Accounting Officer
Anne M. Mulcahy			Chair of the Board
Donald E. Graham			Chairman Emeritus
Tony Allen			Director
Danielle Conley			Director
Christopher C. Davis			Director
Thomas S. Gayner			Director
Jack Markell			Director
G. Richard Wagoner, Jr.			Director
Katharine Weymouth			Director


			By			/s/ Wallace R. Cooney
						Wallace R. Cooney
						Attorney-in-Fact

An original power of attorney authorizing Timothy J. O’Shaughnessy, Wallace R. Cooney and Nicole M. Maddrey, and each of them, to sign all reports required to be filed by the Registrant pursuant to the Securities Exchange Act of 1934 on behalf of the above-named directors and officers has been filed with the Securities and Exchange Commission.

INDEX TO FINANCIAL INFORMATION

________________________________________________

GRAHAM HOLDINGS COMPANY


Management’s Discussion and Analysis of Results of Operations and Financial Condition (Unaudited)			51


Financial Statements:


Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			69

Consolidated Statements of Operations for the Three Years Ended December 31, 2025			71

Consolidated Statements of Comprehensive Income (Loss) for the Three Years Ended December 31, 2025			72

Consolidated Balance Sheets at December 31, 2025 and 2024			73

Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2025			74

Consolidated Statements of Changes in Common Stockholders’ Equity for the Three Years Ended December 31, 2025			75

Notes to Consolidated Financial Statements			76

Organization and Nature of Operations			76
Summary of Significant Accounting Policies			76
Acquisitions and Dispositions of Businesses			85
Investments			87
Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities			89
Inventories and Contracts in Progress			90
Property, Plant and Equipment			90
Leases			90
Goodwill and Other Intangible Assets			91
Income Taxes			94
Debt			99
Fair Value Measurements			101
Revenue From Contracts With Customers			102
Capital Stock, Stock Awards and Stock Options			103
Pensions and Other Postretirement Plans			106
Other Non-Operating (Expense) Income			113
Accumulated Other Comprehensive Income (Loss)			114
Contingencies and Other Commitments			115
Business Segments			116

________________________________________________

All schedules have been omitted either because they are not applicable or because the required information is included in the Consolidated Financial Statements or the notes thereto referred to above.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

This analysis should be read in conjunction with the Consolidated Financial Statements and the notes thereto. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Graham Holdings Company’s 2024 Annual Report on Form 10-K for management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023.

OVERVIEW

Graham Holdings Company (the Company) is a diversified holding company whose operations include educational services, television broadcasting, healthcare, manufacturing and automotive dealerships. The Company has five business divisions, seven reportable segments and a group of companies that make up Other Businesses. The Company’s business units are diverse and subject to different trends and risks.

Education is the largest operating division of the Company, making up 35% of the Company’s consolidated revenues in 2025 and having the largest operating income in 2025. Through its subsidiary Kaplan, Inc., the Company provides extensive worldwide education services for individuals, schools and businesses. The Company has devoted significant resources and attention to this division for many years, given its geographic and product diversity, the investment opportunities and growth prospects during this time, and challenges related to government regulation. Kaplan is organized into the following three operating segments: Kaplan International (KI), Kaplan Higher Education (KHE) and Supplemental Education.

KI reported revenue and operating income growth for 2025 due largely to increases at UK Professional and Singapore, partially offset by declines at Pathways and Languages. KHE revenue and operating income improved due to an increase in the fees from Purdue University Global (Purdue Global). Supplemental Education revenues and operating results improved in 2025 due to growth in most of the program offerings.

Television broadcasting was the Company’s second largest business in 2025 from an operating income standpoint. The Company’s television broadcasting division reported lower revenues and operating income in 2025, due largely to a significant decrease in political advertising revenue from the 2024 election cycle and declines in local and digital advertising revenue. Retransmission revenues, net of network fee expense, declined in 2025 with this trend expected to continue in the future due largely to adverse subscriber trends from cord cutting.

The healthcare division has grown substantially over the last few years and provided meaningful operating cash flow from internal growth and acquisitions. Since 2019, the healthcare division has expanded from its home health and hospice operations into new lines of business. The largest of these is CSI Pharmacy Holding Company, LLC (CSI), which provides nursing care and prescription services for patients receiving in-home infusion treatments. CSI reported significant revenue growth and substantially higher operating results in 2025 from an expansion of infusion treatment offerings and patient service areas in 2025. Healthcare’s home health and hospice revenue and operating results have also grown substantially in recent years, with investments to streamline operations and enhance patient care, along with a reduction in pension expense in 2025.

The Company’s manufacturing division has provided meaningful operating cash flow over the last few years, with Dekko experiencing improved revenues and operating results in 2025, and declines at Hoover in recent years. In July 2025, Hoover acquired Arconic Architectural Products, LLC, which manufactures aluminum cladding products and operates within the broader non-residential materials space. Automotive revenues and operating results declined in 2025 due largely to lower new and used vehicle sales and a decline in sales of finance and insurance products offerings, partially offset by the Honda of Woodbridge acquisition in October 2025 as well as sales growth for services and parts.

The Company’s other businesses include several investment stage businesses as well as investments into new lines of business over the last few years. In total, there are ten operating business units that make up this group in three categories: specialty, retail and media. The largest of these businesses from a revenue standpoint is Clyde’s Restaurant Group (CRG) and Framebridge, a custom framing service company. In 2025, CRG and Foreign Policy each reported positive operating income, Code3 reported break-even results, and the other businesses each reported operating losses, which were significant at Framebridge.

The Company generates a significant amount of cash from its businesses that is used to support its operations, pay down debt and fund capital expenditures, share repurchases, dividends, acquisitions and other investments.

RESULTS OF OPERATIONS

Net income attributable to common shares was $292.3 million ($66.47 per share) for the year ended December 31, 2025, compared to $724.6 million ($163.40 per share) for the year ended December 31, 2024.

Items included in the Company’s net income for 2025 are listed below:

•$12.3 million in intangible and other long-lived asset impairment charges (after-tax impact of $9.5 million, or $2.16 per share);

•$9.2 million in non-operating expenses related to Separation Incentive Programs (SIPs) at other businesses, the education, television broadcasting and manufacturing divisions and the corporate office (after-tax impact of $6.8 million, or $1.55 per share);

•$54.5 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $51.2 million, or $11.63 per share);

•$200.2 million in net gains on marketable equity securities (after-tax impact of $149.0 million, or $33.90 per share);

•$16.7 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $12.4 million, or $2.83 per share);

•net non-operating gains of $8.9 million from earnings, sales and impairments of equity and cost method investments (after-tax impact of $6.6 million, or $1.50 per share); and

•a $9.9 million deferred tax expense arising from a change in the estimated deferred state income tax rate related to the Company’s pension and other postretirement plans ($2.26 per share).

Items included in the Company’s net income for 2024 are listed below:

•$49.8 million in goodwill and other long-lived asset impairment charges (after-tax impact of $39.4 million, or $8.89 per share);

•a $653.4 million fourth quarter settlement gain related to a retiree annuity pension purchase (after-tax impact of $486.1 million, or $109.62 per share);

•$21.0 million in non-operating expenses related to a Voluntary Retirement Incentive Program (VRIP) at the television broadcasting division and the corporate office, and SIPs at Kaplan, manufacturing and other businesses (after-tax impact of $15.6 million, or $3.52 per share);

•$119.3 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $113.7 million, or $25.65 per share);

•$181.3 million in net gains on marketable equity securities (after-tax impact of $134.9 million, or $30.41 per share);

•$3.5 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $2.6 million, or $0.59 per share);

•a non-operating gain of $7.2 million on the sale of certain businesses and websites (after-tax impact of $5.3 million, or $1.19 per share); and

•a net non-operating loss of $16.7 million from the impairments and valuation adjustments of equity and cost method investments (after-tax impact of $12.4 million, or $2.80 per share).

Revenue for 2025 was $4,911.6 million, up 3% from $4,790.9 million in 2024. Revenues increased at education, healthcare, manufacturing and other businesses, partially offset by declines at television broadcasting and automotive. Operating costs and expenses for the year increased to $4,676.6 million in 2025, from $4,575.4 million in 2024. Expenses in 2025 increased at healthcare and manufacturing, partially offset by a decrease at television broadcasting, automotive, other businesses and education. The Company reported operating income for 2025 of $234.9 million, compared to $215.5 million in 2024. Excluding goodwill and other long-lived asset impairment charges, operating results were down in 2025, due to declines at television broadcasting and automotive, partially offset by increases at education, healthcare, manufacturing and other businesses.

Division Results

Education

Education division revenue in 2025 totaled $1,744.3 million, up 3% from $1,691.8 million in 2024. Kaplan reported operating income of $159.9 million for 2025, an increase from $100.8 million in 2024. Excluding long-lived asset impairment charges, operating results improved significantly in 2025.

A summary of Kaplan’s operating results is as follows:


	Year Ended December 31
(in thousands)	2025		2024		% Change
Revenue
Kaplan international	$	1,079,570	$	1,074,207	0
Higher education	349,211		324,815		8
Supplemental education	317,159		291,630		9
Kaplan corporate and other	585		5,761		(90)
Intersegment elimination	(2,193)		(4,635)		—
	$	1,744,332	$	1,691,778	3
Operating Income (Loss)
Kaplan international	$	113,402	$	101,699	12
Higher education	56,410		40,750		38
Supplemental education	33,392		26,934		24
Kaplan corporate and other	(37,388)		(35,148)		(6)
Amortization of intangible assets	(6,123)		(10,487)		42
Impairment of long-lived assets	—		(22,930)		—
Intersegment elimination	180		11		—
	$	159,873	$	100,829	59

KI includes postsecondary education, professional training and language training businesses largely outside the United States. KI revenue increased slightly in 2025 (2% decrease on a constant currency basis). The increase in 2025 is due largely to growth at UK Professional and Singapore, offset by lower student enrollments in US Pathways, Languages and UK Pathways. KI reported operating income of $113.4 million in 2025, compared to $101.7 million in 2024. The increase is due largely to improved results at Australia, Singapore and UK Professional, partially offset by declines at Languages, US Pathways and Mander Portman Woodward (MPW). US Pathways revenues and operating results were down significantly in 2025, due to changes in U.S. visa policies and practices for international students recruited by Kaplan to study in the U.S.

KHE includes the results of Kaplan as a service provider to higher education institutions. KHE revenue increased 8% in 2025 due to an increase in fees from Purdue Global and growth in other higher education programs. Average enrollments at Purdue Global, the largest institutional client, were up 4% for 2025 compared to 2024. In 2025, Kaplan recorded the full fee with Purdue Global, whereas in 2024, Kaplan recorded a portion of the fee. The Company will continue to assess the fee it records from Purdue Global on a quarterly basis to make a determination as to whether to record all or part of the fee in the future and whether to make adjustments to fee amounts recognized in earlier periods. During 2025 and 2024, Kaplan recorded $70.0 million and $54.5 million, respectively, in fees from Purdue Global in its KHE operating results. KHE results improved in 2025 due to an increase in the Purdue Global fee recorded.

Supplemental Education includes Kaplan’s standardized test preparation programs and domestic professional and other continuing education businesses. Most of the program offerings in Supplemental Education experienced growth in 2025 leading to a 9% revenue increase. Operating results improved in 2025 due largely to revenue growth.

In the second and third quarters of 2025, the Company offered SIPs to certain employees at KHE and Supplemental Education, $2.0 million in related non-operating pension expense was recorded. In 2024, Kaplan offered SIPs to certain employees, primarily at Supplemental Education; $2.8 million in related non-operating pension expense was recorded.

Kaplan corporate and other represents unallocated expenses of Kaplan, Inc.’s corporate office, other minor businesses and certain shared activities.

In the fourth quarter of 2024, Kaplan recorded an intangible asset impairment charge of $22.9 million related to MPW, which is part of KI.

Television Broadcasting

A summary of television broadcasting’s operating results is as follows:



	Year Ended December 31
(in thousands)	2025		2024		% Change
Revenue	$	425,106	$	535,678	(21)
Operating Income	112,270		201,165		(44)

Graham Media Group, Inc. (GMG) owns seven television stations located in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA, as well as SocialNewsDesk, a provider of social media management tools designed to connect newsrooms with their users. Revenue at the television broadcasting division was down 21% to $425.1 million in 2025, from $535.7 million in 2024. The revenue decline is due to a $87.9 million decrease in political advertising revenue, a $10.3 million decrease in retransmission revenues and declines in local and digital advertising revenue. Operating income for 2025 was down 44% to $112.3 million, from $201.2 million in 2024, due to lower revenues, partially offset by lower overall costs. While per subscriber rates from cable, satellite and OTT providers have grown, overall cable and satellite subscribers are down due to cord cutting, resulting in retransmission revenue net of network fees in 2025 to decline compared with 2024, and this trend is expected to continue in the future. Operating margin at the television broadcasting division was 26% in 2025 and 38% in 2024.

In the second and third quarters of 2025, the Company offered SIPs to certain employees at the television broadcasting division, $0.1 million in related non-operating pension expense was recorded. In the second quarter of 2024, GMG offered a VRIP to certain employees; $14.3 million in related non-operating pension expense was recorded.

Healthcare

Healthcare division revenue in 2025 totaled $815.0 million, up 33% from $611.1 million in 2024. Healthcare reported operating income of $96.0 million for 2025, an increase from $50.9 million in 2024.

A summary of the healthcare division’s operating results is as follows:



	Year Ended December 31
(in thousands)	2025		2024		% Change
Revenue
CSI	$	465,508	$	299,598	55
Other Healthcare	349,541		311,511		12
	$	815,049	$	611,109	33
Operating Income
CSI	$	53,234	$	39,090	36
Other Healthcare	42,735		11,795		—
	$	95,969	$	50,885	89

The healthcare group provides nursing care and prescription services for patients receiving in-home infusion treatments through its 87.5% interest in CSI. In August 2025, CSI purchased Pine Drug Holdings, LLC and was issued a California pharmacy license, with dispensing operations commencing late in the fourth quarter of 2025. CSI revenue increased 55% in 2025 and operating results were up substantially from an expansion of infusion treatment offerings and patient service areas.

The healthcare group also provides home health and hospice services in seven states, and other healthcare services through Clarus (provides call management SaaS-based solution for physician groups and hospitals), Impact Medical (an allergy, asthma and immunology physician practice), Skin Clique (a concierge provider of aesthetics products and services) and Surpass Behavioral Health (provides therapy for autism patients). Revenue increased in other healthcare businesses by 12% in 2025 from growth in home health and hospice services and the other healthcare businesses. Operating results improved substantially at home health and hospice, and improved at all the other healthcare businesses; operating results also benefited from a reduction in pension expense.

In January 2022, Healthcare implemented a pension credit retention program offering a pension credit up to $50,000 per employee, cliff vested after three years of continuous employment for certain existing employees and new employees. Effective April 1, 2024, this program is no longer being offered to new employees.

In the third quarter of 2025, home health and hospice recorded $1.0 million of lease impairment charges.

The Company also holds interests in four home health and hospice joint ventures managed by Healthcare, whose results are included in equity in earnings of affiliates in the Company’s Consolidated Statements of Operations. In 2025 and 2024, the Company recorded equity in earnings of $13.6 million and $13.7 million, respectively, from these joint ventures.

Manufacturing

A summary of manufacturing’s operating results is as follows:



	Year Ended December 31
(in thousands)	2025		2024		% Change
Revenue	$	436,279	$	395,642	10
Operating Income	18,621		18,370		1

Manufacturing includes four businesses: Hoover, a supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications; Dekko, a manufacturer of electrical workspace solutions, architectural lighting and electrical components and assemblies; Joyce, a manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of Arconic Corporation (operating as Hoover Architectural Solutions), 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 $107.5 million in net pension obligations.

Manufacturing revenues increased 10% in 2025 due to increased revenues at Hoover, Dekko and Joyce, partially offset by lower revenues at Forney. The revenue increase at Hoover is due to the Arconic acquisition, partially offset by a decline in overall product demand. Revenues improved at Dekko due largely to sales growth for commercial office power and data products, and medical equipment assembly products. Overall, Hoover results included modest wood gains on inventory sales in 2025 and 2024. Manufacturing operating results improved slightly in 2025 due to substantially improved results at Dekko, along with a modest improvement at Joyce and Forney, partially offset by significant declines at Hoover. Hoover results in 2025 included significant transaction, transition and intangible asset amortization costs related to the Arconic transaction, along with a substantial decline in Hoover’s core fire-retardant wood product business from the continued sluggish multi-family housing market. Excluding costs related to the Arconic transaction, Hoover Architectural Solutions had positive operating results in the second half of 2025.

In the third quarter of 2025, the Company offered a SIP to certain employees at Joyce; $0.1 million in related non-operating pension expense was recorded. In the third and fourth quarters of 2024, Dekko offered SIPs to certain employees; $0.2 million in related non-operating pension expense was recorded.

Automotive

A summary of automotive’s operating results is as follows:



	Year Ended December 31
(in thousands)	2025		2024		% Change
Revenue	$	1,133,153	$	1,200,477	(6)
Operating Income	17,380		38,015		(54)

Automotive includes eight automotive dealerships in the Washington, D.C. metropolitan area and Richmond, VA: Ourisman Lexus of Rockville, Ourisman Honda of Tysons Corner, Ourisman Ford of Manassas, Toyota of Woodbridge, Ourisman Chrysler-Dodge-Jeep-Ram (CDJR) of Woodbridge, Ourisman Toyota of Richmond, and Ourisman Kia of Bethesda. In addition, on October 21, 2025, the Company acquired a Honda automotive dealership in Woodbridge, VA, including the real property for the dealership operations. Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships, and his team of industry professionals operates and manages the dealerships; the Company holds a 90% stake.

The Company recently decided to cease operations of the Ourisman Jeep of Bethesda dealership, which was closed in early September 2025. As a result, the Company recorded a $0.6 million intangible asset impairment charge on the related franchise agreement in the third quarter of 2025. In addition, as a result of underperformance at the CDJR automotive dealership from a continued decline in revenues, the Company recorded a $10.1 million intangible asset impairment charge in the fourth quarter of 2025.

Revenues for 2025 decreased 6% due to the closure of the Ourisman Jeep of Bethesda dealership in September 2025, and declines in new and used vehicle sales and sales of finance and insurance products offerings. The decline was partially offset by the Honda of Woodbridge acquisition as well as sales growth for services and parts. Operating results for 2025 declined due to lower overall sales and gross margins on new and used vehicles and a decline in finance and insurance product sales, partially offset by higher overall gross profit on services and parts.

Other Businesses

In the first half of 2025, the Company completed the sale of various websites and related businesses of World of Good Brands (WGB). All remaining WGB operations were substantially shut down by the end of the third quarter of 2025. WGB recorded various asset write-offs and incurred other costs in the second and third quarters of 2025 related to these actions.

A summary of revenue by category for other businesses:


	Year Ended December 31
(in thousands)	2025		2024		% Change
Operating Revenues
Specialty (1)	$	163,669	$	153,651	7
Retail (2)	118,100		110,286		7
Media (3)	75,891		92,583		(18)
	$	357,660	$	356,520	0

____________


(1)			Includes Clyde’s Restaurant Group, Decile and Supporting Cast
(2)			Includes Framebridge, Saatchi Art and Society6
(3)			Includes Slate, Foreign Policy, Code3, WGB and City Cast

Overall, revenue from other businesses increased slightly in 2025. Specialty revenue increased due to revenue growth at CRG and Supporting Cast. Retail revenue increased due to revenue growth at Framebridge and Saatchi Art, partially offset by lower revenue at Society6. Media revenue declined due to lower revenue at WGB, Slate, and Code3, partially offset by revenue growth at Foreign Policy and City Cast.

Overall, operating results at other businesses improved in 2025 due largely to $26.3 million in goodwill and intangible asset impairment charges at WGB in 2024. Excluding these impairment charges, operating losses in 2025 were modestly lower than the prior year.

Clyde’s Restaurant Group

CRG owns and operates 14 restaurants and entertainment venues in the Washington, D.C. metropolitan area, including Old Ebbitt Grill and The Hamilton. In July 2024, CRG opened Rye Street Tavern, a new restaurant in Baltimore, MD. In November 2024, CRG opened Cordelia Fishbar, a new restaurant in Washington, D.C. Revenue increased in 2025 due to the new restaurant openings and modest price increases, partially offset by softer demand and lower guest traffic at the D.C. restaurants in the second half of 2025. CRG reported an operating profit in 2025 and 2024, with operating results improved in 2025; pre-opening expenses incurred for new restaurants were lower in 2025.

CRG plans to open a new restaurant in Reston, VA in the second quarter of 2026, as well as a Clyde’s at Dulles International Airport under a licensing agreement later in 2026.

Framebridge

Framebridge is a custom framing service company, headquartered in the Washington, D.C. area, with 44 retail locations and four manufacturing facilities in Kentucky, Virginia and Nevada (opened in the third quarter of 2025). Framebridge opened 13 new stores in 2025, including six new stores in California, and continues to actively explore opportunities for further store expansion. Revenues grew in 2025 due to an increase in retail revenue from same-store sales growth and operating additional retail stores compared to 2024, as well as higher online revenues, particularly during the holiday season. Framebridge is an investment stage business and reported significant operating losses in 2025 and 2024, and operating losses at Framebridge in 2025 were higher than in 2024. Framebridge operating results include ongoing expansion investments from new retail store openings and the new manufacturing facility in Nevada.

In the first and second quarters of 2024, Framebridge offered a SIP; $1.4 million in related non-operating pension expense was recorded.

Other

Other businesses also include Code3, a performance marketing agency focused on driving performance for brands through three core elements of digital success: media, creative and commerce; Slate and Foreign Policy, which publish online and print magazines and websites; Saatchi Art and Society6, which offer art and designs of various consumer products; and three investment stage businesses, Decile, City Cast and Supporting Cast. Foreign Policy, Supporting Cast, City Cast, and Saatchi Art reported revenue growth in 2025, while WGB, Society6, Slate and Code3 reported revenue declines. Losses from Society6, WGB, City Cast, Saatchi Art, Decile, Slate and Supporting Cast in 2025 adversely affected operating results, while Foreign Policy reported an operating profit and Code3

reported break-even results. In the second quarter of 2024, the Company recorded $26.3 million in goodwill and intangible asset impairment charges at WGB. Excluding the impairment charge, operating results in 2025 improved at Society6, Decile, Code3, Foreign Policy, Supporting Cast and Saatchi Art, with declines at Slate and increased losses at City Cast.

In 2025, the Company offered SIPs to certain employees at Code3, Saatchi Art, Society6, WGB and Decile; $7.0 million in related non-operating pension expense was recorded. In 2024, the Company offered SIPs to certain employees at Code3, Decile, Slate, Society6, Saatchi Art and WGB to reduce the number of employees; $1.8 million in related non-operating pension expense was recorded.

Corporate Office

Corporate office includes the expenses of the Company’s corporate office and certain continuing obligations related to prior business dispositions. Corporate office expenses were up in 2025 due to increased incentive compensation and employee healthcare costs, higher professional fees incurred related to transactions, and increased information technology costs.

Equity in Earnings (Losses) of Affiliates

At December 31, 2025, the Company held an approximate 25% interest in Intersection Holdings, LLC (Intersection), a company that provides digital marketing and advertising services and products for cities, transit systems, airports, and other public and private spaces; and a 41.4% interest in Realm on a fully diluted basis. The Company also holds interests in several other affiliates, including a number of home health and hospice joint ventures managed by GHG and a joint venture managed by Kaplan. Overall, the Company recorded equity in earnings of affiliates of $16.4 million for 2025, compared to losses of $3.3 million for 2024. These amounts include $16.7 million and $3.5 million in net losses for 2025 and 2024, respectively, from affiliates whose operations are not managed by the Company. The 2025 amount also includes a gain of $18.6 million in equity earnings related to the Company’s investment in Intersection. The 2024 amount also includes a $14.4 million impairment loss on the Company’s investment in N2K Networks.

Net Interest Expense and Related Balances

On November 24, 2025, the Company issued $500 million of 5.625% unsecured eight-year fixed-rate notes due December 1, 2033. 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% 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.

The Company incurred net interest expense of $110.5 million in 2025, compared to $176.3 million in 2024. The Company recorded net interest expense of $54.5 million and $119.3 million in 2025 and 2024, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest at GHG. The significant adjustments recorded in 2025 and 2024 are largely related to a substantial increase in the estimated fair value of CSI. 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 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.

Excluding these adjustments, the net interest expense was down slightly in 2025 compared to 2024.

At December 31, 2025, the Company had $880.8 million in borrowings outstanding at an average interest rate of 5.7%, and cash, marketable equity securities and other investments of $1,400.4 million. At December 31, 2025, the Company had $222.5 million outstanding on its $400 million revolving credit facility. At December 31, 2024, the Company had $748.2 million in borrowings outstanding at an average interest rate of 6.0%, and cash, marketable equity securities and other investments of $1,156.6 million.

Non-Operating Pension and Postretirement Benefit Income, Net

The Company recorded net non-operating pension and postretirement benefit income of $127.5 million in 2025, compared to $794.9 million in 2024.

In the third quarter of 2025, the Company recorded $2.5 million in expenses related to non-operating SIPs at Kaplan, the television broadcasting division, manufacturing, the corporate office and other businesses. In the second quarter of 2025, the Company recorded $6.0 million in expenses related to non-operating SIPs at the education and television broadcasting divisions and other businesses. In the first quarter of 2025, the Company

recorded $0.6 million in expenses related to non-operating SIPs at other businesses. The SIPs were funded by the assets of the Company’s pension plan.

In the fourth quarter of 2024, the Company recorded a pre-tax, noncash settlement gain of $653.4 million in connection with the purchase of an irrevocable group annuity contract from an insurance company.

Also in the fourth quarter of 2024, the Company recorded $0.5 million in expenses related to non-operating SIPs at Kaplan, manufacturing and other businesses. In the third quarter of 2024, the Company recorded $3.7 million in expenses related to non-operating SIPs at Kaplan, manufacturing and other businesses. In the second quarter of 2024, the Company recorded $14.8 million in expenses related to a VRIP at the television broadcasting division and the corporate office and $1.6 million in expenses related to non-operating SIPs at other businesses. In the first quarter of 2024, the Company recorded $0.4 million in expenses related to a non-operating SIP at other businesses. The SIPs and VRIP were funded by the assets of the Company’s pension plan.

Gain on Marketable Equity Securities, Net

The Company recognized $200.2 million in net gains on marketable equity securities in 2025 compared to $181.3 million in 2024.

Other Non-Operating (Expense) Income

The Company recorded total other non-operating expense, net, of $18.9 million in 2025, compared to income of $12.5 million in 2024. The 2025 amounts included $14.7 million in impairments on cost method investments and $10.1 million in foreign currency losses, partially offset by $4.7 million in gains on sales of cost method investments and other items. The 2024 amounts included gains of $7.2 million on the sales of certain businesses and websites; $5.4 million in foreign currency gains; $0.9 million in gains related to sale of businesses and contingent consideration, and other items; partially offset by $1.5 million in net fair value decreases on cost method investments and $0.7 million in impairments on cost method investments.

Provision for Income Taxes

The Company’s effective tax rates for 2025 and 2024 were 32.6% and 28.5%, respectively. The Company’s effective tax rate in 2025 and 2024 was unfavorably impacted by permanent differences related to the interest expense recorded to adjust the fair value of the mandatorily redeemable noncontrolling interest at the healthcare division and the goodwill and intangible asset impairment charges. In addition, the 2025 effective tax rate was unfavorably impacted by a $9.9 million deferred tax adjustment arising from a change in the estimated deferred state income tax rate attributable to the apportionment formula used in the calculation of deferred taxes related to the Company’s pension and other postretirement plans. Excluding the impact of these items, the overall income tax rates for 2025 and 2024 were 27.6% and 25.8%, respectively.

Earnings Per Share

The calculation of diluted earnings per share for the 2025 was based on 4,372,606 weighted average shares outstanding, compared to 4,404,807 for 2024. At December 31, 2025, there were 4,360,943 shares outstanding.

FINANCIAL CONDITION: LIQUIDITY AND CAPITAL RESOURCES

The Company considers the following when assessing its liquidity and capital resources:


	As of December 31
(In thousands)	2025		2024
Cash and cash equivalents	$	266,988	$	260,852
Restricted cash	44,417		37,001
Investments in marketable equity securities and other investments	1,088,970		858,743
Total debt	880,756		748,192

Cash generated by operations is the Company’s primary source of liquidity. The Company maintains investments in a portfolio of marketable equity securities, which is considered when assessing the Company’s sources of liquidity. An additional source of liquidity includes the undrawn portion of the Company’s $400 million revolving credit facility, amounting to $177.5 million at December 31, 2025.

During 2025, the Company’s cash and cash equivalents increased by $6.1 million, due to cash generated from operations and net borrowings from new debt, which was partially offset by the settlement of a significant portion of the mandatorily redeemable noncontrolling interest, capital expenditures, business acquisitions, purchases of marketable equity securities, investments in equity affiliates, dividend payments, and net repayments of the vehicle floor plan payable. In 2025, the Company’s borrowings increased by $132.6 million, primarily due to the issuance of

$500 million senior unsecured eight-year fixed-rate notes, additional borrowings under the revolving credit facility, and new term loans at the automotive subsidiary, offset by repayment of the outstanding $400 million unsecured senior fixed-rate notes and the term loan.

As of December 31, 2025 and 2024, the Company had money market investments of $5.3 million and $3.9 million, respectively, that were included in cash and cash equivalents. At December 31, 2025, the Company held approximately $191 million in cash and cash equivalents in businesses domiciled outside the U.S., of which approximately $6 million is not available for immediate use in operations or for distribution. Additionally, Kaplan’s business operations outside the U.S. retain cash balances to support ongoing working capital requirements, capital expenditures, and regulatory requirements. As a result, the Company considers a significant portion of the cash and cash equivalents balance held outside the U.S. as not readily available for use in U.S. operations.

At December 31, 2025, the fair value of the Company’s investments in marketable equity securities was $1,081.9 million, which includes investments in the common stock of five publicly traded companies. The Company purchased $29.8 million of marketable equity securities during 2025. There were no sales of marketable equity securities during 2025. At December 31, 2025, the net unrealized gain related to the Company’s investments totaled $825.0 million.

The Company had working capital of $1,042.5 million and $898.8 million at December 31, 2025 and 2024, respectively. The Company maintains working capital levels consistent with its underlying business requirements and consistently generates cash from operations in excess of required interest or principal payments.

At December 31, 2025 and 2024, the Company had borrowings outstanding of $880.8 million and $748.2 million, respectively. The Company’s borrowings at December 31, 2025 were mostly from $500.0 million of 5.625% unsecured notes due December 1, 2033, $222.5 million in outstanding borrowings under the Company’s revolving credit facility, and real estate and capital term loans of $155.9 million at the automotive subsidiary. The Company’s borrowings at December 31, 2024 were mostly from $400.0 million of 5.75% unsecured notes due June 1, 2026, $62.8 million in outstanding borrowings under the Company’s revolving credit facility, a term loan of $140.1 million, and real estate and capital term loans of $127.6 million at the automotive subsidiary.

On November 24, 2025, the Company issued $500 million of senior unsecured fixed-rate notes due December 1, 2033 (the Notes). The Notes are guaranteed, jointly and severally, on a senior unsecured basis, by certain of the Company's existing and future domestic subsidiaries, as described in the terms of the indenture, dated as of November 24, 2025 (the Indenture). The Notes have a coupon rate of 5.625% per annum, payable semi-annually on June 1 and December 1 of each year, beginning on June 1, 2026. The Company may redeem the Notes in whole or in part at any time at the respective redemption prices described in the Indenture.

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.

The Company used the net proceeds from the sale of the Notes, together with borrowings under the new revolving credit facility, 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 September 26, 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank that includes a delayed draw term loan under which the proceeds may be used to (i) finance the acquisition of automobile dealerships (delayed draw capital loan), and (ii) finance the acquisition of real estate (delayed draw real estate loan). The delayed draw term loan bears interest at variable rates based on Secured Overnight Financing Rate (SOFR) plus an applicable margin based on the type of delayed draw term loan requested. On September 24, 2025, the Company executed an amendment to extend the delayed draw term loan availability to November 10, 2025. 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. The real estate term loan is payable in monthly installments of $0.4 million and bears interest at variable rates based on SOFR plus 1.75% per annum, and the capital term loan is payable in monthly installments of $0.7 million and bears interest at variable rates based on SOFR plus an applicable margin.

During 2025 and 2024, the Company had average borrowings outstanding of approximately $834.2 million and $804.7 million, respectively, at average annual interest rates of approximately 6.0% and 6.3%, respectively. The Company incurred net interest expense of $110.5 million and $176.3 million, respectively, during 2025 and 2024. Included in the 2025 and 2024 interest expense is $54.5 million and $119.3 million, respectively, to adjust the fair value of the mandatorily redeemable noncontrolling interest (see Note 11).

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, 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 was $8.4 million at December 31, 2025.

On November 12, 2025, Moody’s affirmed the Company’s credit rating and maintained the outlook as Stable. Also on November 12, 2025, Standard & Poor’s affirmed the Company’s credit rating and maintained the outlook as Stable.

The Company’s current credit ratings are as follows:


	Moody’s	Standard & Poor’s
Long-term	Ba1	BB
Outlook	Stable	Stable

The Company expects to fund its estimated capital needs primarily through existing cash balances and internally generated funds, and, as needed, from borrowings under its revolving credit facility. As of December 31, 2025, the Company had $222.5 million outstanding under the $400 million revolving credit facility. In management’s opinion, the Company will have sufficient financial resources to meet its business requirements in the next 12 months, including working capital requirements, capital expenditures, interest payments, potential acquisitions and strategic investments, dividends and stock repurchases.

In summary, the Company’s cash flows for each period were as follows:


	Year Ended December 31
(In thousands)	2025		2024		2023
Net cash provided by operating activities	$	347,185	$	406,988	$	259,875
Net cash used in investing activities	(179,441)		(62,330)		(152,975)
Net cash used in financing activities	(165,477)		(240,967)		(99,835)
Effect of currency exchange rate change	11,285		(7,729)		4,394
Net increase in cash and cash equivalents and restricted cash	$	13,552	$	95,962	$	11,459

Operating Activities. Cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. The Company’s net cash flow provided by operating activities were as follows:


	Year Ended December 31
(In thousands)	2025		2024		2023
Net Income	$	303,267	$	732,610	$	211,704
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairments	124,741		173,987		235,169
Amortization of lease right-of-use asset	59,749		63,253		67,734
Net pension benefit, settlement gain and early retirement and special separation benefit expense	(83,771)		(740,152)		(101,398)

Other non-cash activities	(81,039)		65,949		(84,399)
Change in operating assets and liabilities	24,238		111,341		(68,935)
Net Cash Provided by Operating Activities	$	347,185	$	406,988	$	259,875

Net cash provided by operating activities consists primarily of cash receipts from customers, less disbursements for costs, benefits, income taxes, interest and other expenses.

For 2025 compared to 2024, the decrease in net cash provided by operating activities is primarily due to changes in operating assets and liabilities, partially offset by higher net income, net of non-cash adjustments. Changes in operating assets and liabilities were driven by an increase in the value of the mandatorily redeemable noncontrolling interest and lower purchases of inventory, partially offset by lower collections from customers. The increase in the value of the mandatorily redeemable noncontrolling interest in 2025 was $64.8 million lower than the corresponding increase in 2024. The change in non-cash activities is largely the result of a significant decrease in the provision for deferred income taxes.

For 2024 compared to 2023, the increase in net cash provided by operating activities is primarily due to changes in operating assets and liabilities, partially offset by lower net income, net of non-cash adjustments. Changes in operating assets and liabilities were driven by a significant increase in the value of the mandatorily redeemable noncontrolling interest and lower purchases of inventory. The change in non-cash activities is largely the result of a significant increase in the provision for deferred income taxes, partially offset by fluctuations in the share prices of the Company’s investments in marketable equity securities with larger gains in 2024 compared to 2023.

Investing Activities. The Company’s net cash flow used in investing activities were as follows:


	Year Ended December 31
(In thousands)	2025		2024		2023
Purchases of property, plant and equipment	$	(71,881)	$	(82,912)	$	(93,447)
Investments in certain businesses, net of cash acquired	(71,235)		(4,118)		(78,149)
Investments in equity affiliates and cost method investments	(39,575)		(4,554)		(14,050)
Net (purchases of) proceeds from sales of marketable equity securities	(29,823)		18,524		55,817
Net proceeds from sales of businesses, property, plant and equipment, investments and other assets	26,163		8,387		4,294
Loan to related party	—		(2,000)		(30,000)
Other	6,910		4,343		2,560
Net Cash Used in Investing Activities	$	(179,441)	$	(62,330)	$	(152,975)

Capital Expenditures. The amounts reflected in the Company’s Statements of Cash Flows are based on cash payments made during the relevant periods, whereas the Company’s capital expenditures for 2025, 2024 and 2023 disclosed in Note 19 to the Consolidated Financial Statements include assets acquired during the year. The Company estimates that its capital expenditures will be in the range of $90 million to $100 million in 2026.

Acquisitions. During 2025, the Company acquired five businesses: one small business in supplemental education, two small businesses 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. 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. 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.

During 2024, the Company acquired two small businesses. During 2023, the Company acquired five businesses: one in automotive, three small businesses in other healthcare businesses and one in other businesses for $83.3 million in cash and contingent consideration and the assumption of floor plan payables. In September 2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $2.2 million in floor plan payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition.

Transactions with Related Parties. In September 2025, the Company invested an additional $29.3 million in its equity affiliate Intersection. Intersection used a portion of the additional investment to settle, in a non-cash exchange, $19.3 million of the outstanding amount owed to the Company on the $30 million term loan extended in April 2023. In November 2025, the Company invested an additional $28.7 million in Intersection. In December 2025, Intersection repaid the $5.0 million remaining outstanding balance on the term loan. 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. During 2023, the Company made additional investments in Intersection and Realm.

Net (Purchases of) Proceeds from Sales of Marketable Equity Securities. The Company purchased $29.8 million, $5.0 million, and $4.6 million of marketable equity securities during 2025, 2024 and 2023, respectively. There were no sales of marketable equity securities during 2025. During 2024 and 2023, the Company sold marketable securities that generated proceeds of $23.5 million and $62.0 million, respectively.

Disposition of Businesses and Investments. In 2025, the Company received proceeds from the sale of a cost method investment. In April 2025, Kaplan completed the sale of a small business, BridgeU Limited, which was included in KI. In 2024 and the first half of 2025, WGB completed the sale of various websites and related businesses that made up the WGB operations. All remaining WGB operations were substantially shut down by the end of the third quarter of 2025. In July 2024, Kaplan completed the sale of a small business, Red Marker, which was included in KI.

Financing Activities. The Company’s net cash flow used in financing activities were as follows:


	Year Ended December 31
(In thousands)	2025		2024		2023
Distributions paid to noncontrolling interests	$	(191,895)	$	(6,116)	$	(5,306)
Net borrowing (payments) under revolving credit facilities	151,855		(35,756)		(104,244)
Net (repayments of) proceeds from vehicle floor plan payable	(33,864)		(416)		73,732
(Repayments) issuance of borrowings, net	(19,190)		(27,637)		171,643
Dividends paid	(31,360)		(30,347)		(30,953)
Common shares repurchased	(3,468)		(114,101)		(193,160)
Other	(37,555)		(26,594)		(11,547)
Net Cash Used in Financing Activities	$	(165,477)	$	(240,967)	$	(99,835)

Distributions paid to noncontrolling interests. 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, 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.

Borrowings and Vehicle Floor Plan Payable. In 2025, the Company issued $500 million senior unsecured fixed rate notes due December 1, 2033 at a coupon rate of 5.625%. In combination with the issuance of the notes, the Company amended and restated its revolving credit facility to increase the borrowing capacity to $400 million and extend the maturity to November 24, 2030. 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% 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. Also in 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 2024, the Company repaid amounts borrowed under the $300 million revolving credit facility, term loan and commercial notes at the automotive subsidiary.

In September 2023, the Company’s automotive subsidiary entered into a credit agreement with Truist Bank which includes (i) a $75.2 million real estate term loan, (ii) a $65.0 million capital term loan, (iii) a $50.0 million delayed draw term loan, and (iv) establishment of a revolving floor plan credit facility. The automotive subsidiary used the net proceeds from the real estate and capital term loans to acquire an automotive dealership, including the real property for the dealership operations, and to repay the outstanding balances of the commercial notes maturing in 2031 and 2032. On July 28, 2023, the Company entered into a $150 million term loan and used the proceeds to repay the U.S. dollar borrowings of the $300 million revolving credit facility.

In 2025, 2024, and 2023, the Company used vehicle floor plan financing to fund the purchase of new, used and service loaner vehicles at its automotive subsidiary. The (repayments of) proceeds from the vehicle floor plan payable fluctuates with changes in the amount of vehicle inventory held by the automotive dealerships.

Dividends. The annual dividend rate per share was $7.20, $6.88 and $6.60 in 2025, 2024 and 2023, respectively. The Company expects to pay a dividend of $7.52 per share in 2026.

Common Stock Repurchases. During 2025, the Company purchased a total of 3,978 shares of its Class B common stock at a cost of approximately $3.5 million resulting from the net settlement of stock awards upon vesting. During 2024 and 2023, the Company purchased a total of 152,948 and 325,134 shares, respectively, of its Class B common stock at a cost of approximately $115.2 million and $195.0 million, respectively, including commissions and accrued excise tax of $1.1 million and $1.8 million, respectively. On September 12, 2024, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock. The Company did not announce a ceiling price or time limit for the purchases. At December 31, 2025, the Company had remaining authorization from the Board of Directors to purchase up to 462,482 shares of Class B common stock.

Other. In 2025, 2024 and 2023, the Company paid $7.0 million, $5.4 million and $5.3 million, respectively, related to contingent consideration and deferred payments from prior acquisitions. In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. The Company paid cash of $5.0 million and entered into a promissory note with the minority owners for the remaining $15.0 million.

Contractual Obligations. The following reflects a summary of the Company’s contractual obligations as of December 31, 2025:


(in thousands)	2026		2027		2028		2029		2030		Thereafter		Total
Debt and interest	$	69,505	$	62,526	$	176,196	$	39,500	$	261,018	$	584,375	$	1,193,120
Finance leases	17,623		4,896		2,319		80		55		—		24,973
Operating leases	107,454		79,378		66,239		57,225		43,532		262,631		616,459
Television broadcasting commitments (1)	50,650		19,218		10,849		544		60		—		81,321
IT software and services	44,680		28,738		8,888		1,431		1,292		—		85,029
Other purchase obligations (2)	29,454		4,513		4,346		1,109		1,090		—		40,512
Long-term liabilities (3)	2,149		2,143		2,128		2,119		1,639		757		10,935
Total	$	321,515	$	201,412	$	270,965	$	102,008	$	308,686	$	847,763	$	2,052,349

___________________


(1)			Includes network fees, employment agreements and programming purchase commitments for the Company’s television broadcasting business.
(2)			Includes purchase obligations related to capital projects and other legally binding commitments. Other purchase orders made in the ordinary course of business are excluded from the table above. Any amounts for which the Company is liable under purchase orders are reflected in the Company’s Consolidated Balance Sheets as accounts payable and accrued liabilities.
(3)			Primarily made up of multiemployer pension plan withdrawal obligations and postretirement benefit obligations other than pensions. The Company has other long-term liabilities excluded from the table above, including obligations for deferred compensation, long-term incentive plans, long-term deferred revenue and mandatorily redeemable noncontrolling interest.

Other. The Company does not have any off-balance-sheet arrangements or financing activities with special-purpose entities.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and judgments that affect the amounts reported in the financial statements. On an ongoing basis, the Company evaluates its estimates and assumptions. The Company bases its estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

An accounting policy is considered critical if it is important to the Company’s financial condition and results and if it requires management’s most difficult, subjective and complex judgments in its application. For a summary of all of the Company’s significant accounting policies, see Note 2 to the Company’s Consolidated Financial Statements.

Revenue Recognition, Trade Accounts Receivable and Allowance for Credit Losses. Education revenue is primarily derived from postsecondary education services, professional education and test preparation services. Revenue, net of any refunds, corporate discounts, scholarships and employee tuition discounts, is recognized ratably over the instruction period or access period for higher education and supplemental education services.

At KI and Kaplan Supplemental Education, estimates of average student course length are developed for each course, along with estimates for the anticipated level of student drops and refunds from test performance guarantees, and these estimates are evaluated on an ongoing basis and adjusted as necessary. As Kaplan’s businesses and related course offerings have changed, including more online programs, the complexity and significance of management’s estimates have increased.

KHE provides non-academic operations support services to Purdue Global pursuant to a TOSA, which includes technology support, helpdesk functions, human resources support for faculty and employees, admissions support, financial aid administration, advertising, back-office business functions, and certain student recruitment services. KHE is not entitled to receive any reimbursement of costs incurred in providing support services, or any fee, unless and until Purdue Global has first covered all of its academic costs (subject to a cap) and, if applicable, received payment for cost efficiencies. KHE will receive reimbursement for its operating costs of providing the support services after payment of Purdue Global’s operating costs and cost efficiency payments. If there are sufficient revenues, KHE may be entitled to a cost efficiency payment, if any, and an additional fee equal to 12.5% of Purdue Global’s revenue. Subject to certain limitations, a portion of the fee that is earned by KHE in one year may be carried over to subsequent years for payment to Kaplan.

The support fee and reimbursement for KHE support costs are entirely dependent on the availability of cash at the end of Purdue Global’s fiscal year (June 30), and therefore, all consideration in the contract is variable. The Company uses significant judgment to forecast the operating results of Purdue Global, the availability of cash at the end of each fiscal year, and the consideration it expects to receive from Purdue Global annually. Key assumptions used in the forecast model include student census and degree enrollment data, Purdue Global and KHE expenses,

changes to working capital, contractually stipulated minimum payments, and lead conversion rates. The forecast is updated as uncertainties are resolved. The Company reviews and updates the assumptions regularly, as a significant change in one or more of these estimates could affect the revenue recognized. Changes to the estimated variable consideration were not material for the year ended December 31, 2025.

A KI business has a contract with an examination body through August 2029 comprised of two performance obligations, one to build and create a professional exam and another to manage the delivery of that exam to qualified candidates. The first obligation was completed in 2021. The second obligation began after the first obligation was completed and is expected to continue through the end of the contract term. Revenues are recognized for both of these obligations by allocating the transaction price based on forecasted financial results and the use of a market-based profit margin applied to costs incurred during the financial reporting period. This profit margin, determined at contract inception, is different for each obligation as a result of the different value created by each distinct obligation. The forecast, including key assumptions such as expected candidate volumes and related exam-management expenses, is updated as future uncertainties are resolved, which may result in changes to the transaction price. The Company reviews and updates the assumptions regularly, as a significant change in one or more of these estimates could affect revenue recognized. Changes to the estimated variable consideration were not material for the year ended December 31, 2025.

The determination of whether revenue should be reported on a gross or net basis is based on an assessment of whether the Company acts as a principal or an agent in the transaction. In certain cases, the Company is considered the agent, and the Company records revenue equal to the net amount retained when the fee is earned. In these cases, costs incurred with third-party suppliers are excluded from the Company’s revenue. The Company assesses whether it obtained control of the specified goods or services before they are transferred to the customer as part of this assessment. In addition, the Company considers other indicators such as the party primarily responsible for fulfillment, inventory risk and discretion in establishing price.

Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated with the receivables. This estimated allowance is based on historical write-offs, current macroeconomic conditions, reasonable and supportable forecasts of future economic conditions and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency.

Goodwill and Other Intangible Assets. The Company has a significant amount of goodwill and indefinite-lived intangible assets that are reviewed at least annually for possible impairment.


	As of December 31
(in millions)	2025			2024
Goodwill and indefinite-lived intangible assets	$	1,756.5		$	1,664.4
Total assets	8,395.7			7,677.2
Percentage of goodwill and indefinite-lived intangible assets to total assets	21		%	22		%

The Company performs its annual goodwill and intangible assets impairment test as of November 30. Goodwill and other intangible assets are reviewed for possible impairment between annual tests if an event occurred or circumstances changed that would more likely than not reduce the fair value of the reporting unit or other intangible assets below its carrying value.

Goodwill

The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially performs an assessment of qualitative factors to determine if it is necessary to perform a quantitative goodwill impairment test. The Company quantitatively tests goodwill for impairment if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, or if it decides to bypass the qualitative assessment. The quantitative goodwill impairment test compares the estimated fair value of a reporting unit with its carrying amount, including goodwill. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value.

The Company had 25 reporting units as of December 31, 2025. The reporting units with significant goodwill balances as of December 31, 2025, were as follows, representing 92% of the total goodwill of the Company:


(in millions)	Goodwill
Education
Kaplan international	$	614.1
Higher education	63.2


Supplemental education	172.8
Television broadcasting	190.8
CSI	87.1
Automotive	140.8

Hoover	128.9
Framebridge	60.9

Total	$	1,458.6

As of November 30, 2025, in connection with the Company’s annual impairment testing, the Company decided to perform the quantitative goodwill impairment process at all of the reporting units. The Company’s policy requires the performance of a quantitative impairment review of the goodwill at least once every three years. The Company used a discounted cash flow model, and, where appropriate, a market value approach was also utilized to supplement the discounted cash flow model to determine the estimated fair value of its reporting units. The Company made estimates and assumptions regarding future cash flows, discount rates, long-term growth rates and market values to determine each reporting unit’s estimated fair value. The methodology used to estimate the fair value of the Company’s reporting units on November 30, 2025, was consistent with the one used during the 2024 annual goodwill impairment test.

The Company made changes to certain of its assumptions utilized in the discounted cash flow models for 2025 compared with the prior year to take into account changes in the economic environment, regulations and their impact on the Company’s businesses. The key assumptions used by the Company were as follows:

•Expected cash flows underlying the Company’s business plans for the periods 2026 through 2030 were used. The Company used expected cash flows for the periods 2026 through 2031 and 2026 through 2035 for the Framebridge and Hoover reporting units, respectively. The expected cash flows took into account historical growth rates, the effect of the changed economic outlook at the Company’s businesses, industry challenges and an estimate for the possible impact of any applicable regulations.

•Cash flows beyond the forecasted years were projected to grow at a long-term growth rate, which the Company estimated between 1.5% and 3% for each reporting unit.

•The Company used a discount rate of 9% to 25% to risk adjust the cash flow projections in determining the estimated fair value.

The fair value of each of the reporting units exceeded its respective carrying value as of November 30, 2025.

The estimated fair value of the Framebridge reporting unit exceeded its carrying values by a margin of less than 20%. The total goodwill at the Framebridge reporting unit was $60.9 million as of December 31, 2025, or 4% of the total goodwill of the Company. There exists a reasonable possibility that a decrease in the assumed projected cash flows or long-term growth rate, or an increase in the discount rate assumption used in the discounted cash flow model of this reporting unit, could result in a possible impairment charge.

The estimated fair value of the Company’s other reporting units with significant goodwill balances exceeded their respective carrying values by a margin in excess of 40%. It is possible that impairment charges could occur in the future, as changes in market conditions and the inherent variability in projecting future operating performance could result in adverse changes in projections for future operating results or other key assumptions, such as projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates and could lead to additional future impairments, which could be material.

Indefinite-Lived Intangible Assets

The Company’s intangible assets with an indefinite life are principally from franchise rights, trade names and FCC licenses. The Company initially assesses qualitative factors to determine if it is more likely than not that the fair value of its indefinite-lived intangible assets is less than its carrying value. The Company compares the fair value of the indefinite-lived intangible asset with its carrying value if the qualitative factors indicate it is more likely than not that the fair value of the asset is less than its carrying value or if it decides to bypass the qualitative assessment. The Company records an impairment loss if the carrying value of the indefinite-lived intangible assets exceeds the fair value of the assets for the difference in the values. The Company uses a discounted cash flow model, and, in

certain cases, a market value approach is also utilized to supplement the discounted cash flow model to determine the estimated fair value of the indefinite-lived intangible assets. The Company makes estimates and assumptions regarding future cash flows, discount rates, long-term growth rates and other market values to determine the estimated fair value of the indefinite-lived intangible assets. The Company’s policy requires the performance of a quantitative impairment review of the indefinite-lived intangible assets at least once every three years.

In conjunction with the Company’s annual impairment review, as a result of underperformance at the CDJR automotive dealership from a continued decline in revenues, the Company recorded an indefinite-lived intangible asset impairment charge of $10.1 million. The Company estimated the fair value of the franchise right by utilizing the excess earnings method under a discounted cash flow model. The carrying value of the CDJR franchise right indefinite-lived intangible asset exceeded its estimated fair value, resulting in an indefinite-lived intangible asset impairment charge. CDJR automotive dealership is included in Automotive.

With the exception of the CDJR franchise right indefinite-lived intangible asset, the fair value of all the indefinite-lived intangible assets exceeded their respective carrying values as of November 30, 2025. The estimated fair values of indefinite-lived intangible assets with a total carrying value of $37.3 million exceeded their carrying value by a margin of less than 10%. There exists a reasonable possibility that impairment charges could occur in the future, as changes in market conditions and the inherent variability in projecting future operating performance could result in adverse changes in projections for future operating results or other key assumptions, such as projected revenue, profit margin, capital expenditures or cash flows associated with fair value estimates and could lead to future impairments, which could be material.

Pension Costs. The Company sponsors a defined benefit pension plan for eligible employees in the U.S. Excluding curtailment gains, settlement gains and special termination benefits, the Company’s net pension credit was $93.0 million, $107.7 million and $111.3 million for 2025, 2024 and 2023, respectively. The Company’s pension benefit obligation and related credits are actuarially determined and are significantly impacted by the Company’s assumptions related to future events, including the discount rate, expected return on plan assets and rate of compensation increases. The Company evaluates these critical assumptions at least annually and, periodically, evaluates other assumptions involving demographic factors, such as retirement age, mortality and turnover, and updates them to reflect its experience and expectations for the future. Actual results in any given year will often differ from actuarial assumptions because of economic and other factors.

The Company assumed a 6.25% expected return on plan assets for 2025, 2024 and 2023. The Company’s actual return on plan assets was 16.9% in 2025, 19.1% in 2024 and 23.2% in 2023. The 10-year and 20-year actual returns on plan assets on an annual basis were 11.2% and 10.0%, respectively.

Accumulated and projected benefit obligations are measured as the present value of future cash payments. The Company discounts those cash payments using the weighted average of market-observed yields for high-quality fixed-income securities with maturities that correspond to the payment of benefits. Lower discount rates increase present values and generally increase subsequent-year pension costs; higher discount rates decrease present values and decrease subsequent-year pension costs. The Company’s discount rate at December 31, 2025, 2024 and 2023, was 5.6%, 5.8% and 5.2%, respectively, reflecting market interest rates.

Changes in key assumptions for the Company’s pension plan would have had the following effects on the 2025 pension credit, excluding curtailment gains, settlement gains and special termination benefits:

• Expected return on assets – A 1% increase or decrease to the Company’s assumed expected return on plan assets would have increased or decreased the pension credit by approximately $26.8 million.

• Discount rate – A 1% decrease to the Company’s assumed discount rate would have increased the pension credit by approximately $2.5 million. A 1% increase to the Company’s assumed discount rate would have decreased the pension credit by approximately $2.7 million.

The Company’s net pension credit includes an expected return on plan assets component, calculated using the expected return on plan assets assumption applied to a market-related value of plan assets. The market-related value of plan assets is determined using a five-year average market value method, which recognizes realized and unrealized appreciation and depreciation in market values over a five-year period. The value resulting from applying this method is adjusted, if necessary, such that it cannot be less than 80% or more than 120% of the market value of plan assets as of the relevant measurement date. As a result, year-to-year increases or decreases in the market-related value of plan assets impact the return on plan assets component of pension credit for the year.

At the end of each year, differences between the actual return on plan assets and the expected return on plan assets are combined with other differences in actual versus expected experience to form a net unamortized actuarial gain or loss in accumulated other comprehensive income. Only those net actuarial gains or losses in excess of the deferred realized and unrealized appreciation and depreciation are potentially subject to amortization.

The types of items that generate actuarial gains and losses that may be subject to amortization in net periodic pension (credit) cost include the following:

• Asset returns that are more or less than the expected return on plan assets for the year;

• Actual participant demographic experience different from assumed (retirements, terminations and deaths during the year);

• Actual salary increases different from assumed; and

• Any changes in assumptions that are made to better reflect the anticipated experience of the plan or to reflect current market conditions on the measurement date (discount rate, longevity increases, changes in expected participant behavior and expected return on plan assets).

Amortization of the unrecognized actuarial gain or loss is included as a component of pension credit for a year if the magnitude of the net unamortized gain or loss in accumulated other comprehensive income exceeds 10% of the greater of the benefit obligation or the market-related value of assets (10% corridor). The amortization component is equal to that excess divided by the average remaining service period of active employees expected to receive benefits under the plan. At the end of 2022, the Company had net unamortized actuarial gains in accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, an amortized gain of $39.8 million was included in the pension credit for 2023.

During 2023, there were significant pension asset gains partially offset by a decrease in the discount rate that resulted in net unamortized actuarial gains in accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, an amortized gain of $37.9 million was included in the pension credit for the first nine and a half months of 2024.

As a result of the irrevocable group annuity purchase, the Company remeasured the accumulated and projected benefit obligations as of October 17, 2024, and recorded a settlement gain. During the first nine and a half months, there were significant pension asset gains offset by the $653.4 million settlement gain following the purchase of the irrevocable group annuity contract that resulted in no net unamortized actuarial gains in accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, no amortized gain amount was included in the pension credit for the last two and a half months of 2024. During the last two and a half months of 2024, there was an increase in the discount rate; however, the Company had no net unamortized actuarial gains in accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, no amortized gain amount was included in the pension credit for 2025.

During 2025, there were significant pension asset gains partially offset by a decrease in the discount rate; however, the Company currently estimates that there will be no net unamortized actuarial gains in accumulated other comprehensive income subject to amortization outside the 10% corridor, and therefore, no amortized gain amount is included in the estimated pension credit for 2026.

Overall, the Company estimates that it will record a net pension credit of approximately $97.1 million in 2026.

Note 15 to the Company’s Consolidated Financial Statements provides additional details surrounding pension costs and related assumptions.

Accounting for Income Taxes.

Valuation Allowances

Deferred income taxes arise from temporary differences between the tax and financial statement recognition of assets and liabilities. In evaluating its ability to recover deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. These assumptions require significant judgment about forecasts of future taxable income.

As of December 31, 2025, the Company had state income tax net operating loss carryforwards of $1,318.6 million, which will expire at various future dates. Also at December 31, 2025, the Company had $78.5 million of non-U.S. income tax loss carryforwards, of which $24.5 million may be carried forward indefinitely; $44.3 million of losses that, if unutilized, will expire in varying amounts through 2030; and $9.7 million of losses that, if unutilized, will start to expire after 2030. At December 31, 2025, the Company has established approximately $83.0 million in total valuation allowances, primarily against deferred state tax assets, net of U.S. Federal income taxes, and non-U.S. deferred tax assets, as the Company believes that it is more likely than not that the benefit from certain state and non-U.S. net operating loss carryforwards and other deferred tax assets will not be realized. In most instances, the Company has established valuation allowances against state income tax benefits recognized, without considering

potentially offsetting deferred tax liabilities established with respect to prepaid pension cost and goodwill. Prepaid pension cost and goodwill have not been considered a source of future taxable income for realizing deferred tax benefits recognized since these temporary differences are not likely to reverse in the foreseeable future. However, certain deferred state tax assets have an indefinite life. As a result, the Company has considered deferred tax liabilities for prepaid pension cost and goodwill as a source of future taxable income for realizing those deferred state tax assets with indefinite lives. The valuation allowances established against state and non-U.S. income tax benefits recorded may increase or decrease within the next 12 months, based on operating results or the market value of investment holdings; as a result, the Company is unable to estimate the potential tax impact, given the uncertain operating and market environment. The Company will be monitoring future operating results and projected future operating results on a quarterly basis to determine whether the valuation allowances provided against state and non-U.S. deferred tax assets should be increased or decreased, as future circumstances warrant.

Recent Accounting Pronouncements. See Note 2 to the Company’s Consolidated Financial Statements for a discussion of recent accounting pronouncements.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Graham Holdings Company

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Graham Holdings Company and its subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of operations, of comprehensive income (loss), of changes in common stockholders' equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

As described in Management’s Report on Internal Control Over Financial Reporting, management has excluded Arconic Architectural Products, LLC and Hendrick Honda of Woodbridge from its assessment of internal control over financial reporting as of December 31, 2025 because they were acquired by the Company in purchase business combinations during 2025. We have also excluded Arconic Architectural Products, LLC and Hendrick Honda of Woodbridge from our audit of internal control over financial reporting. Arconic Architectural Products, LLC and Hendrick Honda of Woodbridge are wholly-owned and majority-owned subsidiaries, respectively, whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting collectively each represent approximately 1% of the related consolidated financial statement amounts as of and for the year ended December 31, 2025.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance

with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Annual Goodwill Impairment Assessment - Framebridge Reporting Unit

As described in Notes 2 and 9 to the consolidated financial statements, the Company’s consolidated goodwill balance was $1,585.7 million as of December 31, 2025, and as disclosed by management, the goodwill associated with the Framebridge reporting unit was $60.9 million as of December 31, 2025. Management reviews goodwill for possible impairment at least annually, as of November 30, or between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit’s fair value. The quantitative goodwill impairment analysis at Framebridge indicated the estimated fair value of the reporting unit exceeded its carrying value as of November 30, 2025, the annual goodwill impairment assessment date. Management uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair value of the reporting units. Management makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit.

The principal considerations for our determination that performing procedures relating to the annual goodwill impairment assessment of the Framebridge reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the Framebridge reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the estimated future cash flows and the discount rate used in the discounted cash flow model; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s goodwill impairment assessment, including controls over the valuation of the Framebridge reporting unit. These procedures also included, among others (i) testing management’s process for developing the fair value estimate of the Framebridge reporting unit; (ii) evaluating the appropriateness of the discounted cash flow model used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions related to the estimated future cash flows and the discount rate used in the discounted cash flow model. Evaluating management’s assumption related to the estimated future cash flows involved evaluating whether the assumption used by management was reasonable considering (i) the past and present performance of the Framebridge reporting unit; (ii) the consistency with external market and industry data; and (iii) whether the assumption was consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the discounted cash flow model and (ii) the reasonableness of the discount rate assumption.

/s/ PricewaterhouseCoopers LLP

Washington, District of Columbia

February 25, 2026

We have served as the Company’s auditor since 1946.

GRAHAM HOLDINGS COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS


	Year Ended December 31
(in thousands, except per share amounts)	2025		2024		2023
Operating Revenues
Sales of services	$	2,664,808	$	2,697,314	$	2,484,327
Sales of goods	2,246,755		2,093,590		1,930,550
	4,911,563		4,790,904		4,414,877
Operating Costs and Expenses
Cost of services sold (exclusive of items shown below)	1,570,547		1,558,639		1,468,114
Cost of goods sold (exclusive of items shown below)	1,871,130		1,765,899		1,634,820
Selling, general and administrative	1,110,198		1,076,875		1,007,381
Depreciation of property, plant and equipment	80,366		87,046		86,064
Amortization of intangible assets	32,040		37,119		50,039
Impairment of goodwill and other long-lived assets	12,335		49,822		99,066
	4,676,616		4,575,400		4,345,484
Income from Operations	234,947		215,504		69,393
Equity in earnings (losses) of affiliates, net	16,394		(3,303)		(5,183)
Interest income	8,257		9,868		7,122
Interest expense	(118,787)		(186,149)		(63,301)
Non-operating pension and postretirement benefit income, net	127,539		794,949		133,812
Gain on marketable equity securities, net	200,170		181,295		138,067
Other (expense) income, net	(18,853)		12,546		19,094
Income Before Income Taxes	449,667		1,024,710		299,004
Provision for Income Taxes	146,400		292,100		87,300
Net Income	303,267		732,610		211,704
Net Income Attributable to Noncontrolling Interests	(10,976)		(7,976)		(6,416)
Net Income Attributable to Graham Holdings Company Common Stockholders	$	292,291	$	724,634	$	205,288

Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share	$	67.11	$	164.62	$	43.96
Basic average number of common shares outstanding	4,331		4,372		4,639
Diluted net income per common share	$	66.47	$	163.40	$	43.82
Diluted average number of common shares outstanding	4,373		4,405		4,654

See accompanying Notes to Consolidated Financial Statements.

GRAHAM HOLDINGS COMPANY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)


	Year Ended December 31
(in thousands)	2025		2024		2023
Net Income	$	303,267	$	732,610	$	211,704
Other Comprehensive Income (Loss), Before Tax
Foreign currency translation adjustments:
Translation adjustments arising during the year	45,136		(24,568)		21,927
Adjustment for sale of a business with foreign operations	646		(765)		—
	45,782		(25,333)		21,927
Pension and other postretirement plans:
Actuarial gain	283,882		351,322		380,593
Prior service (cost) credit	(663)		734		11,263
Amortization of net actuarial gain included in net income	(1,207)		(39,742)		(42,146)
Amortization of net prior service (credit) cost included in net income	(2,080)		(1,951)		1,641

Settlement included in net income	—		(653,427)		(1,087)


	279,932		(343,064)		350,264
Cash flow hedges (loss) gain	(831)		1,392		(5,630)
Other Comprehensive Income (Loss), Before Tax	324,883		(367,005)		366,561
Income tax (expense) benefit related to items of other comprehensive income (loss)	(72,600)		87,465		(88,375)
Other Comprehensive Income (Loss), Net of Tax	252,283		(279,540)		278,186
Comprehensive Income	555,550		453,070		489,890
Comprehensive income attributable to noncontrolling interests	(10,976)		(7,976)		(6,416)
Total Comprehensive Income Attributable to Graham Holdings Company	$	544,574	$	445,094	$	483,474

See accompanying Notes to Consolidated Financial Statements.

GRAHAM HOLDINGS COMPANY

CONSOLIDATED BALANCE SHEETS


	As of December 31
(In thousands, except share amounts)	2025		2024
Assets
Current Assets
Cash and cash equivalents	$	266,988	$	260,852
Restricted cash	44,417		37,001
Investments in marketable equity securities and other investments	1,088,970		858,743
Accounts receivable, net	576,754		514,426
Inventories and contracts in progress	303,370		295,808
Prepaid expenses	124,875		116,472
Income taxes receivable	15,447		7,714
Other current assets	10,274		7,608

Total Current Assets	2,431,095		2,098,624
Property, Plant and Equipment, Net	587,434		549,364
Lease Right-of-Use Assets	404,818		388,419
Investments in Affiliates	229,565		169,125
Goodwill, Net	1,585,666		1,500,036
Indefinite-Lived Intangible Assets	170,805		164,323
Amortized Intangible Assets, Net	61,631		56,696
Prepaid Pension Cost	2,772,394		2,510,520
Deferred Income Taxes	9,690		8,908
Deferred Charges and Other Assets	142,615		231,190

Total Assets	$	8,395,713	$	7,677,205

Liabilities and Equity
Current Liabilities
Accounts payable, vehicle floor plan payable and accrued liabilities	$	721,626	$	712,505
Deferred revenue	411,651		390,976
Income taxes payable	8,995		11,502
Mandatorily redeemable noncontrolling interest	6,874		—
Current portion of lease liabilities	64,290		58,239
Current portion of long-term debt	175,138		26,577


Total Current Liabilities	1,388,574		1,199,799

Accrued Compensation and Related Benefits	135,323		136,101
Other Liabilities	28,639		27,361
Deferred Income Taxes	890,984		739,260
Mandatorily Redeemable Noncontrolling Interest	1,527		159,548
Lease Liabilities	377,897		362,885
Long-Term Debt	705,618		721,615

Total Liabilities	3,528,562		3,346,569
Commitments and Contingencies (Note 18)
Redeemable Noncontrolling Interests	39,824		43,821
Preferred Stock, $1 par value; 977,000 shares authorized, none issued	—		—

Common Stockholders’ Equity
Common stock
Class A Common stock, $1 par value; 7,000,000 shares authorized; 964,001 shares issued and outstanding	964		964
Class B Common stock, $1 par value; 40,000,000 shares authorized; 19,035,999 shares issued; 3,396,942 and 3,368,306 shares outstanding	19,036		19,036
Capital in excess of par value	379,896		356,919
Retained earnings	8,292,681		8,031,750
Accumulated other comprehensive income, net of taxes
Cumulative foreign currency translation adjustment	(12,262)		(58,044)
Unrealized gain on pensions and other postretirement plans	601,064		393,949
Cash flow hedges	(1,722)		(1,108)
Cost of 15,639,057 and 15,667,693 shares of Class B common stock held in treasury	(4,485,632)		(4,486,805)
Total Common Stockholders’ Equity	4,794,025		4,256,661
Noncontrolling Interests	33,302		30,154
Total Equity	4,827,327		4,286,815
Total Liabilities and Equity	$	8,395,713	$	7,677,205

See accompanying Notes to Consolidated Financial Statements.

GRAHAM HOLDINGS COMPANY

CONSOLIDATED STATEMENTS OF CASH FLOWS


	Year Ended December 31
(In thousands)	2025		2024		2023
Cash Flows from Operating Activities
Net Income	$	303,267	$	732,610	$	211,704
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and goodwill and other long-lived asset impairments	124,741		173,987		235,169
Amortization of lease right-of-use asset	59,749		63,253		67,734
Net pension benefit, settlement gain and early retirement and separation program costs	(83,771)		(740,152)		(101,398)
Gain on marketable equity securities and cost method investments, net	(185,445)		(179,024)		(140,671)
Credit loss expense	3,883		3,591		6,045
Stock-based compensation expense, net of forfeitures	5,718		6,326		6,712
Accretion expense and change in fair value of contingent consideration liabilities	233		115		(6,593)

Foreign exchange loss (gain)	10,051		(5,415)		1,141
Gain on disposition of businesses, property, plant and equipment, investments and other assets, net	(3,996)		(7,674)		(11,811)
Equity in (earnings) losses of affiliates, net of distributions	(3,880)		18,844		20,751
Provision for deferred income taxes	92,489		227,400		43,765
Change in operating assets and liabilities:
Accounts receivable	(11,198)		11,317		8,231
Inventories	35,287		8,297		(62,873)
Accounts payable and accrued liabilities	5,283		13,910		24,695
Deferred revenue	(1,711)		6,435		38,497
Income taxes receivable/payable	(10,733)		3,217		6,152
Lease liabilities	(57,645)		(62,516)		(71,471)
Other assets and other liabilities, net	64,955		130,681		(12,166)
Other	(92)		1,786		(3,738)
Net Cash Provided by Operating Activities	347,185		406,988		259,875
Cash Flows from Investing Activities
Purchases of property, plant and equipment	(71,881)		(82,912)		(93,447)
Investments in certain businesses, net of cash acquired	(71,235)		(4,118)		(78,149)
Investments in equity affiliates and cost method investments	(39,575)		(4,554)		(14,050)
Purchases of marketable equity securities	(29,823)		(5,000)		(6,162)
Net proceeds from sales of businesses, property, plant and equipment, investments and other assets	26,163		8,387		4,294
Proceeds from sales of marketable equity securities	—		23,524		61,979
Loan to related party	—		(2,000)		(30,000)

Other	6,910		4,343		2,560
Net Cash Used in Investing Activities	(179,441)		(62,330)		(152,975)
Cash Flows from Financing Activities
Repayments of borrowings	(558,085)		(29,026)		(121,744)
Issuance of borrowings	538,895		1,389		293,387
Distributions paid to noncontrolling interests	(191,895)		(6,116)		(5,306)
Net borrowings (payments) under revolving credit facilities	151,855		(35,756)		(104,244)
Net (repayments of) proceeds from vehicle floor plan payable	(33,864)		(416)		73,732
Dividends paid	(31,360)		(30,347)		(30,953)
Principal payments of finance leases	(17,969)		(13,425)		(4,814)
Payments of financing costs	(7,645)		(107)		(1,671)
Deferred payments of acquisitions	(7,017)		(5,390)		(5,328)
Common shares repurchased	(3,468)		(114,101)		(193,160)
Purchase of noncontrolling interest	(2,290)		(1,985)		(4,988)

Issuance of noncontrolling interest	760		604		3,931

Other	(3,394)		(6,291)		1,323
Net Cash Used in Financing Activities	(165,477)		(240,967)		(99,835)
Effect of Currency Exchange Rate Change	11,285		(7,729)		4,394
Net Increase in Cash and Cash Equivalents and Restricted Cash	13,552		95,962		11,459
Cash and Cash Equivalents and Restricted Cash at Beginning of Year	297,853		201,891		190,432
Cash and Cash Equivalents and Restricted Cash at End of Year	$	311,405	$	297,853	$	201,891
Supplemental Cash Flow Information
Cash paid during the year for:
Income taxes	$	62,831	$	63,303	$	39,283
Interest	$	63,000	$	69,000	$	51,000

See accompanying Notes to Consolidated Financial Statements.

GRAHAM HOLDINGS COMPANY

CONSOLIDATED STATEMENTS OF CHANGES IN COMMON STOCKHOLDERS’ EQUITY


(in thousands)	Class A Common Stock		Class B Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income		Treasury Stock		Noncontrolling Interest		Total Equity		Redeemable Noncontrolling Interest
As of December 31, 2022	$	964	$	19,036	$	390,438	$	7,163,128	$	336,151	$	(4,178,334)	$	21,278	$	3,752,661	$	21,827
Net income for the year							211,704								211,704
Noncontrolling interest capital contributions													3,520		3,520
Purchase of equity from noncontrolling interest					(5,742)								754		(4,988)
Net income attributable to noncontrolling interests							(3,512)						3,512		—
Net income attributable to redeemable noncontrolling interests							(2,904)								(2,904)		2,904
Change in redemption value of redeemable noncontrolling interests					(15,441)								518		(14,923)		15,660
Distribution to noncontrolling interests													(3,451)		(3,451)		(1,241)
Dividends paid on common stock							(30,953)								(30,953)
Repurchase of Class B common stock											(195,002)				(195,002)
Issuance of Class B common stock, net of restricted stock award forfeitures					(4,110)						5,233				1,123
Amortization of unearned stock compensation and stock option expense					6,895										6,895
Other comprehensive income, net of income taxes									278,186						278,186
Purchase of redeemable noncontrolling interest															—		(14,965)
As of December 31, 2023	964		19,036		372,040		7,337,463		614,337		(4,368,103)		26,131		4,001,868		24,185
Net income for the year							732,610								732,610
Noncontrolling interest capital contributions													400		400
Net income attributable to noncontrolling interests							(4,799)						4,799		—
Net income attributable to redeemable noncontrolling interests							(3,177)								(3,177)		3,177
Change in redemption value of redeemable noncontrolling interests					(20,987)								1,493		(19,494)		21,176
Distribution to noncontrolling interests													(2,669)		(2,669)		(2,732)
Dividends paid on common stock							(30,347)								(30,347)
Repurchase of Class B common stock											(115,186)				(115,186)
Issuance of Class B common stock, net of restricted stock award forfeitures					(769)						460				(309)
Shares withheld related to net share settlement											(3,976)				(3,976)
Amortization of unearned stock compensation and stock option expense					6,635										6,635
Other comprehensive loss, net of income taxes									(279,540)						(279,540)
Purchase of redeemable noncontrolling interest															—		(1,985)
As of December 31, 2024	964		19,036		356,919		8,031,750		334,797		(4,486,805)		30,154		4,286,815		43,821
Net income for the year							303,267								303,267
Noncontrolling interest capital contributions													680		680

Net income attributable to noncontrolling interests							(5,664)						5,664		—
Net income attributable to redeemable noncontrolling interests							(5,312)								(5,312)		5,312
Change in redemption value of redeemable noncontrolling interests					7,092								1,775		8,867		(7,064)
Distribution to noncontrolling interests													(3,210)		(3,210)		(1,716)
Dividends paid on common stock							(31,360)								(31,360)
Repurchase of Class B common stock											(3,468)				(3,468)
Issuance of Class B common stock, net of restricted stock award forfeitures					9,145						8,583				17,728
Shares withheld related to net share settlement											(3,942)				(3,942)
Amortization of unearned stock compensation and stock option expense					6,740										6,740
Other comprehensive income, net of income taxes									252,283						252,283
Purchase of noncontrolling interest													(1,761)		(1,761)
Purchase of redeemable noncontrolling interests															—		(529)
As of December 31, 2025	$	964	$	19,036	$	379,896	$	8,292,681	$	587,080	$	(4,485,632)	$	33,302	$	4,827,327	$	39,824

See accompanying Notes to Consolidated Financial Statements.

GRAHAM HOLDINGS COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. ORGANIZATION AND NATURE OF OPERATIONS

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 (ABA) 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.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the U.S. and include the assets, liabilities, results of operations and cash flows of the Company and its majority-owned and controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements. 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. On an ongoing basis, the Company evaluates its estimates and assumptions.

Business Combinations. The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity over the net of the amounts assigned to the assets acquired and liabilities assumed is recognized as goodwill. The net assets and results of operations of an acquired entity are included in the Company’s Consolidated Financial Statements from the acquisition date.

Cash and Cash Equivalents. Cash and cash equivalents consist of cash on hand, short-term investments with original maturities of three months or less and investments in money market funds with weighted average maturities of three months or less.

Restricted Cash. Restricted cash represents amounts required to be held by non-U.S. higher education institutions for prepaid tuition pursuant to foreign government regulations. These regulations stipulate that the Company has a fiduciary responsibility to segregate certain funds to ensure these funds are only used for the benefit of eligible students.

Concentration of Credit Risk. Cash and cash equivalents are maintained with several financial institutions domestically and internationally. Deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions with investment-grade credit ratings. The Company routinely assesses the financial strength of significant customers, and this assessment, combined with the large number and geographical diversity of its customers, limits the Company’s concentration of risk with respect to receivables from contracts with customers.

Allowance for Credit Losses. Accounts receivable have been reduced by an allowance that reflects the current expected credit losses associated with the receivables. The current expected credit losses are estimated based on historical write-offs, current macroeconomic conditions and reasonable and supportable forecasts of future economic conditions. Reserves are also established against specific receivables based on aging category, historical collection experience and management’s evaluation of the financial condition of the customer. The Company generally considers an account past due or delinquent when a student or customer misses a scheduled payment. The Company writes off accounts receivable balances deemed uncollectible against the allowance for credit losses following the passage of a certain period of time, or generally when the account is turned over for collection to an outside collection agency.

Investments in Equity Securities. The Company measures its investments in equity securities at fair value with changes in fair value recognized in earnings. The Company elected the measurement alternative to measure cost method investments that do not have readily determinable fair value at cost less impairment, adjusted by observable price changes with any fair value changes recognized in earnings. If the fair value of a cost method investment declines below its cost basis and the decline is considered other than temporary, the Company will record a write-down, which is included in earnings. The Company uses the average cost method to determine the basis of the securities sold.

Fair Value Measurements. Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.

The Company measures certain assets—including goodwill; intangible assets; property, plant and equipment; lease right-of-use (ROU) assets; cost and equity-method investments—at fair value on a nonrecurring basis when they are deemed to be impaired. The fair value of these assets is determined with valuation techniques using the best information available and may include quoted market prices, market comparables and discounted cash flow models.

Fair Value of Financial Instruments. The carrying amounts reported in the Company’s Consolidated Financial Statements for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, the current portion of deferred revenue and the current portion of debt approximate fair value because of the short-term nature of these financial instruments. The fair value of long-term debt is determined based on a number of observable inputs, including the current market activity of the Company’s publicly traded notes, trends in investor demands and market values of comparable publicly traded debt. The fair value of interest rate hedges is determined based on a number of observable inputs, including time to maturity and market interest rates.

Inventories and Contracts in Progress. Inventories and contracts in progress are stated at the lower of cost or net realizable values and are based on the first-in, first-out (FIFO) method or the average cost method. Inventory costs include direct material, direct and indirect labor, and applicable manufacturing overhead. The Company allocates manufacturing overhead based on normal production capacity and recognizes unabsorbed manufacturing costs in earnings. The provision for excess and obsolete inventory is based on management’s evaluation of inventories on hand relative to historical usage, estimated future usage and technological developments.

Vehicle inventory is based on the specific identification method. The cost of new and used vehicle inventories includes the cost of any equipment added, reconditioning and transportation. In certain instances, vehicle manufacturers provide incentives, which are reflected as a reduction in the carrying value of each vehicle purchased.

Property, Plant and Equipment. Property, plant and equipment is recorded at cost and includes interest capitalized in connection with major long-term construction projects. Replacements and major improvements are capitalized; maintenance and repairs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the property, plant and equipment: 3 to 20 years for machinery and equipment; 20 to 50 years for buildings. The costs of leasehold improvements are amortized over the lesser of their useful lives or the terms of the respective leases.

Evaluation of Long-Lived Assets. The recoverability of long-lived assets and finite-lived intangible assets is assessed whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. A long-lived asset is considered not to be recoverable when the undiscounted estimated future cash flows are less than the asset’s recorded value. An impairment charge is measured based on estimated fair market value, determined primarily using estimated future cash flows on a discounted basis. Losses on long-lived assets to be disposed of are determined in a similar manner, but the fair market value would be reduced for estimated costs to dispose.

Goodwill and Other Intangible Assets. Goodwill is the excess of purchase price over the fair value of identified net assets of businesses acquired. The Company’s intangible assets with an indefinite life are principally from franchise agreements, trade names and trademarks and Federal Communications Commission (FCC) licenses. Amortized intangible assets are primarily student and customer relationships and trade names and trademarks, with amortization periods up to 10 years. Costs associated with renewing or extending intangible assets are insignificant and expensed as incurred.

The Company reviews goodwill and indefinite-lived intangible assets at least annually, as of November 30, for possible impairment. Goodwill and indefinite-lived intangible assets are reviewed for possible impairment between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit or indefinite-lived intangible asset below its carrying value. The Company tests its goodwill at the reporting unit level, which is an operating segment or one level below an operating segment. The Company initially assesses qualitative factors to determine if it is necessary to perform the goodwill or indefinite-lived intangible asset quantitative impairment review. The Company reviews the goodwill and indefinite-lived assets for impairment using the quantitative process if, based on its assessment of the qualitative factors, it determines that it is more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset is less than its carrying value, or if it decides to bypass the qualitative assessment. The Company uses a discounted cash flow model, and, where appropriate, a market value approach is also utilized to supplement the discounted cash flow model, to determine the estimated fair value of its reporting units and indefinite-lived intangible assets. The Company makes assumptions regarding estimated future cash flows, discount rates, long-term growth rates and market values to determine the estimated fair value of each reporting unit and indefinite-lived intangible asset. If these estimates or related assumptions change in the future, the Company may be required to record impairment charges.

Investments in Affiliates. The Company uses the equity method of accounting for its investments in and earnings or losses of affiliates that it does not control, but over which it exerts significant influence. Significant influence is generally deemed to exist if the Company has an ownership interest in the voting stock of an investee between 20% and 50%. The Company also uses the equity method of accounting for its investments in a partnership or limited liability company with specific ownership accounts, if the Company has an ownership interest of 3% or more. The Company considers whether the fair values of any of its equity method investments have declined below their carrying values whenever adverse events or changes in circumstances indicate that recorded values may not be recoverable. If the Company considered any such decline to be other than temporary (based on various factors, including historical financial results, product development activities and the overall health of the affiliate’s industry), a write-down would be recorded to estimated fair value. The Company records its share of the earnings or losses of its affiliates from their most recent available financial statements. In some instances, the reporting period of the affiliates’ financial statements lag the Company’s reporting period, but such lag is never more than three months.

Revenue Recognition. The Company identifies a contract for revenue recognition when there is approval and commitment from both parties, the rights of the parties and payment terms are identified, the contract has commercial substance and the collectability of consideration is probable. The Company evaluates each contract to determine the number of distinct performance obligations in the contract, which requires the use of judgment.

Education Revenue. Education revenue is primarily derived from postsecondary education and supplementary education services provided both domestically and abroad. Generally, tuition and other fees are paid upfront and recorded in deferred revenue in advance of the date when education services are provided to the student. In some instances, installment billing is available to students, which reduces the amount of cash consideration received in advance of performing the service. The contractual terms and conditions associated with installment billing indicate that the student is liable for the total contract price, therefore mitigating the Company’s exposure to losses associated with nonpayment. The Company determined the installment billing does not represent a significant financing component.

Kaplan International (KI). KI provides higher education, professional education, and test preparation services and materials to students primarily in the U.K., Singapore, and Australia. Some KI contracts consist of one performance obligation that is a combination of indistinct promises to the student, while other KI contracts include multiple performance obligations, as the promises in the contract are capable of being both distinct and distinct within the context of the contract. One KI business offers an option whereby students receive future services at a discount that is accounted for as a material right.

The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract. KI generally determines standalone selling prices based on prices charged to students.

Revenue is recognized ratably over the instruction period or access period for higher education, professional education and test preparation services. KI generally uses the time elapsed method, an input measure, as it best depicts the simultaneous consumption and delivery of these services. Course materials determined to be a separate performance obligation are recognized at the point in time when control transfers to the student, generally when the products are delivered to the student.

One KI business has a contract with a customer consisting of two performance obligations which consisted entirely of variable consideration at contract inception. The Company allocates revenue to each performance obligation based on the expected cost plus a margin. The margin was determined by a market assessment performed at contract inception. Revenue is recognized over time, using an input method, as the customer simultaneously benefits from the services as delivery occurs. The Company records a contract asset associated with this KI contract, as the right to revenue is dependent on something other than the passage of time.

Kaplan Higher Education (KHE). KHE primarily provides non-academic operations support services to Purdue University Global (Purdue Global) pursuant to a Transition and Operations Support Agreement (TOSA). This contract has a 30-year term and consists of one performance obligation, which represents a series of daily promises to provide support services to Purdue Global. The transaction price is entirely made up of variable consideration related to the reimbursement of KHE support costs and the KHE fee. The TOSA outlines a payment structure, which dictates how cash will be distributed at the end of Purdue Global’s fiscal year, which is the 30th of June. The collectability of the KHE support costs and KHE fee is entirely dependent on the availability of cash at the end of the fiscal year. This variable consideration is constrained based on fiscal year forecasts prepared for Purdue Global. The forecasts are updated throughout the fiscal year until the uncertainty is ultimately resolved, which is at the end of each Purdue Global fiscal year. As KHE’s performance obligation is made up of a series, the variable consideration is allocated to the distinct service period to which it relates, which is the Purdue Global fiscal year.

Support services revenue is recognized over time based on the expenses incurred to date and the percentage of expected reimbursement. KHE fee revenue is also recognized over time based on the amount of Purdue Global revenue recognized to date and the percentage of fee expected to be collected for the fiscal year. The Company used these input measures as Purdue Global simultaneously receives and consumes the benefits of the services provided by KHE.

Kaplan Supplemental Education. Supplemental Education offers test preparation services and materials to students, as well as professional training and exam preparation for professional certifications and licensures to students. Generally, Supplemental Education contracts consist of multiple performance obligations, as promises for these services are distinct within the context of the contract. The transaction price is stated in the contract and known at the time of contract inception, therefore no variable consideration exists. Revenue is allocated to each performance obligation based on its standalone selling price. Supplemental Education generally determines standalone selling prices based on the prices charged to students and professionals. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation in the contract.

Supplemental Education services revenue is recognized ratably over the period of access to the education materials. An estimate of the average access period is developed for each course, and this estimate is evaluated on an ongoing basis and adjusted as necessary. The time elapsed method, an input measure, is used as it best depicts the simultaneous consumption and availability of access to the services. Revenue associated with distinct course materials is recognized at the point in time when control transfers to the student, generally when products are delivered to the student.

Supplemental Education offers a guarantee on certain courses that gives students the ability to repeat a course if they are not satisfied with their exam score. The Company accounts for this guarantee as a separate performance obligation.

Television Broadcasting Revenue. Television broadcasting revenue at Graham Media Group (GMG) is primarily comprised of television and internet advertising revenue and retransmission revenue.

Television Advertising Revenue. GMG accounts for the series of advertisements included in television advertising contracts as one performance obligation and recognizes advertising revenue over time. The Company elected the right to invoice practical expedient, an output method, as GMG has the right to consideration that equals the value provided to the customer for advertisements delivered to date. As a result of the election to use the right to invoice practical expedient, GMG does not determine the transaction price or allocate any variable consideration at contract inception. Rather, GMG recognizes revenue commensurate with the amount to which it has the right to invoice the customer. Payment is typically received in arrears within 60 days of revenue recognition.

Retransmission Revenue. Retransmission revenue represents compensation paid by cable, satellite and other multichannel video programming distributors (MVPDs) to retransmit GMG’s stations’ broadcasts in their designated market areas. The retransmission rights granted to MVPDs are accounted for as a license of functional intellectual property, as the retransmitted broadcast provides significant standalone functionality. As such, each retransmission contract with an MVPD includes one performance obligation for each station’s retransmission license. GMG recognizes revenue using the usage-based royalty method, in which revenue is recognized in the month the broadcast is retransmitted based on the number of MVPD subscribers and the applicable per-user rate identified in the retransmission contract. Payment is typically received in arrears within 60 days of revenue recognition.

Healthcare Revenue. Healthcare revenue consists primarily of in-home specialty pharmacy infusion therapies at CSI Pharmacy Holding Company, LLC (CSI); home health and hospice services; healthcare software-as-a-service technology; physician services for allergy, asthma and immunology patients; in-home aesthetics; applied behavior analysis therapy; and management services related to equity affiliates.

Specialty Pharmacy Revenue. CSI contracts with patients to provide specialty pharmacy infusion and other therapies. Payment is typically received from third-party payors such as private insurers and Medicare. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the customer as the party who benefits from its therapies and as such, the patient is the customer.

Specialty pharmacy contracts generally have one performance obligation to deliver the prescribed infusion therapy to the patient’s location and, in some cases, another performance obligation for nursing services to administer the infusion. The transaction price is the total amount CSI expects to receive from a payor as result of fulfilling its performance obligation. Revenue is recognized at the point in time the infusion therapy is delivered to the patient; revenue related to the nursing services is recognized as the services are provided.

Home Health and Hospice Revenue. The Company contracts with patients to provide home health or hospice services. Payment is typically received from third-party payors such as Medicare, Medicaid, and private insurers. The payor is a third party to the contract that stipulates the transaction price of the contract. The Company identifies the patient as the party who benefits from its healthcare services and as such, the patient is its customer.

Home health services contracts generally have one performance obligation to provide home health services to patients. The Company recognizes revenue using the right to invoice practical expedient, an output method, as the contractual right to revenue corresponds directly with the transfer of services to the patient. Given the election of the practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the average length of stay within each of the two 30-day payment periods. Payment is typically received from Medicare within 30 days after a claim is filed. Medicare is the most common third-party payor for home health services.

Home health revenue contracts may be modified to account for changes in the patient’s plan of care. The Company identifies contract modifications when the modification changes the existing enforceable rights and obligations. As modifications to the plan of care modify the original performance obligation, the Company accounts for the contract modification as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.

Hospice services contracts generally have one performance obligation to provide healthcare services to patients. The transaction price reflects the amount of revenue the Company expects to receive in exchange for providing these services. As the transaction price for healthcare services is known at the time of contract inception, no variable consideration exists. Hospice service revenue is recognized ratably over the period of care. The Company generally uses the time-elapsed method, an input measure, as it best depicts the simultaneous delivery and consumption of healthcare services. Payment is received from third-party payors for hospice services within 60 days after a claim is filed, or in some cases in two installments, one during the contract and one after the services have been provided. Medicare is the most common third-party payor.

Healthcare Software-as-a-service Revenue. Software-as-a-service revenue at Clarus is recognized ratably over the subscription period.

Physician Services Revenue. Physician services revenue at Impact Medical consists of revenue from physician and nurse visits as well as revenue related to allergy and immunology treatments. Each treatment is a separate performance obligation and revenue is recognized as the performance obligation is satisfied.

In-home Aesthetics Revenue. In-home aesthetics revenue at Skin Clique primarily represents treatments provided to a customer by a Skin Clique representative. Revenue is recognized as the service is being provided.

Applied Behavior Analysis Revenue. Applied behavior analysis revenue at Surpass is recognized as services are provided to the customer. Payments are generally received in arrears, from customers as well as third-party payors.

Management Services Revenue. The Company accounts for the management services provided to each of its affiliates as one performance obligation and recognizes revenue over time as the services are delivered. The Company uses the right to invoice practical expedient, an output method, as the Company’s right to revenue corresponds directly with the value delivered to the affiliate. As a result of the election to use the right to invoice practical expedient, the Company does not determine the transaction price or allocate any variable consideration at contract inception. Rather, the Company recognizes revenue commensurate with the amount to which it has the right to invoice the affiliate, which is based on contractually identified percentages. Payment is received monthly in arrears.

Manufacturing Revenue. Manufacturing revenue consists primarily of product sales generated by four businesses: Hoover, Dekko, Joyce, and Forney. The Company has determined that each item ordered by the customer is a distinct performance obligation, as it has standalone value and is distinct within the context of the contract. For arrangements with multiple performance obligations, the Company initially allocates the transaction price to each obligation based on its standalone selling price, which is the retail price charged to customers. Any discounts within the contract are allocated across all performance obligations unless observable evidence exists that the discount relates to a specific performance obligation or obligations in the contract.

The Company sells some products and services with a right of return. This right of return constitutes variable consideration and is constrained from revenue recognition on a portfolio basis, using the expected value method until the refund period expires.

The Company recognizes revenue when or as control transfers to the customer. Some manufacturing revenue is recognized ratably over the manufacturing period, if the product created for the customer does not have an alternative use for the Company and the Company has an enforceable right to payment for performance completed to date. The determination of the method by which the Company measures its progress toward the satisfaction of its performance obligations requires judgment. The Company measures its progress for these products using the units delivered method, an output measure. These arrangements represented 22%, 21%, and 19% of the manufacturing revenue recognized for the years ended December 31, 2025, 2024 and 2023, respectively.

Other manufacturing revenue is recognized at the point in time when control transfers to the customer, generally when the products are shipped. Some customers have a bill-and-hold arrangement with the Company. Revenue for bill-and-hold arrangements is recognized when control transfers to the customer, even though the customer does not have physical possession of the goods. Control transfers when the bill-and-hold arrangement has been requested from the customer, the product is identified as belonging to the customer and is ready for physical transfer, and the product cannot be directed for use by anyone but the customer.

Payment terms and conditions vary by contract, although terms generally include a requirement of payment within 90 days of delivery.

The Company evaluated the terms of the warranties and guarantees offered by its manufacturing businesses and determined that these should not be accounted for as a separate performance obligation as a distinct service is not identified.

Automotive Revenue. The automotive subsidiary generates revenue primarily through the sale of new and used vehicles; the arrangement of vehicle financing, insurance and other service contracts (F&I revenue); and the performance of vehicle repair and maintenance services.

New and used vehicle revenue contracts generally contain one performance obligation to deliver the vehicle to the customer in exchange for the stated contract consideration. Revenue is recognized at the point in time when control of the vehicle passes to the customer. F&I revenue is recognized at the point in time when the agreement between the customer and financing, insurance or service provider is executed. As the automotive subsidiary acts as an agent in these F&I revenue transactions, revenue is recognized net of any financing, insurance and service provider costs. Repair and maintenance services revenue is recognized over time, as the service is performed.

Other Revenue. Restaurant Revenue. Restaurant revenues consist of sales generated by Clyde’s Restaurant Group (CRG). Food and beverage revenue, net of discounts and taxes, is recognized at the point in time when it is delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer.

Custom Framing Services Revenue. Framebridge sells custom framing solutions to customers. Custom framing services revenue, net of discounts and taxes, is recognized when the products are delivered to the customer. Proceeds from the sale of gift cards are recorded as deferred revenue and recognized as revenue upon redemption by the customer.

Code3 Revenue. Code3 generates media management revenue in exchange for providing social media marketing solutions to its clients. The Company determined that Code3 contracts generally have one performance obligation made up of a series of promises to manage the client’s media spend on advertising platforms for the duration of the contract period.

Code3 recognizes revenue, net of media acquisition costs, over time as media management services are delivered to the customer. Generally, Code3 recognizes revenue using the right to invoice practical expedient, an output method, as Code3’s right to revenue corresponds directly with the value delivered to its customer. As a result of the election to use the right to invoice practical expedient, Code3 does not determine the transaction price or allocate any variable consideration at contract inception. Rather, Code3 recognizes revenue commensurate with the amount to which it has the right to invoice the customer, which is a function of the cost of social media placement plus a management fee, less any applicable discounts. Payment is typically received within 100 days of revenue recognition.

Code3 evaluates whether it is the principal (i.e., presents revenue on a gross basis) or agent (i.e., presents revenue on a net basis) in its contracts. Code3 presents revenue for media management services, net of media acquisition costs, as an agent, as Code3 does not control the media before placement on social media platforms.

Society6 Revenue. Revenue is primarily derived from the sale of products. Each product ordered is generally accounted for as an individual performance obligation. Product revenue, net of discounts and taxes, is recognized when control of the promised good is transferred to the customer.

Saatchi Art Revenue. Commissions revenue is primarily derived through the sale of artwork through Saatchi’s online art gallery or in-person art fairs. Each individual art piece ordered is generally accounted for as an individual performance obligation. Revenue is recognized net of artist fees when control of the promised good is transferred to the customer.

World of Good Brands (WGB) Revenue. Revenue is primarily derived from advertisements displayed on WGB’s online media properties. Revenue is recognized over time as the performance obligation is delivered. Revenue is generally recognized based on an output measure including impressions delivered, cost per click or time-based advertisements.

Other Revenue. Other revenue primarily includes advertising and subscription revenue from Slate, Decile, Pinna, Foreign Policy, Supporting Cast and City Cast. The Company accounts for other advertising revenues consistently with the advertising revenue streams addressed above. Subscription revenue consists of fees that provide customers access to online and print publications. The Company recognizes subscription revenue ratably over the subscription period beginning on the date that the publication or product is made available to the customer. Subscription revenue contracts are generally annual or monthly subscription contracts that are paid in advance of the delivery of performance obligations.

Revenue Policy Elections. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of the good as a fulfillment cost rather than as an additional promised service. Therefore, revenue for these performance obligations is recognized when control of the good transfers to the customer, which is when the good is ready for shipment. The Company accrues the related shipping and handling costs over the period when revenue is recognized.

The Company has elected to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer.

Revenue Practical Expedients. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less, (ii) contracts for which the amount of revenue recognized is based on the amount to which the Company has the right to invoice the customer for services performed, (iii) contracts for which the consideration received is a usage-based royalty promised in exchange for a license of intellectual property and (iv) contracts for which variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation.

Costs to Obtain a Contract. The Company incurs costs to obtain a contract that are both incremental and expected to be recovered, as the costs would not have been incurred if the contract was not obtained and the revenue from the contract exceeds the associated cost. The revenue guidance provides a practical expedient to expense sales commissions as incurred in instances where the amortization period is one year or less. The amortization period is defined in the guidance as the contract term, inclusive of any expected contract renewal periods. The Company has elected to apply this practical expedient to all contracts except for third-party contracts in its international education division. In the international education division, costs to obtain a contract are amortized over the applicable amortization period except for cases in which commissions paid on initial contracts and renewals are commensurate. The Company amortizes these costs to obtain a contract on a straight-line basis over the amortization period. These expenses are included as cost of services or products in the Company’s Consolidated Statements of Operations.

Leases. The Company has operating leases for substantially all of its educational facilities, corporate offices and other facilities used in conducting its business, as well as certain equipment. The Company determines if an arrangement is a lease at inception. Operating leases are included in lease ROU assets, current portion of lease liabilities, and lease liabilities on the Company’s Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. ROU assets also include any initial direct costs, prepaid lease payments and lease incentives received, when applicable. As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on December 31, 2018 for operating leases that commenced prior to that date.

The Company’s lease terms may include options to extend or terminate the lease by one to 10 years or more when it is reasonably certain that the option will be exercised. Leases with a term of 12 months or less are not recorded on the balance sheet; however, lease expense for these leases is recognized on a straight-line basis. The Company has elected the practical expedient to not separate lease components from nonlease components. As such, lease expense includes these nonlease components, when applicable. Fixed lease expense is recognized on a straight-line basis over the lease term. Variable lease expense is recognized when incurred. The Company’s lease agreements do not contain any significant residual value guarantees or restrictive covenants. In some instances, the Company subleases its leased real estate facilities to third parties. The Company has several restaurant leases with an entity affiliated with some of CRG’s senior managers and some automotive leases with an entity affiliated with automotive’s minority shareholder.

Finance leases are included in property, plant and equipment, net, accounts payable and accrued liabilities and other liabilities on the Company’s Consolidated Balance Sheets. The Company primarily has finance leases for its vehicle fleet at the healthcare subsidiary and service loaner vehicles at the automotive subsidiary. Service loaner vehicles are generally purchased from the lessor within six months of contract commencement and upon purchase, the vehicles are placed into used vehicle inventory at cost. As of December 31, 2025 and 2024, the Company had $9.3 million and $10.5 million, respectively, in net, property, plant and equipment and current finance lease liabilities related to service loaner vehicles at the automotive subsidiary.

Pensions and Other Postretirement Benefits. The Company maintains various pension and incentive savings plans. Most of the Company’s employees are covered by these plans. The Company also provides healthcare and life insurance benefits to certain retired employees. These employees become eligible for benefits after meeting age and service requirements.

The Company recognizes the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its Consolidated Balance Sheets and recognizes changes in that funded status in the year in which the changes occur through comprehensive income. The Company measures changes in the funded status of its plans using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the expected return on plan assets and the rate of compensation increase. The Company uses a measurement date of December 31 for its pension and other postretirement benefit plans.

Self-Insurance. The Company uses a combination of insurance and self-insurance for a number of risks, including claims related to employee healthcare and dental care, disability benefits, workers’ compensation, general liability, property damage and business interruption. Liabilities associated with these plans are estimated based on, among other things, the Company’s historical claims experience, severity factors and other actuarial assumptions. The expected loss accruals are based on estimates, and, while the Company believes that the amounts accrued are adequate, the ultimate loss may differ from the amounts provided.

Income Taxes. The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been

included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company records net deferred tax assets to the extent that it believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations; this evaluation is made on an ongoing basis. In the event the Company were to determine that it was able to realize net deferred income tax assets in the future in excess of their net recorded amount, the Company would record an adjustment to the valuation allowance, which would reduce the provision for income taxes.

The Company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The Company records a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on the Company’s tax return. Changes in the estimate are recorded in the period in which such determination is made.

Foreign Currency Translation. Income and expense accounts of the Company’s non-U.S. operations where the local currency is the functional currency are translated into U.S. dollars using the current rate method, whereby operating results are converted at the average rate of exchange for the period, and assets and liabilities are converted at the closing rates on the period end date. Gains and losses on translation of these accounts are accumulated and reported as a separate component of equity and other comprehensive income. Gains and losses on foreign currency transactions, including foreign currency denominated intercompany loans on entities with a functional currency in U.S. dollars, are recognized in the Consolidated Statements of Operations.

Equity-Based Compensation. The Company measures compensation expense for awards settled in shares based on the grant date fair value of the award. The Company measures compensation expense for awards settled in cash, or that may be settled in cash, based on the fair value at each reporting date. The Company recognizes the expense over the requisite service period, which is generally the vesting period of the award. Stock award forfeitures are accounted for as they occur.

Earnings Per Share. Basic earnings per share is calculated under the two-class method. The Company treats restricted stock as a participating security due to its nonforfeitable right to dividends. Under the two-class method, the Company allocates to the participating securities their portion of dividends declared and undistributed earnings to the extent the participating securities may share in the earnings as if all earnings for the period had been distributed. Basic earnings per share is calculated by dividing the income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated similarly except that the weighted average number of common shares outstanding during the period includes the dilutive effect of the assumed exercise of options and restricted stock issuable under the Company’s stock plans. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.

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 Graham Healthcare Group (GHG). The Company established GHC One LLC (GHC One) and GHC Two LLC (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 December 31, 2025 and a noncurrent liability at December 31, 2024 in the Consolidated Balance Sheets. The mandatorily redeemable noncontrolling interested related to GHC Two is reported as a noncurrent liability at December 31, 2025 and 2024. The Company presents this liability at fair value, which is computed quarterly at the current redemption value. Changes in the redemption value are recorded as interest expense or income in the Company’s Consolidated Statement of Operations.

Redeemable Noncontrolling Interest. The Company’s redeemable noncontrolling interest represents the noncontrolling interest in CSI, which is 87.5% owned; Framebridge, which is 93.4% owned; Impact Medical, which is 50.1% owned; Skin Clique, which is 51% owned; and Clarus, which is 95.75% owned.

CSI’s minority shareholders may put up to 50% of their shares to the Company. The first put period began in 2022. A second put period for another tranche of shares began in 2024. In December 2024, the Company acquired some of the minority-owned shares of CSI for a total amount of $2.1 million. Prior to the redemption, the Company owned 86.7% of CSI. In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. Prior to the redemption, the Company owned 76.5% of CSI. The minority shareholder of Framebridge has an option to put 20% of the shares to the Company annually starting in 2024. The minority shareholder of Impact Medical has an option to put 10% of the shares to the Company annually starting in 2026 and may put all of the shares starting in 2033. The minority shareholders of Skin Clique have the option to put all or a portion of their shares to the Company starting in 2029 and ending in 2032. The minority shareholder at Clarus may put all or a portion of their shares to the Company. The first put period occurred in 2025; a second put period will occur in 2026; and a final put period will occur in 2030. In October 2025, the Company purchased some of the minority-owned interest of Clarus for $0.4 million. Prior to the redemption, the Company owned 95% of Clarus.

The Company presents the redeemable noncontrolling interests at the greater of its carrying amount or redemption value at the end of each reporting period in the Consolidated Balance Sheets. Changes in the redemption value are recorded as capital in excess of par value in the Company’s Consolidated Balance Sheets.

Comprehensive Income. Comprehensive income consists of net income, foreign currency translation adjustments, net changes in cash flow hedges, and pension and other postretirement plan adjustments.

Recently Adopted and Issued Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (FASB) issued new guidance that requires enhanced income tax disclosures related to the rate reconciliation, information on income taxes paid and other items. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The standard permits both prospective and retrospective application. The standard was adopted by the Company in the fourth quarter of 2025 and applied retrospectively to all prior periods presented in the Consolidated Financial Statements.

In November 2024, the 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 Consolidated Financial Statements.

In September 2025, the 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 Consolidated Financial Statements.

Other new accounting pronouncements issued but not effective until after December 31, 2025, are not expected to have a material impact on the Company’s Consolidated Financial Statements.

3. ACQUISITIONS AND DISPOSITIONS OF BUSINESSES

Acquisitions. 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, 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 11). 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.

During 2024, the Company acquired two small businesses. In January 2024, the Company acquired one small business which is included in other businesses. In May 2024, Kaplan acquired one small business which is included in its international division. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

During 2023, the Company acquired five businesses: three in other healthcare businesses, one in automotive and one in other businesses for $83.3 million in cash and contingent consideration and the assumption of floor plan payables. The assets and liabilities of the companies acquired were recorded at their estimated fair values at the date of acquisition.

In January 2023, GHG acquired two small businesses which are included in other healthcare businesses.

In July 2023, the Company acquired one small business which is included in other businesses.

In September 2023, the Company’s automotive subsidiary acquired a Toyota automotive dealership, including the real property for the dealership operations. In addition to a cash payment and the assumption of $2.2 million in floor plan payables, the automotive subsidiary borrowed $37.0 million to finance the acquisition. 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 expanded the Company’s automotive business operations and is included in automotive.

In December 2023, GHG acquired one small business which is included in other healthcare businesses.

Acquisition-related costs for acquisitions that closed during 2025 and 2023 were $4.3 million and $1.2 million, respectively, and were expensed as incurred. The aggregate purchase price of these acquisitions was allocated as follows, based on acquisition date fair values to the following assets and liabilities:


	Purchase Price Allocation
	Year Ended December 31
(in thousands)	2025		2023

Accounts receivable	$	11,641	$	68
Inventory	32,731		5,224
Property, plant and equipment	35,920		29,859
Lease right-of-use assets	3,642		—
Goodwill	51,943		45,968
Indefinite-lived intangible assets	15,500		6,300
Amortized intangible assets	41,300		235
Deferred income taxes	13,947		—
Other assets	221		4
Pension liabilities	(107,517)		—
Floor plan payables	(4,939)		(2,215)
Other liabilities	(18,371)		(935)
Current and noncurrent lease liabilities	(4,783)		(1,184)


Aggregate purchase price, net of cash acquired	$	71,235	$	83,324

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 and $45.0 million of goodwill for income tax purposes for the acquisitions completed in 2025 and 2023, respectively.

The acquired companies were consolidated into the Company’s financial statements starting on their respective acquisition dates. The Company’s Consolidated Statements of Operations for the year ended December 31, 2025 includes aggregate revenue and operating losses for the companies acquired in 2025 of $68.5 million and $2.3 million, respectively. The following unaudited pro forma financial information includes the 2025 acquisitions as if they occurred at the beginning of 2024 and the 2023 acquisitions as if they had occurred at the beginning of 2022:


	Year Ended December 31
(in thousands)	2025		2024		2023
Operating revenues	$	5,040,565	$	4,974,991	$	4,529,817
Net income	312,100		733,302		218,205

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. 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 KI.

In the first half of 2025, 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.

In June and September 2024, WGB completed the sales of small businesses, which were included in other businesses. In July 2024, Kaplan completed the sale of a small business, Red Marker, which was included in KI (see Note 16).

In June 2023, the Company entered into an agreement to merge the Pinna business with Realm of Possibility, Inc. (Realm) in return for an additional noncontrolling financial interest in Realm (the Pinna transaction). The Company deconsolidated the Pinna subsidiary, which was included in other businesses, and continues to account for its interest in Realm under the equity method of accounting (see Notes 4 and 16).

Other Transactions. 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 owns 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.

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 is included in other indebtedness (see Note 11) and is due and payable on January 31, 2026. Following the redemption, the Company owns 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.

In December 2023, the Company acquired some of the minority-owned shares of CSI for a total amount of $20.0 million. The Company paid cash of $5.0 million and entered into a promissory note with the minority owners for the remaining $15.0 million at an interest rate of 8% per annum. The note is included in other indebtedness (see Note 11) and payable in quarterly installments with the final payment due by January 1, 2027. Following the redemption, the Company owned 86.7% of CSI.

As of December 31, 2025, 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 Notes 2 and 12).

4. INVESTMENTS

Money Market Investments. As of December 31, 2025 and 2024, the Company had money market investments of $5.3 million and $3.9 million, respectively, that are classified as cash and cash equivalents in the Company’s Consolidated Balance Sheets.

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


	As of December 31
(in thousands)	2025		2024
Total cost	$	256,897	$	227,153
Gross unrealized gains	845,889		627,760
Gross unrealized losses	(20,848)		(2,479)
Total Fair Value	$	1,081,938	$	852,434

At December 31, 2025 and 2024, the Company owned 55,430 shares in Markel Group Inc. (Markel) valued at $119.2 million and $95.7 million, respectively. The Chief Executive Officer of Markel, Mr. Thomas S. Gayner, is a member of the Company’s Board of Directors. As of December 31, 2025, the Company owned 422 Class A and 481,920 Class B shares in Berkshire Hathaway valued at $560.8 million, which exceeded 5% of the Company’s total assets.

The Company purchased $29.8 million, $5.0 million, and $4.6 million of marketable equity securities during 2025, 2024 and 2023, respectively.

There were no sales of marketable equity securities during 2025. During 2024 and 2023, the gross cumulative realized net gains from the sales of marketable equity securities were $19.8 million and $12.7 million, respectively. The total proceeds from such sales were $23.5 million and $62.0 million, respectively. The Company donated marketable equity securities in 2025, 2024 and 2023 and recorded $0.4 million in gross cumulative realized gains from the donations in each year.

The net gain on marketable equity securities comprised the following:


	Year Ended December 31
(in thousands)	2025		2024		2023
Gain on marketable equity securities, net	$	200,170	$	181,295	$	138,067
Less: Net gains in earnings from marketable equity securities sold and donated	(25)		(6,010)		(5,475)
Net unrealized gains in earnings from marketable equity securities still held at the end of the year	$	200,145	$	175,285	$	132,592

Investments in Affiliates. As of December 31, 2025, 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 years ended December 31, 2025, 2024 and 2023, GHG recorded $16.5 million, $17.5 million and $15.6 million, respectively, in revenue for services provided to its affiliates.

In September 2025, the Company invested an additional $29.3 million in Intersection Holdings, LLC (Intersection). Intersection used a portion of the additional investment to settle, in a non-cash exchange, $19.3 million of the outstanding amount owed to the Company on the $30.0 million term loan extended in April 2023. Following the additional investment, the Company recognized a gain of $18.6 million in equity earnings. In November 2025, the Company invested an additional $28.7 million in Intersection. In December 2025, Intersection repaid the remaining $5.0 million outstanding balance on the term loan. As of December 31, 2025, the Company held an approximate 25.2% interest in Intersection.

As of December 31, 2025, the Company held a 50.4% and 41.4% interest in N2K Networks and Realm, respectively, on a fully diluted basis, and accounts fo

Graham Holdings Co 10-K