Capital Stock, Stock Awards and Stock Options (Tables)

12 Months Ended

Dec. 31, 2025

Capital Stock, Stock Awards, and Stock Options [Abstract]

Activity related to stock awards under these incentive compensation plans for the year ended December 31, 2025 was as follows:


	Number of Shares	Average Grant-Date Fair Value
Beginning of year, unvested	29,314	$	575.33
Awarded	11,386	871.87
Vested	(12,769)	536.18
Forfeited	(3,535)	749.90
End of Year, unvested	24,396	708.93

Activity Related to Stock Options

Activity related to options outstanding for the year ended December 31, 2025 was as follows:


	Number of Shares	Average Option Price
Beginning of year	97,787	$	546.68
Granted	—	—
Exercised	(24,742)	866.58
Expired or forfeited	—	—
End of Year	73,045	438.33

Information related to stock options outstanding and exercisable at December 31, 2025, is as follows:


	Options Outstanding			Options Exercisable
Exercise Prices	Shares Outstanding at 12/31/2025	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price	Shares Exercisable at 12/31/2025	Weighted Average Remaining Contractual Life (years)	Weighted Average Exercise Price

$427	71,045	4.7	426.86	58,168	4.7	426.86



$846	2,000	1.2	845.72	2,000	1.2	845.72

	73,045	4.6	438.33	60,168	4.6	440.78

Summary of Earnings Per Share, Basic and Diluted

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


	Year Ended December 31
(in thousands, except per share amounts)	2025			2024			2023
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders	$	292,291		$	724,634		$	205,288
Less: Dividends paid–common stock outstanding and unvested restricted shares	(31,360)			(30,347)			(30,953)
Undistributed earnings	260,931			694,287			174,335
Percent allocated to common stockholders	99.44		%	99.32		%	99.34		%
	259,473			689,588			173,182
Add: Dividends paid–common stock outstanding	31,183			30,147			30,756
Numerator for basic earnings per share	290,656			719,735			203,938
Add: Additional undistributed earnings due to dilutive stock options	14			35			4
Numerator for diluted earnings per share	$	290,670		$	719,770		$	203,942
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding	4,331			4,372			4,639
Add: Effect of dilutive stock options	42			33			15
Denominator for diluted earnings per share	4,373			4,405			4,654
Graham Holdings Company Common Stockholders:
Basic earnings per share	$	67.11		$	164.62		$	43.96
Diluted earnings per share	$	66.47		$	163.40		$	43.82

____________


Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock

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


	Year Ended December 31
(in thousands)	2025	2024	2023
Weighted average restricted stock	15	21	12

Graham Holdings Co 10-K