---
schema_version: "secwatch.filing_event.v1"
accession: "0000104889-23-000032"
form_type: "8-K"
ticker: "GHC"
cik: "0000104889"
company_name: "Graham Holdings Co"
filed_at: "2023-05-03T23:59:59+00:00"
generated_at: "2026-06-16T00:01:52.917922+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Graham Holdings Q1 net income falls 45% to $52.3M; revenue up 13% to $1.03B

## Summary
- GAAP EPS $10.88 vs $19.45 YoY; adjusted EPS $8.36 vs $12.76
- Revenue $1.03B (+13%) driven by education (+6%), healthcare (+52%), automotive acquisitions
- Operating income $27.7M vs $40.0M; declines in TV broadcasting, manufacturing, healthcare
- Adjusted operating cash flow $71.6M vs $80.4M; education and healthcare increased
- Healthcare revenue up 52% from CSI growth and acquisitions; operating income down due to pension credit program

## SEC filing metadata
- accession: 0000104889-23-000032
- form_type: 8-K
- ticker: GHC
- cik: 0000104889
- company_name: Graham Holdings Co
- filed_at: 2023-05-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/104889/000010488923000032/0000104889-23-000032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/104889/000010488923000032/ghc-20230503.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000104889-23-000032
- JSON: https://secwatch.observer/filing/0000104889-23-000032.json
- Plain text: https://secwatch.observer/filing/0000104889-23-000032.txt

## Key facts
- Earnings Releases
  Graham Holdings Co reported first quarter of 2023 results: revenue $1,031.5 million, net income $52.3 million, EPS $10.88 per share.
  - Period: first quarter of 2023
  - Revenue: $1,031.5 million
  - Net income: $52.3 million
  - EPS: $10.88 per share
  - Result: reported results
  source text: to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $3.3 million, or $0.67 per share). Revenue for the first quarter of 2023 was $1,031.5 million, up 13% from $914.7 million in the first quarter of 2022. Revenues increased at education, healthcare and automotive, partially offset by declines at television broadcasting,
  evidence_url: https://www.sec.gov/Archives/edgar/data/104889/000010488923000032/0000104889-23-000032-index.htm
- Earnings Releases
  Graham Holdings Co reported first quarter of 2022 results: revenue $914.7 million, net income $95.6 million, EPS $19.45 per share.
  - Period: first quarter of 2022
  - Revenue: $914.7 million
  - Net income: $95.6 million
  - EPS: $19.45 per share
  - Result: reported results
  source text: mandatorily redeemable noncontrolling interest (after-tax impact of $3.3 million, or $0.67 per share). Revenue for the first quarter of 2023 was $1,031.5 million, up 13% from $914.7 million in the first quarter of 2022. Revenues increased at education, healthcare and automotive, partially offset by declines at television broadcasting, manufacturing and other
  evidence_url: https://www.sec.gov/Archives/edgar/data/104889/000010488923000032/0000104889-23-000032-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.