secwatch.observer — SEC 8-K summary
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Issuer:     Graham Holdings Co (GHC)
CIK:        0000104889
Form:       8-K
Filed at:   2026-02-25T23:59:59+00:00
Accession:  0001628280-26-011410
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Graham Holdings Q4 net income $108.7M down 80% YoY; adjusted EPS $11.45 vs $22.58
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- FY 2025 revenue $4.96B (+3.5%); Q4 revenue $1.25B (flat). Operating income $234.9M vs $215.5M.
- FY net income $292.3M ($66.47/sh) vs $724.6M ($163.40/sh) due to prior year pension settlement gain.
- Q4 adjusted EPS (non-GAAP) fell to $11.45 from $22.58; FY adjusted EPS $51.50 vs $63.63.
- Inventory overstatement estimated up to $22M as of Q3 2025, causing delay in 10-K filing; restatement pending.
- Television broadcasting revenue down 32% in Q4 due to lower political ad revenue; issued $500M notes due 2033 refinanced existing debt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/104889/000162828026011410/0001628280-26-011410-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/104889/000162828026011410/ghc-20260225.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-011410

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