Graham Holdings Company
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $292.3M | $724.6M | $205.3M | $67.1M | $352.1M | $300.4M | $327.9M | $271.2M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $80.4M | $87.0M | $86.1M | $73.3M | $71.4M | $74.3M | $59.3M | $56.7M |
| Amortization | $32.0M | $37.1M | $50.0M | $58.9M | $57.9M | $56.8M | $53.2M | $47.4M |
| Stock-Based Compensation | $5.7M | $6.3M | $6.7M | $6.1M | $5.7M | $6.3M | $6.3M | $6.4M |
| Net Cash from Operating Activities | $347.2M | $407.0M | $259.9M | $235.6M | $202.4M | $210.7M | $165.2M | $287.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $71.9M | $82.9M | $93.4M | $82.7M | $162.5M | $69.6M | $93.5M | $98.2M |
| Business Acquisitions | $71.2M | $4.1M | $78.1M | $130.1M | $351.9M | $20.1M | $179.4M | $111.5M |
| Net Cash from Investing Activities | $-179.4M | $-62.3M | $-153.0M | $-184.1M | $-494.6M | $199.4M | $-236.7M | $-231.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $3.5M | $114.1M | $193.2M | $71.4M | $55.7M | $161.8M | $2.1M | $118.0M |
| Net Cash from Financing Activities | $-165.5M | $-241.0M | $-99.8M | $-18.1M | $31.0M | $-204.0M | $18.7M | $-192.4M |
| Net Change in Cash | $13.6M | $96.0M | $11.5M | $31.6M | $-264.2M | $209.0M | $-50.1M | $-143.5M |
| Free Cash Flow | $275.3M | $324.1M | $166.4M | $152.9M | $39.9M | $141.1M | $71.7M | $188.8M |