Graham Holdings Company
Cash Flow Statement
| Line Item | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $108.7M | $122.9M | $36.7M | $23.9M | $548.8M | $72.5M | $-21.0M | $124.4M |
| Depreciation & Amortization | — | — | — | — | — | — | — | — |
| Depreciation | $20.9M | $19.3M | $19.7M | $20.6M | $21.0M | $21.3M | $22.2M | $22.5M |
| Amortization | $7.3M | $9.7M | $7.2M | $7.8M | $7.9M | $8.4M | $10.1M | $10.8M |
| Stock-Based Compensation | $921.0K | $1.7M | $1.6M | $1.5M | $1.6M | $1.6M | $1.6M | $1.4M |
| Net Cash from Operating Activities | $28.3M | $178.1M | $94.8M | $46.0M | $116.3M | $237.6M | $52.0M | $1.1M |
| Investing Activities | ||||||||
| Capital Expenditures | $23.3M | $16.3M | $16.8M | $15.5M | $25.2M | $18.1M | $18.3M | $21.3M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-81.1M | $-67.0M | $-12.7M | $-18.6M | $-26.7M | $6.1M | $-20.8M | $-21.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $0 | $0 | $0 | $3.5M | $15.9M | $48.7M | $29.5M | $20.0M |
| Net Cash from Financing Activities | $125.3M | $-102.3M | $-66.8M | $-121.7M | $-64.7M | $-155.1M | $-22.8M | $1.5M |
| Net Change in Cash | $74.3M | $7.8M | $22.4M | $-90.9M | $15.6M | $94.6M | $8.6M | $-22.9M |
| Free Cash Flow | $5.0M | $161.8M | $78.0M | $30.5M | $91.1M | $219.4M | $33.7M | $-20.2M |