Graham Holdings Company (GHC) Cash Flow: Operating & Free Cash Flow

Graham Holdings Company (GHC) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Graham Holdings Company generated $347.19M of operating cash flow and spent $71.88M on capital expenditures. That left free cash flow of $275.30M, down 15.0% from $324.08M a year earlier, or 5.6% of revenue. It returned $229.01M to shareholders through $223.25M in dividends and $5.76M in share buybacks.

Graham Holdings Company Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Graham Holdings Company (GHC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	303.27	732.61	211.70	70.43	353.33	300.37	327.88	271.41	302.49
Depreciation & Amortization	184.49	237.24	302.90	328.71	235.98	217.42	205.83	112.25	113.31
Deferred Income Tax	92.49	227.40	43.77	-3.84	65.05	14.38	69.75	-7.12	-146.45
Stock Based Compensation	5.72	6.33	6.71	6.12	5.66	6.35	6.28	6.41	10.17
Change in Working Capital	24.15	111.34	-68.94	-127.16	-111.24	-69.76	-195.93	4.84	43.10
Change in Accounts Receivable	-11.20	11.32	8.23	45.52	-47.43	61.33	-53.60	59.85	11.09
Change in Inventory	35.29	8.30	-62.87	-64.32	4.55	3.79	-5.32	-7.35	-0.54
Change in Accounts Payable	5.28	13.91	24.70	0.00	32.40	-32.71	-47.07	-44.89	19.38
Change in Other Working Capital	7.31	68.17	-83.64	-108.35	-99.29	-79.74	-89.94	-2.77	13.17
Other Operating Activities	-170.53	-680.53	-192.51	-38.66	-281.30	-22.12	-248.65	-100.76	-54.56
Net Cash from Operating Activities	347.19	406.99	259.88	235.60	202.43	210.66	165.16	287.02	268.06
Investing Activities
Capital Expenditures	-71.88	-82.91	-93.45	-82.68	-162.54	-69.59	-93.50	-98.19	-60.36
Acquisitions	-71.24	-4.12	-78.15	-118.13	-351.88	-20.08	-151.54	-128.79	-374.89
Purchases of Investments	-69.40	-11.55	-50.21	-79.41	-56.57	61.40	-7.50	-42.66	-0.20
Sales/Maturities of Investments	26.16	23.52	61.98	102.04	65.50	93.78	19.30	66.74	0.20
Other Investing Activities	6.91	4.34	2.56	1.04	0.56	2.07	-3.50	-28.06	-6.77
Net Cash from Investing Activities	-179.44	-62.33	-152.98	-177.15	-494.64	199.37	-236.74	-230.96	-442.02
Financing Activities
Debt Repayment	-558.09	-29.03	-121.74	55.02	-49.65	-97.52	46.75	-22.88	-17.22
Common Stock Issued	0.76	0.60	3.93	1.82	7.19	25.13	0.00	0.00	0.00
Common Stock Repurchased	-5.76	-116.09	-198.15	-71.39	-59.19	-161.83	-2.10	-118.03	-50.77
Dividends Paid	-223.26	-36.46	-36.26	-30.71	-30.78	-29.97	-29.55	-28.62	-28.33
Other Financing Activities	-211.48	-19.29	-12.04	20.23	-27.83	-19.77	3.64	-22.84	-3.79
Net Cash from Financing Activities	-165.48	-240.97	-99.84	-25.03	31.03	-204.00	18.73	-192.36	-100.11
Summary
Effect of Forex Changes on Cash	11.29	-7.73	4.39	-1.84	-3.03	2.98	2.77	-7.15	10.82
Net Change in Cash	13.55	95.96	11.46	31.59	-264.21	209.01	-50.07	-143.45	-263.25
Cash at Beginning of Period	297.85	201.89	190.43	158.84	423.05	214.04	264.12	407.57	670.82
Cash at End of Period	311.41	297.85	201.89	190.43	158.84	423.05	214.04	264.12	407.57
Free Cash Flow	275.30	324.08	166.43	152.92	39.89	141.07	71.66	188.83	207.70
Supplemental Disclosures
Interest Paid	-	69.00	51.00	37.00	30.00	31.00	-	-	-
Income Taxes Paid	-	63.00	39.00	48.00	39.00	91.00	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Graham Holdings Company Cash Flow

What is Graham Holdings Company's free cash flow?

Graham Holdings Company generated free cash flow of $275.30M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $347.19M minus $71.88M of capital expenditures. That was down 15.0% from $324.08M a year earlier. Free cash flow equaled 5.6% of revenue.

How much does Graham Holdings Company spend on capital expenditures?

Graham Holdings Company spent $71.88M on capital expenditures in fiscal 2025, compared with $82.91M a year earlier. That equals 20.7% of operating cash flow.

Does Graham Holdings Company pay dividends or buy back shares?

Yes. In fiscal 2025 Graham Holdings Company returned $223.25M in dividends and $5.76M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition