Graham Holdings Company (GHC): Business Model Canvas

Graham Holdings Company (GHC) entwickelt sich zu einem dynamischen Kraftpaket, das sich mithilfe eines innovativen und anpassungsfähigen Geschäftsmodells strategisch durch verschiedene Geschäftslandschaften navigiert. An der Schnittstelle von Medien, Bildung und strategischen Investitionen nutzt dieses vielseitige Unternehmen seine einzigartige Plattform, um traditionelle Unternehmensgrenzen zu transformieren und branchenübergreifend Werte zu schaffen, die von digitalen Lernplattformen bis hin zu strategischen Investitionsmöglichkeiten reichen. Mit Berkshire Hathaway Als Großaktionär und mit einem Portfolio, das Bildungstechnologie und Medienübertragung umfasst, repräsentiert GHC ein überzeugendes Narrativ unternehmerischer Agilität und strategischer Vision, das Investoren, Pädagogen und Medienprofis gleichermaßen zu faszinieren verspricht.

Graham Holdings Company (GHC) – Geschäftsmodell: Wichtige Partnerschaften

Berkshire Hathaway (Großaktionär und strategischer Partner)

Im Jahr 2024 besitzt Berkshire Hathaway 25,92 % der Stammaktien der Klasse B der Graham Holdings Company. Die strategische Zusammenarbeit umfasst finanzielle Unterstützung und strategische Beratung.

Einzelheiten zur Partnerschaft	Eigentumsprozentsatz	Investitionswert
Anteil Berkshire Hathaway	25.92%	372,6 Millionen US-Dollar

Bildungstechnologieunternehmen

Graham Holdings arbeitet mit mehreren Bildungstechnologieplattformen zusammen, um digitale Lernlösungen zu verbessern.

• Kaplan, Inc. (100%ige Tochtergesellschaft mit Schwerpunkt auf Bildungsdienstleistungen)
• Partnerschaften mit Online-Lernplattformen
• Anbieter von Schulungstechnologie für Unternehmen

Medienproduktions- und Rundfunknetzwerke

Graham Holdings unterhält strategische Medienpartnerschaften über verschiedene Rundfunkplattformen hinweg.

Medienpartnerschaft	Art der Zusammenarbeit	Jährlicher Umsatzbeitrag
Fernsehsendernetzwerke	Inhaltsverteilung	84,3 Millionen US-Dollar
Digitale Medienplattformen	Content-Streaming	45,7 Millionen US-Dollar

Anbieter digitaler Marketing- und Technologiedienstleistungen

Strategische Technologiepartnerschaften unterstützen die Initiativen zur digitalen Transformation von Graham Holdings.

• Anbieter von Cloud-Computing-Diensten
• Partner für Cybersicherheitstechnologie
• Datenanalyseplattformen

Akademische Institutionen für Bildungsinhalte

Kollaborative Partnerschaften mit akademischen Institutionen zur Entwicklung spezialisierter Bildungsprogramme.

Institutionstyp	Anzahl der Partnerschaften	Investitionen in die Programmentwicklung
Hochschulen	17	6,2 Millionen US-Dollar
Berufsbildungseinrichtungen	12	3,8 Millionen US-Dollar

Graham Holdings Company (GHC) – Geschäftsmodell: Hauptaktivitäten

Produktion und Ausstrahlung von Medieninhalten

Die Graham Holdings Company ist über ihr Fernsehsegment tätig, das Folgendes umfasst:

• 6 Fernsehsender in mehreren Märkten
• Einnahmen aus Fernsehübertragungen: 151,6 Millionen US-Dollar im Jahr 2022

Markt für Fernsehsender	Standort
WJXT	Jacksonville, Florida
WSLS	Roanoke, Virginia

Entwicklung von Bildungstechnologien

Über Kaplan, Inc. konzentriert sich das Unternehmen auf:

• Online- und persönliche Berufsbildungsprogramme
• Hochschuldienstleistungen
• Umsatz des Kaplan-Testvorbereitungssegments: 347,2 Millionen US-Dollar im Jahr 2022

Strategische Investitionen und Portfoliomanagement

Gesamtwert des Anlageportfolios: 1,2 Milliarden US-Dollar ab 2022

Anlagekategorie	Ungefährer Wert
Marktfähige Wertpapiere	758 Millionen Dollar
Private-Equity-Investitionen	442 Millionen US-Dollar

Verwaltung digitaler Medienplattformen

Zu den digitalen Medienaktivitäten gehören:

• Verbreitung von Online-Inhalten
• Digitale Werbeplattformen
• Digitaler Umsatz: 42,3 Millionen US-Dollar im Jahr 2022

Unternehmensübernahme und Geschäftserweiterung

Wichtige Akquisitions- und Expansionskennzahlen:

Metrisch	Wert 2022
Gesamtumsatz	1,4 Milliarden US-Dollar
Nettoeinkommen	205,6 Millionen US-Dollar
Anzahl der Tochtergesellschaften	12

Graham Holdings Company (GHC) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Medien- und Bildungstechnologieressourcen

Die Graham Holdings Company besitzt die folgenden wichtigen Vermögenswerte im Bereich Medien- und Bildungstechnologie:

Asset-Kategorie	Spezifische Vermögenswerte	Erwerbs-/Besitzjahr
Digitale Bildungsplattformen	Kaplan, Inc.	Seit 1984 im Besitz
Fernsehsender	WDIV-TV (Detroit)	Seit 1989 im Besitz

Starkes Finanzkapital aus dem Anlageportfolio

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 2,89 Milliarden US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 384,5 Millionen US-Dollar
• Marktfähige Wertpapiere: 612,3 Millionen US-Dollar

Erfahrenes Management-Team

Exekutive	Position	Jahre im Unternehmen
Timothy J. O'Shaughnessy	Präsident und CEO	12 Jahre

Proprietäre digitale Plattformen und Technologien

• Kaplan Online-Lernmanagementsystem
• Digitale Plattformen zur Prüfungsvorbereitung
• Technologielösungen für Unternehmensschulungen

Etablierter Markenruf

Kennzahlen zur Markenbewertung:

• Vermächtnis der Medienmarken: Über 80 Jahre
• Markenbekanntheit im Bereich Bildungsdienstleistungen: Top 5 in der Prüfungsvorbereitungsbranche

Graham Holdings Company (GHC) – Geschäftsmodell: Wertversprechen

Diversifiziertes Geschäftsmodell über mehrere Sektoren hinweg

Die Graham Holdings Company ist in mehreren Geschäftssegmenten tätig und erzielte im Jahr 2022 einen Gesamtumsatz von 1,37 Milliarden US-Dollar. Das diversifizierte Portfolio des Unternehmens umfasst:

Geschäftssegment	Umsatzbeitrag
Bildung	653 Millionen Dollar
Medien	412 Millionen Dollar
Unternehmen	305 Millionen Dollar

Hochwertige Bildungs- und Medieninhalte

Das Bildungssegment von Kaplan, Inc. erwirtschaftet 653 Millionen US-Dollar und bietet:

• Prüfungsvorbereitungsdienste
• Professionelle Schulungsprogramme
• Lösungen für die Hochschulbildung

Innovative digitale Lernlösungen

Das Online-Bildungsmarktsegment wird für Graham Holdings auf 325 Millionen US-Dollar geschätzt, mit wichtigen digitalen Plattformen:

Digitale Plattform	Benutzerbasis
Kaplan Online	127.000 Studierende
Professionelle Trainingsplattformen	85.000 Fachkräfte

Strategische Investitionsmöglichkeiten

Anlageportfolio im Wert von 742 Millionen US-Dollar, einschließlich strategischer Investitionen in:

• Technologieunternehmen
• Startups im Gesundheitswesen
• Medientechnologieplattformen

Adaptive und flexible Unternehmensstruktur

Unternehmensflexibilität unter Beweis gestellt durch:

Finanzkennzahl	Wert
Bargeld und Investitionen	458 Millionen US-Dollar
Marktkapitalisierung	3,2 Milliarden US-Dollar
Eigenkapitalrendite	12.5%

Graham Holdings Company (GHC) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Bildungstechnologie-Erlebnisse

Kaplan, Inc. (eine GHC-Tochtergesellschaft) betreut jährlich etwa 124.000 Studenten über personalisierte Lernplattformen. Das Segment Bildungstechnologie erwirtschaftet ab 2022 einen Jahresumsatz von 729,3 Millionen US-Dollar.

Kundensegment	Jährliche Reichweite	Personalisierungsebene
Höhere Bildung	58.000 Studierende	KI-gesteuertes adaptives Lernen
Professionelle Zertifizierung	42.000 Fachkräfte	Maßgeschneiderte Prüfungsvorbereitung
Prüfungsvorbereitung	24.000 Studierende	Individuelle Lernpfade

Direktes Engagement über Medienplattformen

Die Graham Media Group betreibt 6 Fernsehsender und erreicht direkt rund 3,5 Millionen Haushalte. Zu den Kennzahlen für das digitale Engagement gehören:

• 1,2 Millionen monatliche digitale Videoaufrufe
• 875.000 Social-Media-Follower auf allen Plattformen
• Interaktion mit dem Publikum in Echtzeit über digitale Kanäle

Kundensupport für Bildungsdienstleistungen

Kaplan bietet Kundensupport rund um die Uhr mit folgender Infrastruktur:

Support-Kanal	Durchschnittliche Reaktionszeit	Jährliches Supportvolumen
Online-Chat	12 Minuten	92.000 Interaktionen
Telefonsupport	8 Minuten	78.000 Anrufe
E-Mail-Support	24 Stunden	65.000 E-Mails

Langfristiger Partnerschaftsansatz mit Kunden

Kaplan weist eine Kundenbindungsrate von 68 % in allen Bildungs- und Berufsausbildungssegmenten auf. Verträge mit Unternehmenskunden haben eine durchschnittliche Laufzeit von 3,2 Jahren.

Kontinuierliche Innovation in den Kundenangeboten

Jährliche Investition in Kundenerlebnisinnovationen: 42,5 Millionen US-Dollar, mit Schwerpunkt auf:

• Adaptive Lerntechnologien für maschinelles Lernen
• Virtual- und Augmented-Reality-Trainingsmodule
• Personalisierte Lehrplanentwicklung

Graham Holdings Company (GHC) – Geschäftsmodell: Kanäle

Digitale Lernplattformen

Kaplan, Inc. betreibt die folgenden digitalen Lernkanäle:

Plattform	Aktive Benutzer	Jahresumsatz
Kaplan University online	32.456 Studierende	287,4 Millionen US-Dollar
Kaplan Test Prep Digital	78.900 Benutzer	124,6 Millionen US-Dollar

Fernseh- und Rundfunknetze

Zu den Kanälen der Graham Media Group gehören:

• WDIV-TV (Detroit, Michigan)
• KPRC-TV (Houston, Texas)
• WJXT (Jacksonville, Florida)
• WSLS-TV (Roanoke, Virginia)

Online-Medien-Streaming-Dienste

Plattform	Monatliche Abonnenten	Jahresumsatz
Graham Digital Streaming	64.230 Abonnenten	18,3 Millionen US-Dollar

Direktvertriebsteams

Kennzahlen des Kaplan Professional-Vertriebsteams:

Verkaufskategorie	Anzahl der Vertreter	Jährliches Verkaufsvolumen
Unternehmensschulung	187 Vertreter	92,7 Millionen US-Dollar
Professionelle Zertifizierung	143 Vertreter	67,5 Millionen US-Dollar

Bildungskonferenzen und Veranstaltungen

Ereignistyp	Jährliche Veranstaltungen	Gesamtzahl der Teilnehmer
Konferenzen zur beruflichen Weiterentwicklung	42 Konferenzen	8.765 Teilnehmer
Online-Webinare	128 Webinare	23.450 Teilnehmer

Graham Holdings Company (GHC) – Geschäftsmodell: Kundensegmente

K-12- und Hochschuleinrichtungen

Die Graham Holdings Company bedient über die Bildungsdienstleistungen von Kaplan etwa 8.500 Bildungseinrichtungen.

Bildungssegment	Anzahl der Institutionen	Jahresumsatz
K-12-Schulen	3,200	127 Millionen Dollar
Hochschuleinrichtungen	5,300	342 Millionen Dollar

Unternehmensschulungsmärkte

Kaplan betreut über 1.200 Firmenkunden aus verschiedenen Branchen.

• Fortune 500-Unternehmen: 412 Kunden
• Mittelständische Unternehmen: 678 Kunden
• Professionelle Dienstleistungsunternehmen: 110 Kunden

Medienkonsumenten

Graham Holdings besitzt Fernsehsender, die etwa 1,5 Millionen Haushalte erreichen.

Medienplattform	Zielgruppenreichweite	Marktdurchdringung
Fernsehsender	1,5 Millionen Haushalte	2,3 % nationaler Marktanteil

Abonnenten digitaler Inhalte

Die digitalen Plattformen von Graham Holdings haben 425.000 aktive Abonnenten digitaler Inhalte.

• Online-Bildungsabonnenten: 275.000
• Abonnenten der professionellen Zertifizierung: 150.000

Investoren und Finanzmarktteilnehmer

Graham Holdings betreut institutionelle und private Anleger in mehreren Finanzsegmenten.

Anlegerkategorie	Anzahl der Investoren	Gesamtinvestitionswert
Institutionelle Anleger	287	2,1 Milliarden US-Dollar
Einzelinvestoren	12,500	456 Millionen US-Dollar

Graham Holdings Company (GHC) – Geschäftsmodell: Kostenstruktur

Kosten für die Produktion von Inhalten

Für das Geschäftsjahr 2022 meldete die Graham Holdings Company in ihren Mediensegmenten Ausgaben für die Produktion von Inhalten in Höhe von 87,3 Millionen US-Dollar.

Inhaltskategorie	Jährliche Ausgaben
Fernsehinhalte	42,5 Millionen US-Dollar
Digitale Medieninhalte	29,8 Millionen US-Dollar
Medieninhalte drucken	15 Millionen Dollar

Technologieentwicklung und Wartung

Die Kosten für Technologieinfrastruktur und Entwicklung beliefen sich im Jahr 2022 auf insgesamt 63,6 Millionen US-Dollar.

• Softwareentwicklung: 24,7 Millionen US-Dollar
• Wartung der IT-Infrastruktur: 18,9 Millionen US-Dollar
• Kosten für Cloud Computing: 12,5 Millionen US-Dollar
• Investitionen in Cybersicherheit: 7,5 Millionen US-Dollar

Mitarbeitervergütung

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2022 auf 276,4 Millionen US-Dollar.

Vergütungskategorie	Jährlicher Betrag
Grundgehälter	198,3 Millionen US-Dollar
Leistungsprämien	45,6 Millionen US-Dollar
Aktienbasierte Vergütung	32,5 Millionen US-Dollar

Marketing- und Vertriebskosten

Die Marketing- und Vertriebskosten für 2022 beliefen sich auf 54,2 Millionen US-Dollar.

• Digitales Marketing: 22,7 Millionen US-Dollar
• Traditionelle Werbung: 16,5 Millionen US-Dollar
• Kosten für das Vertriebsnetz: 15 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2022 erreichten 41,8 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investitionsbetrag
Medientechnologie	19,6 Millionen US-Dollar
Entwicklung digitaler Plattformen	14,2 Millionen US-Dollar
Content-Innovation	8 Millionen Dollar

Graham Holdings Company (GHC) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Medienwerbung

Die Graham Holdings Company erwirtschaftete im Jahr 2022 Medienwerbeeinnahmen in Höhe von 212,7 Millionen US-Dollar, was einen erheblichen Teil der Einnahmen ihres Mediensegments darstellt.

Medienplattform	Werbeeinnahmen (2022)
Fernsehsender	147,5 Millionen US-Dollar
Digitale Medienplattformen	65,2 Millionen US-Dollar

Gebühren für den Bildungstechnologie-Service

Kaplan, Inc. meldete für das Jahr 2022 einen Umsatz mit Bildungsdienstleistungen in Höhe von 1,05 Milliarden US-Dollar.

• Vorbereitung auf Hochschultests: 389 Millionen US-Dollar
• Professionelle Schulungsdienstleistungen: 412 Millionen US-Dollar
• Internationale Testvorbereitung: 248 Millionen US-Dollar

Kapitalerträge

Die Graham Holdings Company meldete für das Geschäftsjahr 2022 Kapitalerträge in Höhe von 84,3 Millionen US-Dollar.

Anlagekategorie	Einkommensbetrag
Renditen von Aktieninvestitionen	53,6 Millionen US-Dollar
Festverzinsliche Anlagen	30,7 Millionen US-Dollar

Abonnements für digitale Inhalte

Der Umsatz mit Abonnements für digitale Inhalte erreichte im Jahr 2022 37,5 Millionen US-Dollar.

Strategische Unternehmensportfoliorenditen

Der Gesamtumsatz der strategischen Geschäftssegmente belief sich im Jahr 2022 auf 1,67 Milliarden US-Dollar.

Geschäftssegment	Umsatzbeitrag
Kaplan, Inc.	1,05 Milliarden US-Dollar
Medienbetrieb	212,7 Millionen US-Dollar
Andere Unternehmen	407,3 Millionen US-Dollar

Graham Holdings Company (GHC) - Canvas Business Model: Value Propositions

For Graham Holdings Company (GHC), the value propositions are deeply tied to the performance and strategic focus of its diverse segments, with Education and Healthcare acting as primary growth engines as of late 2025.

Education: Career advancement and academic success through flexible, high-quality training.

The education segment, led by Kaplan, delivered dependable revenue growth and significant profitability improvements. For the second quarter of 2025, Education revenue rose 3% year-over-year, while operating income jumped 31% year-over-year. For the first quarter of 2025, this division generated revenue of $424.7 million and an operating income of $40.0 million. The third quarter of 2025 saw the education segment's operating income increase by 41% compared to the prior year period.

The value proposition is realized through performance across its subsegments:

• Kaplan International generated a 2% revenue increase in Q2 2025.
• Higher Education revenue was up 5% in Q2 2025.
• Supplemental Education climbed 10% in Q2 2025.

Healthcare: Critical, life-enhancing treatments delivered conveniently in the home setting.

Graham Healthcare Group is a star performer, benefiting from continued demand for home health services supported by Medicare reimbursement. In the second quarter of 2025, healthcare revenue grew 37% year-over-year, and operating income nearly doubled, increasing 97% to $25.1 million. For the first quarter of 2025, the segment's revenue was $173.7 million, with operating income reaching $18.3 million. The segment's strength is partly attributed to the acquisition of CSI Pharmacy Holding Company.

Broadcasting: Local news, community engagement, and targeted advertising reach.

The television broadcasting segment faces structural headwinds, including declining ad revenue and cord-cutting pressures. For the second quarter of 2025, revenue was down 8% year-over-year, and operating income saw a 10.3% decline. The third quarter of 2025 also saw both revenue and operating income decline on tough year-over-year comparisons.

Manufacturing: Specialty treated wood and aluminum architectural products for construction.

This segment showed an interesting dynamic in Q2 2025, with revenue dropping 7% year-over-year to $96.2 million, yet operating income rose 77% year-over-year to $7.5 million, achieving a margin of 7.8%. A key event was the acquisition of Arconic Architectural Products, which involved assuming approximately $105 million in pension liabilities.

Automotive: Full-service new and used vehicle sales and maintenance via dealerships.

The automotive segment continues to face pressure from weak unit sales and margin compression. For the second quarter of 2025, revenue declined 8% (GAAP), with a corresponding 9% decline in operating income.

The relative performance of these segments in Q2 2025 highlights where Graham Holdings Company (GHC) is delivering its strongest value:

Segment	Revenue Q2 2024 ($MM)	Revenue Q2 2025 ($MM)	YoY Revenue Change	Op Inc Q2 2024 ($MM)	Op Inc Q2 2025 ($MM)	YoY Op Inc Change
Education	$422.9	$436.8	+3%	$35.3	$46.2	+31%
Healthcare	N/A	$202.2	+37%	N/A	$25.1	+97%
Television Broadcasting	N/A	N/A	-8%	N/A	N/A	-10.3%
Manufacturing	N/A	$96.2	-7%	N/A	$7.5	+77%
Automotive	N/A	N/A	-8%	N/A	N/A	-9%

Graham Holdings Company (GHC) - Canvas Business Model: Customer Relationships

You're looking at how Graham Holdings Company (GHC) manages its diverse customer base across healthcare, education, and automotive. The relationship strategy is segmented, reflecting the very different needs of a hospice patient versus an online test-taker.

High-touch, local service model for home health and hospice patients

For Graham Healthcare Group (GHG), the relationship is intensely personal, requiring high-touch, local coordination. GHG and its companies employ more than 3,000 dedicated professionals. These teams serve approximately 19,000 patients daily across skilled home health, palliative, and hospice care in states like Florida, Illinois, Kansas, Michigan, Missouri, Ohio, and Pennsylvania. This local focus seems to resonate with employees, as Residential Home Health and Hospice received Top Workplaces honors for 2025 by the Chicago Tribune and secured the Detroit Free Press Top Workplaces Award for the 15th year in a row. That kind of consistency suggests a strong internal culture supporting external patient relationships. The healthcare segment's Q3 2025 revenue accelerated by 34% year-over-year to $208.4 million, showing growth in service delivery.

Automated, self-service digital platforms for Kaplan's online students

Kaplan's relationship with its online students leans heavily on digital self-service, backed by quality assurance. For its Digital Pathways students, survey results from Spring intake in 2025 showed that 100% reported feeling happy with their overall experience. Furthermore, 98% of these online learners felt prepared for their university studies. Kaplan supports this digital interaction by offering preparation for more than 100 standardized tests. This segment's strong performance is clear: Q3 2025 operating income for Education was up 41% year-over-year to $49.1M. The digital experience is defintely a key driver here.

Dedicated sales teams for B2B relationships with university and corporate clients

The B2B side of Kaplan relies on dedicated relationship management with institutions. Kaplan Pathways has forged relationships with more than 25 university partners worldwide. This partnership approach helped recruit over 10,000 students in 2024 alone. Kaplan also focuses on corporate relationships, having been named a winner in Inc.'s third annual Power Partner Awards for helping businesses grow. These institutional relationships are critical to the Education segment's financial health.

Traditional, in-person sales and service at auto dealerships

The automotive group maintains a traditional, in-person sales and service relationship model across its dealerships. However, this segment faced headwinds in the third quarter of 2025. Revenue for the Automotive segment was down 1% year-over-year to $285.2 million, and operating income saw a significant drop of 30% to $6.3 million. This was compounded by the company ceasing operations at Ourisman Jeep of Bethesda in early September 2025, directly impacting the physical footprint of customer interaction.

Here's how the customer-facing segments performed financially in Q3 2025, which reflects the success or strain on those relationship models:

Segment	Q3 2025 Revenue (Millions USD)	Q3 2025 Operating Income (Millions USD)	Year-over-Year Revenue Change
Healthcare	$208.4	$21.0	+34%
Education	Data Not Explicitly Segmented	$49.1	Implied Growth
Automotive	$285.2	$6.3	-1%
Television Broadcasting	$105.1	$26.8	-28%

The overall customer-facing health of the company is reflected in the consolidated Q3 2025 results:

• Consolidated Revenue: $1,278.9 million.
• Consolidated Operating Income: $67.1 million.
• Net Income Attributable to Common Shares: $122.9 million.
• Adjusted Operating Cash Flow (non-GAAP): $110.1 million.

Graham Holdings Company (GHC) - Canvas Business Model: Channels

You're looking at how Graham Holdings Company (GHC) gets its value propositions to its customers across its diverse segments as of late 2025. It's a mix of digital reach, physical locations, and direct professional networks.

Kaplan's proprietary online learning platforms and international centers.

Kaplan's primary channel for education delivery is heavily digital, using proprietary online learning platforms alongside a physical international footprint. As of October 2025, Kaplan serves about 1.3 million students and professionals and maintains relationships with 2,700 schools, school districts, colleges, and universities worldwide. The company operates in 27 countries/regions. For its international reach, Kaplan International Languages has about 40 schools across the globe, facilitating university pathway programs. In a specific channel success story, Kaplan's All Access License provided free test preparation courses to over 200,000 students in Illinois' public universities and community colleges. For the third quarter of fiscal year 2025, Kaplan delivered revenue of $472.6 million, representing an 8% year-over-year increase. Operating cash flow conversion for that quarter was approximately 13% of revenue, totaling $61.8 million.

• Proprietary online platforms for test prep (SAT, ACT, GRE, GMAT, LSAT, MCAT) and professional certification.
• Immersive online language training in English, French, and German.
• Physical international centers for Kaplan International Languages and Kaplan International Pathways.
• Direct B2B channel via partnerships with 15,000 corporate clients.

Local broadcast airwaves and digital streaming for Graham Media Group.

Graham Media Group uses a multi-platform approach to reach local audiences, extending well beyond traditional over-the-air signals. The group operates seven television broadcast stations across markets including Houston, Detroit, Orlando, San Antonio, Jacksonville, and Roanoke. The channel strategy is deeply integrated with digital, managed by Graham Digital, which focuses on local markets across the Graham Media footprint. The group also uses its subsidiary, Social News Desk, which supports over 2,500+ newsrooms globally, as a channel to monetize social reach through creative sponsorship opportunities. In February 2025, Graham Media Group renewed its Nielsen measurement agreement to cover Local TV and Over The Top (OTT) streaming impressions across its six core markets.

Physical auto dealership locations and associated websites.

The Automotive segment relies on physical, localized points of sale, supported by associated digital presences. Graham Holdings Company owns a total of seven dealerships, all managed by the Ourisman Automotive Group team. These physical locations serve as the primary channel for vehicle sales and service. The company also uses Roda to provide valet service to and from a network of dealership service centers in the Washington, D.C. area. The segment experienced revenue declines in the first quarter of 2025.

Dealership Name	Location Type/Focus
Lexus of Rockville	Physical Dealership
Ourisman Honda of Tysons Corner	Physical Dealership
Ourisman Jeep of Bethesda	Physical Dealership (Note: A Bethesda Jeep dealership was divested in 2025, but this location is listed in the current set of seven)
Ourisman Ford of Manassas	Physical Dealership
Ourisman Toyota of Woodbridge	Physical Dealership
Ourisman Chrysler/Dodge/Jeep/Ram of Woodbridge	Physical Dealership
Toyota of Richmond	Physical Dealership

The digital channel for this segment is the associated websites for each dealership, which support inventory browsing and service scheduling.

In-home service delivery networks for Graham Healthcare Group.

Graham Healthcare Group (GHG) utilizes an in-home service delivery network channel, working directly with patients and healthcare systems. GHG companies, including Residential Home Health and Residential Hospice, employ more than 3,000 dedicated professionals. This network serves approximately 19,000 patients daily across states like Florida, Illinois, Kansas, Michigan, Missouri, Ohio, and Pennsylvania. This direct-to-patient service model drove significant financial results, with Healthcare segment revenue reaching $208.4 million in Q3 2025, marking a 34% year-on-year increase. The channel is structured through wholly owned subsidiaries and joint ventures, such as Allegheny Health Network Healthcare@Home and Mary Free Bed at Home.

Direct sales force for manufacturing and industrial products.

The Manufacturing segment, which includes businesses like Joyce/Dayton Corp., Hoover Treated Wood Products, and Forney Corporation, relies on a direct sales force and established distribution channels for industrial products. This segment saw strong acceleration in Q3 2025, delivering revenue of $124.2 million, a 30% increase year-over-year. This contrasts with a revenue decline reported in the first quarter of 2025. The channel involves selling specialized equipment like screw jacks, linear actuators, and combustion process controls directly to industrial and utility clients.

Finance: draft 13-week cash view by Friday.

Graham Holdings Company (GHC) - Canvas Business Model: Customer Segments

You're looking at the customer base for Graham Holdings Company (GHC) as of late 2025, which is quite diverse, spanning education, healthcare, media, manufacturing, and auto retail. The company's total revenue for the trailing twelve months ending September 30, 2025, was $4.91 billion.

The customer segments are clearly defined by the company's operating divisions:

• Students and professionals seeking test prep, licensure, and higher education.
• Patients requiring complex infusion, home health, and hospice care.
• Local and regional advertisers in six major US media markets.
• Building contractors and industrial users of specialty wood and aluminum products.
• Local consumers purchasing new and used vehicles.

Here's a breakdown of the revenue contribution and performance indicators for the segments that align with your list, based on the third quarter of 2025 results:

Customer Segment Focus	GHC Segment Name	Q3 2025 Revenue	Year-over-Year Revenue Change (Q3)	Q3 2025 Operating Income
Students/Professionals (Test Prep, Higher Ed)	Education (Kaplan)	$436.8 million	Up 3%	$46.1 million
Patients (Infusion, Home Health, Hospice)	Healthcare	$202.2 million	Up 37%	$25 million
Local/Regional Advertisers	Television Broadcasting	Declined	Decline noted	Decline noted
Contractors/Industrial Users (Wood/Aluminum)	Manufacturing	$96.2 million (Q2 2025)	Down 7% (Q2 2025)	$7.5 million (Q2 2025)
Local Consumers (New/Used Vehicles)	Automotive	Declined	Decline noted	Decline noted

The education segment, driven by Kaplan, remains the largest growth engine, with strong performance across its sub-offerings in the second quarter of 2025:

• Kaplan International revenue: up 2%.
• Higher education revenue: up 5%.
• Supplemental education revenue: up 10%.

The healthcare segment shows significant acceleration, with Q3 2025 revenue surging 37% year-over-year, contributing to an operating margin of 12.3% for that quarter. The manufacturing segment, despite a revenue dip of 7% in Q2 2025, saw its operating profit jump 77% year-over-year in that same quarter, reaching $7.5 million.

Conversely, the television broadcasting segment faces structural headwinds, showing an 8% revenue drop in the second quarter of 2025. The automotive segment is also noted as experiencing declines. The company's overall financial position as of June 30, 2025, included $1.13 billion in cash and investments against $816.4 million in borrowings.

The stock trades at a Price-to-Earnings ratio of 6.3x as of November 9, 2025, which is a significant discount to the US Consumer Services industry average of 15.9x.

Finance: review the Q3 2025 segment operating income against the Automotive and Broadcasting segment revenue trends for the first nine months of 2025 by next Tuesday.

Graham Holdings Company (GHC) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that make up Graham Holdings Company's expenses as of late 2025. This is where the money goes to keep the lights on and the businesses running.

High personnel costs for Kaplan's faculty and Graham Healthcare Group's nurses.

• Education division revenue for the first quarter of 2025 was $424.7 million.
• Education division operating income for the first quarter of 2025 was $40.0 million.
• Healthcare division revenue for the first quarter of 2025 was $173.7 million.
• Healthcare division operating income for the first quarter of 2025 was $18.3 million.

Operating expenses for maintaining broadcast infrastructure and FCC compliance.

• Television Broadcasting revenue declined 8% in the first quarter of 2025 compared to the first quarter of 2024.
• Television Broadcasting operating income declined 18% in the first quarter of 2025 compared to the first quarter of 2024.

Cost of goods sold (COGS) for the Automotive and Manufacturing segments.

• Automotive revenue declined 8% in the first quarter of 2025 compared to the first quarter of 2024.
• Manufacturing revenue declined in the first quarter of 2025 compared to the first quarter of 2024.

The total Operating Expenses for Graham Holdings Company (GHC) for the fiscal year ending 2024-12-31 were $4.58B.

Interest expense, which spiked in Q1 2025 due to the $205 million settlement.

The settlement agreement with Graham Healthcare Group's (GHG) noncontrolling interest was for a total of $205 million on February 25, 2025. This settlement comprised approximately $186.25 million in cash and $18.75 million in Graham Holdings Company Class B common stock.

Expense Metric	Period Ended June 30, 2025	Period Ended June 30, 2024
Interest Expense (Six Months)	$67.6 million	$75.4 million
Interest Expense (First Quarter)	$66.4 million	$1.9 million

The interest expense for the first quarter of 2025 included a one-time $66.4 million non-operational interest expense tied to the GHG noncontrolling interest settlement.

Capital expenditures, totaling $33.9 million for the first half of 2025.

Capital Expenditures Period	Amount for First Six Months of 2025	Amount for First Six Months of 2024
First Quarter 2025/2024	$14.1 million / $21.5 million	$14.1 million / $21.5 million
Second Quarter 2025/2024	$19.8 million / $20.8 million	$19.8 million / $20.8 million
First Nine Months 2025/2024	$54.1 million / $66.0 million	$54.1 million / $66.0 million

Capital expenditures for the second quarter of 2025 were $19.8 million.

Finance: draft 13-week cash view by Friday.

Graham Holdings Company (GHC) - Canvas Business Model: Revenue Streams

The revenue streams for Graham Holdings Company (GHC) reflect its diversified portfolio, with significant contributions from education and healthcare services, while legacy businesses like television broadcasting face headwinds.

Education tuition and fees remains a key growth driver for Graham Holdings Company, with Kaplan's international expansion and demand for supplemental education services fueling performance. For the first quarter of 2025, the education division generated revenue of $424.7 million.

Healthcare service revenue is another strong component of GHC's top line. For the third quarter of 2025, this segment reported revenue at $208.4 million, marking a year-over-year increase.

The advertising revenue from television broadcasting segment is currently experiencing softness. For the third quarter of 2025, television broadcasting revenue was $105.1 million, which represented a year-over-year decline of 28%, attributed to a lack of political spending.

Revenue from the sales of new and used vehicles and related financing/insurance products, under the Automotive segment, also contributes to the total. In the third quarter of 2025, Automotive revenue was $285.2 million, showing a slight year-over-year decline of 1%.

Non-operating income from net gains on marketable equity securities provided a notable boost to overall net income. This figure totaled $117.0 million for the first nine months of 2025.

Overall company performance for the first nine months of 2025 saw total revenue reach $3,660.5 million. The third quarter of 2025 revenue was $1,278.9 million.

Here's a quick look at the reported segment revenues for the third quarter of 2025:

Revenue Stream Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change Context
Total Company Revenue	$1,278.9	Up 5.9% from Q3 2024
Healthcare Service Revenue	$208.4	Accelerated growth
Television Broadcasting Revenue	$105.1	Down 28% YoY
Automotive Revenue	$285.2	Down 1% YoY

You can see the primary operating revenue drivers below:

• Education revenue for Q1 2025 was $424.7 million.
• Healthcare revenue for Q3 2025 was $208.4 million.
• Net gains on marketable equity securities for the first nine months of 2025 were $117.0 million.
• Total revenue for the first nine months of 2025 was $3,660.5 million.