Graham Holdings Company (GHC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Graham Holdings Company (GHC) surge como una potencia dinámica, navegando estratégicamente diversos paisajes comerciales a través de un modelo de negocio innovador y adaptable. En la intersección de los medios, la educación y las inversiones estratégicas, esta empresa multifacética aprovecha su lienzo único para transformar los límites corporativos tradicionales, creando valor entre sectores que van desde plataformas de aprendizaje digital hasta oportunidades de inversión estratégica. Con Berkshire Hathaway Como accionista importante y una cartera que abarca tecnología educativa y transmisión de medios, GHC representa una narrativa convincente de agilidad corporativa y visión estratégica que promete intrigar a inversores, educadores y profesionales de los medios por igual.

Graham Holdings Company (GHC) - Modelo de negocios: asociaciones clave

Berkshire Hathaway (principal accionista y socio estratégico)

A partir de 2024, Berkshire Hathaway posee el 25.92% de las acciones comunes Clase B de Graham Holdings Company. La colaboración estratégica incluye apoyo financiero y orientación estratégica.

Detalles de la asociación	Porcentaje de propiedad	Valor de inversión
Estaca de Berkshire Hathaway	25.92%	$ 372.6 millones

Empresas de tecnología educativa

Graham Holdings se asocia con múltiples plataformas de tecnología educativa para mejorar las soluciones de aprendizaje digital.

• Kaplan, Inc. (subsidiaria de propiedad absoluta centrada en los servicios educativos)
• Asociaciones de plataforma de aprendizaje en línea
• Proveedores de tecnología de capacitación corporativa

Producción de medios y redes de transmisión

Graham Holdings mantiene asociaciones estratégicas de medios en varias plataformas de transmisión.

Asociación de medios	Tipo de colaboración	Contribución anual de ingresos
Redes de estación de televisión	Distribución de contenido	$ 84.3 millones
Plataformas de medios digitales	Transmisión de contenido	$ 45.7 millones

Proveedores de servicios de marketing digital y tecnología

Las asociaciones de tecnología estratégica apoyan las iniciativas de transformación digital de Graham Holdings.

• Proveedores de servicios de computación en la nube
• Socios de tecnología de ciberseguridad
• Plataformas de análisis de datos

Instituciones académicas para contenido educativo

Asociaciones colaborativas con instituciones académicas para desarrollar programas educativos especializados.

Tipo de institución	Número de asociaciones	Inversión de desarrollo de programas
Universidades de educación superior	17	$ 6.2 millones
Instituciones de capacitación profesional	12	$ 3.8 millones

Graham Holdings Company (GHC) - Modelo de negocio: actividades clave

Producción y transmisión de contenido de medios

Graham Holdings Company opera a través de su segmento de transmisión de televisión, que incluye:

• 6 estaciones de televisión en múltiples mercados
• Ingresos de la transmisión de televisión: $ 151.6 millones en 2022

Mercado de la estación de televisión	Ubicación
WJXT	Jacksonville, Florida
WSLS	Roanoke, Virginia

Desarrollo de la tecnología educativa

A través de Kaplan, Inc., la compañía se enfoca en:

• Programas de educación profesional en línea y en persona
• Servicios de educación superior
• Ingresos del segmento de preparación de la prueba de Kaplan: $ 347.2 millones en 2022

Inversiones estratégicas y gestión de cartera

Valor total de la cartera de inversiones: $ 1.2 mil millones a partir de 2022

Categoría de inversión	Valor aproximado
Valores comercializables	$ 758 millones
Inversiones de capital privado	$ 442 millones

Gestión de la plataforma de medios digitales

Las actividades de los medios digitales incluyen:

• Distribución de contenido en línea
• Plataformas de publicidad digital
• Ingresos digitales: $ 42.3 millones en 2022

Adquisición corporativa y expansión comercial

Métricas clave de adquisición y expansión:

Métrico	Valor 2022
Ingresos totales	$ 1.4 mil millones
Lngresos netos	$ 205.6 millones
Número de subsidiarias	12

Graham Holdings Company (GHC) - Modelo de negocios: recursos clave

Diversos activos de medios y tecnología educativa

Graham Holdings Company posee los siguientes activos clave de medios y tecnología educativa:

Categoría de activos	Activos específicos	Año de adquisición/propiedad
Plataformas de educación digital	Kaplan, Inc.	Propiedad desde 1984
Estaciones de televisión	WDIV-TV (Detroit)	Propiedad desde 1989

Fuerte capital financiero de la cartera de inversiones

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 2.89 mil millones
• Equivalentes en efectivo y efectivo: $ 384.5 millones
• Valores comercializables: $ 612.3 millones

Equipo de gestión experimentado

Ejecutivo	Posición	Años con la empresa
Timothy J. O'Shaughnessy	Presidente y CEO	12 años

Plataformas y tecnologías digitales patentadas

• Sistema de gestión de aprendizaje en línea de Kaplan
• Plataformas digitales de preparación de pruebas
• Soluciones de tecnología de capacitación corporativa

Reputación de marca establecida

Métricas de valoración de la marca:

• Media Brands Legacy: 80+ años
• Reconocimiento de marca de servicios educativos: Top 5 en la industria de preparación de pruebas

Graham Holdings Company (GHC) - Modelo de negocio: propuestas de valor

Modelo de negocio diversificado en múltiples sectores

Graham Holdings Company opera en múltiples segmentos comerciales con ingresos totales de $ 1.37 mil millones en 2022. La cartera diversificada de la compañía incluye:

Segmento de negocios	Contribución de ingresos
Educación	$ 653 millones
Medios de comunicación	$ 412 millones
Corporativo	$ 305 millones

Contenido educativo y mediático de alta calidad

El segmento educativo de Kaplan, Inc. genera $ 653 millones, ofreciendo:

• Servicios de preparación de pruebas
• Programas de capacitación profesional
• Soluciones de educación superior

Soluciones innovadoras de aprendizaje digital

Segmento del mercado de educación en línea valorado en $ 325 millones para Graham Holdings, con plataformas digitales clave:

Plataforma digital	Base de usuarios
Kaplan en línea	127,000 estudiantes
Plataformas de capacitación profesional	85,000 profesionales

Oportunidades de inversión estratégica

Cartera de inversiones valorada en $ 742 millones, incluidas inversiones estratégicas en:

• Empresas tecnológicas
• Startups de atención médica
• Plataformas de tecnología de medios

Estructura corporativa adaptativa y flexible

Flexibilidad corporativa demostrada a través de:

Métrica financiera	Valor
Efectivo e inversiones	$ 458 millones
Capitalización de mercado	$ 3.2 mil millones
Retorno sobre la equidad	12.5%

Graham Holdings Company (GHC) - Modelo de negocios: relaciones con los clientes

Experiencias de tecnología educativa personalizada

Kaplan, Inc. (una subsidiaria de GHC) atiende a aproximadamente 124,000 estudiantes anualmente a través de plataformas de aprendizaje personalizadas. El segmento de tecnología educativa genera $ 729.3 millones en ingresos anuales a partir de 2022.

Segmento de clientes	Alcance anual	Nivel de personalización
Educación superior	58,000 estudiantes	Aprendizaje adaptativo impulsado por IA
Certificación profesional	42,000 profesionales	Preparación de pruebas personalizadas
Preparación de la prueba	24,000 estudiantes	Caminos de aprendizaje individuales

Compromiso directo a través de plataformas de medios

Graham Media Group opera 6 estaciones de televisión que alcanzan aproximadamente 3.5 millones de hogares directamente. Las métricas de compromiso digital incluyen:

• 1.2 millones de visitas a video digitales mensuales
• 875,000 seguidores de redes sociales en todas las plataformas
• Interacción de la audiencia en tiempo real a través de canales digitales

Atención al cliente para servicios educativos

Kaplan proporciona Atención al cliente 24/7 Con la siguiente infraestructura:

Canal de soporte	Tiempo de respuesta promedio	Volumen de soporte anual
Chat en línea	12 minutos	92,000 interacciones
Soporte telefónico	8 minutos	78,000 llamadas
Soporte por correo electrónico	24 horas	65,000 correos electrónicos

Enfoque de asociación a largo plazo con clientes

Kaplan mantiene una tasa de retención de clientes del 68% en segmentos de capacitación educativa y profesional. Los contratos de clientes empresariales promedian 3.2 años de duración.

Innovación continua en las ofertas de clientes

Inversión anual de inversión en la experiencia del cliente: $ 42.5 millones, centrándose en:

• Tecnologías de aprendizaje adaptativo de aprendizaje automático
• Módulos de entrenamiento de realidad virtual y aumentada
• Desarrollo del plan de estudios personalizado

Graham Holdings Company (GHC) - Modelo de negocios: canales

Plataformas de aprendizaje digital

Kaplan, Inc. opera los siguientes canales de aprendizaje digital:

Plataforma	Usuarios activos	Ingresos anuales
Universidad de Kaplan en línea	32,456 estudiantes	$ 287.4 millones
Kaplan Test Prep Digital	78,900 usuarios	$ 124.6 millones

Redes de televisión y transmisión

Los canales de Graham Media Group incluyen:

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

Servicios de transmisión de medios en línea

Plataforma	Suscriptores mensuales	Ingresos anuales
Transmisión digital de Graham	64,230 suscriptores	$ 18.3 millones

Equipos de ventas directos

Métricas del equipo de ventas de Kaplan Professional:

Categoría de ventas	Número de representantes	Volumen de ventas anual
Capacitación corporativa	187 representantes	$ 92.7 millones
Certificación profesional	143 representantes	$ 67.5 millones

Conferencias y eventos educativos

Tipo de evento	Eventos anuales	Asistentes totales
Conferencias de desarrollo profesional	42 conferencias	8,765 asistentes
Seminarios web en línea	128 seminarios web	23,450 participantes

Graham Holdings Company (GHC) - Modelo de negocios: segmentos de clientes

Instituciones K-12 e educación superior

Graham Holdings Company atiende a aproximadamente 8.500 instituciones educativas a través de los servicios educativos de Kaplan.

Segmento educativo	Número de instituciones	Ingresos anuales
Escuelas K-12	3,200	$ 127 millones
Instituciones de educación superior	5,300	$ 342 millones

Mercados de capacitación corporativa

Kaplan sirve a más de 1.200 clientes corporativos en múltiples industrias.

• Fortune 500 Companies: 412 clientes
• Empresas de tamaño mediano: 678 clientes
• Empresas de servicios profesionales: 110 clientes

Consumidores de medios

Graham Holdings posee estaciones de televisión que alcanzan aproximadamente 1,5 millones de hogares.

Plataforma de medios	Alcance de la audiencia	Penetración del mercado
Estaciones de televisión	1,5 millones de hogares	Cuota de mercado nacional de 2.3%

Suscriptores de contenido digital

Las plataformas digitales de Graham Holdings tienen 425,000 suscriptores activos de contenido digital.

• Suscriptores de educación en línea: 275,000
• Suscriptores de certificación profesional: 150,000

Inversores y participantes del mercado financiero

Graham Holdings atiende a inversores institucionales e individuales en múltiples segmentos financieros.

Categoría de inversionista	Número de inversores	Valor de inversión total
Inversores institucionales	287	$ 2.1 mil millones
Inversores individuales	12,500	$ 456 millones

Graham Holdings Company (GHC) - Modelo de negocio: Estructura de costos

Gastos de producción de contenido

Para el año fiscal 2022, Graham Holdings Company reportó gastos de producción de contenido de $ 87.3 millones en sus segmentos de medios.

Categoría de contenido	Gasto anual
Contenido de televisión	$ 42.5 millones
Contenido de medios digitales	$ 29.8 millones
Imprimir contenido de medios	$ 15 millones

Desarrollo y mantenimiento de la tecnología

La infraestructura tecnológica y los costos de desarrollo para 2022 totalizaron $ 63.6 millones.

• Desarrollo de software: $ 24.7 millones
• Mantenimiento de infraestructura de TI: $ 18.9 millones
• Gastos de computación en la nube: $ 12.5 millones
• Inversiones de ciberseguridad: $ 7,5 millones

Compensación de empleados

La compensación total de los empleados para 2022 fue de $ 276.4 millones.

Categoría de compensación	Cantidad anual
Salarios base	$ 198.3 millones
Bonos de rendimiento	$ 45.6 millones
Compensación basada en acciones	$ 32.5 millones

Costos de marketing y distribución

Los gastos de marketing y distribución para 2022 ascendieron a $ 54.2 millones.

• Marketing digital: $ 22.7 millones
• Publicidad tradicional: $ 16.5 millones
• Gastos de red de distribución: $ 15 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2022 alcanzaron $ 41.8 millones.

Área de enfoque de I + D	Monto de la inversión
Tecnología de medios	$ 19.6 millones
Desarrollo de plataforma digital	$ 14.2 millones
Innovación de contenido	$ 8 millones

Graham Holdings Company (GHC) - Modelo de negocios: flujos de ingresos

Ingresos publicitarios de medios

Graham Holdings Company generó $ 212.7 millones en ingresos por publicidad de medios en 2022, lo que representa una parte significativa de sus ingresos por segmento de medios.

Plataforma de medios	Ingresos publicitarios (2022)
Estaciones de televisión	$ 147.5 millones
Plataformas de medios digitales	$ 65.2 millones

Tarifas de servicio de tecnología educativa

Kaplan, Inc. reportó $ 1.05 mil millones en ingresos de servicios educativos para 2022.

• Preparación de la prueba de educación superior: $ 389 millones
• Servicios de capacitación profesional: $ 412 millones
• Preparación de la prueba internacional: $ 248 millones

Ingresos de inversión

Graham Holdings Company reportó $ 84.3 millones en ingresos por inversiones para el año fiscal 2022.

Categoría de inversión	Monto de los ingresos
Rendimientos de inversión de capital	$ 53.6 millones
Inversiones de renta fija	$ 30.7 millones

Suscripciones de contenido digital

Los ingresos por suscripción de contenido digital alcanzaron $ 37.5 millones en 2022.

Devoluciones de cartera de negocios estratégicos

Los ingresos totales de segmentos de negocios estratégicos fueron de $ 1.67 mil millones en 2022.

Segmento de negocios	Contribución de ingresos
Kaplan, Inc.	$ 1.05 mil millones
Operaciones de medios	$ 212.7 millones
Otros negocios	$ 407.3 millones

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.