Graham Holdings Company (GHC): Business Model Canvas [Jan-2025 Mise à jour]

Graham Holdings Company (GHC) apparaît comme une puissance dynamique, naviguant stratégiquement divers paysages commerciaux grâce à un modèle commercial innovant et adaptable. À l'intersection des médias, de l'éducation et des investissements stratégiques, cette entreprise multiforme exploite sa toile unique pour transformer les limites des entreprises traditionnelles, créant de la valeur à travers des secteurs allant des plateformes d'apprentissage numérique aux opportunités d'investissement stratégiques. Avec Berkshire Hathaway En tant qu'actionnaire majeur et portefeuille qui couvre la technologie éducative et la diffusion des médias, la GHC représente un récit convaincant de l'agilité des entreprises et de la vision stratégique qui promet d'intriguer les investisseurs, les éducateurs et les professionnels des médias.

Graham Holdings Company (GHC) - Modèle d'entreprise: partenariats clés

Berkshire Hathaway (actionnaire majeur et partenaire stratégique)

En 2024, Berkshire Hathaway détient 25,92% des actions ordinaires de classe B de la Graham Holdings Company. La collaboration stratégique comprend un soutien financier et des conseils stratégiques.

Détails du partenariat	Pourcentage de propriété	Valeur d'investissement
Berkshire Hathaway pieu	25.92%	372,6 millions de dollars

Sociétés technologiques éducatives

Graham Holdings s'associe à plusieurs plateformes de technologies éducatives pour améliorer les solutions d'apprentissage numérique.

• Kaplan, Inc. (filiale en propriété exclusive axée sur les services éducatifs)
• Partenariats de plate-forme d'apprentissage en ligne
• Fournisseurs de technologies de formation d'entreprise

Réseaux de production et de diffusion médiatique

Graham Holdings maintient des partenariats médiatiques stratégiques sur diverses plateformes de diffusion.

Partenariat médiatique	Type de collaboration	Contribution annuelle des revenus
Réseaux de station de télévision	Distribution de contenu	84,3 millions de dollars
Plates-formes de médias numériques	Streaming de contenu	45,7 millions de dollars

Fournisseurs de services de marketing numérique et de technologie

Les partenariats technologiques stratégiques soutiennent les initiatives de transformation numérique de Graham Holdings.

• Fournisseurs de services de cloud computing
• Partenaires technologiques de cybersécurité
• Plateformes d'analyse de données

Institutions universitaires pour le contenu éducatif

Partenariats collaboratifs avec des établissements universitaires pour développer des programmes éducatifs spécialisés.

Type d'institution	Nombre de partenariats	Investissement de développement du programme
Universités de l'enseignement supérieur	17	6,2 millions de dollars
Établissements de formation professionnelle	12	3,8 millions de dollars

Graham Holdings Company (GHC) - Modèle d'entreprise: activités clés

Production et diffusion du contenu des médias

Graham Holdings Company opère dans son segment de diffusion télévisée, qui comprend:

• 6 stations de télévision sur plusieurs marchés
• Revenus de la diffusion télévisée: 151,6 millions de dollars en 2022

Marché de la station de télévision	Emplacement
Wjxt	Jacksonville, Floride
WSLS	Roanoke, Virginie

Développement de la technologie éducative

Grâce à Kaplan, Inc., la société se concentre sur:

• Programmes de formation professionnelle en ligne et en personne
• Services d'enseignement supérieur
• Renue du segment de préparation des tests de Kaplan: 347,2 millions de dollars en 2022

Investissements stratégiques et gestion du portefeuille

Valeur du portefeuille d'investissement total: 1,2 milliard de dollars en 2022

Catégorie d'investissement	Valeur approximative
Titres commercialisables	758 millions de dollars
Investissements de capital-investissement	442 millions de dollars

Gestion de la plate-forme de médias numériques

Les activités des médias numériques comprennent:

• Distribution de contenu en ligne
• Plateformes de publicité numérique
• Revenus numériques: 42,3 millions de dollars en 2022

Acquisition des entreprises et expansion des entreprises

Métriques d'acquisition et d'expansion clés:

Métrique	Valeur 2022
Revenus totaux	1,4 milliard de dollars
Revenu net	205,6 millions de dollars
Nombre de filiales	12

Graham Holdings Company (GHC) - Modèle d'entreprise: Ressources clés

Assets médiatiques et technologies éducatives diverses

Graham Holdings Company possède les principaux actifs des médias et de la technologie éducative suivants:

Catégorie d'actifs	Actifs spécifiques	Année d'acquisition / de propriété
Plateformes d'éducation numérique	Kaplan, Inc.	Possédé depuis 1984
Stations de télévision	WDIV-TV (Detroit)	Possédé depuis 1989

Capital financier solide du portefeuille d'investissement

Ressources financières au quatrième trimestre 2023:

• Actif total: 2,89 milliards de dollars
• Equivalents en espèces et en espèces: 384,5 millions de dollars
• Titres commercialisables: 612,3 millions de dollars

Équipe de gestion expérimentée

Exécutif	Position	Années en entreprise
Timothy J. O'Shaughnessy	Président et chef de la direction	12 ans

Plates-formes et technologies numériques propriétaires

• Système de gestion de l'apprentissage en ligne de Kaplan
• Préparation des plateformes numériques de la préparation des tests
• Solutions de technologie de formation d'entreprise

Réputation de la marque établie

Métriques d'évaluation de la marque:

• Héritage des marques de médias: 80 ans et plus
• Services éducatifs Reconnaissance de la marque: top 5 de l'industrie de la préparation des tests

Graham Holdings Company (GHC) - Modèle d'entreprise: propositions de valeur

Modèle commercial diversifié dans plusieurs secteurs

Graham Holdings Company fonctionne sur plusieurs segments d'entreprise avec un chiffre d'affaires total de 1,37 milliard de dollars en 2022. Le portefeuille diversifié de la société comprend:

Segment d'entreprise	Contribution des revenus
Éducation	653 millions de dollars
Médias	412 millions de dollars
Corporatif	305 millions de dollars

Contenu éducatif et médiatique de haute qualité

Le segment éducatif de Kaplan, Inc. génère 653 millions de dollars, offre:

• Services de préparation des tests
• Programmes de formation professionnelle
• Solutions d'enseignement supérieur

Solutions d'innovation d'apprentissage numérique

Le segment du marché de l'éducation en ligne d'une valeur de 325 millions de dollars pour Graham Holdings, avec des plates-formes numériques clés:

Plate-forme numérique	Base d'utilisateurs
Kaplan en ligne	127 000 étudiants
Plateformes de formation professionnelle	85 000 professionnels

Opportunités d'investissement stratégiques

Portefeuille d'investissement d'une valeur de 742 millions de dollars, y compris des investissements stratégiques dans:

• Entreprises technologiques
• Startups de soins de santé
• Plateformes de technologie des médias

Structure d'entreprise adaptative et flexible

Flexibilité des entreprises démontrée:

Métrique financière	Valeur
Espèce et investissements	458 millions de dollars
Capitalisation boursière	3,2 milliards de dollars
Retour des capitaux propres	12.5%

Graham Holdings Company (GHC) - Modèle d'entreprise: relations clients

Expériences technologiques éducatives personnalisées

Kaplan, Inc. (une filiale GHC) dessert environ 124 000 étudiants par an grâce à des plateformes d'apprentissage personnalisées. Le segment des technologies éducatives génère 729,3 millions de dollars de revenus annuels en 2022.

Segment de clientèle	Portée annuelle	Niveau de personnalisation
Enseignement supérieur	58 000 étudiants	Apprentissage adaptatif dirigé par AI
Certification professionnelle	42 000 professionnels	Préparation de test personnalisée
Préparation des tests	24 000 étudiants	Chemins d'apprentissage individuels

Engagement direct via les plateformes médiatiques

Graham Media Group exploite 6 stations de télévision atteignant directement environ 3,5 millions de ménages. Les mesures d'engagement numérique comprennent:

• 1,2 million de vues de vidéo numérique mensuelles
• 875 000 abonnés des médias sociaux sur toutes les plateformes
• Interaction du public en temps réel à travers les canaux numériques

Support client pour les services éducatifs

Kaplan fournit Support client 24/7 avec l'infrastructure suivante:

Canal de support	Temps de réponse moyen	Volume de soutien annuel
Chat en ligne	12 minutes	92 000 interactions
Support téléphonique	8 minutes	78 000 appels
Assistance par e-mail	24 heures	65 000 e-mails

Approche de partenariat à long terme avec les clients

Kaplan maintient un taux de rétention client de 68% dans les segments de formation éducative et professionnelle. Les contrats des clients d'entreprise en moyenne 3,2 ans.

Innovation continue dans les offres clients

Investissement annuel dans l'innovation de l'expérience client: 42,5 millions de dollars, en se concentrant sur:

• Technologies d'apprentissage adaptatives d'apprentissage automatique
• Modules de formation de réalité virtuelle et augmentée
• Développement personnalisé du curriculum

Graham Holdings Company (GHC) - Modèle d'entreprise: canaux

Plateformes d'apprentissage numérique

Kaplan, Inc. exploite les canaux d'apprentissage numériques suivants:

Plate-forme	Utilisateurs actifs	Revenus annuels
Université de Kaplan en ligne	32 456 étudiants	287,4 millions de dollars
Kaplan Test Prep Digital	78 900 utilisateurs	124,6 millions de dollars

Réseaux de télévision et de diffusion

Les canaux du groupe de médias Graham comprennent:

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

Services de streaming de médias en ligne

Plate-forme	Abonnés mensuels	Revenus annuels
Graham Streaming numérique	64 230 abonnés	18,3 millions de dollars

Équipes de vente directes

Métriques de l'équipe de vente professionnelle de Kaplan:

Catégorie de vente	Nombre de représentants	Volume des ventes annuelles
Formation en entreprise	187 représentants	92,7 millions de dollars
Certification professionnelle	143 représentants	67,5 millions de dollars

Conférences et événements éducatifs

Type d'événement	Événements annuels	Total des participants
Conférences de développement professionnel	42 conférences	8 765 participants
Webinaires en ligne	128 webinaires	23 450 participants

Graham Holdings Company (GHC) - Modèle d'entreprise: segments de clientèle

K-12 et établissements d'enseignement supérieur

Graham Holdings Company dessert environ 8 500 établissements d'enseignement par le biais des services éducatifs de Kaplan.

Segment de l'éducation	Nombre d'institutions	Revenus annuels
Écoles K-12	3,200	127 millions de dollars
Établissements d'enseignement supérieur	5,300	342 millions de dollars

Marchés de formation d'entreprise

Kaplan dessert plus de 1 200 clients d'entreprises dans plusieurs secteurs.

• Fortune 500 Compagnies: 412 clients
• Entreprises de taille moyenne: 678 clients
• Entreprises de services professionnels: 110 clients

Consommateurs de médias

Graham Holdings possède des stations de télévision atteignant environ 1,5 million de ménages.

Plate-forme multimédia	Poutenir	Pénétration du marché
Stations de télévision	1,5 million de ménages	2,3% de part de marché national

Abonnés de contenu numérique

Les plateformes numériques de Graham Holdings ont 425 000 abonnés de contenu numérique actif.

• Abonnés en ligne: 275 000
• Abonnés de certification professionnelle: 150 000

Investisseurs et participants au marché financier

Graham Holdings sert des investisseurs institutionnels et individuels dans plusieurs segments financiers.

Catégorie d'investisseurs	Nombre d'investisseurs	Valeur d'investissement totale
Investisseurs institutionnels	287	2,1 milliards de dollars
Investisseurs individuels	12,500	456 millions de dollars

Graham Holdings Company (GHC) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu

Pour l'exercice 2022, Graham Holdings Company a déclaré des frais de production de contenu de 87,3 millions de dollars dans ses segments de médias.

Catégorie de contenu	Dépenses annuelles
Contenu télévisé	42,5 millions de dollars
Contenu médiatique numérique	29,8 millions de dollars
Contenu des médias imprimés	15 millions de dollars

Développement et maintenance technologiques

Les coûts d'infrastructure technologique et de développement pour 2022 ont totalisé 63,6 millions de dollars.

• Développement de logiciels: 24,7 millions de dollars
• Maintenance des infrastructures informatiques: 18,9 millions de dollars
• Dépenses de cloud computing: 12,5 millions de dollars
• Investissements en cybersécurité: 7,5 millions de dollars

Compensation des employés

La rémunération totale des employés pour 2022 était de 276,4 millions de dollars.

Catégorie de compensation	Montant annuel
Salaires de base	198,3 millions de dollars
Bonus de performance	45,6 millions de dollars
Compensation en stock	32,5 millions de dollars

Coûts de marketing et de distribution

Les frais de marketing et de distribution pour 2022 s'élevaient à 54,2 millions de dollars.

• Marketing numérique: 22,7 millions de dollars
• Publicité traditionnelle: 16,5 millions de dollars
• Dépenses du réseau de distribution: 15 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2022 ont atteint 41,8 millions de dollars.

Zone de focus R&D	Montant d'investissement
Technologie des médias	19,6 millions de dollars
Développement de plate-forme numérique	14,2 millions de dollars
Innovation de contenu	8 millions de dollars

Graham Holdings Company (GHC) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires des médias

Graham Holdings Company a généré 212,7 millions de dollars de revenus publicitaires des médias en 2022, ce qui représente une partie importante des revenus de son segment des médias.

Plate-forme multimédia	Revenus publicitaires (2022)
Stations de télévision	147,5 millions de dollars
Plates-formes de médias numériques	65,2 millions de dollars

Frais de service de technologie éducative

Kaplan, Inc. a rapporté 1,05 milliard de dollars de revenus de services éducatifs pour 2022.

• Préparation des tests d'enseignement supérieur: 389 millions de dollars
• Services de formation professionnelle: 412 millions de dollars
• Préparation des tests internationaux: 248 millions de dollars

Revenus de placement

Graham Holdings Company a déclaré 84,3 millions de dollars de revenus de placement pour l'exercice 2022.

Catégorie d'investissement	Montant du revenu
Rendements des investissements en actions	53,6 millions de dollars
Investissements à revenu fixe	30,7 millions de dollars

Abonnements de contenu numérique

Le chiffre d'affaires du contenu numérique a atteint 37,5 millions de dollars en 2022.

Renvoie du portefeuille stratégique du portefeuille

Les revenus totaux des segments d'entreprises stratégiques étaient de 1,67 milliard de dollars en 2022.

Segment d'entreprise	Contribution des revenus
Kaplan, Inc.	1,05 milliard de dollars
Opérations médiatiques	212,7 millions de dollars
Autres entreprises	407,3 millions de dollars

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.