Graham Holdings Company (GHC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Graham Holdings Company (GHC) surge como uma potência dinâmica, navegando estrategicamente diversas paisagens de negócios por meio de um modelo de negócios inovador e adaptável. Na interseção da mídia, educação e investimentos estratégicos, essa empresa multifacetada aproveita sua tela exclusiva para transformar os limites corporativos tradicionais, criando valor entre os setores, desde plataformas de aprendizado digital a oportunidades estratégicas de investimento. Com Berkshire Hathaway Como um dos principais acionistas e um portfólio que abrange a tecnologia educacional e a transmissão da mídia, o GHC representa uma narrativa convincente de agilidade corporativa e visão estratégica que promete intrigar investidores, educadores e profissionais de mídia.

Graham Holdings Company (GHC) - Modelo de Negócios: Principais Parcerias

Berkshire Hathaway (principal acionista e parceiro estratégico)

A partir de 2024, a Berkshire Hathaway possui 25,92% das ações ordinárias da Classe B da Graham Holdings Company. A colaboração estratégica inclui apoio financeiro e orientação estratégica.

Detalhes da parceria	Porcentagem de propriedade	Valor de investimento
Berkshire Hathaway	25.92%	US $ 372,6 milhões

Empresas de tecnologia educacional

A Graham Holdings faz parceria com várias plataformas de tecnologia educacional para aprimorar as soluções de aprendizado digital.

• Kaplan, Inc. (subsidiária de propriedade integral focada em serviços educacionais)
• Parcerias de plataforma de aprendizado on -line
• Provedores de tecnologia de treinamento corporativo

Redes de produção e transmissão de mídia

A Graham Holdings mantém parcerias estratégicas de mídia em várias plataformas de transmissão.

Parceria da mídia	Tipo de colaboração	Contribuição anual da receita
Redes de estação de televisão	Distribuição de conteúdo	US $ 84,3 milhões
Plataformas de mídia digital	Streaming de conteúdo	US $ 45,7 milhões

Provedores de serviços de marketing e tecnologia digital

As parcerias de tecnologia estratégica apóiam as iniciativas de transformação digital da Graham Holdings.

• Provedores de serviços de computação em nuvem
• Parceiros de tecnologia de segurança cibernética
• Plataformas de análise de dados

Instituições acadêmicas para conteúdo educacional

Parcerias colaborativas com instituições acadêmicas para desenvolver programas educacionais especializados.

Tipo de instituição	Número de parcerias	Investimento em desenvolvimento de programas
Universidades de Ensino Superior	17	US $ 6,2 milhões
Instituições de treinamento profissional	12	US $ 3,8 milhões

Graham Holdings Company (GHC) - Modelo de negócios: Atividades -chave

Produção de conteúdo de mídia e transmissão

A Graham Holdings Company opera através de seu segmento de transmissão de televisão, que inclui:

• 6 estações de televisão em vários mercados
• Receita da transmissão de TV: US $ 151,6 milhões em 2022

Mercado de estação de TV	Localização
Wjxt	Jacksonville, Flórida
WSLS	Roanoke, Virgínia

Desenvolvimento de Tecnologia Educacional

Através da Kaplan, Inc., a empresa se concentra em:

• Programas de educação profissional online e pessoalmente
• Serviços de ensino superior
• Receita do segmento de preparação de teste de Kaplan: US $ 347,2 milhões em 2022

Investimentos estratégicos e gerenciamento de portfólio

Valor da carteira total de investimentos: US $ 1,2 bilhão a partir de 2022

Categoria de investimento	Valor aproximado
Valores mobiliários comercializáveis	US $ 758 milhões
Investimentos de private equity	US $ 442 milhões

Gerenciamento de plataforma de mídia digital

As atividades de mídia digital incluem:

• Distribuição de conteúdo online
• Plataformas de publicidade digital
• Receita digital: US $ 42,3 milhões em 2022

Aquisição corporativa e expansão de negócios

Métricas de aquisição e expansão -chave:

Métrica	2022 Valor
Receita total	US $ 1,4 bilhão
Resultado líquido	US $ 205,6 milhões
Número de subsidiárias	12

Graham Holdings Company (GHC) - Modelo de negócios: Recursos -chave

Diversos ativos de mídia e tecnologia educacional

A Graham Holdings Company possui os seguintes ativos importantes de mídia e tecnologia educacional:

Categoria de ativos	Ativos específicos	Ano de aquisição/propriedade
Plataformas de educação digital	Kaplan, Inc.	De propriedade desde 1984
Estações de televisão	WDIV-TV (Detroit)	De propriedade desde 1989

Capital financeiro forte do portfólio de investimentos

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 2,89 bilhões
• Caixa e equivalentes em dinheiro: US $ 384,5 milhões
• Títulos comercializáveis: US $ 612,3 milhões

Equipe de gerenciamento experiente

Executivo	Posição	Anos com empresa
Timothy J. O'Shaughnessy	Presidente e CEO	12 anos

Plataformas e tecnologias digitais proprietárias

• Sistema de gerenciamento de aprendizado on -line de Kaplan
• Preparação de teste Plataformas digitais
• Soluções de tecnologia de treinamento corporativo

Reputação de marca estabelecida

Métricas de avaliação da marca:

• Marcas de mídia legado: mais de 80 anos
• Reconhecimento da marca de serviços educacionais: Top 5 na indústria de preparação de testes

Graham Holdings Company (GHC) - Modelo de Negócios: Proposições de Valor

Modelo de negócios diversificado em vários setores

A Graham Holdings Company opera em vários segmentos de negócios com receita total de US $ 1,37 bilhão em 2022. O portfólio diversificado da empresa inclui:

Segmento de negócios	Contribuição da receita
Educação	US $ 653 milhões
Mídia	US $ 412 milhões
Corporativo	US $ 305 milhões

Conteúdo educacional e de mídia de alta qualidade

O segmento educacional da Kaplan, Inc. gera US $ 653 milhões, oferecendo:

• Serviços de preparação de testes
• Programas de treinamento profissional
• Soluções de ensino superior

Soluções inovadoras de aprendizado digital

Segmento de mercado de educação on -line avaliada em US $ 325 milhões para a Graham Holdings, com as principais plataformas digitais:

Plataforma digital	Base de usuários
Kaplan online	127.000 estudantes
Plataformas de treinamento profissional	85.000 profissionais

Oportunidades de investimento estratégico

Portfólio de investimentos avaliado em US $ 742 milhões, incluindo investimentos estratégicos em:

• Empresas de tecnologia
• Startups de saúde
• Plataformas de tecnologia de mídia

Estrutura corporativa adaptativa e flexível

Flexibilidade corporativa demonstrada através de:

Métrica financeira	Valor
Dinheiro e investimentos	US $ 458 milhões
Capitalização de mercado	US $ 3,2 bilhões
Retorno sobre o patrimônio	12.5%

Graham Holdings Company (GHC) - Modelo de Negócios: Relacionamentos do Cliente

Experiências de tecnologia educacional personalizadas

A Kaplan, Inc. (uma subsidiária do GHC) atende aproximadamente 124.000 estudantes anualmente por meio de plataformas de aprendizado personalizadas. O segmento de tecnologia educacional gera US $ 729,3 milhões em receita anual a partir de 2022.

Segmento de clientes	Alcance anual	Nível de personalização
Ensino superior	58.000 estudantes	Aprendizado adaptável orientado a IA
Certificação profissional	42.000 profissionais	Preparação de teste personalizada
Preparação de testes	24.000 estudantes	Caminhos de aprendizagem individuais

Engajamento direto através de plataformas de mídia

O Graham Media Group opera 6 estações de televisão atingindo diretamente aproximadamente 3,5 milhões de famílias. As métricas de engajamento digital incluem:

• 1,2 milhão de visualizações mensais de vídeo digital
• 875.000 seguidores de mídia social em plataformas
• Interação do público em tempo real através de canais digitais

Suporte ao cliente para serviços educacionais

Kaplan fornece Suporte ao cliente 24 horas por dia, 7 dias por semana Com a seguinte infraestrutura:

Canal de suporte	Tempo médio de resposta	Volume de suporte anual
Chat online	12 minutos	92.000 interações
Suporte telefônico	8 minutos	78.000 ligações
Suporte por e -mail	24 horas	65.000 e -mails

Abordagem de parceria de longo prazo com clientes

A Kaplan mantém uma taxa de retenção de clientes de 68% nos segmentos de treinamento educacional e profissional. Os contratos do cliente corporativo têm em média 3,2 anos de duração.

Inovação contínua em ofertas de clientes

Investimento anual na inovação da experiência do cliente: US $ 42,5 milhões, com foco em:

• Aprendizado de máquina Tecnologias de aprendizado adaptativo
• Módulos de treinamento de realidade virtual e aumentado
• Desenvolvimento de currículo personalizado

Graham Holdings Company (GHC) - Modelo de Negócios: Canais

Plataformas de aprendizado digital

A Kaplan, Inc. opera os seguintes canais de aprendizado digital:

Plataforma	Usuários ativos	Receita anual
Universidade de Kaplan online	32.456 alunos	US $ 287,4 milhões
Kaplan Test Prep Digital	78.900 usuários	US $ 124,6 milhões

Redes de televisão e transmissão

Os canais de grupo de mídia de Graham incluem:

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

Serviços de streaming de mídia online

Plataforma	Assinantes mensais	Receita anual
Graham Digital Streaming	64.230 assinantes	US $ 18,3 milhões

Equipes de vendas diretas

Métricas da equipe de vendas profissionais de Kaplan:

Categoria de vendas	Número de representantes	Volume anual de vendas
Treinamento corporativo	187 representantes	US $ 92,7 milhões
Certificação profissional	143 representantes	US $ 67,5 milhões

Conferências e eventos educacionais

Tipo de evento	Eventos anuais	Total de participantes
Conferências de Desenvolvimento Profissional	42 Conferências	8.765 participantes
Webinars online	128 webinars	23.450 participantes

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

K-12 e instituições de ensino superior

A Graham Holdings Company atende aproximadamente 8.500 instituições educacionais através dos serviços educacionais da Kaplan.

Segmento de educação	Número de instituições	Receita anual
Escolas K-12	3,200	US $ 127 milhões
Instituições de ensino superior	5,300	US $ 342 milhões

Mercados de treinamento corporativo

A Kaplan atende a mais de 1.200 clientes corporativos em vários setores.

• Fortune 500 Empresas: 412 clientes
• Empresas de médio porte: 678 clientes
• Empresas de serviços profissionais: 110 clientes

Consumidores de mídia

A Graham Holdings possui estações de televisão que atingem aproximadamente 1,5 milhão de famílias.

Plataforma de mídia	Alcance do público	Penetração de mercado
Estações de televisão	1,5 milhão de famílias	2,3% de participação de mercado nacional

Assinantes de conteúdo digital

As plataformas digitais da Graham Holdings possuem 425.000 assinantes de conteúdo digital ativos.

• Assinantes de educação on -line: 275.000
• Assinantes de certificação profissional: 150.000

Investidores e participantes do mercado financeiro

A Graham Holdings serve investidores institucionais e individuais em vários segmentos financeiros.

Categoria de investidores	Número de investidores	Valor total de investimento
Investidores institucionais	287	US $ 2,1 bilhões
Investidores individuais	12,500	US $ 456 milhões

Graham Holdings Company (GHC) - Modelo de negócios: estrutura de custos

Despesas de produção de conteúdo

Para o ano fiscal de 2022, a Graham Holdings Company relatou despesas de produção de conteúdo de US $ 87,3 milhões em seus segmentos de mídia.

Categoria de conteúdo	Despesa anual
Conteúdo da televisão	US $ 42,5 milhões
Conteúdo da mídia digital	US $ 29,8 milhões
Conteúdo da mídia impressa	US $ 15 milhões

Desenvolvimento e manutenção de tecnologia

A infraestrutura de tecnologia e os custos de desenvolvimento de 2022 totalizaram US $ 63,6 milhões.

• Desenvolvimento de software: US $ 24,7 milhões
• Manutenção de infraestrutura de TI: US $ 18,9 milhões
• Despesas de computação em nuvem: US $ 12,5 milhões
• Investimentos de segurança cibernética: US $ 7,5 milhões

Compensação dos funcionários

A compensação total dos funcionários para 2022 foi de US $ 276,4 milhões.

Categoria de compensação	Valor anual
Salários da base	US $ 198,3 milhões
Bônus de desempenho	US $ 45,6 milhões
Remuneração baseada em ações	US $ 32,5 milhões

Custos de marketing e distribuição

As despesas de marketing e distribuição de 2022 totalizaram US $ 54,2 milhões.

• Marketing Digital: US $ 22,7 milhões
• Publicidade tradicional: US $ 16,5 milhões
• Despesas de rede de distribuição: US $ 15 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para 2022 atingiram US $ 41,8 milhões.

Área de foco em P&D	Valor do investimento
Tecnologia de mídia	US $ 19,6 milhões
Desenvolvimento da plataforma digital	US $ 14,2 milhões
Inovação de conteúdo	US $ 8 milhões

Graham Holdings Company (GHC) - Modelo de negócios: fluxos de receita

Receita de publicidade da mídia

A Graham Holdings Company gerou US $ 212,7 milhões em receita de publicidade de mídia em 2022, representando uma parcela significativa de sua receita de segmento de mídia.

Plataforma de mídia	Receita de publicidade (2022)
Estações de televisão	US $ 147,5 milhões
Plataformas de mídia digital	US $ 65,2 milhões

Taxas de serviço de tecnologia educacional

A Kaplan, Inc. registrou US $ 1,05 bilhão em receitas de serviço educacional para 2022.

• Preparação de testes de ensino superior: US $ 389 milhões
• Serviços de treinamento profissional: US $ 412 milhões
• Preparação de testes internacionais: US $ 248 milhões

Receita de investimento

A Graham Holdings Company registrou US $ 84,3 milhões em receita de investimento para o ano fiscal de 2022.

Categoria de investimento	Valor da renda
Retornos de investimento em ações	US $ 53,6 milhões
Investimentos de renda fixa	US $ 30,7 milhões

Assinaturas de conteúdo digital

A receita de assinatura de conteúdo digital atingiu US $ 37,5 milhões em 2022.

Retornos estratégicos de portfólio de negócios

A receita total dos segmentos de negócios estratégicos foi de US $ 1,67 bilhão em 2022.

Segmento de negócios	Contribuição da receita
Kaplan, Inc.	US $ 1,05 bilhão
Operações de mídia	US $ 212,7 milhões
Outros negócios	US $ 407,3 milhões

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.