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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Summary of Earnings Per Share, Basic and Diluted

The following reflects the Company’s net income and share data used in the basic and diluted earnings per share computations using the two-class method:

			Three Months Ended   September 30												Nine Months Ended   September 30
(in thousands, except per share amounts)			2025						2024						2025						2024
Numerator:
Numerator for basic earnings per share:
Net income attributable to Graham Holdings Company common stockholders			$	122,925					$	72,503					$	183,568					$	175,843
Less: Dividends paid-common stock outstanding and unvested restricted shares			(7,852)						(7,444)						(31,360)						(30,370)
Undistributed earnings			115,073						65,059						152,208						145,473
Percent allocated to common stockholders			99.39		%				99.31		%				99.39		%				99.31		%
			114,372						64,612						151,280						144,473
Add: Dividends paid-common stock outstanding			7,803						7,392						31,168						30,164
Numerator for basic earnings per share			$	122,175					$	72,004					$	182,448					$	174,637
Add: Additional undistributed earnings due to dilutive stock options			7						3						8						6
Numerator for diluted earnings per share			$	122,182					$	72,007					$	182,456					$	174,643
Denominator:
Denominator for basic earnings per share:
Weighted average shares outstanding			4,334						4,352						4,329						4,395
Add: Effect of dilutive stock options			44						32						41						28
Denominator for diluted earnings per share			4,378						4,384						4,370						4,423
Graham Holdings Company Common Stockholders:
Basic earnings per share			$	28.19					$	16.54					$	42.15					$	39.74
Diluted earnings per share			$	27.91					$	16.42					$	41.75					$	39.49

____________

Earnings per share amounts may not recalculate due to rounding.

Antidilutive Weighted Average Restricted Stock and Stock Options

Diluted earnings per share excludes the following weighted average potential common shares, as the effect would be antidilutive, as computed under the treasury stock method:

			Three Months Ended   September 30												Nine Months Ended   September 30
(in thousands)			2025						2024						2025						2024
Weighted average restricted stock			16						21						14						20

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- References

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- Definition

Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

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