Graham Holdings Company reported its financial results for the first quarter of 2025 on April 29, 2025, with revenue reaching $1,165.9 million, a 1% increase from $1,152.7 million in the prior-year period. The company achieved an operating income of $47.5 million, a 34% increase from $35.4 million in the first quarter of 2024.
Adjusted net income attributable to common shares for the first quarter was $51.0 million, or $11.64 per share, compared to $50.4 million, or $11.24 per share, in the prior year. While GAAP net income was lower due to a significant non-cash interest expense related to the fair value adjustment of a mandatorily redeemable noncontrolling interest, the underlying operating performance remained strong.
The company confirmed the execution of an agreement on February 25, 2025, to settle a significant portion of the mandatorily redeemable noncontrolling interest at Graham Healthcare Group for $205 million. This transaction, consisting of $186.25 million in cash and $18.75 million in GHC Class B common stock, addresses a notable financial obligation.
Healthcare segment revenue increased 36% and operating income increased 79% in the first quarter, driven by substantial growth at CSI Pharmacy. The Education segment also contributed positively with a 1% revenue increase and a 31% rise in operating income, highlighting strong performance in key growth areas.
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