Graham Holdings Company reported its financial results for the fourth quarter and full year of 2024 on February 25, 2025. For the full year, revenue increased 9% to $4,790.9 million from $4,414.9 million in 2023, with operating income surging to $215.5 million from $69.4 million in the prior year.
Net income attributable to common shares for 2024 was $724.6 million, or $163.40 per share, a significant increase from $205.3 million, or $43.82 per share, in 2023. The fourth quarter alone saw net income attributable to common shares of $548.8 million, or $125.55 per share, compared to $53.3 million, or $11.72 per share, in Q4 2023.
A major highlight was a one-time, pre-tax, noncash settlement gain of $653.4 million recorded in the fourth quarter of 2024, resulting from the purchase of an irrevocable group annuity contract to settle defined benefit pension obligations. This significantly boosted the company's net income.
The company also announced an agreement on February 25, 2025, to settle a significant portion of the mandatorily redeemable noncontrolling interest at Graham Healthcare Group for $205 million, consisting of $186.25 million in cash and $18.75 million in GHC Class B common stock. This transaction addresses a notable financial obligation.
In a strategic portfolio adjustment, the company detailed that World of Good Brands (WGB) operations are expected to be substantially shut down by the end of the third quarter of 2025, following asset write-offs. This move reflects a disciplined approach to divesting underperforming assets and optimizing the business mix.
Segment performance was strong in key areas, with Healthcare revenue increasing 41% in Q4 2024 due to significant growth at CSI Pharmacy, and Television Broadcasting revenue rising 30% driven by a $49.7 million increase in political advertising revenue.
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