v3.26.1
Master Trust
 12 Months Ended
Dec. 31, 2025
EBP025 [Member]  
Master Trust [Line Items]  
Master Trust [Text Block]
NOTE 5 - GRAHAM HOLDINGS COMPANY MASTER TRUST
The Master Trust was established for the purpose of maintaining assets for the exclusive benefit of the participants of The Savings Plan for Graham Holdings Company, The Kaplan, Inc. Tax Deferred Savings Plan for Salaried Employees, and The 401(k) Savings Plan for GHC Affiliates (collectively, Participating Plans). Each Participating Plans’ specific interest in the Master Trust is based on the account balances of the participants and their elected investment options specific to each Plan. The Master Trust assets are allocated among the Participating Plans by assigning to each Participating Plan the entire amount of contributions received on behalf of each Participating Plan, benefit payments, or other expenses attributed solely to such Participating Plan, and every other transaction relating only to such Participating Plan and by allocating among all Participating Plans, in proportion to the value of the assets assigned to each Participating Plan, income and expenses resulting from collective investment of the assets of the Master Trust.
The following table presents the net assets of the Master Trust:
As of December 31, 2025
As of December 31, 2024
Master TrustPlan Interest in Master TrustMaster TrustPlan Interest in Master Trust
Registered Investment
Companies (Mutual Funds)
$621,551,801 $41,755,118 $569,373,225 $37,835,310 
Common/Collective Trusts389,436,814 40,874,521 345,424,320 35,403,793 
Berkshire Hathaway Stock Fund56,895,914 2,660,377 55,306,537 2,344,400 
Graham Holdings Company Stock Fund5,243,851 157,942 4,321,924 122,597 
Total net assets$1,073,128,380 $85,447,958 $974,426,006 $75,706,100 

The following table presents the net appreciation in the fair value of investments and investment income for the Master Trust for the year ended December 31, 2025:
Net appreciation in fair value of investments$128,409,130 
Interest and dividends26,076,585 
Total investment income$154,485,715 
Refer to Note 6 for a description of the valuation methodologies used.