Exhibit 99.1

Contact:

Wallace R. Cooney

For Immediate Release

(703) 345-6470

October 29, 2026

GRAHAM HOLDINGS COMPANY REPORTS

THIRD QUARTER EARNINGS

ARLINGTON, VA - Graham Holdings Company (NYSE: GHC) today reported its financial results for the third quarter of 2026. The Company also filed its Form 10-Q today for the quarter ended September 30, 2026 with the Securities and Exchange Commission.

Division Operating Results

Revenue for the third quarter of 2026 was $1,326.0 million, up 4% from $1,278.9 million in the third quarter of 2025. The Company reported operating income of $85.5 million for the third quarter of 2026, compared to $67.1 million for the third quarter of 2025. The Company reported adjusted operating cash flow (non-GAAP) of $121.8 million for the third quarter of 2026, compared to $110.1 million for the third quarter of 2025. Revenues, operating results and adjusted operating cash flow increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education. Capital expenditures totaled $39.6 million and $20.2 million for the third quarter of 2026 and 2025, respectively.

Revenue for the first nine months of 2026 was $3,864.5 million, up 6% from $3,660.5 million in the first nine months of 2025. The Company reported operating income of $227.0 million for the first nine months of 2026, compared to $187.4 million for the first nine months of 2025. Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education. The Company reported adjusted operating cash flow (non-GAAP) of $354.5 million for the first nine months of 2026, compared to $309.5 million for the first nine months of 2025. Adjusted operating cash flow increased at television broadcasting, manufacturing, automotive and other businesses, partially offset by declines at education and healthcare. Capital expenditures totaled $80.2 million and $54.1 million for the first nine months of 2026 and 2025, respectively.

Disposition of Business

In the third quarter of 2026, Kaplan entered into an agreement to sell Dublin Business School (DBS) to China Chunlai Education Group Co., Ltd., a provider of private higher education in China. At September 30, 2026, the Company classified the assets and liabilities of DBS as held for sale. The transaction closed on October 27, 2026. Under the terms of the Share Purchase Agreement, Kaplan sold all of the outstanding shares of Accountancy & Business College (Ireland) Limited, which operates DBS, together with certain intellectual property, for $127.5 million.

Debt, Cash and Marketable Equity Securities

At September 30, 2026, the Company had $853.4 million in borrowings outstanding at an average interest rate of 5.8%, including $186.2 million outstanding on its $400 million revolving credit facility. Cash, marketable equity securities and other investments totaled $1,246.2 million at September 30, 2026, excluding DBS cash classified as held for sale.

Overall, the Company recognized $15.0 million in net losses and $17.9 million in net gains on marketable equity securities in the third quarter and first nine months of 2026, compared to $84.8 million and $117.0 million in net gains on marketable equity securities in the third quarter and first nine months of 2025.

Common Stock Repurchases

During the first nine months of 2026, the Company purchased a total of 176,529 shares of its Class B common stock at a cost of $198.6 million. At September 30, 2026, there were 4,185,665 shares outstanding. On September 12, 2024, the Board of Directors authorized the Company to acquire up to 500,000 shares of its Class B common stock; the Company has remaining authorization for 285,953 shares as of September 30, 2026.

Overall Company Results

The Company reported net income attributable to common shares of $75.1 million ($17.60 per share) for the third quarter of 2026, compared to $122.9 million ($27.91 per share) for the third quarter of 2025.

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For the first nine months of 2026, the Company reported net income attributable to common shares of $385.3 million ($88.92 per share), compared to $183.6 million ($41.75 per share) for the first nine months of 2025.

The results for the third quarter and first nine months of 2026 and 2025 were affected by a number of items as described in the Non-GAAP Financial Information schedule attached to this release. Excluding these items, net income attributable to common shares was $80.2 million ($18.77 per share) for the third quarter of 2026, compared to $62.0 million ($14.08 per share) for the third quarter of 2025. Excluding these items, net income attributable to common shares was $238.2 million ($54.98 per share) for the first nine months of 2026, compared to $176.1 million ($40.05 per share) for the first nine months of 2025.

Forward-Looking Statements

All public statements made by the Company and its representatives that are not statements of historical fact, including certain statements in this press release, in the Company’s Annual Report on Form 10-K and in the Company’s 2025 Annual Report to Stockholders, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by the Company’s management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ from those stated, including, without limitation, comments about expectations related to acquisitions or dispositions or related business activities, the Company’s business strategies and objectives, the prospects for growth in the Company’s various business operations, the Company’s future financial performance, and the risks and uncertainties described in Item 1A of the Company’s Annual Report on Form 10-K. Accordingly, undue reliance should not be placed on any forward-looking statement made by or on behalf of the Company. The Company assumes no obligation to update any forward-looking statement after the date on which such statement is made, even if new information subsequently becomes available.

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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Three Months Ended
			September 30									%
(in thousands, except per share amounts)			2026						2025			Change
Operating revenues			$	1,326,037					$	1,278,859		4
Operating expenses			1,216,622						1,180,498			3
Depreciation of property, plant and equipment			18,119						19,298			(6)
Amortization of intangible assets			5,775						9,692			(40)
Impairment of intangible and other long-lived assets			—						2,235			—
Operating income			85,521						67,136			27
Equity in (losses) earnings of affiliates, net			(3,590)						15,780			—
Interest income			1,594						1,464			9
Interest expense			(15,769)						(17,164)			(8)
Non-operating pension and postretirement benefit income, net			47,601						31,047			53
(Loss) gain on marketable equity securities, net			(15,027)						84,768			—
Other (expense) income, net			(1,187)						7			—
Income before income taxes			99,143						183,038			(46)
Provision for income taxes			21,900						56,800			(61)
Net income			77,243						126,238			(39)
Net income attributable to noncontrolling interests			(2,133)						(3,313)			(36)
Net Income Attributable to Graham Holdings Company Common Stockholders			$	75,110					$	122,925		(39)
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share			$	17.79					$	28.19		(37)
Basic average number of common shares outstanding			4,198						4,334
Diluted net income per common share			$	17.60					$	27.91		(37)
Diluted average number of common shares outstanding			4,243						4,378

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GRAHAM HOLDINGS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
			Nine Months Ended
			September 30									%
(in thousands, except per share amounts)			2026						2025			Change
Operating revenues			$	3,864,535					$	3,660,546		6
Operating expenses			3,545,916						3,386,690			5
Depreciation of property, plant and equipment			54,794						59,504			(8)
Amortization of intangible assets			17,808						24,757			(28)
Impairment of goodwill, other long-lived assets and asset group held for sale			19,029						2,235			—
Operating income			226,988						187,360			21
Equity in earnings of affiliates, net			11,397						10,466			9
Interest income			5,950						6,225			(4)
Interest expense			(49,171)						(117,547)			(58)
Non-operating pension and postretirement benefit income, net			248,323						94,266			—
Gain on marketable equity securities, net			17,929						117,026			(85)
Other expense, net			(4,146)						(20,514)			(80)
Income before income taxes			457,270						277,282			65
Provision for income taxes			66,900						84,900			(21)
Net income			390,370						192,382			—
Net income attributable to noncontrolling interests			(5,051)						(8,814)			(43)
Net Income Attributable to Graham Holdings Company Common Stockholders			$	385,319					$	183,568		—
Per Share Information Attributable to Graham Holdings Company Common Stockholders
Basic net income per common share			$	89.84					$	42.15		—
Basic average number of common shares outstanding			4,264						4,329
Diluted net income per common share			$	88.92					$	41.75		—
Diluted average number of common shares outstanding			4,309						4,370

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GRAHAM HOLDINGS COMPANY
BUSINESS DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2026						2025						Change						2026						2025						Change
Operating Revenues
Education						$	404,282					$	472,662					(14)						$	1,262,569					$	1,334,206					(5)
Television broadcasting						125,304						105,087						19						346,487						314,625						10
Healthcare						260,252						208,415						25						717,243						584,375						23
Manufacturing						147,601						124,257						19						405,915						318,480						27
Automotive						299,060						285,228						5						868,036						851,791						2
Other businesses						89,443						83,215						7						264,209						257,082						3
Corporate office						883						620						42						2,278						1,861						22
Intersegment elimination						(788)						(625)						—						(2,202)						(1,874)						—
						$	1,326,037					$	1,278,859					4						$	3,864,535					$	3,660,546					6
Operating Expenses
Education						$	364,994					$	423,610					(14)						$	1,140,623					$	1,198,936					(5)
Television broadcasting						76,845						78,313						(2)						233,602						235,513						(1)
Healthcare						237,008						187,423						26						651,963						519,969						25
Manufacturing						138,603						117,562						18						381,816						298,739						28
Automotive						289,722						278,920						4						845,325						829,698						2
Other businesses						111,333						108,230						3						327,423						340,630						(4)
Corporate office						22,799						18,290						25						58,997						51,575						14
Intersegment elimination						(788)						(625)						—						(2,202)						(1,874)						—
						$	1,240,516					$	1,211,723					2						$	3,637,547					$	3,473,186					5
Operating Income (Loss)
Education						$	39,288					$	49,052					(20)						$	121,946					$	135,270					(10)
Television broadcasting						48,459						26,774						81						112,885						79,112						43
Healthcare						23,244						20,992						11						65,280						64,406						1
Manufacturing						8,998						6,695						34						24,099						19,741						22
Automotive						9,338						6,308						48						22,711						22,093						3
Other businesses						(21,890)						(25,015)						12						(63,214)						(83,548)						24
Corporate office						(21,916)						(17,670)						(24)						(56,719)						(49,714)						(14)
						$	85,521					$	67,136					27						$	226,988					$	187,360					21
Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale
Education						$	84					$	1,404					(94)						$	19,670					$	5,222					—
Television broadcasting						1,360						1,360						—						4,080						4,080						—
Healthcare						71						1,095						(94)						257						1,330						(81)
Manufacturing						3,717						4,442						(16)						11,203						9,304						20
Automotive						5						560						(99)						15						570						(97)
Other businesses						538						3,066						(82)						1,612						6,486						(75)
Corporate office						—						—						—						—						—						—
						$	5,775					$	11,927					(52)						$	36,837					$	26,992					36
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale
Education						$	39,372					$	50,456					(22)						$	141,616					$	140,492					1
Television broadcasting						49,819						28,134						77						116,965						83,192						41
Healthcare						23,315						22,087						6						65,537						65,736						0
Manufacturing						12,715						11,137						14						35,302						29,045						22
Automotive						9,343						6,868						36						22,726						22,663						0
Other businesses						(21,352)						(21,949)						3						(61,602)						(77,062)						20
Corporate office						(21,916)						(17,670)						(24)						(56,719)						(49,714)						(14)
						$	91,296					$	79,063					15						$	263,825					$	214,352					23

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						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2026						2025						Change						2026						2025						Change
Depreciation
Education						$	5,524					$	7,085					(22)						$	17,237					$	22,261					(23)
Television broadcasting						2,271						2,597						(13)						6,952						7,850						(11)
Healthcare						1,952						1,837						6						5,779						5,346						8
Manufacturing						2,855						3,219						(11)						9,027						8,576						5
Automotive						1,993						1,718						16						5,775						5,155						12
Other businesses						3,354						2,671						26						9,515						9,813						(3)
Corporate office						170						171						(1)						509						503						1
						$	18,119					$	19,298					(6)						$	54,794					$	59,504					(8)
Pension Expense
Education						$	4,555					$	4,318					5						$	13,666					$	12,954					5
Television broadcasting						1,554						1,475						5						4,661						4,426						5
Healthcare						2,365						2,496						(5)						5,894						7,488						(21)
Manufacturing						1,242						866						43						3,727						2,596						44
Automotive						34						(1)						—						102						47						—
Other businesses						1,889						1,857						2						5,614						5,868						(4)
Corporate office						740						761						(3)						2,217						2,284						(3)
						$	12,379					$	11,772					5						$	35,881					$	35,663					1
Adjusted Operating Cash Flow (non-GAAP)(1)
Education						$	49,451					$	61,859					(20)						$	172,519					$	175,707					(2)
Television broadcasting						53,644						32,206						67						128,578						95,468						35
Healthcare						27,632						26,420						5						77,210						78,570						(2)
Manufacturing						16,812						15,222						10						48,056						40,217						19
Automotive						11,370						8,585						32						28,603						27,865						3
Other businesses						(16,109)						(17,421)						8						(46,473)						(61,381)						24
Corporate office						(21,006)						(16,738)						(25)						(53,993)						(46,927)						(15)
						$	121,794					$	110,133					11						$	354,500					$	309,519					15

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill, Other Long-Lived Assets and Asset Group Held for Sale plus Depreciation Expense and Pension Expense.

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GRAHAM HOLDINGS COMPANY
EDUCATION DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2026						2025						Change						2026						2025						Change
Operating Revenues
Kaplan international						$	230,134					$	294,292					(22)						$	754,145					$	827,719					(9)
Higher education						93,865						92,162						2						272,561						265,387						3
Supplemental education						80,805						86,679						(7)						237,145						242,243						(2)
Kaplan corporate and other						369						280						32						924						315						—
Intersegment elimination						(891)						(751)						—						(2,206)						(1,458)						—
						$	404,282					$	472,662					(14)						$	1,262,569					$	1,334,206					(5)
Operating Expenses
Kaplan international						$	212,842					$	265,399					(20)						$	672,603					$	738,827					(9)
Higher education						75,961						77,479						(2)						220,320						219,925						0
Supplemental education						71,150						71,700						(1)						211,706						213,890						(1)
Kaplan corporate and other						5,761						8,417						(32)						18,433						22,516						(18)
Amortization of intangible assets						84						1,404						(94)						641						5,222						(88)
Impairment of goodwill and asset group held for sale						—						—						—						19,029						—						—
Intersegment elimination						(804)						(789)						—						(2,109)						(1,444)						—
						$	364,994					$	423,610					(14)						$	1,140,623					$	1,198,936					(5)
Operating Income (Loss)
Kaplan international						$	17,292					$	28,893					(40)						$	81,542					$	88,892					(8)
Higher education						17,904						14,683						22						52,241						45,462						15
Supplemental education						9,655						14,979						(36)						25,439						28,353						(10)
Kaplan corporate and other						(5,392)						(8,137)						34						(17,509)						(22,201)						21
Amortization of intangible assets						(84)						(1,404)						94						(641)						(5,222)						88
Impairment of goodwill and asset group held for sale						—						—						—						(19,029)						—						—
Intersegment elimination						(87)						38						—						(97)						(14)						—
						$	39,288					$	49,052					(20)						$	121,946					$	135,270					(10)
Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale
Kaplan international						$	17,292					$	28,893					(40)						$	81,542					$	88,892					(8)
Higher education						17,904						14,683						22						52,241						45,462						15
Supplemental education						9,655						14,979						(36)						25,439						28,353						(10)
Kaplan corporate and other						(5,392)						(8,137)						34						(17,509)						(22,201)						21
Intersegment elimination						(87)						38						—						(97)						(14)						—
						$	39,372					$	50,456					(22)						$	141,616					$	140,492					1
Depreciation
Kaplan international						$	4,366					$	6,072					(28)						$	13,945					$	19,014					(27)
Higher education						378						314						20						945						1,153						(18)
Supplemental education						769						692						11						2,317						2,076						12
Kaplan corporate and other						11						7						57						30						18						67
						$	5,524					$	7,085					(22)						$	17,237					$	22,261					(23)
Pension Expense
Kaplan international						$	—					$	142					—						$	176					$	428					(59)
Higher education						1,984						1,849						7						5,936						5,546						7
Supplemental education						2,017						1,929						5						6,063						5,788						5
Kaplan corporate and other						554						398						39						1,491						1,192						25
						$	4,555					$	4,318					5						$	13,666					$	12,954					5
Adjusted Operating Cash Flow (non-GAAP)(1)
Kaplan international						$	21,658					$	35,107					(38)						$	95,663					$	108,334					(12)
Higher education						20,266						16,846						20						59,122						52,161						13
Supplemental education						12,441						17,600						(29)						33,819						36,217						(7)
Kaplan corporate and other						(4,827)						(7,732)						38						(15,988)						(20,991)						24
Intersegment elimination						(87)						38						—						(97)						(14)						—
						$	49,451					$	61,859					(20)						$	172,519					$	175,707					(2)

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Goodwill and Asset Group Held for Sale plus Depreciation Expense and Pension Expense.

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GRAHAM HOLDINGS COMPANY
HEALTHCARE DIVISION INFORMATION
(Unaudited)
						Three Months Ended																		Nine Months Ended
						September 30												%						September 30												%
(in thousands)						2026						2025						Change						2026						2025						Change
Operating Revenues
CSI						$	162,289					$	120,382					35						$	428,593					$	324,045					32
Other Healthcare						97,963						88,033						11						288,650						260,330						11
						$	260,252					$	208,415					25						$	717,243					$	584,375					23
Operating Expenses
CSI						$	147,548					$	106,985					38						$	395,042					$	287,008					38
Other Healthcare						89,460						80,438						11						256,921						232,961						10
						$	237,008					$	187,423					26						$	651,963					$	519,969					25
Operating Income
CSI						$	14,741					$	13,397					10						$	33,551					$	37,037					(9)
Other Healthcare						8,503						7,595						12						31,729						27,369						16
						$	23,244					$	20,992					11						$	65,280					$	64,406					1
Amortization of Intangible Assets and Impairment of Long-Lived Assets
CSI						$	21					$	40					(48)						$	62					$	107					(42)
Other Healthcare						50						1,055						(95)						195						1,223						(84)
						$	71					$	1,095					(94)						$	257					$	1,330					(81)
Operating Income before Amortization of Intangible Assets and Impairment of Long-Lived Assets
CSI						$	14,762					$	13,437					10						$	33,613					$	37,144					(10)
Other Healthcare						8,553						8,650						(1)						31,924						28,592						12
						$	23,315					$	22,087					6						$	65,537					$	65,736					0
Depreciation
CSI						$	293					$	186					58						$	887					$	545					63
Other Healthcare						1,659						1,651						0						4,892						4,801						2
						$	1,952					$	1,837					6						$	5,779					$	5,346					8
Pension Expense
CSI						$	602					$	—					—						$	602					$	—					—
Other Healthcare						1,763						2,496						(29)						5,292						7,488						(29)
						$	2,365					$	2,496					(5)						$	5,894					$	7,488					(21)
Adjusted Operating Cash Flow (non-GAAP)(1)
CSI						$	15,657					$	13,623					15						$	35,102					$	37,689					(7)
Other Healthcare						11,975						12,797						(6)						42,108						40,881						3
						$	27,632					$	26,420					5						$	77,210					$	78,570					(2)

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(1)			Adjusted Operating Cash Flow (non-GAAP) is calculated as Operating Income (Loss) before Amortization of Intangible Assets and Impairment of Long-Lived Assets plus Depreciation Expense and Pension Expense.

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NON-GAAP FINANCIAL INFORMATION

GRAHAM HOLDINGS COMPANY

(Unaudited)

In addition to the results reported in accordance with accounting principles generally accepted in the United States (GAAP) included in this press release, the Company has provided information regarding Adjusted Operating Cash Flow and Net income excluding certain items described below, reconciled to the most directly comparable GAAP measures. Management believes that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

•the ability to make meaningful period-to-period comparisons of the Company’s ongoing results;

•the ability to identify trends in the Company’s underlying business; and

•a better understanding of how management plans and measures the Company’s underlying business.

Adjusted Operating Cash Flow and Net income, excluding certain items, should not be considered substitutes or alternatives to computations calculated in accordance with and required by GAAP. These non-GAAP financial measures should be read only in conjunction with financial information presented on a GAAP basis.

The gains and losses on marketable equity securities relate to the change in the fair value (quoted prices) of its portfolio of equity securities. The mandatorily redeemable noncontrolling interest represents the ownership portion of a group of minority shareholders at a subsidiary of the Company's Healthcare business. The Company measures the redemption value of this minority ownership on a quarterly basis with changes in the fair value recorded as interest expense or income, which is included in net income for the period. The effect of gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest are not directly related to the core performance of the Company’s business operations since these items do not directly relate to the sale of the Company’s services or products. GAAP requires that the Company include the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest in net income on the Condensed Consolidated Statements of Operations. The Company excludes the gains and losses on marketable equity securities and net interest expense related to fair value adjustments of the mandatorily redeemable noncontrolling interest from the non-GAAP adjusted net income because these items are independent of the Company’s core operations and not indicative of the performance of the Company’s business operations.

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The following tables reconcile the non-GAAP financial measures for Net income, excluding certain items, to the most directly comparable GAAP measures:

			Three Months Ended September 30
			2026																		2025
(in thousands, except per share amounts)			Income before income taxes						Income Taxes						Net Income						Income before income taxes						Income Taxes						Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported			$	99,143					$	21,900					$	77,243					$	183,038					$	56,800					$	126,238
Attributable to noncontrolling interests															(2,133)																		(3,313)
Attributable to Graham Holdings Company Stockholders															75,110																		122,925
Adjustments:
Intangible and other long-lived asset impairment charges			—						—						—						2,235						522						1,713
Settlement gain related to retiree annuity pension purchase			(14,950)						(3,889)						(11,061)						—						—						—
Charges related to non-operating Separation Incentive Programs and a Voluntary Retirement Incentive Program			3,201						833						2,368						2,546						651						1,895
Interest (credit) expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest			(125)						2						(127)						718						(6,198)						6,916
Net losses (gains) on marketable equity securities			15,027						3,838						11,189						(84,768)						(21,735)						(63,033)
Net losses of affiliates whose operations are not managed by the Company			6,290						1,607						4,683						5,787						1,484						4,303
Non-operating loss (gain) from impairment and earnings of equity and cost method investments			600						153						447						(17,122)						(4,395)						(12,727)
Income tax expense related to the KLG business			—						(1,465)						1,465						—						—						—
Non-U.S. global minimum corporate income tax benefit			—						3,908						(3,908)						—						—						—
Net Income, adjusted (non-GAAP)															$	80,166																	$	61,992
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported															$	17.60																	$	27.91
Adjustments:
Intangible and other long-lived asset impairment charges															—																		0.39
Settlement gain related to retiree annuity pension purchase															(2.59)																		—
Charges related to non-operating Separation Incentive Programs and a Voluntary Retirement Incentive Program															0.55																		0.43
Interest (credit) expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest															(0.03)																		1.57
Net losses (gains) on marketable equity securities															2.62																		(14.31)
Net losses of affiliates whose operations are not managed by the Company															1.10																		0.98
Non-operating loss (gain) from impairment and earnings of equity and cost method investments															0.10																		(2.89)
Income tax expense related to the KLG business															0.34																		—
Non-U.S. global minimum corporate income tax benefit															(0.92)																		—
Diluted income per common share, adjusted (non-GAAP)															$	18.77																	$	14.08
The adjusted diluted per share amounts may not compute due to rounding.

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			Nine Months Ended September 30
			2026																		2025
(in thousands, except per share amounts)			Income before income taxes						Income Taxes						Net Income						Income before income taxes						Income Taxes						Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
As reported			$	457,270					$	66,900					$	390,370					$	277,282					$	84,900					$	192,382
Attributable to noncontrolling interests															(5,051)																		(8,814)
Attributable to Graham Holdings Company Stockholders															$	385,319																	$	183,568
Adjustments:
Intangible and other long-lived asset impairment charges			—						—						—						2,235						522						1,713
Impairment charge and loss on sale related to KLG			24,179						(594)						24,773						—						—						—
Settlement gain related to retiree annuity pension purchase			(151,905)						(39,514)						(112,391)						—						—						—
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Programs			11,138						2,897						8,241						9,185						2,351						6,834
Interest (credit) expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest			(1,007)						(122)						(885)						68,278						7,496						60,782
Net gains on marketable equity securities			(17,929)						(4,580)						(13,349)						(117,026)						(30,006)						(87,020)
Net (earnings) losses of affiliates whose operations are not managed by the Company			(6,772)						(1,730)						(5,042)						18,110						4,643						13,467
Net non-operating loss (gain) from impairment, sale and earnings of equity and cost method investments			5,916						1,511						4,405						(4,443)						(1,189)						(3,254)
Income tax benefit related to the KLG business			—						68,099						(68,099)						—						—						—
Non-U.S. global minimum corporate income tax expense			—						(15,272)						15,272						—						—						—
Net Income, adjusted (non-GAAP)															$	238,244																	$	176,090
Per share information attributable to Graham Holdings Company Common Stockholders
Diluted income per common share, as reported															$	88.92																	$	41.75
Adjustments:
Intangible and other long-lived asset impairment charges															—																		0.39
Impairment charge and loss on sale related to KLG															5.72																		—
Settlement gain related to retiree annuity pension purchase															(25.94)																		—
Charges related to non-operating Separation Incentive Programs and Voluntary Retirement Incentive Programs															1.90																		1.55
Interest (credit) expense related to the fair value adjustment of the mandatorily redeemable noncontrolling interest															(0.20)																		13.83
Net gains on marketable equity securities															(3.08)																		(19.79)
Net (earnings) losses of affiliates whose operations are not managed by the Company															(1.16)																		3.06
Net non-operating loss (gain) from impairment, sale and earnings of equity and cost method investments															1.02																		(0.74)
Income tax benefit related to the KLG business															(15.72)																		—
Non-U.S. global minimum corporate income tax expense															3.52																		—
Diluted income per common share, adjusted (non-GAAP)															$	54.98																	$	40.05
The adjusted diluted per share amounts may not compute due to rounding.

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