Key Highlights

  • Graham's $1.88 quarterly dividend has an October 15, 2026 ex-dividend date and is payable November 5 to shareholders of record.
  • Second-quarter revenue was $1,302.5 million, up 7%, with operating income of $83.6 million versus $72.8 million.
  • GAAP net income attributable to common shares was $281.1 million, or $64.86 per share, including a $137.0 million pension settlement gain.
  • Adjusted net income, a non-GAAP measure, was $84.2 million, or $19.46 per share, versus $63.1 million, or $14.33.

Graham Holdings Company's (NYSE:GHC) $1.88 quarterly dividend yields 0.64% and sits beside second-quarter GAAP EPS of $64.86 and adjusted EPS of $19.46. The board declared it on September 10, 2026.

Dividend Program and Shareholder Returns

Graham's board declared a regular quarterly dividend of $1.88 per share on September 10, 2026, payable November 5 to shareholders of record on October 15.

In the first six months of 2026 the company purchased 110,471 Class B shares for $122.0 million, and had 4,251,268 Class B shares outstanding at June 30. Remaining authorization under the September 12, 2024 repurchase program was 352,011 shares.

About the Company

Graham Holdings is a diversified holding company based in Arlington, Virginia, with businesses in education, television broadcasting, healthcare, manufacturing, automotive and other operations.

Financial Performance Behind the Payout

Graham reported second-quarter revenue of $1,302.5 million, up 7% from $1,215.8 million, and operating income of $83.6 million versus $72.8 million. Adjusted operating cash flow, a non-GAAP measure, was $119.8 million versus $111.3 million. Revenue rose at healthcare (22%), manufacturing (39%), automotive (6%) and television broadcasting (3%), and declined 4% at education.

GAAP net income attributable to common shares was $281.1 million, or $64.86 per diluted share, versus $36.7 million, or $8.35. Excluding specified items, net income attributable to common shares was $84.2 million, or $19.46 per share, versus $63.1 million, or $14.33. First-half GAAP net income attributable to common shares was $310.2 million, or $71.04 per share, versus $60.6 million, or $13.81, and first-half adjusted net income was $158.1 million, or $36.19 per share, versus $114.1 million, or $25.98.

Items Between GAAP and Adjusted Results

In June 2026 the company purchased a $113.9 million group annuity contract to settle $124.3 million of pension obligations for approximately 1,080 retirees and beneficiaries, and recorded a $137.0 million pre-tax noncash settlement gain. It recognized $101.9 million of net gains on marketable equity securities in the quarter, and a $69.6 million U.S. income tax benefit in connection with the restructuring and sale of the Kaplan Languages Group (KLG).

The KLG sale closed on May 1, 2026, with a $5.2 million loss on sale in the second quarter after a $19.0 million pre-tax impairment in the first. The company also accrued $19.2 million of non-U.S. global minimum top-up tax expense, which it states could be fully reversed without payment if the United Kingdom and other jurisdictions enact specified legislation.

At June 30 borrowings were $900.4 million at an average rate of 5.7%, including $231.2 million on its $400 million revolving credit facility, and cash, marketable equity securities and other investments totaled $1,297.4 million.

Outlook

Graham did not provide numerical guidance in its second-quarter release. The company reports division operating income, adjusted operating cash flow and share repurchases for the period.