GHC

Graham Holdings Co

NYSE · INDUSTRIALS · SERVICES-EDUCATIONAL SERVICES

1,168.51

+6.47 +0.56%

USD · close Oct 30

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FLAG · shorts 22

Insiders, 90 days

no open-market filings in 90 days

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Calls on record

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MKT CAP —P/E —DIV YIELD —FCF YIELD —REV TTM —NET INCOME $543.5M −20.3%NET DEBT $296.4M52W 1,033.19 – 1,239.59SEC XBRL · TTM TO Invalid Date

How GHC rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

46%

of sentences unchanged

Added

294

new sentences

Dropped

326

sentences removed

Length

−1,117

words, now 26,469

New in FY2025

The laws and regulations apply to statements addressing the nature of an institution’s programs, financial charges or the employability of its graduates.
KNA and its client institutions are subject to reviews, audits, investigations and other compliance reviews conducted by various regulatory agencies and auditors, including, among others, the ED and the ED’s Office of the Inspector General (for financial aid services as a Third Party Servicer to Purdue Global), accrediting bodies and state and various other federal agencies.
In 2021, Kaplan received BDTR applications from the ED seeking discharge of approximately $35 million in loans, excluding interest, from students at Kaplan’s previously owned schools, including Kaplan University.
Cardona lawsuit in the Northern District of California which was settled in November 2022, Plaintiffs claimed that the ED failed to properly consider and decide pending BDTR claims.
Cardona settlement, the ED agreed to review any BDTR applications submitted between June 23, 2022 and November 15, 2022 on an expedited basis.
Kaplan believes it has significant defenses against any attempt by the ED at recoupment including the claims’ collective lack of merit, the applicable statute of limitations periods, and the ED’s standing for recoupment given the Sweet v.
Supplemental Education KNA offers supplemental education at significant scale directly to students and professionals and indirectly through agreements with other organizations.
The market covers exam preparation, professional licensure and certification, corporate training, career advising, and continuing education.
In 2025, KNA served approximately 782,280 students through its exam preparation, professional licensure and certification, and corporate training and continuing education programs and related products (such as online tutoring, online question banks and online practice tests), excluding sales of test prep books by third-party retailers.
KNA publishes epubs, print test preparation books, and reference resources sold through retail channels.
At the end of 2025, KNA published 1,029 titles available in print and digital formats, including 261 epub products.
In 2025, KNA served approximately 3,420 business-to-business clients, including 165 Fortune 500 companies.
The business also began expanding its public sector footprint in 2024, by offering “all access” arrangements to public institutions.
KNA, operating under the Kaplan Test Prep and Barron’s Educational Series brands, prepares students for high-stakes exams like the SAT, ACT, and AP and provides college admissions advising.
On June 27, 2025, KNA acquired Ohana Institute, an accredited, innovative K-12 private school located in Inlet Beach, Florida.
Ohana offers students creative programming, academic rigor and personalized support that leverages project-based learning and STEAM (Science, Technology, Engineering, Arts, Math) as core instructional elements.
At the collegiate and post-graduate level, KNA provides preparation for admissions tests such as the LSAT, MCAT, GMAT, and GRE under the Kaplan and Manhattan Prep brands.
This segment also provides preparation for Engineering and Architecture certification exams under the PPI brand and for attorney state licensure exams through Kaplan Bar Review and Preliminary Multistate Bar Review (PMBR).
In 2024, KNA began exam development for state bar examinations by entering into a contract with the State Bar of California to prepare questions for its exam.
Also in 2024, KNA was awarded a contract with the State of Illinois to provide graduate school and licensure test preparation for the LSAT, MCAT, GMAT and GRE and license and certificate courses in nursing, financial services, real estate, engineering, and related to other professional careers to all Illinois public university students and all students at five community colleges in Illinois.
The state of Illinois may cancel the contract early if it lacks appropriated funds.
In the healthcare field, KNA provides professional licensure exam preparation for physicians (USMLE), nurses (NCLEX), pharmacists (NAPLEX), dentists (NBDE) and physician assistants (PANCE).
Under the brand i-Human Patients , KNA offers online, simulated patient interaction training for medical health professionals, which is typically licensed to medical, nursing and physician assistant schools.
KNA’s accredited Kaplan Medical Prep school offers USMLE in-person programs in New York approved by Student and Exchange Visitor Program (SEVP) for attendance by students with F-1 visas.
Separately, Kaplan Medical Education, offers online continuing medical education for physicians, nurses and pharmacists which is accredited by Joint Accreditation for Interprofessional Continuing Education.
In the accounting, insurance, securities, real estate, financial services and wealth management sectors, KNA provides professional license test preparation, as well as licensing and post licensing continuing education.
Programs are operated under the brands Dearborn Real Estate Education, Kaplan Real Estate Education, Kaplan Financial Education and Kaplan Schweser.
KNA supports military advancement through the Bluejacketeer subscription service for Navy advancement exams.
KNA also offers preparation programs for the Armed Services Vocational Aptitude Battery (ASVAB) that measure developed abilities and help predict future academic and occupational success in the military.
KNA also provides education advising and test preparation services to state government agencies such as the Florida Department of Corrections.
The following table sets forth certain information with respect to each of the Company’s television stations: Station, Location and Year Commercial Operation Commenced National Market Ranking (a) Primary Network Affiliation Expiration Date of FCC License Expiration Date of Network Agreement Total Commercial Stations in DMA (b) KPRC, Houston, TX, 1949 6th NBC Aug. 1, 2030 Dec. 31, 2028 WDIV, Detroit, MI, 1947 14th NBC Oct. 1, 2029 Dec. 31, 2028 WKMG, Orlando, FL, 1954 15th CBS Feb. 1, 2029 June 30, 2026 KSAT, San Antonio, TX, 1957 31st ABC Aug. 1, 2030 March 31, 2026 12 WJXT, Jacksonville, FL, 1947 41st None Feb. 1, 2029 — 7 WCWJ, Jacksonville, FL, 1966 41st CW Feb. 1, 2029 Aug. 31, 2028 WSLS, Roanoke, VA, 1952 70th NBC Oct. 1, 2028 Dec. 31, 2028 _________________________________________________________________________________ (a) Source: 2025/2026 Local Television Market Universe Estimates, the Nielsen Company, September 2025 and effective January 1, 2026, based on television homes in DMA (see note (b) below).
In 2025, advertising revenue accounted for 54% of the total revenue for GMG’s operations.
GMG also derives significant revenue from retransmission agreements with traditional cable, satellite and other multichannel video program distributors (MVPDs), which typically provide for payment to GMG on a per-subscriber basis, as well as agreements for distribution on various digital platforms.
That interference could limit viewers’ ability to receive television stations’ over-the-air signals.
ATSC 3.0 is not backward compatible with existing television equipment (although certain adapters/converter boxes are now commercially available), and the FCC’s rules require full-power television stations that transition to the new standard to continue broadcasting a signal in the existing DTV standard (ATSC 1.0) (the “simulcasting” requirement) until the FCC phases out the requirement in a future order.
Under current rules, a transitioning station’s DTV-formatted content must be substantially similar to the programming aired on its ATSC 3.0 channel until July 17, 2027, to ensure that all viewers continue to have access to the same DTV-formatted programming during the transition to the NextGenTV standard.
In a notice released in October 2025, the FCC proposed to eliminate both the simulcasting and the “substantially similar” requirements for stations transitioning to or broadcasting in ATSC 3.0, and to make other updates to the current ATSC 3.0 rules.
As of December 31, 2025, GMG is broadcasting in the ATSC 3.0 standard on all of its stations.
Broadcasters continue to urge the FCC to ensure that incumbent broadcast operations are protected against interference from new users, including unlicensed devices operating in those bands.
In November 2023, GMG timely filed a certification identifying all of its current, active authorizations in the 12.7-13.25 GHz band of spectrum, as required by the FCC as it considers whether to allow unlicensed devices, or new satellite uses, to operate in that band.

and 254 more.

Gone since FY2024

The laws and regulations may also apply to KNA’s employees and agents with respect to statements addressing the nature of an institution’s programs, financial charges or the employability of its graduates.
After acquiring Kaplan University, on August 3, 2018, Purdue Global received an updated Provisional Program Participation Agreement (PPPA) from the ED which is necessary for continued participation in the federal Title IV programs after the change in ownership from Kaplan to Purdue.
KNA and its client institutions are subject to reviews, audits, investigations and other compliance reviews conducted by various regulatory agencies and auditors, including, among others, the ED, the ED’s Office of the Inspector General, accrediting bodies and state and various other federal agencies.
In May 2021, Kaplan received notice from the ED that it would be conducting a fact-finding process pursuant to the BDTR regulations to determine the validity of BDTR claims and a request for documents related to several of Kaplan’s previously owned schools.
In 2021, Kaplan received BDTR applications from the ED seeking discharge of approximately $35 million in loans, excluding interest, from former Kaplan University students.
The ED’s process for adjudicating these claims is subject to the borrower defense regulations including those finalized in 2022 and effective July 1, 2023.
Compared to the previous rule, the new rule in part, expands actions that can give rise to claims for discharge; provides that the borrower’s claim will be presumed true if the institution does not provide any responsive evidence; provides an easier process for group claims; and relies on current program review penalty hearing processes for discharge recoupment.
Under the rule, the recoupment process applies only to loans first disbursed after July 1, 2023; however, the discharge process and standards apply to any pending application regardless of the loan date.
Kaplan responded to the initial set of claims in 2021 with documentary and narrative evidence to refute the allegations, demonstrate their lack of merit, and support the denial of all such claims by the ED.
Kaplan intends to similarly respond to any new claims that apply to Kaplan University or other prior Kaplan-owned schools.
Cardona settlement described below, the ED agreed to review any BDTR applications submitted between June 23, 2022 and November 15, 2022 on an expedited basis.
Kaplan believes it has significant defenses against any attempt by the ED at recoupment including the claims’ collective lack of merit, the applicable statute of limitations periods, and the ED’s standing for recoupment given the Sweet settlement described below.
Regardless, if the ED initiates a reimbursement action against Kaplan following approval of former students’ BDTR applications, Kaplan may be subject to significant liability.
In November 2022, the Northern District of California approved the settlement agreement in the lawsuit Sweet v.
The Plaintiffs in that lawsuit claimed that the ED failed to properly consider and decide pending BDTR claims.
As part of the settlement, the ED agreed to discharge loans of borrowers who attended 150 specific schools, including all schools formerly owned by Kaplan, and who had BDTR claims pending as of the June 22, 2022 settlement execution date.
This discharge will likely cover each of the first set of applications the ED sent to Kaplan and to which Kaplan previously responded.
The ED and the Court made clear that these discharges as part of a settlement are not determinations that the pending BDTR claims are valid and the fact of the settlement discharge cannot be used as evidence of any determination of wrongdoing by the institutions.
However, despite the fact that the loans are discharged per the settlement, the ED may still attempt to separately adjudicate the associated BDTR claims and follow the regulatory process for seeking recoupment from the institutions for such claims.
As noted above, this settlement likely also applies to the resolution, future adjudication, and possible discharge of the newly noticed claims.
As also noted, the ED could attempt to recoup from Kaplan some or all of any discharged amount for the newly noticed claims.
Supplemental Education KNA’s Supplemental Education segment includes exam preparation, professional licensure and certification, corporate training, career advising, and continuing education as well as Prelum programs.
KNA offers a wide array of programs and services across various markets focusing on lifetime value creation and professional lifecycles.
In 2024, KNA served over 713,951 students through its exam preparation, professional licensure and certification, and corporate training and continuing education programs and related products (such as tutoring, online question banks and online practice tests), excluding sales of test prep books by third-party retailers.
KNA also publishes test preparation and reference resources sold through retail channels.
At the end of 2024, KNA published approximately 1,197 titles available in digital and print formats, including approximately 339 digital products, and sold approximately 1,317,333 books in 2024.
Virtually all KNA exam preparation programs are offered online, typically in a live online classroom or a self-study format, although some programs are offered in person.
Private tutoring services are provided online.
In 2024, KNA served approximately 3,261 business-to-business clients, including approximately 161 Fortune 500 companies.
KNA provides exam preparation for high school students under the Kaplan Test Prep and Barron’s Educational Series brands for a broad range of standardized, high-stakes tests, including the SAT, ACT, and AP Exams.
KNA also provides college advising, admissions consulting, tutoring and other advisory services.
KNA provides online Prelum programs for high school students to explore careers and courses in partnership with leading postsecondary institutions.
The programs also enable KNA’s university partners to build a relationship with prospective students and to introduce them to their academic offerings, unique educational approach and culture.
KNA’s Prelum programs have served thousands of students all over the world and in all 50 states, and include more than 75 programs in partnership with 11 highly ranked and respected universities.
KNA provides exam preparation for students under Kaplan Test Prep and Manhattan Prep including the law school admissions test (LSAT), the medical college admissions test (MCAT), graduate admissions tests (GMAT and GRE), and licensing exam preparation for engineers, architects and designers.
This segment also provides preparation for Engineering & Architecture certification exams under the PPI brand and for state attorney licensure exams in 50 jurisdictions through Kaplan Bar Review and Preliminary Multistate Bar Review (PMBR).
In 2024, KNA began exam development for state bar examinations.
Also in 2024, KNA was awarded a contract with the State of Illinois to provide graduate school and licensure test preparation for the LSAT, MCAT, GMAT and GRE and license and certificate courses in nursing, financial services, real estate, and engineering to all Illinois public university students and all students at five community colleges in Illinois.
KNA provides professional licensure exam preparation for physicians (USMLE), nurses (NCLEX), pharmacists (NAPLEX), dentists (NBDE) and physician assistants (PANCE).
Under the brand i-Human Patients , KNA offers online, simulated patient interaction training for medical health professionals, which is typically purchased by medical, nursing and physician assistant schools.

and 286 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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