What happened with GHC today?
No read yet
Uses news and trading volume to explain the day’s move and how it relates to the market.
Stop guessing. Get the call, a three-month target price, the best and worst cases, and a source for every claim.
Graham Holdings is a diversified holding company whose largest business is Kaplan. Students and professionals pay Kaplan for university preparation, language courses, exam preparation and professional training; schools and employers also buy its services. A substantial part of its international business prepares students to study in English-speaking countries, making recruitment dependent on visa access and permission to operate educational institutions.
Kaplan also earns fees from universities for running the non-academic side of online programs, such as technology, marketing, admissions and student support. Purdue Global is its largest institutional client and supplies a substantial portion of Kaplan North America’s revenue. Payments include service fees and deferred payments for the university’s sale, and depend on Purdue Global’s revenue, available cash after priority costs, and continued eligibility for federal student aid. Federal rules also restrict recruitment incentives and tuition-revenue-sharing arrangements.
Automotive dealerships are another major revenue source, selling new and used vehicles and earning money from repairs and arranging financing and insurance. They depend on manufacturer agreements to sell new vehicles and perform authorized warranty work. Manufacturing businesses sell building products, electrical equipment and industrial systems.
Healthcare includes CSI Pharmacy, which delivers specialty infusion medicines and nursing support to patients at home, with insurers and Medicare typically paying. CSI contributes most of the healthcare division’s revenue. Graham Healthcare Group also provides home health, hospice and palliative care, paid overwhelmingly by Medicare and Medicare Advantage plans, making reimbursement rules central to that business.
Graham Media Group operates local television stations. Advertising supplies most of its broadcasting revenue, while cable, satellite and digital distributors pay to carry station programming. The business depends on audiences, distribution agreements and FCC licenses; cable and satellite subscriber losses reduce the base for per-subscriber payments.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Beyond local television advertising and healthcare reimbursement, Graham Holdings depends materially on Purdue Global’s enrollment, available cash and federal student-aid eligibility through Kaplan.
Grand Canyon Education and Graham’s Kaplan Higher Education both earn fees from universities for technology, marketing, student services and operational support, exposing them to demand for outsourced university services. Enrollment at Grand Canyon University, Grand Canyon Education’s largest client, is worth watching alongside Purdue Global’s enrollment and ability to pay Kaplan.
Strategic Education’s online universities compete for adult degree students with Purdue Global, whose revenue supports payments to Graham’s Kaplan; its Australian education operations also overlap Kaplan International’s markets. Watch enrollment at its Capella and Strayer universities for a read on demand for adult degree programs.
Berkshire Hathaway’s share performance directly matters to Graham’s asset value and reported earnings: Graham held $560.8 million of Berkshire shares at December 31, 2025, exceeding 5% of its total assets. Berkshire earns revenue from insurance customers, freight transportation, utilities and other businesses, but its share price is the direct link to Graham’s holding.
American Public Education competes for students seeking flexible online degrees with Purdue Global, whose revenue helps fund payments to Graham’s Kaplan for university support services. Watch tuition and grant policies at its American Public University System: lower student costs are one of its stated competitive strengths.
Graham’s Toyota dealership depends on Toyota Motor Corporation for the vehicles it sells to customers, tying its sales and inventory economics to Toyota’s products and availability. Watch Toyota’s vehicle availability for this dealership, rather than treating Toyota’s worldwide sales as Graham’s own automotive results.
Housing Starts (Sep)
Homebuilding measures new construction activity, which can change demand for Hoover’s fire-retardant wood products and the sales and margins they bring Graham Holdings.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. More building activity could lift demand for Hoover’s fire-retardant wood, supporting sales and margins after sluggish multifamily housing and lower demand weighed on results in 2025.
If it comes in below expectations
Less building activity could weaken demand for Hoover’s fire-retardant wood, pressuring sales and margins, as sluggish multifamily housing and lower demand did in 2025.
Fed Interest Rate Decision
Graham Holdings’ unhedged variable-rate debt costs more or less in interest as rates rise or fall, changing cash available to fund its businesses and investments.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates would raise interest costs on the unhedged debt as it reprices, leaving less cash for Graham Holdings’ operations and investments.
If it comes in below expectations
Lower rates would reduce interest costs on the unhedged debt as it reprices, leaving more cash for Graham Holdings’ operations and investments.
GRAHAM HOLDINGS COMPANY earningsThis company
Graham Holdings’ report will show whether Kaplan and healthcare turn revenue growth into more operating income to offset pressure in television and automotive.
Read Kaplan’s and healthcare’s revenue alongside their operating income, then compare both with television and automotive. If revenue and income rise in the first two, they are adding more to group operating results. If revenue rises but income stalls, costs are absorbing the growth; if both fall, the other businesses have more pressure to offset.
Grand Canyon Education, Inc earningsLOPE
Grand Canyon Education’s report will show university enrollment and demand for outsourced services, offering a read on the market for Graham Holdings’ Kaplan Higher Education services.
Look at enrollment at Grand Canyon University and the performance of Grand Canyon Education’s university-services business. If both strengthen, universities may also be seeking more of the technology, marketing and operational support Kaplan provides; if both weaken, demand for outsourced services may be under pressure. Neither outcome establishes Purdue Global’s enrollment or ability to pay Kaplan.
Strategic Education, Inc. earningsSTRA
Strategic Education’s report will show adult-student demand for online degrees, a read on the competitive market for Graham Holdings’ Purdue Global client.
Look at enrollment at Capella and Strayer. If it strengthens, adult demand for online degrees remains firm, a supportive market backdrop for Purdue Global to attract students and for the revenue behind Kaplan’s fees. If it weakens, the competitive market may be cooling; it does not establish Purdue Global’s enrollment or the fees Kaplan actually receives.
Toyota Motor Corporation earningsTM
Toyota Motor’s report will offer clues about vehicle supply, which affects whether Graham Holdings’ Toyota dealership has cars to sell.
Look for Toyota’s comments on production and vehicle availability, not just global sales. Ample supply could help Graham Holdings’ dealership meet customer demand; constrained supply could leave it with fewer cars to sell even if local buyers are interested. Toyota’s worldwide results do not show how many cars Graham’s dealership sold.
