Graham Holdings annual operating margin
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2025
Graham Holdings Operating Margin Growth & History (GHC)
Graham Holdings's operating margin was 4.78% for fiscal 2025.
View full Graham Holdings company overviewGraham Holdings annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 4.78% | +0.29 pp |
| 2024 | 2024-12-31 | 4.50% | +2.93 pp |
| 2023 | 2023-12-31 | 1.57% | −0.57 pp |
| 2022 | 2022-12-31 | 2.14% | −0.29 pp |
| 2021 | 2021-12-31 | 2.43% | −1.05 pp |
| 2020 | 2020-12-31 | 3.48% | −1.45 pp |
| 2019 | 2019-12-31 | 4.93% | −4.20 pp |
| 2018 | 2018-12-31 | 9.13% | +3.87 pp |
| 2017 | 2017-12-31 | 5.26% | −3.72 pp |
| 2016 | 2016-12-31 | 8.98% | +12.11 pp |
| 2015 | 2015-12-31 | −3.13% | −11.63 pp |
| 2014 | 2014-12-31 | 8.50% | +2.76 pp |
| 2013 | 2013-12-31 | 5.75% | +1.34 pp |
| 2012 | 2012-12-31 | 4.41% | −5.07 pp |
| 2011 | 2011-12-31 | 9.48% | −3.67 pp |
| 2010 | 2011-01-02 | 13.14% | +6.43 pp |
| 2009 | 2010-01-03 | 6.71% | +1.21 pp |
| 2008 | 2008-12-28 | 5.51% | — |
Graham Holdings quarterly operating margin
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Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 6.42% | +2.35 pp |
| Q4 2025 | 2025-12-31 | 3.80% | −2.02 pp |
| Q3 2025 | 2025-09-30 | 5.25% | −1.51 pp |
| Q2 2025 | 2025-06-30 | 5.98% | +3.80 pp |
| Q1 2025 | 2025-03-31 | 4.07% | +1.00 pp |
| Q4 2024 | 2024-12-31 | 5.82% | +2.32 pp |
| Q3 2024 | 2024-09-30 | 6.76% | +11.90 pp |
| Q2 2024 | 2024-06-30 | 2.19% | −3.07 pp |
| Q1 2024 | 2024-03-31 | 3.07% | +0.39 pp |
| Q4 2023 | 2023-12-31 | 3.50% | +8.66 pp |
| Q3 2023 | 2023-09-30 | −5.14% | −11.02 pp |
| Q2 2023 | 2023-06-30 | 5.25% | +1.04 pp |
| Q1 2023 | 2023-03-31 | 2.68% | −1.69 pp |
| Q4 2022 | 2022-12-31 | −5.16% | −7.78 pp |
| Q3 2022 | 2022-09-30 | 5.88% | +7.93 pp |
| Q2 2022 | 2022-06-30 | 4.21% | −0.48 pp |
| Q1 2022 | 2022-03-31 | 4.37% | −0.38 pp |
| Q4 2021 | 2021-12-31 | 2.61% | −3.26 pp |
| Q3 2021 | 2021-09-30 | −2.05% | −7.66 pp |
| Q2 2021 | 2021-06-30 | 4.69% | +3.79 pp |
| Q1 2021 | 2021-03-31 | 4.75% | +3.65 pp |
| Q4 2020 | 2020-12-31 | 5.87% | +1.90 pp |
| Q3 2020 | 2020-09-30 | 5.61% | +3.41 pp |
| Q2 2020 | 2020-06-30 | 0.90% | −6.96 pp |
| Q1 2020 | 2020-03-31 | 1.10% | −4.67 pp |
| Q4 2019 | 2019-12-31 | 3.97% | −7.00 pp |
| Q3 2019 | 2019-09-30 | 2.20% | −6.80 pp |
| Q2 2019 | 2019-06-30 | 7.86% | −1.90 pp |
| Q1 2019 | 2019-03-31 | 5.78% | −0.93 pp |
| Q4 2018 | 2018-12-31 | 10.97% | +3.65 pp |
| Q3 2018 | 2018-09-30 | 9.00% | +4.90 pp |
| Q2 2018 | 2018-06-30 | 9.76% | +2.40 pp |
| Q1 2018 | 2018-03-31 | 6.70% | +4.95 pp |
| Q4 2017 | 2017-12-31 | 7.32% | +2.74 pp |
| Q3 2017 | 2017-09-30 | 4.10% | −6.84 pp |
| Q2 2017 | 2017-06-30 | 7.36% | −4.43 pp |
| Q1 2017 | 2017-03-31 | 1.76% | −6.86 pp |
| Q4 2016 | 2016-12-31 | 4.58% | −6.42 pp |
| Q3 2016 | 2016-09-30 | 10.94% | +44.26 pp |
| Q2 2016 | 2016-06-30 | 11.79% | +3.53 pp |
| Q1 2016 | 2016-03-31 | 8.62% | +7.25 pp |
| Q4 2015 | 2015-12-31 | 11.00% | −2.61 pp |
| Q3 2015 | 2015-09-30 | −33.32% | −39.18 pp |
| Q2 2015 | 2015-06-30 | 8.26% | +0.12 pp |
| Q1 2015 | 2015-03-31 | 1.37% | −4.59 pp |
| Q4 2014 | 2014-12-31 | 13.61% | +2.41 pp |
| Q3 2014 | 2014-09-30 | 5.86% | −3.35 pp |
| Q2 2014 | 2014-06-30 | 8.13% | −2.93 pp |
| Q1 2014 | 2014-03-31 | 5.96% | +0.21 pp |
| Q4 2013 | 2013-12-31 | 11.20% | +13.76 pp |
| Q3 2013 | 2013-09-30 | 9.21% | −1.41 pp |
| Q2 2013 | 2013-06-30 | 11.06% | +2.73 pp |
| Q1 2013 | 2013-03-31 | 5.75% | +1.19 pp |
| Q4 2012 | 2012-12-31 | −2.56% | −13.06 pp |
| Q3 2012 | 2012-09-30 | 10.62% | +3.69 pp |
| Q2 2012 | 2012-06-30 | 8.33% | +0.08 pp |
| Q1 2012 | 2012-03-31 | 4.55% | −1.26 pp |
| Q4 2011 | 2011-12-31 | 10.50% | −2.27 pp |
| Q3 2011 | 2011-10-02 | 6.94% | −4.68 pp |
| Q2 2011 | 2011-07-03 | 8.25% | −5.79 pp |
| Q1 2011 | 2011-04-03 | 5.81% | −3.67 pp |
| Q4 2010 | 2011-01-02 | 12.78% | +6.05 pp |
| Q3 2010 | 2010-10-03 | 11.62% | +9.82 pp |
| Q2 2010 | 2010-07-04 | 14.04% | — |
| Q1 2010 | 2010-04-04 | 9.47% | — |
| Q3 2009 | 2009-09-27 | 6.73% | — |
| Q2 2009 | 2009-06-28 | 1.80% | — |
Graham Holdings operating margin trends
Over the last five reported fiscal years, Graham Holdings's operating margin increased from 3.48% to 4.78%, a change of +1.31 percentage points. The latest reported quarter, Q2 2026, shows 6.42%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Graham Holdings filings at SEC.gov ↗