International laws, travel restrictions and immigration policy changes
Kaplan's non-U.S. education businesses depend on cross-border student flows and local regulatory approvals.
- Scope
- Kaplan international operations
- Materiality
- high
Graham Holdings Co
Graham Holdings Co. is a diversified U.S. holding company built around education, media, healthcare, manufacturing, automotive retail and a collection of smaller operating businesses. Its largest operating platform is Kaplan, which serves students, universities and employers with test prep, higher education support and professional training, while the rest of the portfolio provides cash flow from a mix of local, niche and industrial businesses.
6,4 %
6,0 %
+2,5 %
1.75
1.75
| % | |
|---|---|
| Education | 45% Kaplan's global education businesses, including test preparation, language training, university support and professional certification services. |
| Healthcare | 18% Home health, hospice, infusion therapy, physician services, ABA therapy and healthcare software offerings. |
| Media and Broadcasting | 12% Television stations, retransmission consent, local digital media and related audience/advertising products. |
| Manufacturing | 10% Industrial and building-product manufacturing businesses serving construction, electrical and utility end markets. |
| Automotive | 8% Franchise dealerships and related repair and valet services. |
| Other Businesses | 7% Restaurants, magazines, art marketplaces, marketing services and software/data businesses. |
The company sells to a broad mix of consumers, institutions and businesses rather than a single end market...
- Students and test-prep customersprimary
Buy Kaplan exam preparation, language training and admissions support to improve academic and professional outcomes.
- Universities, schools and education partnersprimary
Use Kaplan's operations support, pathway and program services to expand enrollment and delivery capacity.
- Healthcare patients and referral networksprimary
Purchase or refer home health, hospice, infusion and therapy services based on care needs and provider access.
- Advertisers and media distributorssecondary
Buy broadcast inventory, retransmission rights and digital marketing services to reach local and targeted audiences.
- Industrial, construction and utility customerssecondary
Buy manufactured components and building products for commercial construction, electrical and utility applications.
- Consumers and local retail customerssecondary
Visit dealerships, restaurants, magazines and niche consumer platforms for local services and discretionary spending.
Graham Holdings is primarily a U.S.-based company, but its operations are diversified across domestic businesses and a...
- •U.S. is the core market for most operating businesses
- •Non-U.S. revenue is mainly driven by Kaplan international operations
- •International operations were about 22% of consolidated revenue in 2025
- •Non-U.S. assets were about 18% of consolidated assets at year-end 2025
- •U.K. and other foreign education markets affect enrollment and regulation risk
The company's strategy is to manage a portfolio of businesses that can generate cash across different cycles while...
01
Protect and grow Kaplan's education platformmedium-term
Kaplan is the largest and most globally exposed operating platform, so enrollment trends and regulation directly affect group performance.
02
Preserve balance sheet flexibility and liquidityshort-term
A holding company structure with multiple operating businesses requires cash to fund capex, acquisitions, dividends and buybacks.
03
Manage portfolio risk through diversification and active oversightmedium-term
The company spans education, media, healthcare, manufacturing and consumer businesses, which helps offset weakness in any one segment.
The main risks come from Kaplan's exposure to international regulation, immigration policy and travel restrictions,...
Cord-cutting and media distribution shifts
Broadcast retransmission and advertising economics weaken as consumers move away from cable and satellite.
- Scope
- Television broadcasting
- Materiality
- high
Goodwill and intangible asset impairment
Underperformance at acquired businesses can trigger non-cash write-downs and signal weaker future cash generation.
- Scope
- Acquired businesses and franchise rights
- Materiality
- high
Tariffs and supply-chain cost inflation
Manufacturing businesses use aluminum, lumber and other inputs that can be affected by trade policy and pricing volatility.
- Scope
- Manufacturing segment
- Materiality
- medium
Cybersecurity, privacy and AI-related liability
Digital media, software and customer-data businesses handle sensitive information and depend on uninterrupted systems.
- Scope
- Code3, Decile, media and healthcare software
- Materiality
- medium
Controlled company governance
Class A control remains with Graham family interests, limiting voting power for Class B holders.
- Scope
- Corporate governance
- Materiality
- medium
Goodwill and intangible impairment
Can materially affect reported net income in a given quarter or year
Mandatorily redeemable noncontrolling interest fair value
Can significantly distort EPS and operating trend analysis
Marketable equity securities
Adds volatility to non-operating income
Restructuring and separation incentive programs
Affects operating profit and adjusted earnings interpretation
: 28.4.2026