Cash flow conversion remains highly erratic, evidenced by an operating cash flow to net income ratio that swung from 0.01 in 2024Q1 to 3.28 in 2024Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 361.26M | 339.54M | 406.99M | 259.88M | 235.6M | 202.43M | 210.66M | 165.16M | 287.02M | 268.06M | 261.26M | 74.8M | 372.37M | 327.86M | 477.21M | 393.29M | 693.72M | 652.99M | 535.77M | 581.19M | 594.75M | 522.77M | 561.72M | 337.71M | 497.47M | 348.83M | 368.54M | 283M | 223.1M | 320.1M | 287.4M |
| Operating CF Margin % | - | 6.91% | 8.49% | 5.89% | 6% | 6.35% | 7.29% | 5.63% | 10.65% | 10.34% | 10.53% | 2.89% | 13.6% | 12.61% | 14.15% | 11.15% | 15.13% | 14.89% | 12.01% | 13.9% | 15.23% | 14.71% | 17.02% | 11.9% | 19.25% | 14.47% | 15.29% | 12.77% | 10.57% | 16.36% | 15.51% |
| Operating CF Growth % | 22.07% | -16.57% | 56.61% | 10.3% | 16.39% | -3.91% | 27.55% | -42.46% | 7.07% | 2.6% | 249.25% | -79.91% | 13.57% | -31.3% | 21.34% | -43.31% | 6.24% | 21.88% | -7.81% | -2.28% | 13.77% | -6.93% | 66.33% | -32.11% | 42.61% | -5.35% | 30.23% | 26.85% | -30.3% | 11.38% | 16.59% |
| Net Income | 297.5M | 292.29M | 732.61M | 211.7M | 70.43M | 353.33M | 299.97M | 327.88M | 271.41M | 302.49M | 169.46M | -99.22M | 1.29B | 237.34M | 132.19M | 117.16M | 278.02M | 91.2M | 65.72M | 288.61M | 324.46M | 314.34M | 332.73M | 241.09M | 204.27M | 229.64M | 136.47M | 225.8M | 417.3M | 281.6M | 220.8M |
| Depreciation & Amortization | 198.07M | 184.49M | 237.24M | 302.9M | 328.71M | 235.98M | 251.16M | 205.83M | 112.25M | 113.31M | 92.89M | 168.74M | 224.38M | 264.86M | 291.44M | 286.31M | 279.65M | 322.51M | 288.13M | 238.81M | 212.34M | 198.02M | 184.67M | 175.28M | 172.56M | 217.23M | 180.58M | 162.8M | 139.1M | 105.1M | 94.9M |
| Stock-Based Compensation | 5.67M | 5.72M | 6.33M | 6.71M | 6.12M | 5.66M | 6.35M | 6.28M | 6.41M | 10.17M | 13.42M | 48.03M | 17.58M | 25.16M | 14.66M | 0 | 933K | 933K | -92.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 94.29M | 92.49M | 227.4M | 43.77M | -3.84M | 65.05M | 14.38M | 69.75M | -7.12M | -146.45M | 10.07M | 4.06M | 49.14M | 11.6M | -64.38M | 0 | 37.06M | 33K | -4.2M | 33.04M | -38.23M | 29.3M | 44.32M | 30.7M | 50.12M | 97.3M | -7.74M | 30M | 27M | 3.1M | -4.3M |
| Other Non-Cash Items | -244.42M | -259.59M | -907.93M | -236.27M | -38.66M | -346.35M | -291.43M | -248.65M | -100.76M | -54.56M | -41.82M | 213.21M | -1.33B | -94.36M | 955K | 121.22M | 67.5M | 112.8M | 322.91M | -22.28M | 47.18M | 4.17M | 7.35M | -5.4M | 5.85M | 3.45M | 12.65M | 11.9M | 25.7M | 6.7M | -1M |
| Working Capital Changes | -647K | 24.15M | 111.34M | -68.94M | -127.16M | -111.24M | -69.76M | -195.93M | 4.84M | 43.1M | 17.23M | -260.01M | 113.19M | -116.74M | -5.23M | -131.4M | 30.55M | 125.51M | -43.86M | 53.42M | 121.01M | 10.51M | 39.37M | 874K | 97.86M | 90.05M | 46.58M | -36.8M | -18.7M | -24.8M | -19.9M |
| Change in Receivables | 20.72M | -11.2M | 11.32M | 8.23M | 45.52M | -59.29M | 61.33M | -53.6M | 59.85M | 11.09M | -47.89M | -87.17M | -96.84M | -81.99M | -14.85M | 27.89M | 14.65M | 55.97M | -4.4M | -42.25M | -10.49M | -19.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.68M | 35.29M | 8.3M | -62.87M | -64.32M | 4.55M | 3.79M | -5.32M | -7.35M | -541K | -2.42M | -1.78M | -2.41M | 851K | -1.87M | -1.59M | 8.57M | 24.2M | -16.91M | -3.36M | -4.22M | 11.48M | 2.64M | 829K | -11.14M | -3.39M | -1.26M | 6.3M | -900K | 5.2M | 2.3M |
| Change in Payables | -82.84M | 5.28M | 0 | 0 | 0 | -52.75M | 0 | -47.07M | -44.89M | 19.38M | 58.15M | 62.9M | -39.2M | 37.93M | -34.22M | -119.95M | 831K | 831K | 41.79M | 97.24M | 42.92M | -27.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -150.35M | -180.97M | -62.33M | -154.03M | -177.15M | -494.63M | 199.37M | -236.74M | -230.96M | -442.02M | -311.29M | -425.57M | 229.01M | -25.4M | -228.04M | -260.73M | -209.87M | -281.13M | -330.1M | -581.11M | -321.27M | -306.64M | -349.31M | -156.98M | -175.68M | -297.83M | -423.53M | -200.4M | -321M | -276.5M | -210.3M |
| Capital Expenditures | -75.57M | -71.88M | -82.91M | -93.45M | -82.68M | -162.54M | -69.59M | -93.5M | -98.19M | -60.36M | -66.61M | -136.86M | -237.29M | -224.09M | -218M | -216.38M | -243.71M | -257.76M | -288.92M | -290.01M | -284.02M | -238.35M | -204.63M | -125.59M | -152.99M | -224.23M | -172.38M | -130M | -244.2M | -214.6M | -80M |
| CapEx % of Revenue | 2.02% | 1.46% | 1.73% | 2.12% | 2.11% | 5.1% | 2.41% | 3.19% | 3.64% | 2.33% | 2.68% | 5.29% | 8.67% | 8.62% | 6.46% | 6.14% | 5.31% | 5.88% | 6.48% | 6.94% | 7.27% | 6.71% | 6.2% | 4.42% | 5.92% | 9.3% | 7.15% | 5.87% | 11.57% | 10.97% | 4.32% |
| Acquisitions | -34.46M | 0 | -285K | -74.91M | -118.13M | -350.12M | 193.12M | -151.53M | -128.79M | -374.89M | -182.16M | -142.98M | 531.79M | 228.08M | 36.52M | -34.54M | 8.7M | -21.75M | -90.68M | -273.93M | 76.39M | 32.79M | 0 | 0 | 0 | 61.92M | 1.65M | 2M | 376.4M | 0 | 3.5M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -28.75M | 80.02M | 2.34M | -27.44M | 1.04M | 557K | 2.07M | -3.5M | -28.06M | -6.77M | -44.69M | -1.3M | -255M | -12.64M | 1.46M | -1.64M | 15.5M | 4.3M | 3.31M | -1.71M | -153.66M | -157.17M | -50.12M | -31.39M | 1.48M | -123.99M | -216.67M | -103.9M | -326.4M | 117M | 900K |
| Cash from Financing | -188.43M | -156.3M | -240.97M | -98.78M | -25.02M | 31.03M | -204M | 18.73M | -192.36M | -100.11M | -43.08M | 342.15M | -388.62M | -243.43M | -121.84M | -186.96M | -491.17M | -293.27M | -117.66M | -31.76M | -148.74M | -115.78M | -211.62M | -122.8M | -324.49M | -39.87M | -150K | -22.3M | 92M | -124.8M | -121.7M |
| Debt Issued (Net) | 37.18M | 114.7M | -76.82M | 62.07M | 55.02M | 144.67M | -17.56M | 46.75M | -22.88M | -17.22M | 97.96M | 506.28M | -1.54M | -240.12M | 130.45M | 162.15M | 0 | -155.63M | 63.32M | 81.22M | -23.47M | -50.63M | -157.37M | -71.73M | -276.19M | 10.07M | 35.07M | 431.7M | 157M | 296.4M | -50.2M |
| Equity Issued (Net) | 0 | -3.47M | -114.1M | -193.16M | -69.57M | -55.68M | -161.83M | -2.1M | -118.03M | -50.77M | -108.95M | -22.98M | -327.72M | -4.2M | -103.2M | -248.06M | -404.82M | -60.96M | -98.96M | -42.03M | -50.65M | 6.83M | 15.62M | 5.21M | 5.95M | 4.23M | 6.96M | -400.7M | -13.6M | -366.8M | -18.3M |
| Dividends Paid | -31.75M | -31.36M | -30.35M | -30.95M | -30.71M | -30.14M | -29.97M | -29.55M | -28.62M | -28.33M | -27.32M | -53.72M | -68.11M | -863K | -147.33M | -75.49M | -82.09M | -81.77M | -82.16M | -79.02M | -75.9M | -71.98M | -67.92M | -56.29M | -54.26M | -54.17M | -52.02M | -53.3M | -51.4M | -52.6M | -51.2M |
| Share Repurchases | -34.14M | -3.47M | -114.1M | -193.16M | -71.39M | -55.68M | -161.83M | -2.1M | -118.03M | -50.77M | -108.95M | -22.98M | -327.72M | -4.2M | -103.2M | -248.06M | -404.82M | -60.96M | -98.96M | -42.03M | -56.56M | 0 | 0 | -687K | -786K | -445K | -96K | -425.9M | -20.6M | -368.6M | -32.3M |
| Other Financing | -193.86M | -236.17M | -19.7M | 63.26M | 20.23M | -27.83M | 5.36M | 3.64M | -22.84M | -3.79M | -4.77M | -87.43M | 8.75M | 1.75M | -1.77M | -25.56M | -4.27M | 5.08M | 147K | 8.08M | 1.28M | 0 | -1.95M | 0 | -1.87M | 0 | 9.84M | 0 | 0 | 0 | 0 |
| Net Change in Cash | 27.02M | 13.55M | 95.96M | 11.46M | 31.59M | -264.21M | 209.01M | -50.07M | -143.45M | -263.25M | -104.14M | -19.78M | 204.27M | 57.29M | 131.33M | -56.64M | -4.82M | 87.16M | 69.04M | -26.68M | 132.29M | 96.46M | 2.84M | 58.67M | -2.71M | 11.13M | -55.13M | 60.3M | 92M | -124.8M | -121.7M |
| Free Cash Flow | 285.69M | 267.66M | 324.08M | 166.43M | 152.92M | 39.89M | 141.07M | 71.66M | 188.83M | 207.7M | 194.64M | -62.05M | 135.08M | 103.77M | 259.22M | 176.91M | 450M | 395.24M | 246.84M | 291.18M | 310.73M | 284.42M | 357.09M | 212.13M | 344.47M | 124.6M | 196.16M | 153M | -21.1M | 105.5M | 207.4M |
| FCF Margin % | 7.63% | 5.45% | 6.76% | 3.77% | 3.9% | 1.25% | 4.88% | 2.44% | 7% | 8.01% | 7.84% | -2.4% | 4.94% | 3.99% | 7.69% | 5.02% | 9.81% | 9.01% | 5.53% | 6.97% | 7.96% | 8% | 10.82% | 7.47% | 13.33% | 5.17% | 8.14% | 6.91% | -1% | 5.39% | 11.19% |
| FCF Growth % | -23.78% | -17.41% | 94.72% | 8.83% | 283.36% | -71.72% | 96.86% | -62.05% | -9.09% | 6.71% | 413.66% | -145.94% | 30.17% | -59.97% | 46.53% | -60.69% | 13.86% | 60.12% | -15.23% | -6.29% | 9.25% | -20.35% | 68.34% | -38.42% | 176.46% | -36.48% | 28.21% | 825.12% | -120% | -49.13% | 66.19% |
| FCF per Share | 43155.29 | 61.21 | 73.57 | 35.76 | 31.62 | 8.03 | 27.45 | 13.45 | 35.16 | 37.41 | 34.83 | -10.84 | 20.59 | 14.15 | 35.01 | 22.38 | 50.39 | 42.08 | 26.18 | 30.56 | 32.35 | 29.58 | 37.23 | 22.20 | 36.17 | 13.12 | 20.74 | 15.18 | -2.08 | 9.83 | 18.89 |
| FCF Conversion (FCF/Net Income) | 0.96x | 1.16x | 0.56x | 1.27x | 3.51x | 0.57x | 0.70x | 0.50x | 1.06x | 0.89x | 1.55x | -0.74x | 0.29x | 1.38x | 3.61x | 3.36x | 2.49x | 7.04x | 8.15x | 2.01x | 1.83x | 1.66x | 1.69x | 1.40x | 2.44x | 1.52x | 2.70x | 1.25x | 0.53x | 1.14x | 1.30x |
| Interest Paid | 0 | 0 | 69M | 51M | 37M | 30M | 31M | 30M | 42M | 33M | 30M | 33M | 35M | 35.5M | 35.5M | 32.65M | 30.5M | 26.6M | 25.4M | 23.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 63M | 39M | 48M | 39M | 91M | 28M | 54M | 4M | 65M | 209M | 188M | 144.5M | 50.53M | 38.5M | 213M | 58.9M | 78.6M | 158.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Conglomerate margin dilution risk
As reported in recent financial filings, GHC's operating cash flow to net income ratio has fluctuated wildly, ranging from a low of 0.01 in 2024Q1 to a high of 3.28 in 2024Q3, indicating that reported net income is a poor proxy for actual operational liquidity.
The significant divergence between net income and operating cash flow suggests that non-cash items, such as pension adjustments or asset impairments, are heavily influencing the bottom line. Investors should monitor this volatility, as it implies that the company's earnings quality is highly sensitive to accounting treatments rather than consistent cash generation.
Based on the provided cash flow data, GHC's free cash flow trajectory remains inconsistent, with quarterly figures swinging from a deficit of $20.2 million in 2024Q1 to a peak of $219.4 million in 2024Q3, reflecting the cyclical nature of the company's diverse business segments.
The lack of a stable free cash flow trend suggests that the company's capital-intensive segments, such as manufacturing and automotive, may be periodically offsetting the cash-generative capacity of the media and education divisions. This inconsistency warrants further investigation into whether the current capital allocation strategy is effectively balancing these disparate cash flow profiles.
According to quarterly cash flow statements, working capital changes have been a primary driver of cash flow variance, with a notable $145.3 million inflow in 2024Q3 contrasting sharply with a $93.1 million outflow in 2025Q4, highlighting significant operational volatility across the conglomerate's various business units.
These large swings in working capital suggest that the company's inventory management and collection cycles are not yet optimized across its newer acquisitions. Such fluctuations may indicate that the integration of disparate business models is creating temporary liquidity bottlenecks that management must address to stabilize cash flow.
As disclosed in recent SEC filings, GHC has prioritized share repurchases, with quarterly buybacks reaching as high as $60.9 million in 2023Q4, even as operating cash flow remains erratic, suggesting a management preference for returning capital over reinvesting in potentially lower-return internal growth initiatives.
The commitment to share repurchases appears to be a defensive mechanism to support the stock price, yet it may limit the company's ability to pivot during periods of operational stress. Investors should monitor whether this capital deployment strategy remains sustainable if the core media and education segments face further margin compression.
Quick answers to the most common questions about buying GHC stock.
Graham Holdings Company (GHC) generated $339.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Graham Holdings Company (GHC) generated $267.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Graham Holdings Company (GHC) spent $71.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Graham Holdings Company (GHC) returned $31.4M to shareholders via cash dividends and spent $3.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.