Graham Holdings Company reported financial results for the third quarter and first nine months of 2025. Revenue for the first nine months of 2025 was $3,660.5 million, an increase of 3.3% from $3,545.1 million in the same period in 2024. Operating income for the first nine months of 2025 was $187.4 million, compared to $143.0 million in the first nine months of 2024. Adjusted operating cash flow (non-GAAP) for the first nine months was $309.5 million, up from $307.4 million in 2024. Capital expenditures for the first nine months of 2025 were $54.1 million, compared to $66.0 million a year earlier. For the third quarter of 2025, revenue was $1,278.9 million, a 5.9% increase from $1,207.2 million in the third quarter of 2024. Operating income for the quarter was $67.1 million, compared to $81.6 million in the same quarter last year. Adjusted operating cash flow (non-GAAP) for the third quarter was $110.1 million, versus $126.1 million in 2024. Capital expenditures for the third quarter of 2025 were $20.2 million, compared to $23.8 million in the third quarter of 2024. Net income attributable to common shares, excluding certain items, was $62.0 million ($14.08 per share) for the third quarter of 2025, compared to $76.1 million ($17.25 per share) for the third quarter of 2024. For the first nine months of 2025, net income attributable to common shares was $176.1 million ($40.05 per share), compared to $183.5 million ($41.20 per share) in the corresponding period of 2024. Revenue increases were reported in education, manufacturing, and healthcare, while declines occurred in television broadcasting and automotive.