Graham Holdings Company
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition.
This analysis should be read in conjunction with the condensed consolidated financial statements and the notes thereto.
Results of Operations
The Company reported net income attributable to common shares of $75.1 million ($17.60 per share) for the third quarter of 2026, compared to $122.9 million ($27.91 per share) for the third quarter of 2025.
Items included in the Company’s net income for the third quarter of 2026:
•a $15.0 million settlement gain related to a retiree annuity pension purchase (after-tax impact of $11.1 million, or $2.59 per share);
•$3.2 million in non-operating expenses related to Separation Incentive Programs (SIPs) and a Voluntary Retirement Incentive Program (VRIP) (after-tax impact of $2.4 million, or $0.55 per share);
•a $0.1 million reduction to interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $0.1 million, or $0.03 per share);
•$15.0 million in net losses on marketable equity securities (after-tax impact of $11.2 million, or $2.62 per share);
•$6.3 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $4.7 million, or $1.10 per share);
•a non-operating loss of $0.6 million from the impairment of equity and cost method investments (after-tax impact of $0.4 million, or $0.10 per share);
•$1.5 million in income tax expense related to the KLG business ($0.34 per share); and
•a $3.9 million income tax benefit recorded in connection with global minimum income tax obligations in non-U.S. jurisdictions ($0.92 per share).
Items included in the Company’s net income for the third quarter of 2025:
•$2.2 million in intangible and other long-lived asset impairment charges at healthcare, automotive and other businesses (after-tax impact of $1.7 million, or $0.39 per share);
•$2.5 million in non-operating expenses related to SIPs (after-tax impact of $1.9 million, or $0.43 per share);
•$0.7 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $6.9 million, or $1.57 per share);
•$84.8 million in net gains on marketable equity securities (after-tax impact of $63.0 million, or $14.31 per share);
•$5.8 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $4.3 million, or $0.98 per share); and
•a net non-operating gain of $17.1 million from earnings and impairment of equity and cost method investments (after-tax impact of $12.7 million, or $2.89 per share).
Revenue for the third quarter of 2026 was $1,326.0 million, up 4% from $1,278.9 million in the third quarter of 2025. The Company reported operating income of $85.5 million for the third quarter of 2026, compared to $67.1 million for the third quarter of 2025. Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education.
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For the first nine months of 2026, the Company reported net income attributable to common shares of $385.3 million ($88.92 per share), compared to $183.6 million ($41.75 per share) for the first nine months of 2025.
Items included in the Company’s net income for the first nine months of 2026:
•$24.2 million of impairment charges and loss on sale related to KLG (after-tax impact of $24.8 million, or $5.72 per share);
•a $151.9 million settlement gain related to a retiree annuity pension purchase (after-tax impact of $112.4 million, or $25.94 per share);
•$11.1 million in non-operating expenses related to SIPs and VRIPs (after-tax impact of $8.2 million, or $1.90 per share);
•a $1.0 million reduction to interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $0.9 million, or $0.20 per share);
•$17.9 million in net gains on marketable equity securities (after-tax impact of $13.3 million, or $3.08 per share);
•$6.8 million in net earnings of affiliates whose operations are not managed by the Company (after-tax impact of $5.0 million, or $1.16 per share);
•net non-operating losses of $5.9 million from impairments and sales of equity and cost method investments (after-tax impact of $4.4 million, or $1.02 per share);
•a $68.1 million income tax benefit related to the KLG business ($15.72 per share); and
•$15.3 million in income tax expense recorded in connection with global minimum income tax obligations in non- U.S. jurisdictions ($3.52 per share).
Items included in the Company’s net income for the first nine months of 2025:
•$2.2 million in intangible and other long-lived asset impairment charges (after-tax impact of $1.7 million, or $0.39 per share);
•$9.2 million in non-operating expenses related to SIPs (after-tax impact of $6.8 million, or $1.55 per share);
•$68.3 million in interest expense to adjust the fair value of the mandatorily redeemable noncontrolling interest (after-tax impact of $60.8 million, or $13.83 per share);
•$117.0 million in net gains on marketable equity securities (after-tax impact of $87.0 million, or $19.79 per share);
•$18.1 million in net losses of affiliates whose operations are not managed by the Company (after-tax impact of $13.5 million, or $3.06 per share); and
•net non-operating gains of $4.4 million from earnings and impairment of equity and cost method investments (after-tax impact of $3.3 million, or $0.74 per share).
Revenue for the first nine months of 2026 was $3,864.5 million, up 6% from $3,660.5 million in the first nine months of 2025. The Company reported operating income of $227.0 million for the first nine months of 2026, compared to $187.4 million for the first nine months of 2025. Revenues and operating results increased at television broadcasting, healthcare, manufacturing, automotive and other businesses, partially offset by a decline at education.
Division Results
Education
Education division revenue totaled $404.3 million for the third quarter of 2026, down 14% from $472.7 million for the same period of 2025. Kaplan reported operating income of $39.3 million for the third quarter of 2026, compared to $49.1 million for the third quarter of 2025.
For the first nine months of 2026, education division revenue totaled $1,262.6 million, down 5% from $1,334.2 million for the same period of 2025. Kaplan reported operating income of $121.9 million for the first nine months of 2026, compared to $135.3 million for the first nine months of 2025.
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A summary of Kaplan’s operating results is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||||||
| Kaplan international | $ | 230,134 | $ | 294,292 | (22) | $ | 754,145 | $ | 827,719 | (9) | ||||||||||||||||||||||
| Higher education | 93,865 | 92,162 | 2 | 272,561 | 265,387 | 3 | ||||||||||||||||||||||||||
| Supplemental education | 80,805 | 86,679 | (7) | 237,145 | 242,243 | (2) | ||||||||||||||||||||||||||
| Kaplan corporate and other | 369 | 280 | 32 | 924 | 315 | — | ||||||||||||||||||||||||||
| Intersegment elimination | (891) | (751) | — | (2,206) | (1,458) | — | ||||||||||||||||||||||||||
| $ | 404,282 | $ | 472,662 | (14) | $ | 1,262,569 | $ | 1,334,206 | (5) | |||||||||||||||||||||||
| Operating Income (Loss) | ||||||||||||||||||||||||||||||||
| Kaplan international | $ | 17,292 | $ | 28,893 | (40) | $ | 81,542 | $ | 88,892 | (8) | ||||||||||||||||||||||
| Higher education | 17,904 | 14,683 | 22 | 52,241 | 45,462 | 15 | ||||||||||||||||||||||||||
| Supplemental education | 9,655 | 14,979 | (36) | 25,439 | 28,353 | (10) | ||||||||||||||||||||||||||
| Kaplan corporate and other | (5,392) | (8,137) | 34 | (17,509) | (22,201) | 21 | ||||||||||||||||||||||||||
| Amortization of intangible assets | (84) | (1,404) | 94 | (641) | (5,222) | 88 | ||||||||||||||||||||||||||
| Impairment of goodwill and asset group held for sale | — | — | — | (19,029) | — | — | ||||||||||||||||||||||||||
| Intersegment elimination | (87) | 38 | — | (97) | (14) | — | ||||||||||||||||||||||||||
| $ | 39,288 | $ | 49,052 | (20) | $ | 121,946 | $ | 135,270 | (10) | |||||||||||||||||||||||
In the first quarter of 2026, the Company entered into an agreement to sell KLG included in Kaplan International and recorded a $19.0 million pre-tax impairment charge. Excluding the impairment charge, Kaplan’s operating income was up in the first nine months of 2026. The KLG transaction closed on May 1, 2026 and the Company recorded a $5.2 million non-operating pre-tax loss on the sale of the business in the second quarter of 2026.
Kaplan International includes postsecondary education and professional training businesses largely outside the United States (U.S.). Kaplan International revenue decreased 22% for the third quarter of 2026 (23% decrease on a constant currency basis) and decreased 9% for the first nine months of 2026 (12% decrease on a constant currency basis) due to the sale of KLG and broad declines at Pathways, partially offset by increases at Singapore and UK Professional. Kaplan International reported operating income of $17.3 million in the third quarter of 2026, down from $28.9 million in the third quarter of 2025. The decline in operating results was due to broad declines at the Pathways businesses, particularly in the U.S., and meaningful operating income at KLG in the third quarter of 2025 from the seasonally high summer enrollment months. Improved results at UK Professional, Singapore and Kaplan Higher Education UK (formerly Kaplan Open Learning) partially offset this decline. Operating income declined to $81.5 million in the first nine months of 2026, from $88.9 million in the first nine months of 2025. The decline in operating results was from broad declines at the Pathways businesses and increased losses at KLG. Partially offsetting the decline, operating results increased at Singapore, UK Professional, Kaplan Higher Education UK (formerly Kaplan Open Learning) and Australia.
Higher Education includes the results of Kaplan as a service provider to higher education institutions. Higher Education revenue increased 2% and 3% for the third quarter and first nine months of 2026, respectively, due primarily to an increase in the Purdue Global fee recorded. Enrollments at Purdue Global, the largest institutional client, increased 4% for the first nine months of 2026 compared to the first nine months of 2025. For the third quarters and first nine months of 2026 and 2025, Kaplan recorded the full fee from Purdue Global. The Company will continue to assess the fee it records from Purdue Global on a quarterly basis to make a determination as to whether to record all or part of the fee in the future and whether to adjust fee amounts recognized in earlier periods. Higher Education operating results improved in the third quarter and first nine months of 2026 due to an increase in the Purdue Global fee recorded, and a decline in higher education development costs.
Supplemental Education includes Kaplan’s standardized test preparation programs and domestic professional and other continuing education businesses. Supplemental Education revenue was down 2% for the first nine months of 2026 due to declines in the retail channel of its exam preparation programs; offset in part by growth in the institutional channel. Operating results decreased in the third quarter and first nine months of 2026 due to revenue declines.
Kaplan corporate and other represents unallocated expenses of Kaplan’s corporate office, other minor businesses and certain shared activities.
In the third quarter of 2026, the Company offered a SIP to certain employees at Supplemental Education, Higher Education and Kaplan corporate; $1.3 million in related non-operating pension expense was recorded in the third quarter of 2026. In the second quarter of 2026, the Company offered a SIP to certain employees at Supplemental Education, Higher Education, Kaplan International and Kaplan corporate; $1.2 million in related non-operating
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pension expense was recorded in the second quarter of 2026. In the first quarter of 2026, the Company offered a SIP to certain employees at Kaplan International, Higher Education and Supplemental Education; $1.9 million in related non-operating pension expense was recorded in the first quarter of 2026. In the third quarter of 2025, the Company offered a SIP to certain employees at Higher Education and Supplemental Education; $1.3 million in related non-operating pension expense was recorded in the third quarter of 2025. In the second quarter of 2025, the Company offered a SIP to certain employees at Higher Education and Supplemental Education; $0.7 million in related non-operating pension expense was recorded in the second quarter of 2025. These programs were funded from the assets of the Company’s pension plan.
In the third quarter of 2026, Kaplan entered into an agreement to sell Dublin Business School (DBS) to China Chunlai Education Group Co., Ltd., a provider of private higher education in China. At September 30, 2026, the Company classified the assets and liabilities of DBS as held for sale. The transaction closed on October 27, 2026. Under the terms of the Share Purchase Agreement, Kaplan sold all of the outstanding shares of Accountancy & Business College (Ireland) Limited, which operates DBS, together with certain intellectual property, for $127.5 million.
Television Broadcasting
A summary of television broadcasting’s operating results is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||
| Revenue | $ | 125,304 | $ | 105,087 | 19 | $ | 346,487 | $ | 314,625 | 10 | ||||||||||||||||||||||
| Operating Income | 48,459 | 26,774 | 81 | 112,885 | 79,112 | 43 | ||||||||||||||||||||||||||
Graham Media Group owns seven television stations located in Houston, TX; Detroit, MI; Orlando, FL; San Antonio, TX; Jacksonville, FL; and Roanoke, VA, as well as SocialNewsDesk, a provider of social media management tools designed to connect newsrooms with their users.
Revenue at the television broadcasting division increased 19% to $125.3 million in the third quarter of 2026, from $105.1 million in the same period of 2025. The revenue increase is due to a $29.3 million increase in political advertising revenue, partially offset by a $1.4 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the third quarter of 2026 was up 81% to $48.5 million, from $26.8 million in the same period of 2025, due to higher revenues.
Revenue at the television broadcasting division was up 10% to $346.5 million in the first nine months of 2026, from $314.6 million in the same period of 2025. The revenue increase is due to a $45.0 million increase in political advertising revenue and increases from winter Olympics and Super Bowl advertising revenue at the Company’s NBC affiliates in the first quarter of 2026, partially offset by a $6.6 million decrease in retransmission revenue and declines in local and digital advertising revenue. Operating income for the first nine months of 2026 was up 43% to $112.9 million, from $79.1 million in the same period of 2025, due to higher revenues.
While per subscriber rates from cable, satellite and OTT providers have grown, overall cable and satellite subscribers are down due to cord cutting, resulting in retransmission revenue net of network fees in 2026 expected to decline compared with 2025, and this trend is expected to continue.
In the first and second quarters of 2026, the Company offered SIPs to certain employees at the television broadcasting division; $0.6 million and $0.3 million, respectively, in related non-operating pension expense was recorded. In the second and third quarters of 2025, the Company offered SIPs to certain employees at the television broadcasting division; $0.1 million in related non-operating pension expense was recorded. These programs were funded from the assets of the Company’s pension plan.
In May 2026, the Company’s television station in Orlando (WKMG) entered into a new network affiliation agreement with CBS that covers the period July 1, 2026 through December 31, 2027. In March 2026, the Company’s television station in San Antonio (KSAT) entered into a new network affiliation agreement with ABC that covers the period April 1, 2026 through March 31, 2030.
Healthcare
Healthcare division revenue totaled $260.3 million for the third quarter of 2026, up 25% from $208.4 million for the same period of 2025. Healthcare reported operating income of $23.2 million for the third quarter of 2026, compared to $21.0 million for the third quarter of 2025.
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Healthcare division revenue totaled $717.2 million for the first nine months of 2026, up 23% from $584.4 million for the same period of 2025. Healthcare reported operating income of $65.3 million for the first nine months of 2026, compared to $64.4 million for the same period of 2025.
A summary of healthcare division’s operating results is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||||||||||||
| CSI | $ | 162,289 | $ | 120,382 | 35 | $ | 428,593 | $ | 324,045 | 32 | ||||||||||||||||||||||||
| Other Healthcare | 97,963 | 88,033 | 11 | 288,650 | 260,330 | 11 | ||||||||||||||||||||||||||||
| $ | 260,252 | $ | 208,415 | 25 | $ | 717,243 | $ | 584,375 | 23 | |||||||||||||||||||||||||
| Operating Income | ||||||||||||||||||||||||||||||||||
| CSI | $ | 14,741 | $ | 13,397 | 10 | $ | 33,551 | $ | 37,037 | (9) | ||||||||||||||||||||||||
| Other Healthcare | 8,503 | 7,595 | 12 | 31,729 | 27,369 | 16 | ||||||||||||||||||||||||||||
| $ | 23,244 | $ | 20,992 | 11 | $ | 65,280 | $ | 64,406 | 1 | |||||||||||||||||||||||||
The healthcare group provides nursing care and prescription services for patients receiving in-home infusion treatments through its 93.4% interest in CSI Pharmacy Holding Company, LLC (CSI). In August 2025, CSI purchased Pine Drug Holdings, LLC and was issued a California pharmacy license, with dispensing operations commencing late in the fourth quarter of 2025. CSI revenue increased 35% and 32% for the third quarter and first nine months of 2026, respectively, from continued expansion of treatment offerings and patient service areas. Operating results were up 10% in the third quarter of 2026 due to improved operating margins for certain products from the first half of 2026, partially offset by increased incentive compensation expense. Operating results were down for the first nine months of 2026 due to various operational investments including expanding CSI’s pharmacy facility locations; lower operating margins for certain products compared with the first nine months of 2025; and increased incentive compensation expense. The Company expects continued revenue growth at CSI for the remainder of 2026 compared with 2025.
Healthcare also includes Graham Healthcare Group (GHG), which provides home health and hospice services in seven states. In March 2026, GHG acquired Covenant Home Health of Havertown, PA, a home health provider in Eastern Pennsylvania. Healthcare also includes four other businesses: Clarus (provides call management SaaS-based solution for physician groups and hospitals), Impact Medical (an allergy, asthma and immunology physician practice), Skin Clique (a concierge provider of aesthetics products and services) and Surpass Behavioral Health (provides therapy for autism patients). Revenue increased in other healthcare by 11% in both the third quarter and first nine months of 2026 from growth in home health and hospice services and the other healthcare businesses. Operating results improved at home health and hospice in the third quarter and first nine months of 2026, partly due to a reduction in pension expense. Overall, operating results declined at the four other healthcare businesses in the third quarter and first nine months of 2026.
In the third quarter of 2025, home health and hospice recorded $1.0 million of lease impairment charges.
The Company also holds interests in four home health and hospice joint ventures managed by GHG, whose results are included in equity in earnings of affiliates in the Company’s Condensed Consolidated Statements of Operations. The Company recorded equity in earnings of $2.9 million for each of the third quarters of 2026 and 2025 from these joint ventures. The Company recorded equity in earnings of $10.0 million and $9.6 million for the first nine months of 2026 and 2025, respectively, from these joint ventures.
Manufacturing
A summary of manufacturing’s operating results is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||
| Revenue | $ | 147,601 | $ | 124,257 | 19 | $ | 405,915 | $ | 318,480 | 27 | ||||||||||||||||||||||
Operating Income | 8,998 | 6,695 | 34 | 24,099 | 19,741 | 22 | ||||||||||||||||||||||||||
Manufacturing includes four businesses: Hoover, a supplier of pressure impregnated kiln-dried lumber and plywood products for fire retardant and preservative applications, and aluminum cladding products for the non-residential market; Dekko, a manufacturer of electrical workspace solutions, architectural lighting and electrical components and assemblies; Joyce, a manufacturer of screw jacks and other linear motion systems; and Forney, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. On July 15, 2025, Hoover acquired Arconic Architectural Products, LLC, a wholly-owned subsidiary of
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Arconic Corporation (operating as Hoover Architectural Solutions), which manufactures aluminum cladding products and operates within the broader non-residential materials space from its facility in Eastman, GA. A significant portion of the purchase price was funded by the Company’s assumption of $107.5 million in net pension obligations.
Manufacturing revenues increased 19% and 27% in the third quarter and first nine months of 2026, respectively, due to increased revenues at Hoover, Joyce and Forney, partially offset by lower revenues at Dekko. The revenue increase at Hoover for the first nine months of 2026 is due largely to the Hoover Architectural Solutions business acquisition. Excluding the acquisition, overall volumes increased in the third quarter and first nine months of 2026. Hoover results included wood gains on inventory sales in both the third quarter and first nine months of 2026 and 2025. Manufacturing operating results improved in the third quarter of 2026 due largely to significant growth at Forney, and growth at Joyce. Manufacturing operating results increased in the first nine months of 2026 due to significant growth at Joyce and Forney, and improved results at Dekko. The increase was partially offset by an overall decline at Hoover from increased intangible asset amortization and transition costs related to the Arconic acquisition.
In the third quarter of 2026, the Company offered a SIP to certain employees at Dekko; $0.1 million in related non-operating pension expense was recorded. In the second quarter of 2026, the Company offered a VRIP to certain employees at Dekko; $2.0 million in related non-operating pension expense was recorded. In the first quarter of 2026, the Company offered a SIP to certain employees at Dekko and Joyce; $0.2 million in related non-operating pension expense was recorded. In the third quarter of 2025, the Company offered a SIP to certain employees at Joyce; $0.1 million in related non-operating pension expense was recorded. These programs were funded from the assets of the Company’s pension plan.
Automotive
A summary of automotive’s operating results is as follows:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30 | September 30 | |||||||||||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||
| Revenue | $ | 299,060 | $ | 285,228 | 5 | $ | 868,036 | $ | 851,791 | 2 | ||||||||||||||||||||||
| Operating Income | 9,338 | 6,308 | 48 | 22,711 | 22,093 | 3 | ||||||||||||||||||||||||||
Automotive includes eight automotive dealerships in the Washington, DC metropolitan area and Richmond, VA: Ourisman Lexus of Rockville, Ourisman Honda of Tysons Corner, Ourisman Ford of Manassas, Toyota of Woodbridge, Ourisman Chrysler-Dodge-Jeep-Ram of Woodbridge, Ourisman Toyota of Richmond, and Ourisman Kia of Bethesda. In addition, on October 21, 2025, the Company acquired a Honda automotive dealership in Woodbridge, VA, including the real property for the dealership operations. Automotive also includes Roda, which provides valet automotive repair services in the Washington, DC metropolitan area. Christopher J. Ourisman, a member of the Ourisman Automotive Group family of dealerships, and his team of industry professionals operate and manage the dealerships; the Company holds a 90% stake.
The Company ceased operations of the Ourisman Jeep of Bethesda dealership, which was closed in early September 2025. As a result, the Company recorded a $0.6 million intangible asset impairment charge on the related franchise agreement in the third quarter of 2025.
Revenues for the third quarter of 2026 increased 5% due partly to increased revenues from the Honda of Woodbridge dealership acquisition, offset by the closure of the Ourisman Jeep of Bethesda dealership in September 2025. Excluding these dealerships, revenues were down mostly from declines in new and used vehicle sales, partially offset by sales growth for services and parts. Operating results were up in the third quarter of 2026 due largely to earnings from the Honda of Woodbridge dealership acquisition, the closure of the Ourisman Jeep of Bethesda dealership, and higher overall gross profits on new vehicles and services and parts, partially offset by lower gross profits on used vehicles.
Revenues for the first nine months of 2026 increased 2%, due partly to increased revenues from the Honda of Woodbridge dealership acquisition, offset by the closure of the Ourisman Jeep of Bethesda dealership in September 2025. Excluding these dealerships, revenues were down mostly from declines in new and used vehicle sales, partially offset by sales growth for services and parts. Operating results were up slightly in the first nine months of 2026 due largely to earnings from the Honda of Woodbridge dealership acquisition, the closure of the Ourisman Jeep of Bethesda dealership, and higher overall gross profits on services and parts, partially offset by lower gross profits on new and used vehicles.
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Other Businesses
A summary of revenue by category for other businesses:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| September 30 | % | September 30 | % | |||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||||||||
Specialty (1) | $ | 40,642 | $ | 36,517 | 11 | $ | 125,467 | $ | 118,030 | 6 | ||||||||||||||||||||||
Retail (2) | 31,112 | 27,539 | 13 | 88,797 | 80,918 | 10 | ||||||||||||||||||||||||||
Media (3) | 17,689 | 19,159 | (8) | 49,945 | 58,134 | (14) | ||||||||||||||||||||||||||
| $ | 89,443 | $ | 83,215 | 7 | $ | 264,209 | $ | 257,082 | 3 | |||||||||||||||||||||||
(1) | Includes Clyde’s Restaurant Group (CRG), Decile and Supporting Cast | ||||
(2) | Includes Framebridge, Saatchi Art and Society6 | ||||
(3) | Includes Slate, Foreign Policy, Code3, World of Good Brands (WGB) (sold in 2025) and City Cast |
Overall, revenue from other businesses increased 3% in the first nine months of 2026. Specialty revenue increased due to revenue growth at CRG and Supporting Cast. Retail revenue increased due to revenue growth at Framebridge and Saatchi Art, partially offset by lower revenue at Society6. Media revenue declined due to the sale of WGB and lower revenue at Slate and Code3, partially offset by revenue growth at Foreign Policy and City Cast.
Overall, operating losses at other businesses were down in the first nine months of 2026, due to a reduction of losses from the sale of WGB and improved results at Society6, Saatchi Art, Code3, Decile, and Supporting Cast, partially offset by declines at CRG, Framebridge, Slate, City Cast and Foreign Policy.
Next expected filings
- ~2027-02-24 10-K expected by 2027-02-28 (in 118 days)
- ~2027-04-29 10-Q expected by 2027-05-09 (in 182 days)
- ~2027-07-29 10-Q expected by 2027-08-08 (in 273 days)
- ~2027-10-28 10-Q expected by 2027-11-07 (in 364 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-10-29 10-Q Quarterly Report
- 2026-10-29 8-K Earnings Release; Financial Statements and Exhibits
- 2026-08-05 8-K Other Events; Financial Statements and Exhibits
- 2026-07-30 10-Q Quarterly Report
- 2026-07-30 8-K Earnings Release; Financial Statements and Exhibits
- 2026-05-01 8-K Other Events
- 2026-04-30 10-Q Quarterly Report
- 2026-04-30 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-25 10-K Annual Report
- 2026-02-25 8-K Earnings Release; Financial Statements and Exhibits
- 2025-11-24 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-11-13 8-K Other Events; Financial Statements and Exhibits
- 2025-11-12 8-K Other Events; Financial Statements and Exhibits
- 2025-10-29 10-Q Quarterly Report
- 2025-10-29 8-K Earnings Release; Financial Statements and Exhibits