Graham Holdings Company reported second quarter 2026 earnings with revenue of $1.3 billion, up 7% year-over-year, and diluted net income per share of $64.86 compared to $8.35 in the prior year period. The significant increase was driven by a $137.0 million pre-tax noncash settlement gain from purchasing an annuity contract to settle pension obligations and $101.9 million in net gains on marketable equity securities. Operating income rose 15% to $83.6 million, while adjusted operating cash flow increased to $119.8 million. The company also disclosed the sale of Kaplan Languages Group for a $5.2 million loss and repurchased approximately 110,471 shares for $122.0 million in the first half of the year. Graham Holdings operates as a diversified holding company with segments including education (Kaplan), television broadcasting, healthcare, manufacturing, and automotive services.