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Education & training · Consumer Defensive · Fiscal year ends Dec 31
Graham reported revenue of $4.9B in the fiscal year ended Dec 2025, up 2.5% from the year before. Operating income was $235M, an operating margin of 4.8%, and net income was $292M. Operating cash flow of $347M less capital expenditure of $72M left free cash flow of $275M. Net debt was $614M.
Ranks among the 9 education & training companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,186 | 3,924 | 4,415 | 4,791 | 4,912 |
| Operating income | 77.4 | 83.9 | 69.4 | 216 | 235 |
| Net interest incomeBanks | −30.5 | −51.2 | −56.2 | – | – |
| Interest expense | 33.9 | 54.4 | 63.3 | 186 | 119 |
| Pre-tax income | 450 | 122 | 299 | 1,025 | 450 |
| Income tax | 96.3 | 51.3 | 87.3 | 292 | 146 |
| Net income | 352 | 67.1 | 205 | 725 | 292 |
| Diluted EPS | 70.45 | 13.79 | 43.82 | 163.40 | 66.47 |
| Diluted shares | 5.0 | 4.8 | 4.7 | 4.4 | 4.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 146 | 169 | 170 | 261 | 267 |
| Receivables | 590 | 505 | 496 | 478 | 519 |
| Inventory | 72.8 | 141 | 215 | 234 | 209 |
| Current assets | 1,847 | 1,679 | 1,849 | 2,099 | 2,431 |
| Net PP&E | 468 | 503 | 560 | 549 | 587 |
| Goodwill | 1,650 | 1,561 | 1,525 | 1,500 | 1,586 |
| Total assets | 7,426 | 6,553 | 7,188 | 7,677 | 8,396 |
| Payables | 127 | 136 | 154 | 160 | 181 |
| Deferred revenue | 359 | 341 | 397 | 391 | 412 |
| Current liabilities | 1,166 | 1,145 | 1,230 | 1,200 | 1,389 |
| Short-term debt | 142 | 156 | 66.8 | 26.6 | 175 |
| Long-term debt | 526 | 571 | 745 | 722 | 706 |
| Total liabilities | 3,000 | 2,779 | 3,162 | 3,347 | 3,529 |
| Shareholders' equity | 4,400 | 3,731 | 3,976 | 4,257 | 4,794 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 202 | 236 | 260 | 407 | 347 |
| Capital expenditure | 163 | 82.7 | 93.4 | 82.9 | 71.9 |
| Free cash flow | 39.9 | 153 | 166 | 324 | 275 |
| Depreciation & amortisation | 71.4 | 73.3 | 86.1 | 87.0 | 80.4 |
| Stock-based compensation | 5.7 | 6.1 | 6.7 | 6.3 | 5.7 |
| Acquisitions | 352 | 130 | 78.1 | 4.1 | 71.2 |
| Share buybacks | 55.7 | 71.4 | 193 | 114 | 3.5 |
| Dividend per share | 6.04 | 6.32 | 6.60 | 6.88 | 7.20 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.2% | 12.5% | 8.5% | 2.5% |
| Operating income growth (YoY) | – | 8.4% | −17.3% | 210.6% | 9.0% |
| EPS growth (YoY) | – | −80.4% | 217.8% | 272.9% | −59.3% |
| Operating margin | 2.4% | 2.1% | 1.6% | 4.5% | 4.8% |
| Net margin | 11.1% | 1.7% | 4.6% | 15.1% | 6.0% |
| Return on equityBlank when equity is negative | 8.0% | 1.8% | 5.2% | 17.0% | 6.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 1.2% | 1.6% | 1.2% | 3.3% | 3.4% |
| Free cash flow margin | 1.3% | 3.9% | 3.8% | 6.8% | 5.6% |
| Cash conversion (CFO ÷ net income) | 0.57x | 3.51x | 1.27x | 0.56x | 1.19x |
| Receivable days | 68 | 47 | 41 | 36 | 39 |
| Interest cover | 2.28x | 1.54x | 1.10x | 1.16x | 1.98x |
| Debt ÷ equity | 0.15x | 0.19x | 0.20x | 0.18x | 0.18x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 522 | 557 | 642 | 487 | 614 |
| Current ratio | 1.58x | 1.47x | 1.50x | 1.75x | 1.75x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.