Graham Holdings
37 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.
Customers
Multichannel video programming distributors (MVPDs)
earns fromnamed as a riskAs the number of subscribers to traditional cable, satellite and telecommunications services continues to decline, GMG faces the possibility of declining revenues under its existing retransmission agreements, which typically provide for payment to GMG on a per-subscriber basis.Risk factors (Item 1A)
Also named by NXST
Purdue University Global
earns fromnamed as a riskA substantial portion of KNA’s revenue is attributable to service fees and deferred purchase price payments it receives under its agreement with Purdue Global, which are dependent upon revenue generated by Purdue Global and upon Purdue Global’s eligibility to participate in the Title IV federal student aid program.Risk factors (Item 1A)
State of Illinois
earns fromnamed as a riskThe state of Illinois may cancel the contract early if it lacks appropriated funds.Business (Item 1)
Solicitors Regulation Authority (SRA)
earns fromIn 2018, the Solicitors Regulation Authority (SRA) awarded Kaplan UK the contract to be the sole authorized assessment provider for all candidates seeking to become solicitors in England and Wales, with the first assessments having taken place in 2021.Business (Item 1)
Suppliers
Chrysler-Dodge-Jeep-Ram (CDJR)
$10.1 millionnamed as a riskIn the fourth quarter of 2025, the Company recorded an intangible asset impairment charge of $10.1 million related to the CDJR franchise right indefinite-lived intangible asset as a result of underperformance at the CDJR automotive dealership from a continued decline in revenues.Risk factors (Item 1A)
Partners and platforms
YouTube TV
10 million subscribersnamed as a riskvMVPD YouTube TV has reported 10 million subscribers and is poised to become the largest pay-TV provider, surpassing traditional facilities-based cable and satellite distributors.Business (Item 1)
NBC
depends onnamed as a riskSix of GMG’s seven stations are affiliated on their primary stream with one of the national television networks that provides a substantial amount of programming to their television station affiliates.Business (Item 1)
Also named by NXST
Hulu + Live TV
named as a riskAs one example, WJXT-TV is not carried on Hulu + Live TV.Business (Item 1)
Other companies
Television advertising
earns from · 54% of the total revenuenamed as a riskIn 2025, advertising revenue accounted for 54% of the total revenue for GMG’s operations.Business (Item 1)
Competitors
Places
United Kingdom
operates in · approximately 22%During each of the fiscal years 2025, 2024 and 2023, these operations accounted for approximately 22%, 22% and 21%, respectively, of the Company’s consolidated revenues, and the identifiable assets attributable to non-U.S. operations represented approximately 18% of the Company’s consolidated assets at each of December 31, 2025 and 2024.Business (Item 1)
Also named by AGX, AJG, AMP, BAC, BF/B, BGC, BRO, C and 59 more
Washington, D.C.
concentrated innamed as a riskThe concentration of the Company’s restaurants in the Washington, D.C. region subjects it to adverse economic conditions and trends in the region that are out of the Company’s control.Risk factors (Item 1A)
Also named by RHP
England and Scotland properties
operates innamed as a riskKaplan may be required to bear some or all of the costs of work at two of its residences, the scope of which, and Kaplan’s legal responsibility for undertaking it, is yet to be established.Risk factors (Item 1A)
Commodities and inputs
British pound
exposed to its price · approximately $37 millionnamed as a riskIf the values of the British pound, the Australian dollar, and the Singapore dollar relative to the U.S. dollar had been 10% lower than the values that prevailed during 2025, the Company’s pre-tax income for 2025 would have been approximately $37 million lower.Market risk (Item 7A)
Also named by ABBV, ADBE, AJG, AME, AMP, APA, BF/B, BRO and 39 more
Aluminum
exposed to its pricenamed as a riskThese product categories are also exposed to volatility in key input costs, including aluminum and lumber, as well as changes in trade policies and tariffs that may disrupt supply chains or increase material costs.Business (Item 1)
Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more
Lumber
exposed to its pricenamed as a riskThese product categories are also exposed to volatility in key input costs, including aluminum and lumber, as well as changes in trade policies and tariffs that may disrupt supply chains or increase material costs.Business (Item 1)
Also named by BLDR, DHI, HD, HHH, KIM, LEN, LOW, MGRC and 11 more
Plasma
depends onnamed as a riskDisruptions in plasma supply, manufacturing delays or increases in acquisition costs could limit CSI’s ability to meet patient demand, increase costs and adversely affect financial results.Risk factors (Item 1A)
Regulators
U.S. Federal Communications Commission (FCC)
subject tonamed as a riskGMG expects the FCC to grant future license renewal applications for its stations in due course, but cannot provide any assurances that the FCC will do so.Business (Item 1)
Also named by AIOT, AMT, ANET, ASTS, CCI, CMCSA, DIS, ECHO and 26 more
Centers for Medicare and Medicaid Services (CMS)
subject tonamed as a riskThe federal Centers for Medicare and Medicaid Services (CMS) increasingly uses third-party, for-profit contractors to conduct these reviews, many of which share in the amounts that CMS denies.Risk factors (Item 1A)
Also named by ABBV, CDNA, CHE, DGX, DOC, ENSG, GD, GEHC and 6 more
U.S. Department of Education
subject tonamed as a riskOn March 20, 2025, the U.S. President issued an executive order directing the Secretary of Education to begin dismantling the ED and “returning authority” over education to states and local communities to the maximum extent permitted by law.Risk factors (Item 1A)
U.K. Office for Students (OfS)
subject tonamed as a riskIf KI Pathways were to lose its Approved Fee Cap status with the OfS, KI Pathways Colleges’ financial results may be materially adversely impacted.Risk factors (Item 1A)
His Majesty’s Revenue and Customs (HMRC)
subject tonamed as a riskIf HMRC’s application of the Supreme Court judgment and the five key tests deem Glasgow International College not to constitute a “college of a university” and not entitled to a VAT exemption, KI Pathways Colleges’ financial results may be materially adversely impacted if they are not able to meet any new requirements.Risk factors (Item 1A)
Laws and programs
Medicare
earns from · over 90% of its revenuesnamed as a riskGHG generates over 90% of its revenues for home health, palliative, and hospice services from Medicare and Medicare Advantage payors.Business (Item 1)
Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more
General Data Protection Regulation (GDPR)
subject to · up to 4% of the Company’s annual global revenuesnamed as a riskFailure to meet the applicable requirements in the GDPR could result in fines of up to 4% of the Company’s annual global revenues.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Borrower defense to repayment regulations
subject to · approximately $35 million in loansnamed as a riskIn 2021, Kaplan received BDTR applications from the ED seeking discharge of approximately $35 million in loans, excluding interest, from students at Kaplan’s previously owned schools, including Kaplan University.Business (Item 1)
CMS Home Health Rule for 2026
subject to · 1.3%named as a riskAdditionally, the Home Health Rule for 2026, published on November 28, 2025, and effective January 1, 2026, will add further financial and operational pressures by decreasing aggregate Medicare payments to home health agencies by 1.3% compared to calendar year 2025.Risk factors (Item 1A)
Australia student visa approval allocation
subject to · 80% of its allocationnamed as a riskUnder this new system, a slowdown in visa approvals applies once an institution reaches 80% of its allocation.Business (Item 1)
U.K. apprenticeship levy (Level 7)
earns from · nearly 50%named as a riskIn the U.K., Level 7 (Masters’ level) apprenticeship training accounts for nearly 50% of the Kaplan Professional Education business.Risk factors (Item 1A)
U.K. VAT on private schools
subject to · 20%named as a riskThe resulting 20% effective increase in tuition, boarding and other costs materially impacted enrollment of new and existing students at MPW.Risk factors (Item 1A)
Title IV of the Higher Education Act
subject tonamed as a riskAs a Third Party Servicer, KNA is subject to applicable statutory provisions of Title IV and U.S. Department of Education (ED) regulations that, among other things, require KNA to be jointly and severally liable with Purdue Global to the ED for any violation by KNA or Purdue Global of any Title IV statute or ED regulation or requirement.Business (Item 1)
ED Title IV incentive compensation rule
subject tonamed as a riskAny revisions or changes in interpretation or enforcement could require KNA and its client institutions to change their practices or renegotiate the tuition revenue sharing payment terms of KNA’s agreements with such client institutions and could have a material adverse effect on Kaplan’s business and results of operations.Risk factors (Item 1A)
U.K. Student Visa sponsor licenses
subject tonamed as a riskThe loss by one or more institutions of the Student Visa or Child Student Visa license, Educational Oversight accreditation or OfS/QAA registration would have a material adverse effect on KI Europe’s operating results.Business (Item 1)
U.S. student visa policy
subject tonamed as a riskThe closure of U.S. visa offices in 2025 had a negative impact on KI’s ability to recruit international students and materially adversely affected KI’s recruitment for U.S. university partners.Risk factors (Item 1A)
Tariffs on imports from Mexico, Canada and China
exposed to its pricenamed as a riskThe Company’s businesses purchase materials from suppliers in both the U.S. and other countries, including Mexico, Canada and China.Risk factors (Item 1A)
U.K. Building Safety Act
subject tonamed as a riskIn the U.K., the Company is subject to new registration requirements under the U.K. Building Safety Act in 2022 with respect to its dormitories as well as compliance with existing U.K. and local legislation regarding licensing occupancy of such dormitories.Risk factors (Item 1A)
Technology
ATSC 3.0
named as a riskThe ongoing transition to ATSC 3.0 may have material effects on the Company’s media businesses that cannot now be reliably predicted and that may have an adverse effect on the Company’s operating results.Risk factors (Item 1A)
Also named by NXST