格雷厄姆控股 2025年度报告

Washington,D.C. 20549 FORM11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGSAND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 Annual Report Pursuant To Section 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December31, 2025 or ☐Transition Report Pursuant to Section15(d) of the Securities Exchange Act of 1934 For the transition period from _______ to _______ Commission file number 001-06714 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: The 401(k) Savings Plan for GHC Affiliates B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Graham Holdings Company1812 North Moore StreetArlington, Virginia 22209 THE 401(k) SAVINGS PLAN FOR GHC AFFILIATES TABLE OF CONTENTS Report of Independent Registered Public Accounting Firm1Financial Statements:Statements of Net Assets Available for Benefits as of December 31, 2025 and 20242Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 20253Notes to Financial Statements4Supplemental Schedule: *Schedule H, Line 4i—Schedule of Assets (Held at End of Year)11Index to Exhibits12Signatures13 * Other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the EmployeeRetirement Income Security Act of 1974 have been omitted because they are not applicable. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Administrator and Plan Participants of The 401(k) Savings Plan for GHC Affiliates Opinionon the Financial Statements We have audited the accompanying statements of net assets available for benefits of The 401(k) Savings Plan for GHC Affiliates(the "Plan") as of December 31, 2025 and 2024 and the related statement of changes in net assets available for benefits for theyear ended December 31, 2025, including the related notes (collectively referred to as the "financial statements"). In our opinion,the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31,2025 and 2024, and the changes in net assets available for benefits for the year ended December 31, 2025 in conformity withaccounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on thePlan's financial statements based on our audits. We are a public accounting firm registered with the Public Company AccountingOversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with theU.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether dueto error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis,evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accountingprinciples used and significant estimates made by management, as well as evaluating the overall presentation of the financialstatements. We believe that our audits provide a reasonable basis for our opinion. Supplemental Information The supplemental Schedule H, line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2025 ("supplementalschedule") has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. Thesupplemental schedule is the responsibility of the Plan's management. Our audit procedures included determining whether thesupplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, andperforming procedures to test the completeness and accuracy of the information presented in the supplemental schedule. Informing our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form andcontent, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under theEmployee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all materialrespects, in relation to the financial statements as a whole. /s/ PricewaterhouseCoopers LLP Miami, FloridaJune 25, 2026 We have served as the Plan's auditor since 2025.