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 THE ☒Annual Report Pursuant To Section 15(d) of the Securities Exchange Act of 1934 For the Fiscal Year Ended December31, 2025or ☐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 Report of Independent Registered Public Accounting FirmFinancial Statements:Statements of Net Assets Available for Benefits as of December 31, 2025 and 2024Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2025Notes to Financial StatementsSupplemental Schedule: * 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 with 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 the 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 financial 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 and /s/ PricewaterhouseCoopers LLP Miami, FloridaJune 25, 2026 We have served as the Plan's auditor since 2025. Additions to net assets:Plan interest in investment incomeof the Graham Holdings Company Master Trust Total additions Net increase Transfers from Kaplan Tax Deferred Savings PlanTransfers to Kaplan Tax Deferred Savings PlanTransfers to Savings Plan for Graham Holdings CompanyNet transfers from other affiliated plans THE 401(k) SAVINGS PLAN FOR GHC AFFILIATES NOTES TO FINANCIAL STATEMENTS NOTE 1 – DESCRIPTION OF PLAN The following description of The 401(k) Savings Plan for GHC Affiliates (the Plan) provides only general information. Participantsshould refer to the Plan document and Summary Plan Description (SPD) for a more comprehensive description of the Plan’sprovisions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). General The Plan is a defined contribution plan that permits eligible employees of Kaplan, Inc. and its subsidiaries and Clyde’s RestaurantGroup (Clyde’s) (collectively, the Company) to participate upon hire. The Company