Graham Holdings's biggest risks in the FY2024 10-K
- UK’s 20% VAT on private-school fees may reduce MPW enrollment from January 2025.
- Kaplan’s Purdue Global-related revenue depends heavily on Title IV funding and continued regulatory compliance.
- Graham Holdings’ healthcare businesses face reimbursement pressure, drug-supply constraints, audits, and nurse shortages.
The risks most specific to Graham Holdings
- Risks Related to the Company’s Education Business
Following the departure of the U.K. from the European Union (EU) on December 31, 2020, the U.K. may further develop its VAT rules in this complex area separate from the EU rules. Kaplan continues to closely monitor this area
The UK’s 20% VAT on private-school tuition and boarding from January 2025 could reduce enrollment at MPW.
- Risks Related to the Company’s Education Business
Reductions in Title IV or other federal, state or private financial assistance
Cuts to Title IV or other financial aid could reduce Purdue Global tuition revenue and KNA revenue under the TOSA.
- Risks Related to the Company’s Education Business
Compliance reviews and litigation
Program reviews, audits, investigations, and litigation could expose Purdue Global and other client institutions to compliance costs or penalties.
- Risks Related to the Company’s Education Business
Changes in legislation, regulations or interpretations
Changes to the Higher Education Act, Title IV funding, regulations, or agency interpretations could adversely affect Kaplan and its clients.
- Risks Related to the Company’s Education Business
Increases in regulatory scrutiny of postsecondary education and service providers
Growing scrutiny of online higher education and service providers could trigger enforcement actions, investigations, lawsuits, and operating restrictions.
- Risks Related to the Company’s Healthcare Business
Reimbursement for services by third-party payors, including Medicare, Medicaid and private health insurance providers, may decline, while authorization, audit and compliance requirements continue to add to the cost of providing those services
Consolidated hospitals, physician practices, managed-care organizations, and other payors may reduce reimbursement for GHG’s healthcare services.
- Risks Related to the Company’s Healthcare Business
In addition, CSI Pharmacy and Impact Medical both face risks from manufacturer supply shortages, competitive vertical integration and pricing power, and government intervention on drug pricing
CSI Pharmacy and Impact Medical face manufacturer shortages, vertical integration, pricing pressure, drug-pricing intervention, and adverse government or payor reviews.
- Risks Related to the Company’s Healthcare Business
The country’s severe shortage of nurses could adversely affect GHG’s ability to meet customer demand and may impact its ability to take on new business. In addition, competition to attract new nurses necessitates offering increased wages and benefits, which increases costs
The nursing shortage may limit GHG’s capacity and new business, while higher wages and value-based purchasing could increase costs or reduce reimbursement.
Risk factor headings as read
Headings as the filing states them, in filing order.
Risks Related to the Company’s Education Business
- 01Following the departure of the U.K. from the European Union (EU) on December 31, 2020, the U.K. may further develop its VAT rules in this complex area separate from the EU rules. Kaplan continues to closely monitor this area
- 02Reductions in Title IV or other federal, state or private financial assistance
- 03Compliance reviews and litigation
- 04Changes in legislation, regulations or interpretations
- 05Increases in regulatory scrutiny of postsecondary education and service providers
Risks Related to the Company’s Healthcare Business
- 06Reimbursement for services by third-party payors, including Medicare, Medicaid and private health insurance providers, may decline, while authorization, audit and compliance requirements continue to add to the cost of providing those services
- 07In addition, CSI Pharmacy and Impact Medical both face risks from manufacturer supply shortages, competitive vertical integration and pricing power, and government intervention on drug pricing
- 08The country’s severe shortage of nurses could adversely affect GHG’s ability to meet customer demand and may impact its ability to take on new business. In addition, competition to attract new nurses necessitates offering increased wages and benefits, which increases costs
Other Graham Holdings 10-Ks
- FY2025 10-K risk factorsRisk factors section under review
Healthcare risks now emphasize nurse shortages, value-based Medicare reimbursement, and updated 2025 payment rules.
Filed Feb 25, 2026
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.