<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-01-02</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000104889</issuerCik>
        <issuerName>Graham Holdings Co</issuerName>
        <issuerTradingSymbol>GHC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001181664</rptOwnerCik>
            <rptOwnerName>WAGONER G RICHARD JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O GRAHAM HOLDINGS 1300 NORTH 17TH ST.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1700</rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22209</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class B Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2024-01-02</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>696.72</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1291</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>Revocable Trust</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Securities acquired pursuant to the Director's election under the Director Share Purchase Program to receive a portion of the fees received for service as a director in stock in lieu of cash.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Nicole Maddrey for G. Richard Wagoner, Jr.</signatureName>
        <signatureDate>2024-01-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0508
4
2024-01-02
0
0000104889
Graham Holdings Co
GHC
0001181664
WAGONER G RICHARD JR
C/O GRAHAM HOLDINGS 1300 NORTH 17TH ST.
SUITE 1700
ARLINGTON
VA
22209
1
0
0
0
0
Class B Common Stock
2024-01-02
4
A
0
35
696.72
A
1291
I
Revocable Trust
Securities acquired pursuant to the Director's election under the Director Share Purchase Program to receive a portion of the fees received for service as a director in stock in lieu of cash.
Nicole Maddrey for G. Richard Wagoner, Jr.
2024-01-03