Gray Media, Inc (GTN) Financial Statements
Industry: Television Broadcasting Stations
In fiscal 2025, Gray Media reported revenue of $3.10B, down 15.1% from $3.64B the year before. Net income was -$85.0M (a -2.7% net margin), or -$1.41 per diluted share. Operating margin was 12.7%. Operating activities generated $289.0M of cash, leaving $181.0M of free cash flow. At fiscal year end, Gray Media held $10.44B in total assets against $7.63B in total liabilities, including $368.0M of cash and equivalents.
Open the full interactive Gray Media financials → Quarterly statements, key ratios, valuation history and price charts.
Gray Media Key Stats
| Share Price | $4.50 |
|---|---|
| Market Cap | $450.0M |
| Revenue YoY Growth | -15.1% |
| 52-Week Range | $3.52 – $5.97 |
| Shares Outstanding | 98.0 million (basic, 2026 Q2) |
Gray Media Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $2.38B | $2.41B | $3.68B | $3.28B | $3.64B | $3.10B |
| Operating Income | $752.0M | $381.0M | $990.0M | $383.0M | $851.0M | $392.0M |
| Pre-Tax Income | $544.0M | $168.0M | $614.0M | -$82.0M | $492.0M | -$113.0M |
| Income Tax | $134.0M | $78.0M | $159.0M | -$6.0M | $117.0M | -$28.0M |
| Net Income | $410.0M | $90.0M | $455.0M | -$76.0M | $375.0M | -$85.0M |
| Diluted EPS | $3.69 | $0.40 | $4.33 | -$1.39 | $3.36 | -$1.41 |
Gray Media Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $749.0M | $792.0M | $768.0M | $839.0M |
| Net Income | -$10.0M | -$10.0M | -$20.0M | $14.0M |
| Diluted EPS | -$0.24 | -$0.10 | -$0.34 | $0.21 |
Gray Media Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $773.0M | $189.0M | $61.0M | $21.0M | $135.0M | $368.0M |
| Current Assets | $1.30B | $963.0M | $857.0M | $468.0M | $541.0M | $656.0M |
| Total Assets | $7.64B | $11.11B | $11.15B | $10.64B | $10.54B | $10.44B |
| Current Liabilities | $255.0M | $384.0M | $409.0M | $395.0M | $527.0M | $516.0M |
| Total Long-Term Debt | $3.97B | $6.75B | $6.46B | $6.16B | $5.62B | $5.74B |
| Total Liabilities | $5.24B | $8.70B | $8.39B | $8.02B | $7.61B | $7.63B |
| Shareholders' Equity | $1.75B | $1.76B | $2.12B | $1.97B | $2.28B | $2.15B |
Gray Media Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $652.0M | $300.0M | $829.0M | $648.0M | $751.0M | $289.0M |
| Cash From Investing | -$211.0M | -$3.53B | -$503.0M | -$291.0M | -$28.0M | -$63.0M |
| Cash From Financing | $120.0M | $2.65B | -$454.0M | -$397.0M | -$609.0M | $7.0M |
| Free Cash Flow | $542.0M | $93.0M | $393.0M | $300.0M | $608.0M | $181.0M |
Figures from Gray Media's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Gray Media financials page for every line item.
Gray Media Company Profile
| Ticker | GTN |
|---|---|
| Exchange | NYSE |
| Industry | Television Broadcasting Stations |
| Headquarters | Atlanta, Georgia |
| Incorporated in | Georgia |
| Fiscal Year End | December 31 |
| SEC Filer Category | Accelerated filer |
| SEC CIK | 0000043196 |
Frequently Asked Questions
What was Gray Media's revenue in fiscal 2025?
Gray Media (GTN) reported revenue of $3.10B for fiscal 2025.
What is Gray Media's annual revenue history?
Gray Media's annual revenue by fiscal year: 2020: $2.38B; 2021: $2.41B; 2022: $3.68B; 2023: $3.28B; 2024: $3.64B; 2025: $3.10B.
What was Gray Media's net income in fiscal 2025?
Gray Media reported net income of -$85.0M for fiscal 2025.
What was Gray Media's earnings per share (EPS) in fiscal 2025?
Gray Media's diluted EPS was -$1.41 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Gray Media generate in fiscal 2025?
Gray Media generated $181.0M of free cash flow in fiscal 2025.
What was Gray Media's revenue last quarter?
In its most recent reported quarter (2026 Q2), Gray Media reported revenue of $839.0M.
How much debt does Gray Media have?
Gray Media reported $5.74B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Gray Media are outstanding?
Gray Media reported a weighted average of 98.0 million basic shares outstanding in 2026 Q2.
What is Gray Media's market cap?
Based on its latest closing price, Gray Media (GTN) has a market capitalization of about $450.0M.
When does Gray Media's fiscal year end?
Gray Media's fiscal year end, as registered with the SEC, is December 31.
Where is Gray Media headquartered?
Gray Media lists its business address in Atlanta, Georgia in its SEC filings.