Gray Media

GTN · NYSE · Communication Services · Financials, fiscal 2016 to 2025

GTN · Last close · November 6, 2026

$4.92

Gray Media's revenue fell 15.1% to $3.1 billion in fiscal 2025. Its operating margin was 12.7%, down from 23.4% a year earlier. Free cash flow was $181 million, down 70.2%. It paid out $33 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 1.0%.

Gray Media, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001437749-26-005803 Updated November 9, 2026

Revenue

$3.1B

15.1%

Operating margin

12.7%

10.7 pts

Net income

−$85M

$375M a year earlier

Free cash flow

$181M

70.2%

Return on capital

4.1%

4.1 pts

Market cap

$492M

Nov 6 close

P/E

15.9x

On $0.31 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Gray Media does

Gray Media, based in Atlanta, owns local television stations and digital media businesses in the United States. It changed its name from Gray Television on January 1, 2025. Its stations serve 114 television markets that together reach approximately 37% of U.S. television households. It also owns the largest group of Telemundo affiliates, and Gray Digital Media, an agency that sells digital marketing services.

Revenue comes mainly from broadcast and digital advertising and from retransmission consent fees, which cable and satellite distributors pay to carry its stations. Total revenue in 2025 was $3.1 billion, against $3.6 billion in 2024. By network, its CBS-affiliated channels brought in about 37% of revenue and its NBC-affiliated channels about 27%.

It also owns video production companies, including Raycom Sports, Tupelo Media Group and PowerNation Studios, and studio facilities in Atlanta. Gray says its focus on local news helps keep revenue steadier than at many of its peers.

Its biggest risks, as it describes them

Relying on a few advertising categories, and on advertising, which falls in a weak economy.
Its retransmission consent agreements, and possible rule changes that affect them.
A large debt load, with covenants that limit what it can do and variable interest rates.
Paying for programming before it knows whether shows will draw viewers.
Acquisitions that may not bring the benefits it expects.

From Gray Media's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2024, earnings per share grew 18.6% a year and net income 25.2% a year, as new shares raised the share count by 32% and diluted each share's earnings. Gray Media then lost money in fiscal 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	189	61	21	135	368
Debt incl. finance leases	6,800	6,500	6,200	5,500	5,700
Net debt (negative means net cash)	6,611	6,439	6,179	5,365	5,332
Net debt to EBITDA	11.0x	4.9x	8.6x	4.8x	8.5x
Debt to equity	3.9x	3.1x	3.1x	2.4x	2.6x
Interest coverage	1.9x	2.8x	0.9x	1.8x	0.8x
Current ratio	2.5x	2.1x	1.2x	1.0x	1.3x
Quick ratio	2.5x	2.1x	1.2x	1.0x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Gray Media's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Gray Media's projections

Insider trades

No officer, director or 10% owner of Gray Media reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	4 of 8	6 of 8	3 of 8
Rule of 40	−1.6%	27.8%	−9.2%
Altman Z''	0.88	1.29	1.01
Accruals ratio	−6.6%	−3.5%	−3.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	4 of 8	6 of 8	3 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Gray Media side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Gray Media	FY25	−15.1%	12.7%	5.8%	4.1%	8.5x	3
Sinclair	FY25	−10.7%	5.5%	3.6%	3.5%	8.3x	2	Compare
iHeartMedia	FY25	0.3%	−0.5%	0.3%	−0.5%	14.1x	4	Compare
E.W. Scripps	FY25	−14.3%	8.6%	0.3%	3.7%	7.8x	3	Compare
Nexstar Media Group	FY25	−8.5%	17.1%	15.0%	5.6%	4.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	812	883	1,084	2,122	2,381	2,413	3,676	3,281	3,644	3,095
Revenue growth	36.0%	8.7%	22.8%	95.8%	12.2%	1.3%	52.3%	−10.8%	11.1%	−15.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	234	290	389	478	752	381	990	383	851	392
Net income	62	262	211	179	410	90	455	−76	375	−85
Diluted EPS (US$)	0.86	3.55	2.37	1.27	3.69	0.40	4.33	−1.39	3.36	−1.41
Diluted shares (millions)	73	74	89	100	97	95	93	92	96	97
Cash flow
Cash from operations	210	180	323	385	652	300	829	648	751	289
Capital expenditure	44	35	70	110	110	207	436	348	143	108
Free cash flow	166	145	253	275	542	93	393	300	608	181
Dividends paid	0	0	0	0	0	31	30	30	32	33
Share buybacks	2	4	19	32	75	30	50	0	0	0
Acquisitions	432	416	0	2,837	91	3,765	58	6	1	0
Stock-based compensation	5	9	7	16	16	14	22	20	22	22
Balance sheet at fiscal year end
Cash and short-term investments	325	462	667	212	773	189	61	21	135	368
Debt incl. finance leases	1,800	1,800	2,549	3,697	4,000	6,800	6,500	6,200	5,500	5,700
Total assets	2,752	3,261	4,213	6,972	7,643	11,108	11,152	10,640	10,542	10,440
Total liabilities	2,260	2,268	3,026	4,858	5,240	8,701	8,386	8,019	7,609	7,635
Shareholders' equity	493	994	1,187	1,464	1,753	1,757	2,116	1,971	2,283	2,155
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	28.8%	32.8%	35.9%	22.5%	31.6%	15.8%	26.9%	11.7%	23.4%	12.7%
Net margin	7.7%	29.7%	19.5%	8.4%	17.2%	3.7%	12.4%	−2.3%	10.3%	−2.8%
Free cash flow margin	20.5%	16.4%	23.3%	13.0%	22.8%	3.9%	10.7%	9.1%	16.7%	5.8%
Rule of 40 (growth + FCF margin)	56.5%	25.1%	46.1%	108.7%	35.0%	5.2%	63.0%	−1.6%	27.8%	−9.2%
Return on capital	7.9%	13.5%	10.6%	8.4%	11.4%	3.1%	8.7%	3.6%	8.2%	4.1%
Return on equity	13.5%	35.2%	19.4%	13.5%	25.5%	5.1%	23.5%	−3.7%	17.6%	−3.8%
Return on assets	2.5%	8.7%	5.7%	3.2%	5.6%	1.0%	4.1%	−0.7%	3.5%	−0.8%
Net debt to EBITDA	5.0x	3.6x	4.1x	5.2x	3.4x	11.0x	4.9x	8.6x	4.8x	8.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Gray Media's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Gray Media.