Gray Media (GTN) Financials

$4.38 +0.05 (+1.04%)

Closing price 05/11/2026 03:59 PM Eastern

Extended Trading

$4.47 +0.10 (+2.29%)

As of 05/11/2026 07:51 PM Eastern

Annual Income Statements for Gray Media

This table shows Gray Media's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	39	62	262	211	127	358	38	403	-128	323	-137
Consolidated Net Income / (Loss)	39	62	262	211	179	410	90	455	-76	375	-85
Net Income / (Loss) Continuing Operations	39	62	262	211	179	410	90	455	-76	375	-85
Total Pre-Tax Income	66	106	193	288	255	544	168	614	-82	492	-113
Total Operating Income	140	234	290	389	478	752	381	990	383	851	392
Total Gross Profit	223	337	325	488	723	989	803	1,428	898	1,244	761
Total Revenue	597	812	883	1,084	2,122	2,381	2,413	3,676	3,281	3,644	3,095
Total Cost of Revenue	374	475	558	596	1,399	1,392	1,610	2,248	2,383	2,400	2,334
Operating Cost of Revenue	374	475	558	596	1,399	1,392	1,610	2,248	2,383	2,400	2,334
Total Operating Expenses	83	103	35	99	245	237	422	438	515	393	369
Selling, General & Admin Expense	34	40	32	41	104	65	159	104	112	104	113
Depreciation Expense	37	46	52	54	80	96	104	129	145	144	133
Amortization Expense	12	17	25	21	115	105	117	207	194	125	104
Impairment Charge	-	-	-	-	-	-	0.00	0.00	43	0.00	30
Other Special Charges / (Income)	0.08	0.33	-74	-17	-54	-29	42	-2.00	21	20	-11
Total Other Income / (Expense), net	-74	-129	-97	-101	-223	-208	-213	-376	-465	-359	-505
Interest Expense	74	129	98	107	227	203	205	354	443	451	484
Interest & Investment Income	-	-	-	-	-	0.00	0.00	-18	-29	-25	-20
Other Income / (Expense), net	0.10	0.61	1.00	6.00	4.00	-5.00	-8.00	-4.00	7.00	117	-1.00
Income Tax Expense	26	43	-69	77	76	134	78	159	-6.00	117	-28
Preferred Stock Dividends Declared	-	-	0.00	0.00	52	52	52	52	52	52	52
Basic Earnings per Share	$0.58	$0.87	$3.59	$2.39	$1.28	$3.73	$0.40	$4.38	($1.39)	$3.40	($1.41)
Weighted Average Basic Shares Outstanding	68.33M	71.85M	73M	88M	99M	96M	95M	92M	92M	95M	97M
Diluted Earnings per Share	$0.57	$0.86	$3.55	$2.37	$1.27	$3.69	$0.40	$4.33	($1.39)	$3.36	($1.41)
Weighted Average Diluted Shares Outstanding	68.99M	72.76M	74M	89M	100M	97M	95M	93M	92M	96M	97M
Weighted Average Basic & Diluted Shares Outstanding	67.80M	71.60M	73M	88.20M	99.87M	95.44M	95.30M	92.83M	97.20M	101.54M	103.78M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.32	$0.32	$0.32	$0.32	$0.32

This table shows Gray Media's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-53	-22	75	9.00	83	156	-22	-69	-23	-23	-33
Consolidated Net Income / (Loss)	-40	-9.00	88	22	96	169	-9.00	-56	-10	-10	-20
Net Income / (Loss) Continuing Operations	-40	-9.00	88	22	96	169	-9.00	-56	-10	-10	-20
Total Pre-Tax Income	-37	-12	119	29	128	216	-24	-35	-28	-26	-28
Total Operating Income	84	113	124	152	250	325	92	82	102	116	81
Total Gross Profit	228	233	219	247	357	421	185	189	185	202	185
Total Revenue	803	864	823	826	950	1,045	782	772	749	792	768
Total Cost of Revenue	575	631	604	579	593	624	597	583	564	590	583
Operating Cost of Revenue	575	631	604	579	593	624	597	583	564	590	583
Total Operating Expenses	144	120	95	95	107	96	93	107	83	86	104
Selling, General & Admin Expense	23	33	28	28	24	24	32	25	28	28	39
Depreciation Expense	36	39	36	36	36	36	34	32	33	34	33
Amortization Expense	48	47	31	32	31	31	29	28	23	24	32
Other Special Charges / (Income)	-6.00	1.00	0.00	-1.00	16	5.00	-2.00	-6.00	-1.00	-2.00	0.00
Total Other Income / (Expense), net	-121	-125	-5.00	-123	-122	-109	-116	-117	-130	-142	-109
Interest Expense	111	116	115	125	124	87	117	117	127	123	117
Other Income / (Expense), net	-10	20	110	2.00	2.00	3.00	1.00	0.00	-3.00	1.00	8.00
Income Tax Expense	3.00	-3.00	31	7.00	32	47	-15	21	-18	-16	-8.00
Preferred Stock Dividends Declared	13	13	13	13	13	13	13	13	13	13	13
Basic Earnings per Share	($0.57)	($0.24)	$0.80	$0.09	$0.87	$1.64	($0.23)	($0.71)	($0.24)	($0.23)	($0.34)
Weighted Average Basic Shares Outstanding	93M	92M	94M	95M	95M	95M	96M	97M	97M	97M	97M
Diluted Earnings per Share	($0.57)	($0.24)	$0.79	$0.09	$0.86	$1.62	($0.23)	($0.71)	($0.24)	($0.23)	($0.34)
Weighted Average Diluted Shares Outstanding	93M	92M	95M	96M	97M	96M	96M	97M	97M	97M	97M
Weighted Average Basic & Diluted Shares Outstanding	95.45M	97.20M	99.14M	99.67M	99.67M	101.54M	101.79M	102.09M	102.09M	103.78M	102.74M
Cash Dividends to Common per Share	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08

This table details how cash moves in and out of Gray Media's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	67	228	137	957	-1,207	561	-584	-128	-40	114	233
Net Cash From Operating Activities	107	210	180	323	385	652	300	829	648	751	289
Net Cash From Continuing Operating Activities	107	210	180	323	385	652	300	829	648	751	289
Net Income / (Loss) Continuing Operations	39	62	262	211	179	410	90	455	-76	375	-85
Consolidated Net Income / (Loss)	39	62	262	211	179	410	90	455	-76	375	-85
Depreciation Expense	37	46	52	54	80	96	104	129	145	144	133
Amortization Expense	29	40	50	46	165	154	166	270	243	168	147
Non-Cash Adjustments To Reconcile Net Income	-13	17	-86	-37	-70	-22	12	-2.00	102	-107	59
Changes in Operating Assets and Liabilities, net	14	45	-98	49	31	14	-72	-23	234	171	35
Net Cash From Investing Activities	-206	-479	-350	-47	-2,656	-211	-3,534	-503	-291	-28	-63
Net Cash From Continuing Investing Activities	-206	-479	-350	-47	-2,656	-211	-3,534	-503	-291	-28	-63
Purchase of Property, Plant & Equipment	-24	-44	-35	-70	-110	-110	-207	-436	-348	-143	-108
Acquisitions	-185	-432	-416	0.00	-2,837	-91	-3,765	-58	-6.00	-1.00	0.00
Purchase of Investments	-	-	-	0.00	0.00	-48	-49	-16	-14	-7.00	-8.00
Sale of Property, Plant & Equipment	3.12	2.98	0.00	0.00	3.00	9.00	5.00	4.00	54	14	47
Divestitures	0.00	11	0.00	9.00	253	0.00	473	0.00	6.00	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	110	24
Other Investing Activities, net	-0.15	-18	101	14	35	29	9.00	3.00	17	-1.00	-18
Net Cash From Financing Activities	166	497	307	681	1,064	120	2,650	-454	-397	-609	7.00
Net Cash From Continuing Financing Activities	166	497	307	681	1,064	120	2,650	-454	-397	-609	7.00
Repayment of Debt	0.00	-1,128	-563	-40	-211	-525	-250	-315	-610	-2,544	-1,987
Payment of Dividends	-	-	0.00	0.00	-39	-52	-83	-82	-82	-84	-85
Issuance of Debt	0.00	1,656	642	750	1,400	800	3,050	0.00	300	2,070	2,110
Other Financing Activities, net	-1.10	-29	-7.00	-10	-54	-28	-37	-7.00	-5.00	-51	-31

This table details how cash moves in and out of Gray Media's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-15	-	113	-59	-6.00	66	75	-11	-17	186	-109
Net Cash From Operating Activities	106	83	68	18	297	368	132	31	14	112	1.00
Net Cash From Continuing Operating Activities	106	83	68	18	297	368	132	31	14	112	1.00
Net Income / (Loss) Continuing Operations	-40	-9.00	88	22	96	169	-9.00	-56	-10	-10	-20
Consolidated Net Income / (Loss)	-40	-9.00	88	22	96	169	-9.00	-56	-10	-10	-20
Depreciation Expense	36	39	36	36	36	36	34	32	33	34	33
Amortization Expense	60	57	41	42	42	43	39	38	34	36	42
Non-Cash Adjustments To Reconcile Net Income	41	33	-114	8.00	5.00	-6.00	1.00	23	9.00	26	-6.00
Changes in Operating Assets and Liabilities, net	9.00	-37	17	-90	118	126	67	-6.00	-52	26	-48
Net Cash From Investing Activities	-72	-32	80	-30	-40	-38	-15	1.00	-20	-29	-77
Net Cash From Continuing Investing Activities	-72	-32	80	-30	-40	-38	-15	1.00	-20	-29	-77
Purchase of Property, Plant & Equipment	-75	-60	-34	-29	-40	-40	-15	-25	-25	-43	-19
Acquisitions	-1.00	1.00	0.00	-	-	-1.00	-1.00	-	-	-	-68
Purchase of Investments	-4.00	-3.00	-3.00	-1.00	-	-3.00	-8.00	-	-	-	0.00
Sale of Property, Plant & Equipment	9.00	23	7.00	-	1.00	6.00	10	4.00	3.00	30	0.00
Sale and/or Maturity of Investments	-	-	110	-	-	-	1.00	21	2.00	-	10
Other Investing Activities, net	-1.00	7.00	0.00	-	-1.00	-	-2.00	-	-	-16	0.00
Net Cash From Financing Activities	-49	-51	-35	-47	-263	-264	-42	-43	-11	103	-33
Net Cash From Continuing Financing Activities	-49	-51	-35	-47	-263	-264	-42	-43	-11	103	-33
Repayment of Debt	-103	-104	-54	-1,961	-242	-287	-146	-22	-1,690	-129	-2.00
Payment of Dividends	-21	-21	-21	-21	-21	-21	-21	-21	-21	-22	-22
Issuance of Debt	75	75	50	1,975	-	45	129	1.00	1,725	255	0.00
Other Financing Activities, net	-	-1.00	-10	-40	-	-1.00	-4.00	-1.00	-25	-1.00	-9.00

This table presents Gray Media's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,128	0.00	3,261	4,213	6,972	7,643	11,108	11,152	10,640	10,542	10,440
Total Current Assets	285	0.00	667	873	672	1,304	963	857	468	541	656
Cash & Equivalents	97	-	462	667	212	773	189	61	21	135	368
Accounts Receivable	121	-	171	184	411	425	624	650	342	337	205
Prepaid Expenses	6.46	-	4.68	7.00	24	61	54	54	48	21	25
Current Deferred & Refundable Income Taxes	50	-	14	-	0.00	21	61	65	39	31	41
Other Current Assets	11	-	15	15	25	24	35	27	18	17	17
Plant, Property, & Equipment, net	234	0.00	351	363	725	737	1,165	1,466	1,601	1,577	1,509
Total Noncurrent Assets	1,608	0.00	2,243	2,977	5,575	5,602	8,980	8,829	8,571	8,424	8,275
Long-Term Investments	14	-	17	17	17	72	117	105	85	66	37
Goodwill	423	-	611	612	1,446	1,460	2,649	2,663	2,643	2,642	2,642
Intangible Assets	1,168	-	1,604	1,583	4,033	3,974	6,128	5,967	5,735	5,601	5,466
Employee Benefit Assets	-	-	-	-	-	-	0.00	5.00	17	19	21
Other Noncurrent Operating Assets	3.04	-	11	765	79	96	86	89	91	96	109
Total Liabilities & Shareholders' Equity	2,128	2,753	3,261	4,213	6,972	7,643	11,108	11,152	10,640	10,542	10,440
Total Liabilities	1,698	2,260	2,268	3,026	4,858	5,240	8,701	8,386	8,019	7,609	7,635
Total Current Liabilities	88	119	131	150	246	255	384	409	395	527	516
Short-Term Debt	-	0.00	6.42	-	-	0.00	15	15	15	20	2.00
Accounts Payable	4.53	5.26	7.84	8.00	11	10	59	55	23	154	144
Accrued Expenses	14	14	12	40	62	68	78	89	94	53	47
Dividends Payable	-	-	-	0.00	13	13	13	14	14	15	16
Current Deferred Revenue	3.51	4.71	-	-	9.00	22	14	24	23	29	20
Current Deferred & Payable Income Tax Liabilities	0.77	2.92	8.75	14	13	20	10	15	22	5.00	5.00
Current Employee Benefit Liabilities	29	31	30	35	67	53	97	98	110	111	103
Other Current Liabilities	23	29	40	19	34	32	46	39	31	28	28
Other Current Nonoperating Liabilities	13	32	27	34	37	37	52	60	63	112	151
Total Noncurrent Liabilities	1,611	2,140	2,137	2,876	4,612	4,985	8,317	7,977	7,624	7,082	7,119
Long-Term Debt	1,220	1,757	1,831	2,549	3,697	3,974	6,740	6,440	6,145	5,601	5,742
Noncurrent Deferred & Payable Income Tax Liabilities	352	343	262	285	810	885	1,471	1,454	1,359	1,347	1,300
Other Noncurrent Operating Liabilities	2.85	6.43	6.12	9.00	67	83	82	83	120	134	77
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	0.00	650	650	650	650	650	650	650
Total Equity & Noncontrolling Interests	429	493	993	1,187	1,464	1,753	1,757	2,116	1,971	2,283	2,155
Total Preferred & Common Equity	429	493	993	1,187	1,464	1,753	1,757	2,116	1,971	2,283	2,155
Total Common Equity	429	493	993	1,186	1,459	1,745	1,757	2,116	1,971	2,283	2,155
Common Stock	675	680	927	907	1,093	1,110	1,166	1,195	1,224	1,255	1,277
Retained Earnings	-164	-101	162	372	504	862	869	1,242	1,084	1,375	1,205
Treasury Stock	-65	-68	-74	-72	-107	-188	-251	-309	-314	-317	-323
Accumulated Other Comprehensive Income / (Loss)	-17	-18	-22	-21	-31	-39	-27	-12	-23	-30	-4.00

This table presents Gray Media's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	11,183	10,845	10,810	10,735	10,735	10,634	10,631	10,438	10,352	10,321	10,319
Total Current Assets	934	537	512	495	601	538	576	483	478	485	523
Cash & Equivalents	144	56	36	21	134	75	69	210	199	182	259
Accounts Receivable	615	333	329	339	362	344	358	198	216	204	178
Prepaid Expenses	54	46	52	53	58	49	51	34	27	28	31
Current Deferred & Refundable Income Taxes	83	85	88	55	35	65	73	30	31	46	44
Other Current Assets	38	17	7.00	27	12	5.00	25	11	5.00	25	11
Plant, Property, & Equipment, net	1,366	1,521	1,574	1,610	1,590	1,582	1,583	1,552	1,542	1,532	1,504
Total Noncurrent Assets	8,883	8,787	8,724	8,630	8,544	8,514	8,472	8,403	8,332	8,304	8,292
Long-Term Investments	125	107	108	101	86	86	86	72	58	56	32
Goodwill	2,657	2,663	2,660	2,643	2,643	2,643	2,642	2,642	2,642	2,642	2,651
Intangible Assets	6,013	5,917	5,857	5,782	5,704	5,672	5,632	5,573	5,513	5,490	5,496
Employee Benefit Assets	-	5.00	5.00	9.00	18	19	20	20	20	21	21
Other Noncurrent Operating Assets	88	95	94	95	93	94	92	96	99	95	92
Total Liabilities & Shareholders' Equity	11,183	10,845	10,810	10,735	10,735	10,634	10,631	10,438	10,352	10,321	10,319
Total Liabilities	8,601	8,134	8,100	8,083	8,035	7,929	7,851	7,534	7,521	7,513	7,556
Total Current Liabilities	446	424	357	414	424	331	508	533	549	519	437
Short-Term Debt	15	15	15	15	15	13	23	20	10	2.00	0.00
Accounts Payable	40	40	33	26	36	32	17	72	82	18	130
Accrued Expenses	79	114	91	83	89	88	143	206	214	215	60
Dividends Payable	14	14	14	14	14	15	15	15	15	16	15
Current Deferred Revenue	64	43	40	51	22	23	50	21	27	28	21
Current Deferred & Payable Income Tax Liabilities	8.00	18	12	12	56	11	9.00	6.00	8.00	7.00	5.00
Current Employee Benefit Liabilities	90	64	71	82	77	85	96	75	83	95	82
Other Current Liabilities	50	29	19	39	22	15	35	21	15	35	21
Other Current Nonoperating Liabilities	86	87	62	92	93	49	120	97	95	103	103
Total Noncurrent Liabilities	8,155	7,710	7,743	7,669	7,611	7,598	7,343	7,001	6,972	6,994	7,119
Long-Term Debt	6,590	6,147	6,197	6,171	6,139	6,125	5,870	5,589	5,580	5,608	5,746
Noncurrent Deferred & Payable Income Tax Liabilities	1,468	1,458	1,448	1,397	1,353	1,349	1,344	1,331	1,312	1,310	1,300
Other Noncurrent Operating Liabilities	81	105	98	101	119	124	129	81	80	76	73
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	0.00	0.00
Redeemable Noncontrolling Interest	650	650	650	650	650	650	650	650	650	650	650
Total Equity & Noncontrolling Interests	1,932	2,061	2,060	2,002	2,050	2,055	2,130	2,254	2,181	2,158	2,113
Total Preferred & Common Equity	1,932	2,061	2,060	2,002	2,050	2,055	2,130	2,254	2,181	2,158	2,113
Total Common Equity	1,932	2,061	2,060	2,002	2,050	2,055	2,130	2,254	2,181	2,158	2,113
Common Stock	1,190	1,206	1,213	1,218	1,239	1,245	1,250	1,262	1,267	1,272	1,285
Retained Earnings	1,076	1,191	1,175	1,114	1,151	1,152	1,227	1,345	1,268	1,237	1,164
Treasury Stock	-307	-313	-313	-313	-317	-317	-317	-322	-323	-323	-332
Accumulated Other Comprehensive Income / (Loss)	-27	-23	-15	-17	-23	-25	-30	-31	-31	-28	-4.00

This table displays calculated financial ratios and metrics derived from Gray Media's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	102,086,653.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	102,086,653.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.34
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.56%	36.01%	8.68%	22.76%	95.76%	12.21%	1.34%	52.34%	-10.75%	11.06%	-15.07%
EBITDA Growth	-0.57%	55.49%	22.61%	25.95%	46.87%	37.14%	-35.51%	115.40%	-43.83%	64.52%	-47.58%
EBIT Growth	-8.87%	67.60%	23.88%	35.74%	22.03%	54.98%	-50.07%	164.34%	-60.45%	148.21%	-59.61%
NOPAT Growth	-9.61%	64.90%	185.17%	-27.61%	17.73%	68.91%	-63.99%	259.43%	-63.46%	141.94%	-57.70%
Net Income Growth	-18.23%	58.45%	320.73%	-19.47%	-15.17%	129.05%	-78.05%	405.56%	-116.70%	593.42%	-122.67%
EPS Growth	-30.49%	50.88%	312.79%	-33.24%	-46.41%	190.55%	-89.16%	982.50%	-132.10%	341.73%	-141.96%
Operating Cash Flow Growth	-20.49%	96.86%	-14.32%	79.44%	19.20%	69.35%	-53.99%	176.33%	-21.83%	15.90%	-61.52%
Free Cash Flow Firm Growth	81.15%	3,684.91%	-213.66%	82.77%	-422.50%	127.90%	-608.28%	116.77%	22.73%	42.71%	-51.84%
Invested Capital Growth	10.23%	-130.33%	605.47%	29.78%	82.50%	-0.89%	59.82%	2.33%	-4.13%	-3.11%	-1.99%
Revenue Q/Q Growth	-1.39%	9.15%	-0.42%	9.62%	13.35%	9.82%	-2.86%	10.56%	-5.96%	5.23%	-7.56%
EBITDA Q/Q Growth	-11.25%	15.99%	-5.92%	24.96%	9.00%	21.59%	-26.77%	25.23%	-22.97%	16.15%	-24.69%
EBIT Q/Q Growth	-16.66%	20.53%	-9.09%	34.43%	5.24%	29.69%	-39.84%	35.44%	-37.00%	25.23%	-35.05%
NOPAT Q/Q Growth	-16.56%	21.51%	106.95%	-33.59%	8.23%	32.04%	-52.37%	38.56%	-38.07%	36.03%	-37.34%
Net Income Q/Q Growth	-29.27%	50.32%	98.16%	-26.64%	2.87%	46.43%	-68.42%	52.68%	-163.87%	90.36%	-190.43%
EPS Q/Q Growth	-35.96%	50.88%	95.05%	-34.17%	-13.01%	58.37%	-83.26%	64.02%	-293.06%	124.00%	-420.45%
Operating Cash Flow Q/Q Growth	-16.97%	64.88%	-18.56%	28.35%	-1.79%	5.50%	-32.89%	35.24%	-18.80%	61.16%	-46.97%
Free Cash Flow Firm Q/Q Growth	96.61%	821.24%	-2,629.55%	-225.37%	26.82%	-7.70%	-1,903.45%	121.37%	2.57%	42.55%	-44.01%
Invested Capital Q/Q Growth	-1.03%	-123.76%	5.19%	31.19%	-0.90%	2.53%	47.97%	1.23%	-0.79%	-2.00%	0.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.36%	41.54%	36.81%	45.02%	34.07%	41.54%	33.28%	38.85%	27.37%	34.14%	24.59%
EBITDA Margin	34.51%	39.45%	44.51%	45.66%	34.26%	41.87%	26.65%	37.68%	23.71%	35.13%	21.68%
Operating Margin	23.45%	28.84%	32.84%	35.89%	22.53%	31.58%	15.79%	26.93%	11.67%	23.35%	12.67%
EBIT Margin	23.46%	28.91%	32.96%	36.44%	22.71%	31.37%	15.46%	26.82%	11.89%	26.56%	12.63%
Profit (Net Income) Margin	6.58%	7.66%	29.67%	19.46%	8.44%	17.22%	3.73%	12.38%	-2.32%	10.29%	-2.75%
Tax Burden Percent	59.77%	58.92%	135.75%	73.26%	70.20%	75.37%	53.57%	74.10%	92.68%	76.22%	75.22%
Interest Burden Percent	46.91%	44.99%	66.32%	72.91%	52.90%	72.82%	45.04%	62.27%	-21.03%	50.83%	-28.90%
Effective Tax Rate	40.23%	41.08%	-35.75%	26.74%	29.80%	24.63%	46.43%	25.90%	0.00%	23.78%	0.00%
Return on Invested Capital (ROIC)	5.66%	25.55%	41.28%	10.43%	7.70%	10.11%	2.81%	8.13%	3.00%	7.53%	3.27%
ROIC Less NNEP Spread (ROIC-NNEP)	1.82%	-70.02%	-21.17%	5.93%	1.92%	5.43%	0.46%	3.80%	-2.51%	2.84%	-3.23%
Return on Net Nonoperating Assets (RNNOA)	6.52%	-12.04%	-6.01%	8.93%	3.15%	8.05%	0.93%	9.46%	-5.82%	5.98%	-6.23%
Return on Equity (ROE)	12.18%	13.51%	35.27%	19.36%	10.85%	18.15%	3.74%	17.59%	-2.82%	13.50%	-2.96%
Cash Return on Invested Capital (CROIC)	-4.07%	0.00%	-103.23%	-15.49%	-50.71%	11.00%	-43.23%	5.82%	7.22%	10.69%	5.28%
Operating Return on Assets (OROA)	7.01%	22.08%	17.85%	10.57%	8.62%	10.22%	3.98%	8.86%	3.58%	9.14%	3.73%
Return on Assets (ROA)	1.97%	5.85%	16.07%	5.65%	3.20%	5.61%	0.96%	4.09%	-0.70%	3.54%	-0.81%
Return on Common Equity (ROCE)	12.18%	13.51%	35.27%	19.35%	8.69%	12.88%	2.72%	13.17%	-2.14%	10.34%	-2.29%
Return on Equity Simple (ROE_SIMPLE)	9.16%	12.64%	26.39%	17.78%	12.23%	23.39%	5.12%	21.50%	-3.86%	16.43%	0.00%
Net Operating Profit after Tax (NOPAT)	84	138	394	285	336	567	204	734	268	649	274
NOPAT Margin	14.01%	16.99%	44.58%	26.29%	15.81%	23.80%	8.46%	19.96%	8.17%	17.80%	8.87%
Net Nonoperating Expense Percent (NNEP)	3.84%	95.57%	62.44%	4.51%	5.78%	4.68%	2.35%	4.33%	5.51%	4.69%	6.50%
Return On Investment Capital (ROIC_SIMPLE)	5.08%	6.14%	13.91%	7.63%	6.50%	9.90%	2.40%	8.56%	3.30%	8.21%	3.47%
Cost of Revenue to Revenue	62.64%	58.46%	63.19%	54.98%	65.93%	58.46%	66.72%	61.15%	72.63%	65.86%	75.41%
SG&A Expenses to Revenue	5.75%	4.96%	3.62%	3.78%	4.90%	2.73%	6.59%	2.83%	3.41%	2.85%	3.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.91%	12.70%	3.96%	9.13%	11.55%	9.95%	17.49%	11.92%	15.70%	10.78%	11.92%
Earnings before Interest and Taxes (EBIT)	140	235	291	395	482	747	373	986	390	968	391
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	206	321	393	495	727	997	643	1,385	778	1,280	671
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.29	1.34	1.02	0.92	1.23	0.82	0.93	0.43	0.40	0.13	0.23
Price to Tangible Book Value (P/TBV)	0.00	1.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.65	0.81	1.15	1.01	0.85	0.60	0.68	0.25	0.24	0.08	0.16
Price to Earnings (P/E)	25.05	10.57	3.87	5.18	14.17	4.01	43.08	2.28	0.00	0.95	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.87%	3.24%	3.89%	10.36%	6.61%
Earnings Yield	3.99%	9.46%	25.81%	19.32%	7.06%	24.93%	2.32%	43.87%	0.00%	104.88%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.35	0.00	1.00	0.96	1.05	0.93	0.98	0.86	0.86	0.75	0.78
Enterprise Value to Revenue (EV/Rev)	3.51	2.97	2.69	2.73	2.79	2.19	3.62	2.14	2.28	1.75	2.09
Enterprise Value to EBITDA (EV/EBITDA)	10.16	7.53	6.04	5.97	8.14	5.23	13.59	5.67	9.63	4.98	9.66
Enterprise Value to EBIT (EV/EBIT)	14.94	10.28	8.16	7.49	12.28	6.98	23.42	7.97	19.20	6.59	16.58
Enterprise Value to NOPAT (EV/NOPAT)	25.01	17.49	6.03	10.38	17.63	9.20	42.80	10.71	27.93	9.83	23.63
Enterprise Value to Operating Cash Flow (EV/OCF)	19.62	11.50	13.19	9.16	15.37	8.00	29.12	9.48	11.56	8.49	22.43
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	1.12	0.00	0.00	0.00	8.46	0.00	14.95	11.61	6.93	14.62
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.84	3.56	1.85	2.15	1.75	1.65	2.81	2.33	2.35	1.92	2.05
Long-Term Debt to Equity	2.84	3.56	1.84	2.15	1.75	1.65	2.80	2.33	2.34	1.91	2.05
Financial Leverage	3.58	0.17	0.28	1.51	1.64	1.48	2.02	2.49	2.32	2.10	1.93
Leverage Ratio	6.20	2.31	2.19	3.43	3.39	3.24	3.90	4.30	4.05	3.81	3.66
Compound Leverage Factor	2.91	1.04	1.46	2.50	1.79	2.36	1.76	2.68	-0.85	1.94	-1.06
Debt to Total Capital	73.97%	78.09%	64.92%	68.23%	63.62%	62.32%	73.73%	70.00%	70.15%	65.71%	67.19%
Short-Term Debt to Total Capital	0.00%	0.00%	0.23%	0.00%	0.00%	0.00%	0.16%	0.16%	0.17%	0.23%	0.02%
Long-Term Debt to Total Capital	73.97%	78.09%	64.69%	68.23%	63.62%	62.32%	73.56%	69.84%	69.98%	65.48%	67.17%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	11.19%	10.19%	7.09%	7.05%	7.40%	7.60%	7.60%
Common Equity to Total Capital	26.03%	21.91%	35.08%	31.75%	25.11%	27.36%	19.18%	22.95%	22.45%	26.69%	25.21%
Debt to EBITDA	5.92	5.48	4.68	5.15	5.09	3.99	10.51	4.66	7.92	4.39	8.56
Net Debt to EBITDA	5.38	5.48	3.46	3.77	4.77	3.14	10.03	4.54	7.78	4.23	7.96
Long-Term Debt to EBITDA	5.92	5.48	4.66	5.15	5.09	3.99	10.48	4.65	7.90	4.38	8.56
Debt to NOPAT	14.57	12.73	4.67	8.94	11.02	7.01	33.10	8.80	22.98	8.67	20.93
Net Debt to NOPAT	13.25	12.73	3.45	6.54	10.34	5.52	31.60	8.57	22.58	8.36	19.46
Long-Term Debt to NOPAT	14.57	12.73	4.65	8.94	11.02	7.01	33.02	8.78	22.92	8.64	20.93
Altman Z-Score	0.85	0.00	1.10	1.11	0.93	1.12	0.61	0.89	0.64	0.86	0.64
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.05%	19.87%	29.07%	27.19%	25.13%	24.13%	23.41%	22.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.26	0.00	5.08	5.82	2.73	5.11	2.51	2.10	1.18	1.03	1.27
Quick Ratio	2.50	0.00	4.83	5.67	2.53	4.70	2.12	1.74	0.92	0.90	1.11
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-60	2,160	-2,455	-423	-2,210	617	-3,135	526	645	921	443
Operating Cash Flow to CapEx	505.61%	517.13%	514.29%	461.43%	359.81%	645.54%	148.51%	191.90%	220.41%	582.17%	473.77%
Free Cash Flow to Firm to Interest Expense	-0.81	16.71	-25.05	-3.95	-9.74	3.04	-15.29	1.48	1.46	2.04	0.92
Operating Cash Flow to Interest Expense	1.43	1.63	1.84	3.02	1.70	3.21	1.46	2.34	1.46	1.67	0.60
Operating Cash Flow Less CapEx to Interest Expense	1.15	1.31	1.48	2.36	1.22	2.71	0.48	1.12	0.80	1.38	0.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.76	0.54	0.29	0.38	0.33	0.26	0.33	0.30	0.34	0.30
Accounts Receivable Turnover	5.24	0.00	0.00	6.10	7.13	5.70	4.60	5.77	6.61	10.73	11.42
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.62	0.00	0.00	3.04	3.90	3.26	2.54	2.79	2.14	2.29	2.01
Accounts Payable Turnover	81.83	97.05	85.21	75.25	147.26	132.57	46.67	39.44	61.10	48.98	15.66
Days Sales Outstanding (DSO)	69.71	0.00	0.00	59.81	51.17	64.08	79.34	63.25	55.18	34.01	31.96
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	4.46	3.76	4.28	4.85	2.48	2.75	7.82	9.25	5.97	7.45	23.30
Cash Conversion Cycle (CCC)	65.25	-3.76	-4.28	54.96	48.69	61.32	71.52	53.99	49.20	26.55	8.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,551	-470	2,378	3,086	5,632	5,582	8,921	9,129	8,752	8,480	8,311
Invested Capital Turnover	0.40	1.50	0.93	0.40	0.49	0.42	0.33	0.41	0.37	0.42	0.37
Increase / (Decrease) in Invested Capital	144	-2,022	2,848	708	2,546	-50	3,339	208	-377	-272	-169
Enterprise Value (EV)	2,094	2,415	2,374	2,957	5,917	5,215	8,736	7,858	7,488	6,378	6,483
Market Capitalization	985	658	1,015	1,092	1,799	1,436	1,637	919	784	308	494
Book Value per Share	$5.93	$6.78	$13.68	$13.36	$14.52	$18.15	$18.34	$22.73	$20.65	$22.91	$21.11
Tangible Book Value per Share	($16.06)	$6.78	($16.84)	($11.37)	($39.99)	($38.36)	($73.26)	($69.97)	($67.12)	($59.80)	($58.31)
Total Capital	1,649	2,250	2,830	3,736	5,811	6,377	9,162	9,221	8,781	8,554	8,549
Total Debt	1,220	1,757	1,837	2,549	3,697	3,974	6,755	6,455	6,160	5,621	5,744
Total Long-Term Debt	1,220	1,757	1,831	2,549	3,697	3,974	6,740	6,440	6,145	5,601	5,742
Net Debt	1,109	1,757	1,358	1,865	3,468	3,129	6,449	6,289	6,054	5,420	5,339
Capital Expenditures (CapEx)	21	41	35	70	107	101	202	432	294	129	61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	101	-119	79	56	214	276	405	402	67	-101	-226
Debt-free Net Working Capital (DFNWC)	198	-119	542	723	426	1,049	594	463	88	34	142
Net Working Capital (NWC)	198	-119	535	723	426	1,049	579	448	73	14	140
Net Nonoperating Expense (NNE)	44	76	132	74	157	157	114	279	344	274	359
Net Nonoperating Obligations (NNO)	1,122	-963	1,385	1,899	3,518	3,179	6,514	6,363	6,131	5,547	5,506
Total Depreciation and Amortization (D&A)	66	86	102	100	245	250	270	399	388	312	280
Debt-free, Cash-free Net Working Capital to Revenue	16.83%	-14.70%	9.00%	5.17%	10.08%	11.59%	16.78%	10.94%	2.04%	-2.77%	-7.30%
Debt-free Net Working Capital to Revenue	33.12%	-14.70%	61.37%	66.70%	20.08%	44.06%	24.62%	12.60%	2.68%	0.93%	4.59%
Net Working Capital to Revenue	33.12%	-14.70%	60.64%	66.70%	20.08%	44.06%	24.00%	12.19%	2.22%	0.38%	4.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.58	$0.87	$3.59	$2.39	$1.28	$3.73	$0.40	$4.38	($1.39)	$3.40	($1.41)
Adjusted Weighted Average Basic Shares Outstanding	68.33M	71.85M	73.06M	88.08M	99M	96M	95M	92M	92M	95M	97M
Adjusted Diluted Earnings per Share	$0.57	$0.86	$3.55	$2.37	$1.27	$3.69	$0.40	$4.33	($1.39)	$3.36	($1.41)
Adjusted Weighted Average Diluted Shares Outstanding	68.99M	72.76M	73.84M	88.78M	100M	97M	95M	93M	92M	96M	97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.70M	72.84M	90.32M	101.02M	99.87M	95.44M	95.30M	92.83M	97.20M	101.54M	103.78M
Normalized Net Operating Profit after Tax (NOPAT)	84	138	151	273	298	545	227	732	313	664	288
Normalized NOPAT Margin	14.02%	17.02%	17.12%	25.14%	14.03%	22.89%	9.39%	19.92%	9.54%	18.22%	9.30%
Pre Tax Income Margin	11.01%	13.01%	21.86%	26.57%	12.02%	22.85%	6.96%	16.70%	-2.50%	13.50%	-3.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.88	1.82	2.97	3.69	2.12	3.68	1.82	2.79	0.88	2.15	0.81
NOPAT to Interest Expense	1.13	1.07	4.02	2.66	1.48	2.79	1.00	2.07	0.61	1.44	0.57
EBIT Less CapEx to Interest Expense	1.60	1.50	2.61	3.04	1.65	3.18	0.83	1.57	0.22	1.86	0.68
NOPAT Less CapEx to Interest Expense	0.84	0.75	3.66	2.01	1.01	2.29	0.01	0.85	-0.06	1.15	0.44
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	21.79%	12.68%	92.22%	18.02%	-107.89%	22.40%	-100.00%
Augmented Payout Ratio	0.00%	3.21%	1.53%	9.00%	39.66%	30.98%	125.56%	29.01%	-107.89%	22.40%	-100.00%

This table displays calculated financial ratios and metrics derived from Gray Media's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	102,086,653.00	103,776,139.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	102,086,653.00	103,776,139.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.23	-0.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.66%	-19.40%	2.75%	1.60%	18.31%	20.95%	-4.98%	-6.54%	-21.16%	-24.21%	-1.79%
EBITDA Growth	-50.58%	-50.33%	90.80%	7.41%	94.12%	77.73%	-46.62%	-34.48%	-49.70%	-54.05%	-1.20%
EBIT Growth	-69.67%	-63.26%	260.00%	30.51%	240.54%	146.62%	-60.26%	-46.75%	-60.71%	-64.33%	-4.30%
NOPAT Growth	-66.67%	-71.41%	95.52%	118.02%	218.88%	221.47%	-29.77%	-50.22%	-61.92%	-68.07%	-11.96%
Net Income Growth	-137.04%	-104.84%	383.87%	450.00%	340.00%	1,977.78%	-110.23%	-354.55%	-110.42%	-105.92%	-122.22%
EPS Growth	-155.34%	-112.83%	264.58%	190.00%	250.88%	775.00%	-129.11%	-888.89%	-127.91%	-114.20%	-47.83%
Operating Cash Flow Growth	-60.15%	-64.38%	-83.50%	-61.70%	180.19%	343.37%	94.12%	72.22%	-95.29%	-69.57%	-99.24%
Free Cash Flow Firm Growth	109.06%	563.77%	-8.07%	26.24%	39.91%	15.39%	185.97%	137.07%	19.33%	-52.46%	-86.22%
Invested Capital Growth	-2.17%	-4.13%	-0.79%	-1.22%	-1.92%	-3.11%	-4.55%	-5.40%	-4.09%	-1.99%	-0.08%
Revenue Q/Q Growth	-1.23%	7.60%	-4.75%	0.36%	15.01%	10.00%	-25.17%	-1.28%	-2.98%	5.74%	-3.03%
EBITDA Q/Q Growth	-21.30%	34.71%	35.81%	-25.40%	42.24%	23.33%	-59.21%	-8.43%	9.21%	12.65%	-12.30%
EBIT Q/Q Growth	-37.29%	79.73%	75.94%	-34.19%	63.64%	30.16%	-71.65%	-11.83%	20.73%	18.18%	-23.93%
NOPAT Q/Q Growth	11.18%	34.52%	15.93%	25.75%	62.60%	35.62%	-74.67%	-10.87%	24.39%	13.73%	-30.17%
Net Income Q/Q Growth	-1,100.00%	77.50%	1,077.78%	-75.00%	336.36%	76.04%	-105.33%	-522.22%	82.14%	0.00%	-100.00%
EPS Q/Q Growth	-470.00%	57.89%	429.17%	-88.61%	855.56%	88.37%	-114.20%	-208.70%	66.20%	4.17%	-47.83%
Operating Cash Flow Q/Q Growth	125.53%	-21.70%	-18.07%	-73.53%	1,550.00%	23.91%	-64.13%	-76.52%	-54.84%	700.00%	-99.11%
Free Cash Flow Firm Q/Q Growth	44.05%	79.00%	-64.55%	38.10%	59.64%	47.62%	-12.14%	14.49%	-19.64%	-41.18%	-74.54%
Invested Capital Q/Q Growth	-0.36%	-0.79%	-0.13%	0.06%	-1.06%	-2.00%	-1.62%	-0.83%	0.30%	0.14%	0.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.39%	26.97%	26.61%	29.90%	37.58%	40.29%	23.66%	24.48%	24.70%	25.51%	24.09%
EBITDA Margin	21.17%	26.50%	37.79%	28.09%	34.74%	38.95%	21.23%	19.69%	22.16%	23.61%	21.35%
Operating Margin	10.46%	13.08%	15.07%	18.40%	26.32%	31.10%	11.76%	10.62%	13.62%	14.65%	10.55%
EBIT Margin	9.22%	15.39%	28.43%	18.64%	26.53%	31.39%	11.89%	10.62%	13.22%	14.77%	11.59%
Profit (Net Income) Margin	-4.98%	-1.04%	10.69%	2.66%	10.11%	16.17%	-1.15%	-7.25%	-1.34%	-1.26%	-2.60%
Tax Burden Percent	108.11%	75.00%	73.95%	75.86%	75.00%	78.24%	37.50%	160.00%	35.71%	38.46%	71.43%
Interest Burden Percent	-50.00%	-9.02%	50.85%	18.83%	50.79%	65.85%	-25.81%	-42.68%	-28.28%	-22.22%	-31.46%
Effective Tax Rate	0.00%	0.00%	26.05%	24.14%	25.00%	21.76%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.86%	3.36%	4.19%	5.26%	7.82%	10.29%	3.47%	3.10%	3.77%	3.78%	2.73%
ROIC Less NNEP Spread (ROIC-NNEP)	1.30%	1.95%	4.13%	3.73%	6.30%	8.83%	2.19%	1.13%	2.33%	2.13%	1.33%
Return on Net Nonoperating Assets (RNNOA)	3.12%	4.52%	9.27%	8.39%	13.97%	18.57%	4.50%	2.34%	4.74%	4.10%	2.59%
Return on Equity (ROE)	5.99%	7.88%	13.47%	13.65%	21.80%	28.86%	7.97%	5.44%	8.51%	7.88%	5.32%
Cash Return on Invested Capital (CROIC)	7.05%	7.22%	3.53%	4.54%	7.39%	10.69%	12.30%	11.72%	9.34%	5.28%	3.28%
Operating Return on Assets (OROA)	2.93%	4.64%	8.70%	5.77%	8.60%	10.80%	4.05%	3.59%	4.22%	4.36%	3.44%
Return on Assets (ROA)	-1.59%	-0.31%	3.27%	0.82%	3.28%	5.56%	-0.39%	-2.45%	-0.43%	-0.37%	-0.77%
Return on Common Equity (ROCE)	4.50%	5.98%	10.23%	10.37%	16.58%	22.10%	6.12%	4.16%	6.53%	6.10%	4.10%
Return on Equity Simple (ROE_SIMPLE)	5.94%	0.00%	2.10%	2.97%	9.25%	0.00%	12.33%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	59	79	92	115	188	254	64	57	71	81	57
NOPAT Margin	7.32%	9.16%	11.14%	13.96%	19.74%	24.33%	8.24%	7.44%	9.53%	10.25%	7.38%
Net Nonoperating Expense Percent (NNEP)	1.57%	1.41%	0.06%	1.53%	1.52%	1.46%	1.28%	1.97%	1.43%	1.65%	1.39%
Return On Investment Capital (ROIC_SIMPLE)	0.72%	0.97%	1.12%	1.41%	2.34%	3.22%	0.82%	0.74%	0.92%	1.03%	0.72%
Cost of Revenue to Revenue	71.61%	73.03%	73.39%	70.10%	62.42%	59.71%	76.34%	75.52%	75.30%	74.49%	75.91%
SG&A Expenses to Revenue	2.86%	3.82%	3.40%	3.39%	2.53%	2.30%	4.09%	3.24%	3.74%	3.54%	5.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	17.93%	13.89%	11.54%	11.50%	11.26%	9.19%	11.89%	13.86%	11.08%	10.86%	13.54%
Earnings before Interest and Taxes (EBIT)	74	133	234	154	252	328	93	82	99	117	89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	170	229	311	232	330	407	166	152	166	187	164
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.30	0.40	0.27	0.24	0.24	0.13	0.19	0.21	0.27	0.23	0.21
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.17	0.24	0.17	0.15	0.15	0.08	0.12	0.13	0.18	0.16	0.15
Price to Earnings (P/E)	8.96	0.00	0.00	54.08	3.54	0.95	1.94	3.07	14.05	0.00	0.00
Dividend Yield	5.09%	3.89%	5.45%	6.52%	6.21%	10.36%	7.41%	7.16%	5.54%	6.61%	7.37%
Earnings Yield	11.16%	0.00%	0.00%	1.85%	28.25%	104.88%	51.52%	32.54%	7.12%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.83	0.86	0.82	0.81	0.80	0.75	0.77	0.78	0.80	0.78	0.79
Enterprise Value to Revenue (EV/Rev)	2.10	2.28	2.16	2.15	1.99	1.75	1.78	1.81	1.97	2.09	2.13
Enterprise Value to EBITDA (EV/EBITDA)	7.24	9.63	7.72	7.55	6.26	4.98	5.65	6.10	7.42	9.66	9.80
Enterprise Value to EBIT (EV/EBIT)	11.82	19.20	12.78	11.96	8.93	6.59	7.76	8.53	10.98	16.58	16.94
Enterprise Value to NOPAT (EV/NOPAT)	16.90	27.93	29.83	24.41	14.47	9.83	9.83	12.25	15.10	23.63	24.58
Enterprise Value to Operating Cash Flow (EV/OCF)	9.17	11.56	23.50	25.87	14.81	8.49	7.87	7.78	12.13	22.43	41.49
Enterprise Value to Free Cash Flow (EV/FCFF)	11.63	11.61	23.09	17.81	10.69	6.93	6.11	6.45	8.35	14.62	23.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.33	2.35	2.28	2.27	2.12	1.92	1.93	1.97	2.00	2.05	2.08
Long-Term Debt to Equity	2.33	2.34	2.27	2.26	2.11	1.91	1.92	1.97	2.00	2.05	2.08
Financial Leverage	2.41	2.32	2.24	2.25	2.22	2.10	2.05	2.07	2.03	1.93	1.94
Leverage Ratio	4.19	4.05	3.99	3.96	3.93	3.81	3.78	3.79	3.75	3.66	3.66
Compound Leverage Factor	-2.09	-0.37	2.03	0.75	2.00	2.51	-0.98	-1.62	-1.06	-0.81	-1.15
Debt to Total Capital	69.99%	70.15%	69.51%	69.41%	67.95%	65.71%	65.89%	66.38%	66.64%	67.19%	67.53%
Short-Term Debt to Total Capital	0.17%	0.17%	0.17%	0.15%	0.27%	0.23%	0.23%	0.12%	0.02%	0.02%	0.00%
Long-Term Debt to Total Capital	69.82%	69.98%	69.34%	69.26%	67.68%	65.48%	65.65%	66.26%	66.62%	67.17%	67.53%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.35%	7.40%	7.34%	7.35%	7.49%	7.60%	7.64%	7.72%	7.72%	7.60%	7.64%
Common Equity to Total Capital	22.65%	22.45%	23.15%	23.24%	24.56%	26.69%	26.48%	25.90%	25.64%	25.21%	24.83%
Debt to EBITDA	6.12	7.92	6.65	6.52	5.35	4.39	4.94	5.30	6.30	8.56	8.59
Net Debt to EBITDA	6.00	7.78	6.41	6.35	5.21	4.23	4.69	5.06	6.03	7.96	8.15
Long-Term Debt to EBITDA	6.11	7.90	6.63	6.50	5.33	4.38	4.92	5.29	6.29	8.56	8.59
Debt to NOPAT	14.29	22.98	25.70	21.06	12.36	8.67	8.60	10.64	12.81	20.93	21.54
Net Debt to NOPAT	14.01	22.58	24.78	20.51	12.03	8.36	8.17	10.15	12.27	19.46	20.45
Long-Term Debt to NOPAT	14.25	22.92	25.63	21.02	12.31	8.64	8.57	10.62	12.81	20.93	21.54
Altman Z-Score	0.55	0.56	0.59	0.57	0.61	0.66	0.58	0.57	0.57	0.55	0.53
Noncontrolling Interest Sharing Ratio	24.84%	24.13%	24.03%	24.01%	23.93%	23.41%	23.20%	23.48%	23.26%	22.66%	22.94%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.18	1.42	1.63	1.13	1.03	0.91	0.87	0.93	1.27	1.20
Quick Ratio	0.87	0.92	1.17	1.27	0.84	0.90	0.77	0.76	0.74	1.11	1.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	255	456	162	223	357	526	462	529	425	250	64
Operating Cash Flow to CapEx	160.61%	224.32%	251.85%	62.07%	761.54%	1,082.35%	2,640.00%	147.62%	63.64%	861.54%	5.26%
Free Cash Flow to Firm to Interest Expense	2.30	3.93	1.41	1.79	2.88	6.05	3.95	4.52	3.35	2.03	0.54
Operating Cash Flow to Interest Expense	0.96	0.72	0.59	0.14	2.40	4.23	1.13	0.27	0.11	0.91	0.01
Operating Cash Flow Less CapEx to Interest Expense	0.36	0.40	0.36	-0.09	2.08	3.84	1.09	0.09	-0.06	0.80	-0.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.30	0.31	0.31	0.32	0.34	0.34	0.34	0.32	0.30	0.30
Accounts Receivable Turnover	7.31	6.61	9.51	9.85	9.94	10.73	12.87	12.68	11.91	11.42	16.39
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.34	2.14	2.12	2.10	2.17	2.29	2.29	2.27	2.15	2.01	2.02
Accounts Payable Turnover	71.18	61.10	62.45	73.51	111.95	48.98	44.31	42.05	135.31	15.66	22.97
Days Sales Outstanding (DSO)	49.90	55.18	38.40	37.04	36.73	34.01	28.37	28.80	30.63	31.96	22.27
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	5.13	5.97	5.84	4.97	3.26	7.45	8.24	8.68	2.70	23.30	15.89
Cash Conversion Cycle (CCC)	44.77	49.20	32.56	32.07	33.47	26.55	20.13	20.12	27.94	8.66	6.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,822	8,752	8,741	8,746	8,653	8,480	8,343	8,274	8,299	8,311	8,336
Invested Capital Turnover	0.39	0.37	0.38	0.38	0.40	0.42	0.42	0.42	0.40	0.37	0.37
Increase / (Decrease) in Invested Capital	-196	-377	-70	-108	-169	-272	-398	-472	-354	-169	-7.00
Enterprise Value (EV)	7,314	7,488	7,145	7,114	6,901	6,378	6,416	6,438	6,612	6,483	6,555
Market Capitalization	600	784	561	487	513	308	439	455	590	494	450
Book Value per Share	$20.97	$20.65	$21.81	$20.73	$21.37	$22.91	$22.20	$21.43	$21.14	$21.11	$20.36
Tangible Book Value per Share	($67.29)	($67.12)	($66.99)	($63.14)	($61.65)	($59.80)	($58.70)	($58.69)	($58.52)	($58.31)	($58.14)
Total Capital	8,838	8,781	8,854	8,843	8,673	8,554	8,513	8,421	8,418	8,549	8,509
Total Debt	6,186	6,160	6,154	6,138	5,893	5,621	5,609	5,590	5,610	5,744	5,746
Total Long-Term Debt	6,171	6,145	6,139	6,125	5,870	5,601	5,589	5,580	5,608	5,742	5,746
Net Debt	6,064	6,054	5,934	5,977	5,738	5,420	5,327	5,333	5,372	5,339	5,455
Capital Expenditures (CapEx)	66	37	27	29	39	34	5.00	21	22	13	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	75	67	58	145	22	-101	-240	-260	-214	-226	-173
Debt-free Net Working Capital (DFNWC)	96	88	192	220	91	34	-30	-61	-32	142	86
Net Working Capital (NWC)	81	73	177	207	68	14	-50	-71	-34	140	86
Net Nonoperating Expense (NNE)	99	88	3.70	93	92	85	73	113	81	91	77
Net Nonoperating Obligations (NNO)	6,170	6,131	6,041	6,041	5,873	5,547	5,439	5,443	5,491	5,506	5,573
Total Depreciation and Amortization (D&A)	96	96	77	78	78	79	73	70	67	70	75
Debt-free, Cash-free Net Working Capital to Revenue	2.15%	2.04%	1.76%	4.37%	0.64%	-2.77%	-6.66%	-7.33%	-6.39%	-7.30%	-5.62%
Debt-free Net Working Capital to Revenue	2.75%	2.68%	5.81%	6.63%	2.63%	0.93%	-0.83%	-1.72%	-0.96%	4.59%	2.79%
Net Working Capital to Revenue	2.32%	2.22%	5.36%	6.24%	1.96%	0.38%	-1.39%	-2.00%	-1.02%	4.52%	2.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.57)	($0.24)	$0.80	$0.09	$0.87	$1.64	($0.23)	($0.71)	($0.24)	($0.23)	($0.34)
Adjusted Weighted Average Basic Shares Outstanding	93M	92M	94M	95M	95M	95M	96M	97M	97M	97M	97M
Adjusted Diluted Earnings per Share	($0.57)	($0.24)	$0.79	$0.09	$0.86	$1.62	($0.23)	($0.71)	($0.24)	($0.23)	($0.34)
Adjusted Weighted Average Diluted Shares Outstanding	93M	92M	95M	96M	97M	96M	96M	97M	97M	97M	97M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	95.45M	97.20M	99.14M	99.67M	99.67M	101.54M	101.79M	102.09M	102.09M	103.78M	102.74M
Normalized Net Operating Profit after Tax (NOPAT)	85	80	92	115	200	258	63	73	71	80	57
Normalized NOPAT Margin	10.55%	9.24%	11.14%	13.87%	21.00%	24.71%	8.06%	9.43%	9.44%	10.08%	7.38%
Pre Tax Income Margin	-4.61%	-1.39%	14.46%	3.51%	13.47%	20.67%	-3.07%	-4.53%	-3.74%	-3.28%	-3.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.67	1.15	2.03	1.23	2.03	3.77	0.79	0.70	0.78	0.95	0.76
NOPAT to Interest Expense	0.53	0.68	0.80	0.92	1.51	2.92	0.55	0.49	0.56	0.66	0.48
EBIT Less CapEx to Interest Expense	0.07	0.83	1.80	1.00	1.72	3.38	0.75	0.52	0.61	0.85	0.60
NOPAT Less CapEx to Interest Expense	-0.06	0.36	0.56	0.69	1.20	2.53	0.51	0.31	0.39	0.55	0.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	68.07%	-107.89%	193.02%	137.70%	42.64%	22.40%	30.22%	42.00%	89.36%	-100.00%	-89.58%
Augmented Payout Ratio	68.07%	-107.89%	193.02%	137.70%	42.64%	22.40%	30.22%	42.00%	89.36%	-100.00%	-89.58%

Financials Breakdown Chart

Key Financial Trends

Gray Television (NYSE: GTN) continues to display a mixed financial picture. The company generates positive cash from operations in several quarters and has used debt issuances to bolster liquidity, but it also reports ongoing net losses at the equity level and holds a large base of intangible assets and goodwill. Below are the 10 most important trends from the last four years, highlighting what may positively or negatively impact GTN for retail investors.

Operating cash flow has remained positive across the recent years, indicating durable cash generation from core operations (examples: Q4 2025 Net Cash From Continuing Operating Activities around $112M; Q4 2024 around $368M; other quarters also show positive cash flow).
Free cash flow in the latest period looks favorable when cash from operations is high relative to capital spending (Q4 2025 CFO about $112M and capex around $43M suggests roughly $69M of potential free cash flow).
Dividend policy appears stable, with cash dividends per share consistently at $0.08, providing a predictable income stream for shareholders.
Liquidity is supported by debt issuances in several quarters (e.g., Q4 2025 debt issuance around $255M and Q3 2025 issuance around $1.725B), helping fund operations and capex when operating cash flow fluctuates.
Near-term revenue showed a sequential gain in Q4 2025 versus Q3 2025 (roughly $792M vs $749M), indicating some top-line momentum within the quarter.
Total assets are robust (around $10.3B–$10.4B in 2025), with a substantial investment in long-term assets, goodwill, and intangible assets, which creates a sizable leverage and impairment risk to monitor.
Cash on hand has generally run in the low-to-mid hundreds of millions range (e.g., cash & equivalents around $180M–$210M in 2025), indicating a modest cash cushion outside ongoing operations.
Revenue and earnings volatility aligns with industry seasonality and advertising market cycles, contributing to quarterly swings in results and making quarterly comparisons more challenging.
Net income attributable to common shareholders has been negative in most 2025 quarters (e.g., Q4 2025 around -$23M; Q3 2025 around -$69M; Q2 2025 around -$56M; Q1 2025 around -$22M), signaling ongoing profitability challenges at the bottom line.
The balance sheet shows a high level of intangibles and goodwill (Goodwill around $2.6–$2.7B; Intangible assets around $5.5–$6.0B in mid-2025), which raises impairment risk that could impact earnings if ad markets deteriorate.

05/12/26 03:13 AM ETAI Generated. May Contain Errors.

Gray Media Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Gray Media's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Over the last 10 years, Gray Media's net income changed from $39.30 million in 2015 to -$85 million in 2025, a change of -316.3%. View Gray Media's forecast to see where analysts expect Gray Media to go next.

Gray Media's total operating income in 2025 was $392 million, based on the following breakdown:

Total Gross Profit: $761 million
Total Operating Expenses: $369 million

Over the last 10 years, Gray Media's total revenue changed from $597.36 million in 2015 to $3.10 billion in 2025, a change of 418.1%.

Gray Media's total liabilities were at $7.64 billion at the end of 2025, a 0.3% increase from 2024, and a 349.5% increase since 2015.

In the past 10 years, Gray Media's cash and equivalents has ranged from $0.00 in 2016 to $773 million in 2020, and is currently $368 million as of their latest financial filing in 2025.

Over the last 10 years, Gray Media's book value per share changed from 5.93 in 2015 to 21.11 in 2025, a change of 255.8%.

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Financial statements for NYSE:GTN last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Gray Media (GTN) Financials

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Gray Media (GTN) Financials

Annual Income Statements for Gray Media

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Quarterly Cash Flow Statements for Gray Media

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Quarterly Balance Sheets for Gray Media

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Quarterly Metrics And Ratios for Gray Media

Financials Breakdown Chart

Key Financial Trends

Gray Media Financials - Frequently Asked Questions

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