Fundies.
English

Gray Television, Inc.

EDGAR
GTN Quarterly report (10-Q) · filed 2026-08-07

Annual consolidated revenue for 2025: about USD 3.095B, using the latest reported figures. The previous period, 2024, was about USD 3.644B.

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Watchlist

Latest quarter

Revenue

839 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating margin

16.21%

2026 Q2 · %

Exact inputs and evidence
  • Operating Income: 136000000 USD Source
  • Revenue: 839000000 USD Source

Operating cash flow

123 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 124000000 USD Source
  • Operating Cash Flow: 1000000 USD Source

Free cash flow

106 million USD

2026 Q2 · USD

Exact inputs and evidence
  • Operating Cash Flow: 124000000 USD Source
  • Operating Cash Flow: 1000000 USD Source
  • Capital Expenditure: 36000000 USD Source
  • Capital Expenditure: 19000000 USD Source
Cash and cash equivalents
176 million USD Source
Exact value

176000000 USD

Long-term debt including current maturities
5.8 billion USD Source
Exact value

5800000000 USD

Shares outstanding
87.5 million shares Source
Exact value

87539056 shares

Reported share-count change

-0.68% · -601 thousand shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence
  • 88140259 shares · 2020-12-31· Source
  • 87539056 shares · 2021-12-31· Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-08-07.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 9 of 11 periods available· newest 2025-12-31
  • Operating income: 9 of 11 periods available· newest 2025-12-31
  • Net income: 9 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 9 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 9 of 11 periods available· newest 2025-12-31
  • Total assets: 8 of 11 periods available· newest 2025-12-31
  • Total liabilities: 8 of 11 periods available· newest 2025-12-31
  • Current assets: 8 of 11 periods available· newest 2025-12-31
  • Current liabilities: 8 of 11 periods available· newest 2025-12-31
  • Cash and cash equivalents: 8 of 11 periods available· newest 2025-12-31
  • Long-term debt including current maturities: 8 of 11 periods available· newest 2025-12-31
  • Shares outstanding: 4 of 11 periods available· newest 2021-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    -15.1%

    Prior period

    USD 3.64 billion

    –

    Current period

    USD 3.1 billion

    –

    Exact inputs and evidence

    3095000000 − 3644000000 = -549000000 USD

    3644000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    3095000000 USD · 2025-01-01 – 2025-12-31

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  • Net income

    -122.7%

    Prior period

    USD 375 million

    –

    Current period

    −USD 85 million

    –

    Exact inputs and evidence

    -85000000 − 375000000 = -460000000 USD

    375000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    -85000000 USD · 2025-01-01 – 2025-12-31

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  • Operating cash flow

    -61.5%

    Prior period

    USD 751 million

    –

    Current period

    USD 289 million

    –

    Exact inputs and evidence

    289000000 − 751000000 = -462000000 USD

    751000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    289000000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    -24.5%

    Prior period

    USD 143 million

    –

    Current period

    USD 108 million

    –

    Exact inputs and evidence

    108000000 − 143000000 = -35000000 USD

    143000000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    108000000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 3.1 billion 100% of revenue
  • Operating costs Derived USD 2.7 billion 87% of revenue
  • Operating income USD 392 million 13% of revenue
  • Tax, interest and other Derived USD 477 million 15% of revenue
  • Net income −USD 85 million −2.7% of revenue

Cash

  • Operating cash flow USD 289 million 9.3% of revenue
  • Capital expenditure USD 108 million 3.5% of revenue
  • Free cash flow Derived USD 181 million 5.8% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2017 30%67%
  • 2018 19%16%64%
  • 2019 14%77%
  • 2020 17%14%68%
  • 2021 12%84%
  • 2022 12%15%73%
  • 2023 Net loss: net income was −2.3% of revenue.
  • 2024 10%13%77%
  • 2025 Net loss: net income was −2.7% of revenue.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2017 2017-01-01 – 2017-12-31883000000 593000000 Derived 290000000 28000000 Derived 262000000 145000000 Derived
Source
2018 2018-01-01 – 2018-12-311084000000 695000000 Derived 389000000 178000000 Derived 211000000 253000000 Derived
Source
2019 2019-01-01 – 2019-12-312122000000 1644000000 Derived 478000000 299000000 Derived 179000000 275000000 Derived
Source
2020 2020-01-01 – 2020-12-312381000000 1629000000 Derived 752000000 342000000 Derived 410000000 542000000 Derived
Source
2021 2021-01-01 – 2021-12-312413000000 2032000000 Derived 381000000 291000000 Derived 90000000 93000000 Derived
Source
2022 2022-01-01 – 2022-12-313676000000 2686000000 Derived 990000000 535000000 Derived 455000000 393000000 Derived
Source
2023 2023-01-01 – 2023-12-313281000000 2898000000 Derived 383000000 459000000 Derived -76000000 300000000 Derived
Source
2024 2024-01-01 – 2024-12-313644000000 2793000000 Derived 851000000 476000000 Derived 375000000 608000000 Derived
Source
2025 2025-01-01 – 2025-12-313095000000 2703000000 Derived 392000000 477000000 Derived -85000000 181000000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 3.1B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.4.0B3.0B2.0B992.5M0.0201720212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Revenue883000000
2018Revenue1084000000
2019Revenue2122000000
2020Revenue2381000000
2021Revenue2413000000
2022Revenue3676000000
2023Revenue3281000000
2024Revenue3644000000
2025Revenue3095000000

Revenue growth

Change in revenue from the same financial period one year earlier.

-15.1% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.105%72%40%8%-24%201720212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2017Year over yearNo prior comparable period
2018Year over year22.8%
2019Year over year95.8%
2020Year over year12.2%
2021Year over year1.3%
2022Year over year52.3%
2023Year over year-10.7%
2024Year over year11.1%
2025Year over year-15.1%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 12.7% 2025
Net margin -2.7% 2025
Free cash flow margin 5.8% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.39%28%17%5%-6%201720212025
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2017Operating margin32.8%
2018Operating margin35.9%
2019Operating margin22.5%
2020Operating margin31.6%
2021Operating margin15.8%
2022Operating margin26.9%
2023Operating margin11.7%
2024Operating margin23.4%
2025Operating margin12.7%
2017Net margin29.7%
2018Net margin19.5%
2019Net margin8.4%
2020Net margin17.2%
2021Net margin3.7%
2022Net margin12.4%
2023Net margin-2.3%
2024Net margin10.3%
2025Net margin-2.7%
2017Free cash flow margin16.4%
2018Free cash flow margin23.3%
2019Free cash flow margin13%
2020Free cash flow margin22.8%
2021Free cash flow margin3.9%
2022Free cash flow margin10.7%
2023Free cash flow margin9.1%
2024Free cash flow margin16.7%
2025Free cash flow margin5.8%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 289M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.895.3M671.5M447.7M223.8M0.0201720212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Operating cash flow180000000
2018Operating cash flow323000000
2019Operating cash flow385000000
2020Operating cash flow652000000
2021Operating cash flow300000000
2022Operating cash flow829000000
2023Operating cash flow648000000
2024Operating cash flow751000000
2025Operating cash flow289000000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 181M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.656.6M492.5M328.3M164.2M0.0201720212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2017Free cash flow145000000
2018Free cash flow253000000
2019Free cash flow275000000
2020Free cash flow542000000
2021Free cash flow93000000
2022Free cash flow393000000
2023Free cash flow300000000
2024Free cash flow608000000
2025Free cash flow181000000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

73.1% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.85%63%42%21%0%2017-12-3120212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2017-12-31Liabilities / assetsNot reportedNo source recorded
2018Liabilities / assets71.8%
2019Liabilities / assets69.7%
2020Liabilities / assets68.6%
2021Liabilities / assets78.3%
2022Liabilities / assets75.2%
2023Liabilities / assets75.4%
2024Liabilities / assets72.2%
2025Liabilities / assets73.1%

Current assets to current liabilities

Current assets divided by current liabilities.

1.27× 2025
Current assets to current liabilities historyCurrent assets divided by current liabilities. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.6.29×4.71×3.14×1.57×0.00×2017-12-3120212025
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018Current assets / current liabilities5.82×
2019Current assets / current liabilities2.73×
2020Current assets / current liabilities5.11×
2021Current assets / current liabilities2.51×
2022Current assets / current liabilities2.1×
2023Current assets / current liabilities1.18×
2024Current assets / current liabilities1.03×
2025Current assets / current liabilities1.27×

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2017 2017-01-01 – 2017-12-31
USD 262 million
Exact value

Exact value: 262000000 USD

2017-01-01 – 2017-12-31: 262000000 USD Inspect Net Income Open source
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USD 180 million
Exact value

Exact value: 180000000 USD

2017-01-01 – 2017-12-31: 180000000 USD Inspect Operating Cash Flow Open source
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USD 35 million
Exact value

Exact value: 35000000 USD

2017-01-01 – 2017-12-31: 35000000 USD Inspect Capital Expenditure Open source
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USD 145 million
Calculation and evidence

180000000 − 35000000 USD

Exact free cash flow: 145000000 USD

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2018 2018-01-01 – 2018-12-31
USD 211 million
Exact value

Exact value: 211000000 USD

2018-01-01 – 2018-12-31: 211000000 USD Inspect Net Income Open source
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USD 323 million
Exact value

Exact value: 323000000 USD

2018-01-01 – 2018-12-31: 323000000 USD Inspect Operating Cash Flow Open source
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USD 70 million
Exact value

Exact value: 70000000 USD

2018-01-01 – 2018-12-31: 70000000 USD Inspect Capital Expenditure Open source
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USD 253 million
Calculation and evidence

323000000 − 70000000 USD

Exact free cash flow: 253000000 USD

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2019 2019-01-01 – 2019-12-31
USD 179 million
Exact value

Exact value: 179000000 USD

2019-01-01 – 2019-12-31: 179000000 USD Inspect Net Income Open source
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USD 385 million
Exact value

Exact value: 385000000 USD

2019-01-01 – 2019-12-31: 385000000 USD Inspect Operating Cash Flow Open source
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USD 110 million
Exact value

Exact value: 110000000 USD

2019-01-01 – 2019-12-31: 110000000 USD Inspect Capital Expenditure Open source
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USD 275 million
Calculation and evidence

385000000 − 110000000 USD

Exact free cash flow: 275000000 USD

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2020 2020-01-01 – 2020-12-31
USD 410 million
Exact value

Exact value: 410000000 USD

2020-01-01 – 2020-12-31: 410000000 USD Inspect Net Income Open source
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USD 652 million
Exact value

Exact value: 652000000 USD

2020-01-01 – 2020-12-31: 652000000 USD Inspect Operating Cash Flow Open source
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USD 110 million
Exact value

Exact value: 110000000 USD

2020-01-01 – 2020-12-31: 110000000 USD Inspect Capital Expenditure Open source
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USD 542 million
Calculation and evidence

652000000 − 110000000 USD

Exact free cash flow: 542000000 USD

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2021 2021-01-01 – 2021-12-31
USD 90 million
Exact value

Exact value: 90000000 USD

2021-01-01 – 2021-12-31: 90000000 USD Inspect Net Income Open source
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USD 300 million
Exact value

Exact value: 300000000 USD

2021-01-01 – 2021-12-31: 300000000 USD Inspect Operating Cash Flow Open source
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USD 207 million
Exact value

Exact value: 207000000 USD

2021-01-01 – 2021-12-31: 207000000 USD Inspect Capital Expenditure Open source
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USD 93 million
Calculation and evidence

300000000 − 207000000 USD

Exact free cash flow: 93000000 USD

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2022 2022-01-01 – 2022-12-31
USD 455 million
Exact value

Exact value: 455000000 USD

2022-01-01 – 2022-12-31: 455000000 USD Inspect Net Income Open source
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USD 829 million
Exact value

Exact value: 829000000 USD

2022-01-01 – 2022-12-31: 829000000 USD Inspect Operating Cash Flow Open source
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USD 436 million
Exact value

Exact value: 436000000 USD

2022-01-01 – 2022-12-31: 436000000 USD Inspect Capital Expenditure Open source
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USD 393 million
Calculation and evidence

829000000 − 436000000 USD

Exact free cash flow: 393000000 USD

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2023 2023-01-01 – 2023-12-31
−USD 76 million
Exact value

Exact value: -76000000 USD

2023-01-01 – 2023-12-31: -76000000 USD Inspect Net Income Open source
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USD 648 million
Exact value

Exact value: 648000000 USD

2023-01-01 – 2023-12-31: 648000000 USD Inspect Operating Cash Flow Open source
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USD 348 million
Exact value

Exact value: 348000000 USD

2023-01-01 – 2023-12-31: 348000000 USD Inspect Capital Expenditure Open source
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USD 300 million
Calculation and evidence

648000000 − 348000000 USD

Exact free cash flow: 300000000 USD

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2024 2024-01-01 – 2024-12-31
USD 375 million
Exact value

Exact value: 375000000 USD

2024-01-01 – 2024-12-31: 375000000 USD Inspect Net Income Open source
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USD 751 million
Exact value

Exact value: 751000000 USD

2024-01-01 – 2024-12-31: 751000000 USD Inspect Operating Cash Flow Open source
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USD 143 million
Exact value

Exact value: 143000000 USD

2024-01-01 – 2024-12-31: 143000000 USD Inspect Capital Expenditure Open source
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USD 608 million
Calculation and evidence

751000000 − 143000000 USD

Exact free cash flow: 608000000 USD

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2025 2025-01-01 – 2025-12-31
−USD 85 million
Exact value

Exact value: -85000000 USD

2025-01-01 – 2025-12-31: -85000000 USD Inspect Net Income Open source
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USD 289 million
Exact value

Exact value: 289000000 USD

2025-01-01 – 2025-12-31: 289000000 USD Inspect Operating Cash Flow Open source
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USD 108 million
Exact value

Exact value: 108000000 USD

2025-01-01 – 2025-12-31: 108000000 USD Inspect Capital Expenditure Open source
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USD 181 million
Calculation and evidence

289000000 − 108000000 USD

Exact free cash flow: 181000000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

183 filings · 6,113 latest values · 6,113 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000043196, 43196, GTN, GTN-A, edgar:43196, gtn

Also known as GRAY COMMUNICATIONS SYSTEMS INC /GA/, GRAY MEDIA, INC, GRAY MEDIA, INC., GRAY TELEVISION INC, Gray Media, Inc., Gray Television, Inc.