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NYSE · TELEVISION BROADCASTING STATIONS · MID CAP

Gray Media, Inc. GTN-A

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$3.1B
▼ 15.1% YoY
$-85.0M
▼ 122.7% YoY
$181.0M
▼ 70.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Its operating revenues are derived primarily from broadcast and digital advertising and from retransmission consent fees. Its television stations serve 114 full-power television markets in the United States, collectively reaching approximately 37% of US television households. For the year ended December 31, 2025, its total revenue was $3.1 billion, compared with $3.6 billion in 2024 and $3.3 billion in 2023. As of February 20, 2026, it had 9,165 full-time employees and 417 part-time employees. During the year ended December 31, 2025, approximately 17% of its broadcast advertising revenue, excluding political advertising revenue, was obtained from advertising sales to automotive customers. Its additional media properties include the video production companies Raycom Sports, Tupelo Media Group and PowerNation Studios, and the studio production facilities Assembly Atlanta and Third Rail Studios. Gray Media, Inc. is a Georgia corporation, incorporated in 1897 initially to publish the Albany Herald in Albany, Georgia, and it entered the broadcast industry in 1953.

Written from the business description in Gray Media, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.1B
Revenue, FY2025 · full 17-year series below
Revenue $B Net income $B
FY2025 · Revenue 3.1 · Net income -0.1
2B3B
2009201220152018202120242025
Compound annual growth
−5.6%
+5.4%
+17.9%
+15.7%
+0.0%
−25.6%
−15.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +5.4% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−3 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 12.7% · Net -2.7%
10%20%30%-5%
200920172025
ROE
FY2025 · ROE -3.8%
10%20%30%-10%-20%
200920172025
Three returns, three denominators.

Each USD of equity lost 4 cents this year.

Cash & shareholders

USD 33.0M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 181.0
250.0M500.0M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends 33.0 · Net buybacks ·
30M60M-100M-200MDividendsNet buybacks
20102014201620182020202220242025

USD 33.0M in dividends went back to shareholders in a year without profit.

Total assetsUSD 10.4B
EquityUSD 2.2B
CashUSD 368.0M
Gross debtUSD 5.7B
Net debtUSD 5.4B
Current ratio1.27×

Net debt stands at 249% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
GTN-A, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B3.13.63.33.72.42.42.11.10.90.80.60.50.30.40.30.30.3
Operating income $B0.40.90.41.00.40.80.50.40.30.20.10.20.10.20.10.10.0
EBITDA $B0.51.00.51.10.50.80.60.40.30.30.20.20.10.20.10.10.1
Income tax $B−0.00.1−0.00.20.10.10.10.1−0.10.00.00.00.00.00.00.0−0.0
Net income $B−0.10.4−0.10.50.10.40.20.20.30.10.00.00.00.00.00.0−0.0
Free cash flow $B0.20.60.30.40.10.50.30.30.10.20.10.10.00.10.00.00.0
EPS, diluted $−1.413.36−1.394.330.403.691.272.373.550.860.570.820.320.420.030.16−0.83
Dividend / sh $0.320.320.320.320.320.000.000.000.000.000.000.000.000.00◌◌◌
Payout %−399−3973400—0000——7364—
ROE %−3.817.6−3.723.55.125.513.519.335.213.512.224.611.521.17.220.8−24.6
Shares out B◌◌◌◌0.010.010.010.010.010.01◌◌◌◌◌◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

Provenance

Company facts, as filed

How we verify · 0 failures in 66 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityTelevision Broadcasting Stations
Listed onNYSE
Incorporated inGeorgia
Fiscal year endsDecember 31
Data on record since2009

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