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Gray Television Inc (GTN) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

COMMUNICATION SERVICES · BROADCASTING · DATA UPDATED 2026-10-02

Gray Television Inc (GTN) operates in the BROADCASTING industry and is headquartered in Atlanta, United States with about 9,165 employees. Its market capitalization is roughly $483 million. In the fiscal year ended 2025-12-31, GTN reported $3.1B in revenue and ($85M) in net income.

Gray Media, Inc., a multimedia company, owns and/or operates local television stations and digital assets in the United States. The company operates through Broadcasting, Production Companies, and Other segments.

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GTN Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$3.1B	$3.1B	$3.6B	$3.3B	$3.7B	$2.4B	$2.4B	$2.1B	$1.1B	$883M	$812M	$597M	$508M	$346M	$405M	$307M	$346M	$270M	$327M	$307M	$332M
Gross Profit	$3.0B	$3.0B	$1.2B	$898M	$1.4B	$803M	$989M	$723M	$488M	$326M	$337M	$223M	$222M	$129M	$193M	$113M	$150M	$83M	$128M	$108M	$141M
Gross Margin %	94.8%	96.6%	34.1%	27.4%	38.9%	33.3%	41.5%	34.1%	45.0%	36.9%	41.5%	37.4%	43.7%	37.2%	47.6%	36.8%	43.3%	30.6%	39.0%	35.0%	42.3%
Operating Income (EBIT)	$435M	$392M	$851M	$383M	$990M	$381M	$752M	$478M	$389M	$291M	$234M	$140M	$154M	$84M	$153M	$75M	$107M	$43M	($259M)	$53M	$88M
Operating Margin %	13.8%	12.7%	23.4%	11.7%	26.9%	15.8%	31.6%	22.5%	35.9%	33.0%	28.8%	23.4%	30.3%	24.2%	37.9%	24.5%	30.9%	15.9%	-79.1%	17.4%	26.5%
Net Income	($26M)	($85M)	$375M	($76M)	$455M	$90M	$410M	$179M	$211M	$262M	$62M	$39M	$48M	$18M	$28M	$9M	$23M	($23M)	($202M)	($23M)	$12M
Net Margin %	-0.8%	-2.8%	10.3%	-2.3%	12.4%	3.7%	17.2%	8.4%	19.4%	29.7%	7.7%	6.6%	9.5%	5.3%	7.0%	2.9%	6.7%	-8.5%	-61.8%	-7.5%	3.5%
EBITDA	$787M	$598M	$1.2B	$697M	$1.3B	$594M	$936M	$677M	$469M	$366M	$265M	$189M	$199M	$109M	$130M	$102M	$150M	$83M	($168M)	$71M	$125M
Earnings Per Share (EPS)	$-0.27	$-0.88	$3.91	$-0.83	$4.89	$0.95	$4.23	$1.79	$2.37	$3.55	$0.86	$0.57	$0.82	$0.32	$0.49	$0.16	$0.43	$-0.48	$-4.18	$-0.48	$0.24
Shares Outstanding (M)	100M	97M	96M	92M	93M	95M	97M	100M	89M	74M	73M	69M	58M	58M	57M	57M	54M	49M	48M	48M	48M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GTN Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$839M	$768M	$792M	$749M	$772M	$782M	$1.0B	$950M
Gross Profit	$248M	$120M	$1.9B	$726M	$189M	$185M	$421M	$357M
Gross Margin %	29.6%	15.6%	238.8%	96.9%	24.5%	23.7%	40.3%	37.6%
Operating Income (EBIT)	$136M	$81M	$116M	$102M	$82M	$92M	$325M	$250M
Operating Margin %	16.2%	10.5%	14.6%	13.6%	10.6%	11.8%	31.1%	26.3%
Net Income	$14M	($20M)	($10M)	($10M)	($56M)	($9M)	$169M	$96M
Net Margin %	1.7%	-2.6%	-1.3%	-1.3%	-7.2%	-1.1%	16.2%	10.1%
EBITDA	$191M	($74M)	$534M	$136M	$164M	$163M	$405M	$332M
Earnings Per Share (EPS)	$0.14	$-0.21	$-0.10	$-0.10	$-0.58	$-0.09	$1.72	$0.99
Shares Outstanding (M)	100M	97M	97M	97M	97M	96M	98M	97M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GTN Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$250M	$289M	$751M	$648M	$829M	$300M	$652M	$385M	$323M	$180M	$207M	$106M	$134M	$60M	$89M	$38M	$38M	$19M	$74M	$28M	$80M
Capital Expenditures (CapEx)	$104M	$108M	$143M	$348M	$436M	$207M	$110M	$110M	$70M	$35M	$44M	$24M	$32M	$24M	$25M	$24M	$19M	$18M	$16M	$25M	$41M
Free Cash Flow (FCF)	$146M	$181M	$608M	$300M	$393M	$93M	$542M	$275M	$253M	$145M	$163M	$81M	$102M	$36M	$65M	$14M	$19M	$1M	$57M	$4M	$39M
FCF Margin %	4.6%	5.9%	16.7%	9.1%	10.7%	3.9%	22.8%	13.0%	23.4%	16.5%	20.1%	13.6%	20.1%	10.4%	16.0%	4.5%	5.4%	0.4%	17.5%	1.1%	11.7%
Dividends Paid	$87M	$85M	$84M	$82M	$82M	$83M	$52M	$39M	$39M	$641M	$39M	$0M	$0M	$0M	$17M	$7M	$15M	—	$9M	$8M	$7M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GTN Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$123M	$1M	$112M	$14M	$31M	$132M	$368M	$297M
Capital Expenditures (CapEx)	$17M	$19M	$43M	$25M	$25M	$15M	$40M	$40M
Free Cash Flow (FCF)	$106M	($18M)	$69M	($11M)	$6M	$117M	$328M	$257M
FCF Margin %	12.6%	-2.3%	8.7%	-1.5%	0.8%	15.0%	31.4%	27.1%
Dividends Paid	$22M	$22M	$22M	$21M	$21M	$21M	$21M	$21M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

GTN Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$10.4B	$10.4B	$10.5B	$10.6B	$11.2B	$11.1B	$7.6B	$7.0B	$4.2B	$3.3B	$2.8B	$2.1B	$1.9B	$1.3B	$1.2B	$1.2B	$1.2B	$1.2B	$1.3B	$1.6B	$1.6B
Cash & Cash Equivalents	$176M	$368M	$135M	$21M	$61M	$189M	$773M	$212M	$667M	$462M	$325M	$97M	$31M	$13M	$11M	$5M	$5M	$16M	$31M	$15M	$5M
Total Liabilities	$7.7B	$7.6B	$7.6B	$8.0B	$8.4B	$8.7B	$5.2B	$4.9B	$3.0B	$2.3B	$2.3B	$1.7B	$1.7B	$1.2B	$1.1B	$1.1B	$1.1B	$1.2B	$1.2B	$1.3B	$1.2B
Total Debt (Short + Long-Term)	$5.8B	$5.8B	$5.6B	$6.2B	$6.5B	$6.8B	$4.0B	$13M	$2.7B	$1.8B	$101M	$1.3B	$1.3B	$844M	$865M	$832M	$827M	$792M	$800M	$925M	$852M
Total Shareholders' Equity	$2.7B	$2.8B	$2.9B	$2.6B	$2.8B	$2.4B	$2.4B	$2.1B	$1.2B	$993M	$493M	$429M	$216M	$174M	$144M	$123M	$129M	$94M	$117M	$338M	$380M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive GTN viewer.

Other Companies in BROADCASTING

NXST · Nexstar Broadcasting Group Inc — $6 billion
SBGI · Sinclair Broadcast Group Inc — $974 million
GTN.A · Gray Television Inc — $726 million
IHRT · iHeartMedia Inc Class A — $285 million

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