Gray Media Inc. (GTN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.25	$0.26	+4.0%	—	$839M	—
Q1 26	-$0.03	-$0.4	-1233.3%	—	$768M	—
Q3 25	-$0.33	-$0.2	+39.4%	—	$749M	—
Q2 25	-$0.28	-$0.48	-71.4%	—	$772M	—
Q1 25	-$0.48	-$0.24	+50.0%	—	$782M	—
Q4 24	$1.27	$1.35	+6.3%	—	$1B	—
Q3 24	$0.95	$0.92	-3.2%	—	$950M	—
Q2 24	$0.17	$0.14	-17.6%	—	$826M	—
Q1 24	$0.43	-$0.07	-116.3%	—	$823M	—
Q4 23	-$0.13	-$0.23	-76.9%	—	$864M	—
Q3 23	-$0.29	-$0.2	+31.0%	—	$803M	—
Q2 23	-$0.16	$0.07	+143.8%	—	$813M	—
Q1 23	-$0.31	-$0.37	-19.4%	—	$801M	—
Q4 22	$1.85	$1.9	+2.7%	—	$1.1B	—
Q3 22	$1.45	$1.09	-24.8%	—	$909M	—
Q2 22	$0.9	$0.98	+8.9%	—	$868M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$1.41	—	—	$3.1B	—
FY24	—	$3.4	—	—	$3.6B	—
FY23	—	-$1.39	—	—	$3.3B	—
FY22	—	$4.38	—	—	$3.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$812.5M	$883M	$1.1B	$2.1B	$2.4B	$2.4B	$3.7B	$3.3B	$3.6B	$3.1B
YoY change	+36%	+8.68%	+22.8%	+95.8%	+12.2%	+1.34%	+52.3%	-10.7%	+11.1%	-15.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	812.5M	883M	1.1B	2.1B	2.4B	2.4B	3.7B	3.3B	3.6B	3.1B
Cost of revenue	475M	558M	596M	1.4B	1.4B	1.6B	2.2B	2.4B	2.4B	2.3B
Gross profit	337.5M	325M	488M	723M	989M	803M	1.4B	898M	1.2B	761M
Gross margin	41.5%	36.8%	45%	34.1%	41.5%	33.3%	38.8%	27.4%	34.1%	24.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	40.3M	32M	41M	104M	65M	159M	104M	112M	104M	113M
Operating expenses	40.3M	32M	41M	104M	65M	159M	104M	112M	104M	113M
Operating income	234.6M	216M	372M	424M	723M	423M	988M	447M	871M	411M
Operating margin	28.9%	24.5%	34.3%	20%	30.4%	17.5%	26.9%	13.6%	23.9%	13.3%
Non-operating income, net	-31.7M	72M	23M	58M	12M	-50M	-20M	-89M	106M	-50M
Pretax income	105.7M	193M	288M	255M	544M	168M	614M	-82M	492M	-113M
Income tax	43.4M	-69M	77M	76M	134M	78M	159M	-6M	117M	-28M
Net income	62.3M	262M	211M	179M	410M	90M	455M	-76M	375M	-85M
Net margin	7.66%	29.7%	19.5%	8.44%	17.2%	3.73%	12.4%	-2.32%	10.3%	-2.75%
EBITDA	316.8M	315M	474M	662M	957M	674M	1.4B	830M	1.3B	674M
EPS	0.87	3.59	2.39	1.28	3.73	0.4	4.38	-1.39	3.4	-1.41
Diluted EPS	0.86	3.55	2.37	1.27	3.69	0.4	4.33	-1.39	3.36	-1.41

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	803M	864M	823M	826M	950M	1B	782M	772M	749M	792M	768M	839M
Cost of revenue	575M	631M	604M	579M	593M	624M	597M	583M	564M	590M	583M	591M
Gross profit	228M	233M	219M	247M	357M	421M	185M	189M	185M	202M	185M	248M
Gross margin	28.4%	27%	26.6%	29.9%	37.6%	40.3%	23.7%	24.5%	24.7%	25.5%	24.1%	29.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	23M	33M	28M	28M	24M	24M	32M	25M	28M	28M	39M	37M
Operating expenses	23M	33M	28M	28M	24M	24M	32M	25M	28M	28M	39M	37M
Operating income	121M	114M	124M	151M	266M	330M	90M	104M	101M	116M	81M	156M
Operating margin	15.1%	13.2%	15.1%	18.3%	28%	31.6%	11.5%	13.5%	13.5%	14.6%	10.5%	18.6%
Non-operating income, net	-47M	-10M	110M	-4M	-8M	8M	4M	-22M	-9M	-23M	8M	-20M
Pretax income	-37M	-12M	119M	29M	128M	216M	-24M	-35M	-28M	-26M	-28M	19M
Income tax	3M	-3M	31M	7M	32M	47M	-15M	21M	-18M	-16M	-8M	5M
Net income	-40M	-9M	88M	22M	96M	169M	-9M	-56M	-10M	-10M	-20M	14M
Net margin	-4.98%	-1.04%	10.7%	2.66%	10.1%	16.2%	-1.15%	-7.25%	-1.34%	-1.26%	-2.6%	1.67%
EBITDA	204M	228M	308M	227M	342M	408M	160M	170M	161M	183M	160M	218M
EPS	-0.57	-0.24	0.8	0.09	0.87	1.64	-0.23	-0.71	-0.24	-0.24	-0.34	0.21
Diluted EPS	-0.57	-0.24	0.79	0.09	0.86	1.59	-0.23	-0.71	-0.24	-0.24	-0.34	0.21

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	779.6M	1.2B	—	—	1.7B	1.9B	1B	824.3M	299.3M	469.5M	472.7M
Enterprise value	2.2B	2.6B	—	—	5B	8.6B	7.5B	7B	5.9B	5.9B	6.8B
Shares outstanding	71.8M	73.1M	88.1M	99M	96M	95M	92M	92M	95M	97M	97M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	12.5	4.67	—	—	4.19	21.3	2.26	—	0.8	—	12.7
P/S	0.96	1.39	—	—	0.72	0.79	0.28	0.25	0.08	0.15	0.15
P/B	1.58	1.23	—	—	0.71	0.8	0.37	0.31	0.1	0.17	0.21
EV/EBITDA	6.98	8.25	—	—	5.2	12.7	5.48	8.49	4.56	8.78	9.83
EV/Sales	2.72	2.94	—	—	2.09	3.54	2.04	2.15	1.61	1.91	2.15
Earnings yield	7.99%	21.4%	—	—	23.9%	4.7%	44.2%	—	125.3%	—	7.89%
FCF yield	21.4%	11.8%	—	—	31.6%	4.86%	38.2%	36.4%	203.2%	38.6%	32.8%
PEG	—	—	—	—	—	—	—	—	—	—	-0.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.5%	36.8%	45%	34.1%	41.5%	33.3%	38.8%	27.4%	34.1%	24.6%	29.6%
Operating margin	28.9%	24.5%	34.3%	20%	30.4%	17.5%	26.9%	13.6%	23.9%	13.3%	18.6%
Net margin	7.66%	29.7%	19.5%	8.44%	17.2%	3.73%	12.4%	-2.32%	10.3%	-2.75%	-0.83%
ROE	12.6%	26.4%	17.8%	8.47%	17.1%	3.74%	16.4%	-2.9%	12.8%	-3.03%	-0.94%
ROA	2.26%	8.03%	5.01%	2.57%	5.36%	0.81%	4.08%	-0.71%	3.56%	-0.81%	2.73%
ROIC	7.18%	9.12%	8.88%	5.27%	9.62%	2.51%	7.93%	5.06%	7.82%	4.98%	5.38%
Return on tangible assets	-6.16%	-22.4%	-119.2%	-4.49%	-12.7%	-1.4%	-7.45%	1.24%	-6.31%	1.47%	0.43%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.23	5.08	5.82	2.73	5.11	2.51	2.1	1.18	1.03	1.27	0.95
Quick ratio	4.23	5.08	5.82	2.73	5.11	2.51	2.1	1.18	1.03	1.27	0.95
Debt / equity	3.56	1.85	2.15	1.77	1.68	2.84	2.36	2.38	1.94	2.07	2.16
Debt / assets	0.64	0.56	0.61	0.54	0.53	0.61	0.59	0.59	0.54	0.56	0.56
Net debt / EBITDA	4.52	4.37	3.97	5.34	3.41	9.85	4.73	7.49	4.33	8.08	7.91
Interest coverage	2.09	3.03	3.69	2.12	3.85	1.82	2.73	0.81	2.01	0.76	0.87
Effective tax rate	41.1%	0%	26.7%	29.8%	24.6%	46.4%	25.9%	0%	23.8%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.3	12.1	12.3	21.4	24.8	25.4	40	35.7	38.4	31.9	32.1
EPS (basic)	0.87	3.59	2.39	1.28	3.73	0.4	4.38	-1.39	3.4	-1.41	-1.41
EPS (diluted)	0.86	3.55	2.37	1.27	3.69	0.4	4.33	-1.39	3.36	-1.41	-0.58
Book value per share	6.86	13.6	13.5	21.4	25	25.3	30.1	28.5	30.9	28.9	21.7
FCF per share	2.32	1.98	2.87	2.78	5.65	0.98	4.27	3.26	6.4	1.87	1.46
Cash per share	4.53	6.33	7.57	2.14	8.05	1.99	0.66	0.23	1.42	3.79	1.79
Capex per share	0.61	0.48	0.79	1.11	1.15	2.18	4.74	3.78	1.51	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.37%	3.96%	6.46%	5.18%	4.62%	8.58%	11.9%	10.6%	3.92%	—	—
Capex / operating cash flow	25.3%	14.2%	21.9%	22.8%	16.8%	74.2%	54.9%	62.7%	18.6%	—	—
Payout ratio	—	0%	0%	21.8%	12.7%	92.2%	18%	-107.9%	22.4%	-100%	74.4%
Dividend yield	—	0%	—	—	3.03%	4.33%	7.97%	9.95%	28.1%	18.1%	6.98%

Yield

6.98%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.08

ex-dividend Sep 15, 2026

Payout ratio

74%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.08
Jun 15, 2026	$0.08
Mar 13, 2026	$0.08

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$803M	$864M	$823M	$826M	$950M	$1B	$782M	$772M	$749M	$792M	$768M	$839M
YoY change	-11.7%	-19.4%	+2.75%	+1.6%	+18.3%	+20.9%	-4.98%	-6.54%	-21.2%	-24.2%	-1.79%	+8.68%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	325.2M	462.4M	667M	212M	773M	189M	61M	21M	135M	368M
Receivables	146.8M	171.2M	184M	411M	425M	624M	650M	342M	337M	205M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	505.5M	666.8M	873M	672M	1.3B	963M	857M	468M	541M	656M
Property, plant & equipment	187M	193.7M	745M	1.3B	1.3B	1.7B	1.1B	808M	738M	635M
Goodwill & intangibles	3.8B	4.4B	4.4B	11B	10.9B	17.6B	17.3B	16.8B	16.5B	16.2B
Total assets	2.8B	3.3B	4.2B	7B	7.6B	11.1B	11.2B	10.6B	10.5B	10.4B
Accounts payable	5.3M	7.8M	8M	11M	10M	59M	55M	23M	75M	144M
Short-term debt	—	6.4M	—	6M	7M	24M	25M	26M	30M	12M
Total current liabilities	119.4M	131.3M	150M	246M	255M	384M	409M	395M	527M	516M
Long-term debt	1.8B	1.8B	2.5B	3.7B	4B	6.8B	6.5B	6.2B	5.7B	5.8B
Total liabilities	2.3B	2.3B	3B	4.9B	5.2B	8.7B	8.4B	8B	7.6B	7.6B
Shareholders' equity	492.9M	992.9M	1.2B	2.1B	2.4B	2.4B	2.8B	2.6B	2.9B	2.8B
Total debt	1.8B	1.8B	2.5B	3.7B	4B	6.8B	6.5B	6.2B	5.7B	5.8B
Net debt	1.4B	1.4B	1.9B	3.5B	3.3B	6.6B	6.5B	6.2B	5.6B	5.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	21M	21M	134M	75M	69M	135M	210M	199M	182M	368M	259M	176M
Receivables	339M	342M	362M	344M	358M	337M	198M	216M	204M	205M	178M	193M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	495M	468M	601M	538M	576M	541M	483M	478M	485M	656M	523M	492M
Property, plant & equipment	1B	808M	788M	759M	757M	738M	466M	690M	675M	635M	617M	660M
Goodwill & intangibles	16.9B	16.8B	16.7B	16.6B	16.6B	16.5B	2.6B	16.3B	16.3B	16.2B	16.3B	16.5B
Total assets	10.7B	10.6B	10.7B	10.6B	10.6B	10.5B	10.4B	10.4B	10.3B	10.4B	10.3B	10.4B
Accounts payable	26M	23M	36M	32M	17M	75M	72M	82M	18M	144M	130M	143M
Short-term debt	26M	26M	25M	23M	33M	30M	—	20M	12M	12M	10M	11M
Total current liabilities	414M	395M	424M	331M	508M	527M	533M	549M	519M	516M	437M	517M
Long-term debt	6.2B	6.2B	6.2B	6.2B	5.9B	5.7B	63M	5.6B	5.7B	5.8B	5.8B	5.9B
Total liabilities	8.1B	8B	8B	7.9B	7.9B	7.6B	8.2B	7.5B	7.5B	7.6B	7.6B	7.7B
Shareholders' equity	2.7B	2.6B	2.7B	2.7B	2.8B	2.9B	2.3B	2.8B	2.8B	2.8B	2.8B	2.7B
Total debt	6.3B	6.2B	6.2B	6.2B	6B	5.7B	63M	5.7B	5.7B	5.8B	5.8B	5.9B
Net debt	6.2B	6.2B	6.1B	6.1B	5.9B	5.6B	-147M	5.5B	5.5B	5.4B	5.6B	5.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	62.3M	262M	211M	179M	410M	90M	455M	-76M	375M	-85M
Depreciation & amortization	81.5M	98M	96M	234M	239M	259M	384M	376M	297M	264M
Stock-based compensation	5.1M	9M	7M	20M	22M	22M	31M	30M	22M	22M
Change in working capital	-1.6M	-24M	5M	20M	-75M	-29M	-22M	328M	99M	90M
Operating cash flow	172.3M	247M	319M	483M	655M	279M	794M	555M	769M	289M
Capital expenditure	-43.6M	-35M	-70M	-110M	-110M	-207M	-436M	-348M	-143M	—
Investing cash flow	-479.3M	-440.8M	-47M	-2.7B	-211M	-3.5B	-503M	-291M	-28M	45M
Dividends paid	—	0	0	-39M	-52M	-83M	-82M	-82M	-84M	-85M
Share repurchases	-2M	-4M	-19M	-32M	-75M	-30M	-50M	0	0	—
Financing cash flow	497.1M	307M	681M	1.1B	120M	2.6B	-454M	-397M	-609M	7M
Net change in cash	190M	113.2M	953M	-1.1B	564M	-605M	-163M	-133M	132M	341M
Free cash flow	166.5M	145M	253M	275M	542M	93M	393M	300M	608M	181M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-40M	-9M	88M	22M	96M	169M	-9M	-56M	-10M	-10M	-20M	14M
Depreciation & amortization	—	—	—	—	—	—	—	—	63M	66M	71M	62M
Stock-based compensation	—	—	—	—	—	—	—	—	5M	5M	8M	3M
Change in working capital	—	—	—	—	—	—	—	—	-75M	55M	-14M	-3M
Operating cash flow	-40M	-9M	88M	22M	96M	169M	-9M	-56M	14M	112M	1M	123M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	5M	14M	-58M	-196M
Dividends paid	—	—	—	—	—	—	—	—	-21M	-22M	-22M	-22M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	—	—	—	—	—	—	-11M	103M	-33M	37M
Net change in cash	-40M	-9M	88M	22M	96M	169M	-9M	-56M	8M	229M	-90M	-36M
Free cash flow	—	—	—	—	—	—	—	—	-11M	69M	-18M	106M

Gray Media Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement