GRAY MEDIA, INC

Listed Company

GTNCIK 0000043196NYSEAcceleratedTelevision Broadcasting StationsGeorgiaFY ends Dec 31

Period

FY 2025

Revenue

$3.10B

Net Income

$-85.00M

Total Assets

$10.44B

Equity

$2.15B

Shares Out

87.54M

Op. Cash Flow

$289.00M

GTN$3.96−22.66% · past yearDBEQ Basic

Daily closing prices

Business

Gray Media, Inc. is the nation's largest owner of local television stations and digital assets, operating television stations across numerous markets and reaching a substantial majority of U.S. television households. The company generates revenue primarily from broadcast and digital advertising, along with retransmission consent fees from multichannel video programming distributors. Operating segments include television station operations across diverse network affiliations (primarily Big Four networks: CBS, NBC, FOX, ABC), a leading Telemundo affiliate group, Gray Digital Media providing digital marketing services, and video production companies including Raycom Sports, Tupelo Media Group, and PowerNation Studios.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue (less agency commissions)	3,095	3,644	3,281	3,676	2,413
Depreciation	133	144	145	129	104
Amortization of intangible assets	104	125	194	207	117
Impairment of goodwill, broadcast licenses and other intangible assets	30	0	43	0	0
(Gain) loss on disposal of assets, net	−11	20	21	−2	42
Operating expenses, net	2,703	2,793	2,898	2,686	2,032
Operating income	392	851	383	990	381
Miscellaneous (expense) income, net	−1	117	7	−4	−8
Impairment of investments	−20	−25	−29	−18	0
Interest expense	−474	−485	−440	−354	−205
(Loss) gain from early extinguishment of debt	−10	34	−3	0	0
(Loss) income before income taxes	−113	492	−82	614	168
Income tax (benefit) expense	−28	117	−6	159	78
Net (loss) income	−85	375	−76	455	90
Preferred stock dividends	52	52	52	52	52
Net (loss) income attributable to common stockholders	−137	323	−128	403	38
Net (loss) income attributable to common stockholders (in dollars per share)	−1.41	3.4	−1.39	4.38	0.4
Weighted average shares outstanding (in shares)	97	95	92	92	95
Net (loss) income attributable to common stockholders (in dollars per share)	−1.41	3.36	−1.39	4.33	0.4
Weighted average shares outstanding (in shares)	97	96	92	93	95
Dividends declared per common share (in dollars per share)	0.32	0.32	0.32	0.32	0.32

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Current assets:	656	541	468	857	963
Cash	368	135	21	61	189
Accounts receivable, net	205	337	342	650	624
Current portion of program broadcast rights, net	17	17	18	27	35
Income tax refunds receivable	6	6	21	22	21
Prepaid income taxes	35	25	18	43	40
Prepaid and other current assets	25	21	48	54	54
Property and equipment, net	1,509	1,577	1,601	1,466	1,165
Operating leases right of use asset	66	69	75	75	70
Broadcast licenses	5,309	5,311	5,320	5,331	5,303
Goodwill	2,642	2,642	2,643	2,663	2,649
Other intangible assets, net	157	290	415	636	825
Investments in broadcasting and technology companies	37	66	85	105	117
Deferred pension assets	21	19	17	5	0
Other	43	27	16	14	16
Total assets	10,440	10,542	10,640	11,152	11,108
Accounts payable	144	154	23	55	59
Employee compensation and benefits	103	111	110	98	97
Accrued interest	151	112	63	60	52
Other accrued expenses	47	53	57	50	44
Federal and state income taxes	5	5	22	15	10
Current portion of program broadcast obligations	18	18	20	29	37
Deferred revenue	20	29	23	24	14
Dividends payable	16	15	14	14	13
Current portion of operating lease liabilities	10	10	11	10	9
Current portion of long-term debt	2	20	15	15	15
Total current liabilities	516	527	395	409	384
Long-term debt, less current portion and deferred financing costs	5,742	5,601	6,145	6,440	6,740
Deferred income taxes	1,300	1,347	1	1	5
Operating lease liabilities, less current portion	59	62	69	68	63
Other	18	72	50	14	14
Total liabilities	7,635	7,609	8,019	8,386	8,701
Commitments and Contingencies	—	—	—	—	—
Series A Perpetual Preferred Stock, no par value; cumulative; redeemable; designated 1,500,000 shares, issued and outstanding 650,000 shares at each date and $650 aggregate liquidation value at each date	650	650	650	650	650
Retained earnings	1,205	1,375	1,084	1,242	869
Accumulated other comprehensive loss, net of income tax benefit	−4	−30	−23	−12	−27
Stockholders' equity before treasury stock	2,478	2,600	2,285	2,425	2,008
Total stockholders equity	2,155	2,283	1,971	2,116	1,757
Total liabilities and stockholders equity	10,440	10,542	10,640	11,152	11,108

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred loan costs	16	15	13	16	12
Accretion of original issue discount and premium related to long-term debt, net	0	0	−1	−1	−1
Stock-based compensation	22	22	20	22	14
Amortization of program broadcast rights	27	28	37	48	38
Payments on program broadcast obligations	−27	−29	−38	−49	−38
Common stock contributed to 401(k) plan	0	0	10	9	8
Deferred income taxes	−56	−9	−91	−20	−22
(Gain) loss on disposal of property and equipment, net	−6	20	21	−2	42
Gain on sale of investment	−5	−110	0	0	—
Other	15	−1	14	0	−14
Accounts receivable, net	132	5	308	−26	−30
Income taxes receivable or prepaid	−10	8	26	−4	−40
Other current assets	−6	27	7	0	10
Accounts payable	−10	52	−32	−5	22
Employee compensation, benefits and pension costs	−7	1	12	3	21
Accrued other expenses	−38	49	−5	6	−27
Accrued interest	39	49	3	8	14
Income taxes payable	0	−17	7	5	−8
Deferred revenue	−9	6	−1	10	−12
Net cash provided by operating activities	289	751	648	829	300
Acquisitions of businesses and broadcast licenses, net of cash acquired	0	−1	−6	−58	−3,765
Proceeds from sale of television stations	0	0	6	0	473
Purchases of property and equipment	−108	−143	−348	−436	−207
Proceeds from asset sales	47	14	54	4	5
Proceeds from sale of investments	24	110	0	0	—
Reimbursement of development costs	0	0	18	0	0
Investments in broadcast, production and technology companies	−8	−7	−14	−16	−49
Other	−18	−1	−1	−4	−2
Net cash used in investing activities	−63	−28	−291	−503	−3,534
Proceeds from borrowings on long-term debt	2,110	2,070	300	0	3,050
Repayments of borrowings on long-term debt	−1,987	−2,544	−610	−315	−250
Payments of common stock dividends	−33	−32	−30	−30	−31
Payments of preferred stock dividends	−52	−52	−52	−52	−52
Deferred and other loan costs	−26	−47	0	0	−30
Payments of taxes related to net share settlement of equity awards	−5	−4	−5	−7	−7
Net cash provided by (used in) financing activities	7	−609	−397	−454	2,650
Net increase (decrease) in cash	233	114	−40	−128	−584

Filings

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Frequently asked questions

What is GRAY MEDIA, INC's CIK number?

GRAY MEDIA, INC's SEC CIK number is 0000043196 (43196). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find GRAY MEDIA, INC's SEC filings?

All of GRAY MEDIA, INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did GRAY MEDIA, INC last report earnings?

GRAY MEDIA, INC (GTN) most recently filed an earnings 8-K with the SEC on May 7, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-015344). This is GRAY MEDIA, INC's most recent earnings filing of record — not a forecast of its next earnings date.

What is GRAY MEDIA, INC's most recent earnings 8-K?

GRAY MEDIA, INC's latest earnings 8-K (Item 2.02) was filed May 7, 2026 under accession 0001437749-26-015344. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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