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GTN

Gray Media, Inc.

GTN

Gray Media, Inc. • NYSE
$4.92 ▼ -1.01% (-0.05)
Market Cap $455.10 M
52w High $6.31
52w Low $2.91
Dividend Yield 0.32%
P/E 11.44
Volume 301.21K
Outstanding Shares 92.50M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $749M ▼ $624M ▲ $-10M ▲ -1.335% ▲ $-0.1 ▲ $136M ▼
Q2-2025 $772M ▼ $107M ▲ $-56M ▼ -7.254% ▼ $-0.71 ▼ $148M ▼
Q1-2025 $782M ▼ $93M ▼ $-9M ▼ -1.151% ▼ $-0.23 ▼ $163M ▼
Q4-2024 $1.045B ▲ $96M ▼ $169M ▲ 16.172% ▲ $1.64 ▲ $405M ▲
Q3-2024 $950M $107M $96M 10.105% $0.87 $332M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $182M ▼ $10.321B ▼ $7.513B ▼ $2.808B ▼
Q2-2025 $199M ▼ $10.352B ▼ $7.521B ▼ $2.831B ▼
Q1-2025 $210M ▲ $10.438B ▼ $7.534B ▼ $2.904B ▼
Q4-2024 $135M ▲ $10.542B ▼ $7.609B ▼ $2.933B ▲
Q3-2024 $69M $10.631B $7.851B $2.78B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-10M ▲ $14M ▼ $-20M ▼ $-11M ▲ $-17M ▼ $-11M ▼
Q2-2025 $-56M ▼ $31M ▼ $1M ▲ $-43M ▼ $-11M ▼ $6M ▼
Q1-2025 $-9M ▼ $132M ▼ $-15M ▲ $-42M ▲ $75M ▲ $117M ▼
Q4-2024 $169M ▲ $368M ▲ $-38M ▲ $-264M ▼ $66M ▲ $328M ▲
Q3-2024 $96M $297M $-40M $-263M $-6M $257M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $1.05Bn ▲$360.00M ▼$370.00M ▲$360.00M ▼
Core Advertising
Core Advertising
 $750.00M ▲$340.00M ▼$360.00M ▲$350.00M ▼
Political Advertising
Political Advertising
 $300.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Production Companies
Production Companies
 $60.00M ▲$30.00M ▼$20.00M ▼$30.00M ▲
Retransmission Consent
Retransmission Consent
 $730.00M ▲$380.00M ▼$370.00M ▼$350.00M ▼
Service Other
Service Other
 $30.00M ▲$20.00M ▼$10.00M ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has generally been growing over the past five years, with clear spikes in big election years and softer results in between, which is typical for a political advertising–heavy broadcaster. Profitability has been solid in the stronger years, showing that the core station portfolio can generate meaningful operating earnings when advertising demand is healthy. The loss in 2023 and sharp swings in earnings per share highlight how sensitive the business is to the advertising cycle, political spending, and one‑time items. Overall, the income statement tells a story of a strong but inherently volatile earnings profile tied closely to the broader ad market and election calendar.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy, reflecting ownership of many local TV stations and production assets, but carries a large debt load relative to equity. Debt has started to come down from prior peaks, yet leverage remains a key area of financial risk, especially if advertising weakens or interest rates stay elevated. Cash on hand is modest, which increases reliance on steady cash generation and access to financing. In short, the company has sizable hard and intangible assets supporting it but operates with meaningful financial leverage that will need ongoing management.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, showing that the underlying business brings in real cash even in softer years. Free cash flow has generally remained positive after capital spending, though it fluctuates with investment in new facilities, technology, and content. Capital spending has stepped up at times, which temporarily compresses free cash but also supports long‑term growth and diversification. Overall, cash generation looks like a strength, but it must continue to be robust to comfortably service debt and fund ongoing investments.

Competitive Edge

Competitive Edge Gray has a strong local broadcasting footprint, with many stations holding leading audience positions in their markets and a broad national reach. This scale gives it bargaining power with distributors, strong appeal to political advertisers, and a diversified revenue base across many geographies. Vertical integration into sports, studios, and production adds extra revenue streams and content control that many smaller broadcasters lack. At the same time, the company still faces structural industry pressures from cord‑cutting, digital platforms, and shifting viewer habits, which could gradually erode traditional advantages if not offset by its newer initiatives.

Innovation and R&D

Innovation and R&D The company is investing heavily in modernizing its operations and products, from its internal “Connect” platform and Arc XP digital system to unified graphics and workflow tools that make newsrooms more efficient. The AI Innovation Lab and early experiments with AI‑generated local ads reflect a push to lower costs and open up new advertising formats. Big bets on NextGen TV, personalized streaming slated for 2026, OTT content, and major studio facilities all point to a strategy of evolving beyond traditional broadcast into data‑driven, multi‑platform media. The opportunity is substantial, but these projects come with execution risk: it will take time to see whether they scale profitably and offset long‑term broadcast headwinds.

Summary

Gray Media combines a powerful hyperlocal broadcast footprint with meaningful efforts to reinvent itself for a digital and streaming‑centric future. Financially, it shows strong cash generation and solid profitability in healthy ad years, but earnings remain cyclical and more volatile than many other industries, and the balance sheet carries notable leverage. Strategically, the company’s scale, political ad exposure, and vertical integration are clear strengths, while the media industry’s structural changes and competition from tech and streaming platforms are persistent challenges. The long‑term story hinges on whether Gray can successfully use its innovation efforts—AI, NextGen TV, personalized streaming, and production assets—to turn today’s cyclical broadcast cash flows into a more diversified and durable media business over time.

NEWS

November 14, 2025 · 10:00 AM UTC

Gray Media Brings Ohio Valley Conference Basketball to Free Over-the-Air Television Viewers

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November 7, 2025 · 6:05 AM UTC

GRAY ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.08 PER SHARE

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November 7, 2025 · 6:00 AM UTC

Gray Media Beats Guidance With Strong Third Quarter Financial Results

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October 27, 2025 · 1:00 PM UTC

Gray Media Names Nick Hasenecz as General Manager of WNDU in South Bend, Indiana

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October 27, 2025 · 12:00 PM UTC

Gray Media Names Chris Conroy as General Manager of WOIO, WUAB, and WTCL in Cleveland, Ohio

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