Gray Media Inc (GTN) financials
Gray Media revenue and earnings by year
Gray Media's revenue was $3.10 billion in the fiscal year to December 31, 2025, down 15.1% from the year before. Net income was -$85.0 million, -2.7% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 16.0% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.10 | 3.64 | 3.28 | 3.68 | 2.41 | 2.38 | 2.12 | 1.08 | 0.88 | 0.81 |
| Revenue growth | -15.1% | 11.1% | -10.7% | 52.3% | 1.3% | 12.2% | 95.8% | 22.8% | 8.7% | — |
| Gross profit | 0.76 | 1.24 | 0.90 | 1.43 | 0.80 | 0.99 | 0.72 | 0.49 | 0.33 | 0.34 |
| Gross margin | 24.6% | 34.1% | 27.4% | 38.8% | 33.3% | 41.5% | 34.1% | 45.0% | 36.8% | 41.5% |
| Operating income | 0.39 | 0.85 | 0.38 | 0.99 | 0.38 | 0.75 | 0.48 | 0.39 | 0.29 | 0.23 |
| Operating margin | 12.7% | 23.4% | 11.7% | 26.9% | 15.8% | 31.6% | 22.5% | 35.9% | 32.8% | 28.8% |
| Net income | -0.09 | 0.38 | -0.08 | 0.46 | 0.09 | 0.41 | 0.18 | 0.21 | 0.26 | 0.06 |
| Net margin | -2.7% | 10.3% | -2.3% | 12.4% | 3.7% | 17.2% | 8.4% | 19.5% | 29.7% | 7.7% |
| Diluted EPS | -$1.41 | $3.36 | -$1.39 | $4.33 | $0.40 | $3.74 | $1.27 | $2.38 | $3.45 | $0.85 |
| Free cash flow | 0.18 | 0.61 | 0.30 | 0.39 | 0.09 | 0.54 | 0.28 | 0.25 | 0.15 | 0.17 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open GTN in Markets.
How Gray Media makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Broadcasting | $813M | 96.9% |
| Production Companies | $26.0M | 3.1% |
See also: GTN valuation and P/E history · GTN returns
No forecast, no recommendation. This page describes Gray Media Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.