GTN · Gray Television Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $768.00M | - | $749.00M | $772.00M | $782.00M | - | $950.00M | $826.00M | $823.00M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $687.00M | - | $647.00M | $690.00M | $690.00M | - | $700.00M | $674.00M | $699.00M | - |
| D&A | $65.00M | - | $36.00M | - | $63.00M | - | - | - | $67.00M | - |
| Operating Income | $81.00M | - | $102.00M | $82.00M | $92.00M | - | $250.00M | $152.00M | $124.00M | - |
| Interest Expense | $117.00M | - | $120.00M | $117.00M | $118.00M | - | $130.00M | $118.00M | $115.00M | - |
| Income Tax | ($8.00M) | - | ($18.00M) | $21.00M | ($15.00M) | - | $32.00M | $7.00M | $31.00M | - |
| Net Income | ($20.00M) | - | ($10.00M) | ($56.00M) | ($9.00M) | - | $96.00M | $22.00M | $88.00M | - |
| EPS - Basic | ($0.34) | - | ($0.24) | ($0.71) | ($0.23) | - | $0.87 | $0.09 | $0.80 | - |
| EPS - Diluted | ($0.34) | - | ($0.24) | ($0.71) | ($0.23) | - | $0.86 | $0.09 | $0.79 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $259.00M | $368.00M | $182.00M | $199.00M | $210.00M | $135.00M | $69.00M | $75.00M | $134.00M | $21.00M |
| Accounts Receivable | $178.00M | $205.00M | $204.00M | $216.00M | $198.00M | $337.00M | $358.00M | $344.00M | $362.00M | $342.00M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $130.00M | $144.00M | $18.00M | $82.00M | $72.00M | $75.00M | $17.00M | $32.00M | $36.00M | $23.00M |
| Current Assets | $523.00M | $656.00M | $485.00M | $478.00M | $483.00M | $541.00M | $576.00M | $538.00M | $601.00M | $468.00M |
| Total Assets | $10.32B | $10.44B | $10.32B | $10.35B | $10.44B | $10.54B | $10.63B | $10.63B | $10.73B | $10.64B |
| Current Liabilities | $437.00M | $516.00M | $519.00M | $549.00M | $533.00M | $527.00M | $508.00M | $331.00M | $424.00M | $395.00M |
| Long-term Debt | $5.75B | $5.74B | $5.61B | $5.58B | $5.59B | $5.60B | $5.87B | $6.13B | $6.14B | $6.14B |
| Total Liabilities | $7.56B | $7.63B | $7.51B | $7.52B | $7.53B | $7.61B | $7.85B | $7.93B | $8.04B | $8.02B |
| Stockholders' Equity | $2.11B | $2.15B | $2.16B | $2.18B | $2.25B | $2.28B | $2.13B | $2.06B | $2.05B | $1.97B |
| Retained Earnings | $1.16B | $1.21B | $1.24B | $1.27B | $1.34B | $1.38B | $1.23B | $1.15B | $1.15B | $1.08B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.00M | - | - | - | $132.00M | - | - | - | $68.00M | - |
| Investing Cash Flow | ($77.00M) | - | - | - | ($15.00M) | - | - | - | $80.00M | - |
| Financing Cash Flow | ($33.00M) | - | - | - | ($42.00M) | - | - | - | ($35.00M) | - |
| CapEx | $19.00M | - | - | - | $15.00M | - | - | - | $34.00M | - |
| Free Cash Flow | ($18.00M) | - | - | - | $117.00M | - | - | - | $34.00M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 10.5% | - | 13.6% | 10.6% | 11.8% | - | 26.3% | 18.4% | 15.1% | - |
| EBITDA margin | 19.0% | - | 18.4% | - | 19.8% | - | - | - | 23.2% | - |
| Net margin | -2.6% | - | -1.3% | -7.3% | -1.2% | - | 10.1% | 2.7% | 10.7% | - |
| Free cash flow margin | -2.3% | - | - | - | 15.0% | - | - | - | 4.1% | - |
| FCF / Net income | 0.90 | - | - | - | -13.00 | - | - | - | 0.39 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | - | - | 25.0% | 24.1% | 26.1% | - |
| Return on assets | -0.2% | - | -0.1% | -0.5% | -0.1% | - | 0.9% | 0.2% | 0.8% | - |
| Return on equity | -0.9% | - | -0.5% | -2.6% | -0.4% | - | 4.5% | 1.1% | 4.3% | - |
| Return on invested capital | 0.8% | - | 1.0% | 0.8% | 0.9% | - | 2.3% | 1.4% | 1.1% | - |
| Liquidity | ||||||||||
| Current ratio | 1.20 | 1.27 | 0.93 | 0.87 | 0.91 | 1.03 | 1.13 | 1.63 | 1.42 | 1.18 |
| Quick ratio | 1.20 | 1.27 | 0.93 | 0.87 | 0.91 | 1.03 | 1.13 | 1.63 | 1.42 | 1.18 |
| Cash ratio | 0.59 | 0.71 | 0.35 | 0.36 | 0.39 | 0.26 | 0.14 | 0.23 | 0.32 | 0.05 |
| Leverage | ||||||||||
| Debt / Equity | 2.72 | 2.66 | 2.60 | 2.56 | 2.48 | 2.45 | 2.76 | 2.98 | 2.99 | 3.12 |
| Debt / Assets | 0.56 | 0.55 | 0.54 | 0.54 | 0.54 | 0.53 | 0.55 | 0.58 | 0.57 | 0.58 |
| Debt / EBITDA | 39.36 | - | 40.64 | - | 36.06 | - | - | - | 32.14 | - |
| Interest coverage | 0.7x | - | 0.8x | 0.7x | 0.8x | - | 1.9x | 1.3x | 1.1x | - |
| Equity multiplier | 4.88 | 4.84 | 4.78 | 4.75 | 4.63 | 4.62 | 4.99 | 5.17 | 5.24 | 5.40 |
| Liabilities / Assets | 0.73 | 0.73 | 0.73 | 0.73 | 0.72 | 0.72 | 0.74 | 0.75 | 0.75 | 0.75 |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.07 | 0.07 | 0.07 | - | 0.09 | 0.08 | 0.08 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 85d | - | 99d | 102d | 92d | - | 138d | 152d | 161d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | 6.2x | 57.8x | 8.0x | - |
| P / B | 0.2x | - | 0.3x | 0.2x | 0.2x | - | 0.2x | 0.2x | 0.3x | - |
| P / S | 0.5x | - | 0.7x | 0.6x | 0.5x | - | 0.5x | 0.6x | 0.7x | - |
| EV / EBITDA | 40.5x | - | 43.4x | - | 37.4x | - | - | - | 34.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -1.8% | - | -21.2% | -6.5% | -5.0% | - | 18.3% | 1.6% | 2.7% | - |
| Revenue CAGR (3y) | -1.4% | - | -6.2% | -3.8% | -1.8% | - | 16.5% | 14.7% | 14.8% | - |
| Revenue CAGR (5y) | 7.1% | - | 4.4% | 11.3% | 7.9% | - | 12.9% | 10.2% | 9.7% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -12.0% | - | -59.2% | -46.1% | -25.8% | - | 197.6% | 27.7% | 85.1% | - |
| Net income growth (YoY) | -122.2% | - | - | - | - | - | - | 450.0% | - | - |
| EPS growth (YoY) | -47.8% | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | -30.7% | 43.0% | - |
| EPS CAGR (5y) | - | - | - | - | - | - | 13.3% | -21.9% | - | - |
| FCF growth (YoY) | - | - | - | - | 244.1% | - | - | - | -88.7% | - |
| FCF CAGR (5y) | - | - | - | - | 2.4% | - | - | - | 41.5% | - |
| Book value growth (YoY) | -6.3% | -5.6% | 1.3% | 6.1% | 10.0% | 15.8% | 6.4% | -0.2% | -0.5% | -6.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$3.10B totalBroadcasting Segment$2.99B · 96.5%
Production Companies Segment$107.00M · 3.5%
Product / service
$4.59B totalAdvertising$1.49B · 32.6%
Core Advertising$1.45B · 31.6%
Retransmission Consent$1.43B · 31.1%
Production Companies$107.00M · 2.3%
Service Other$65.00M · 1.4%
Political Advertising$42.00M · 0.9%
Peer comparison
Same SIC group: Television Broadcasting Stations
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| NXST | $4.95B | 2.2% | 5.3% |
| PARAA,PARA | - | - | - |
| LSXMA | $4.48B | 12.4% | 7.2% |
| SSP | $2.15B | 6.8% | 11.7% |
| TGNA | $2.71B | 8.1% | 7.0% |
Comparing GRAY TELEVISION INC against the 5 most active filers in the same SIC group.
Dividends
$0.32/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.0800 |
| Dec 15, 2025 | $0.0800 |
| Sep 15, 2025 | $0.0800 |
| Jun 13, 2025 | $0.0800 |
| Mar 14, 2025 | $0.0800 |
| Dec 13, 2024 | $0.0800 |
| Sep 13, 2024 | $0.0800 |
| Jun 14, 2024 | $0.0800 |
| Mar 14, 2024 | $0.0800 |
| Dec 14, 2023 | $0.0800 |
| Sep 14, 2023 | $0.0800 |
| Jun 14, 2023 | $0.0800 |
| Mar 14, 2023 | $0.0800 |
| Dec 14, 2022 | $0.0800 |
| Sep 14, 2022 | $0.0800 |
| Jun 14, 2022 | $0.0800 |
| Mar 14, 2022 | $0.0800 |
| Dec 14, 2021 | $0.0800 |
| Sep 14, 2021 | $0.0800 |
| Jun 14, 2021 | $0.0800 |
| Mar 12, 2021 | $0.0800 |
| Sep 11, 2008 | $0.0300 |
| Jun 23, 2008 | $0.0300 |
| Mar 20, 2008 | $0.0300 |