Gray Television (GTN) financial statements
Gray Television reported revenue of $3.1B in fiscal 2025, up 16.0% a year over 9 years.
Net income was -$85M and the operating margin 12.7%, against 28.8% in 2016.
Free cash flow was $181M, and the company returned $33M in dividends.
The diluted share count rose 33% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Gray Television's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $812M | $883M | $1.1B | $2.1B | $2.4B | $2.4B | $3.7B | $3.3B | $3.6B | $3.1B |
| Selling, general and admin | $40M | $32M | $41M | $104M | $65M | $159M | — | — | — | — |
| Operating income | $234M | $290M | $389M | $478M | $752M | $381M | $990M | $383M | $851M | $392M |
| Interest expense | $97M | $95M | $107M | $227M | $191M | $205M | $354M | $440M | $485M | $474M |
| Pre-tax income | $106M | $193M | $288M | $255M | $544M | $168M | $614M | -$82M | $492M | -$113M |
| Income tax | $43M | -$69M | $77M | $76M | $134M | $78M | $159M | -$6M | $117M | -$28M |
| Net income | $62M | $262M | $211M | $179M | $410M | $90M | $455M | -$76M | $375M | -$85M |
| EPS (diluted) | $0.86 | $3.55 | $2.37 | $1.27 | $3.69 | $0.40 | $4.33 | -$1.39 | $3.36 | -$1.41 |
| Diluted shares | 73M | 74M | 89M | 100M | 97M | 95M | 93M | 92M | 96M | 97M |
| Operating margin | 28.8% | 32.8% | 35.9% | 22.5% | 31.6% | 15.8% | 26.9% | 11.7% | 23.4% | 12.7% |
| Net margin | 7.7% | 29.7% | 19.5% | 8.4% | 17.2% | 3.7% | 12.4% | -2.3% | 10.3% | -2.7% |
Balance sheet
Fiscal years, from Gray Television's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $325M | $462M | $667M | $212M | $773M | $189M | $61M | $21M | $135M | $368M |
| Receivables | $147M | $171M | $184M | $411M | $425M | $624M | $650M | $342M | $337M | $205M |
| Total current assets | $505M | $667M | $873M | $672M | $1.3B | $963M | $857M | $468M | $541M | $656M |
| Property, plant and equipment | $326M | $351M | $363M | $725M | $737M | $1.2B | $1.5B | $1.6B | $1.6B | $1.5B |
| Goodwill | $485M | $611M | $612M | $1.4B | $1.5B | $2.6B | $2.7B | $2.6B | $2.6B | $2.6B |
| Total assets | $2.8B | $3.3B | $4.2B | $7.0B | $7.6B | $11.1B | $11.2B | $10.6B | $10.5B | $10.4B |
| Total current liabilities | $119M | $131M | $150M | $246M | $255M | $384M | $409M | $395M | $527M | $516M |
| Long-term debt | $1.8B | $1.8B | $2.5B | $3.7B | $4.0B | $6.7B | $6.4B | $6.1B | $5.6B | $5.7B |
| Total liabilities | $2.3B | $2.3B | $3.0B | $4.9B | $5.2B | $8.7B | $8.4B | $8.0B | $7.6B | $7.6B |
| Shareholders' equity | $493M | $994M | $1.2B | $1.5B | $1.8B | $1.8B | $2.1B | $2.0B | $2.3B | $2.2B |
| Net debt | $1.4B | $1.4B | $1.9B | $3.5B | $3.2B | $6.6B | $6.4B | $6.1B | $5.5B | $5.4B |
Cash flow
Fiscal years, from Gray Television's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $210M | $180M | $323M | $385M | $652M | $300M | $829M | $648M | $751M | $289M |
| Capital spending | $44M | $35M | $70M | $110M | $110M | $207M | $436M | $348M | $143M | $108M |
| Free cash flow | $166M | $145M | $253M | $275M | $542M | $93M | $393M | $300M | $608M | $181M |
| Stock-based compensation | $5M | $9M | $7M | $16M | $16M | $14M | $22M | $20M | $22M | $22M |
| Dividends paid | $0 | $0 | — | $0 | $0 | $31M | $30M | $30M | $32M | $33M |
| Share buybacks (net) | -$2M | -$4M | -$19M | -$32M | -$75M | -$30M | -$50M | $0 | $0 | — |
| Net borrowing | $556M | $79M | $710M | $1.2B | $275M | $2.8B | -$315M | -$310M | -$474M | $123M |
| Free cash flow margin | 20.5% | 16.4% | 23.3% | 13.0% | 22.8% | 3.9% | 10.7% | 9.1% | 16.7% | 5.8% |
| Dividends per share | — | — | — | — | — | $0.33 | $0.32 | $0.33 | $0.33 | $0.34 |
Questions
What was Gray Television's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Gray Television generate?
$181M in fiscal 2025 (operating cash flow minus capital spending).
From Gray Television's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.