Gray Media financials
$4.96−7.12%
Close Sep 28, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.10B | $3.64B | $3.28B | $3.68B | $2.41B | $2.38B | $2.12B | $1.08B | $883.0M | $812.5M |
| Gross profit | $761.0M | $1.24B | $898.0M | $1.43B | $803.0M | $989.0M | $723.0M | $488.0M | $325.0M | $812.5M |
| Gross margin | 24.6% | 34.1% | 27.4% | 38.8% | 33.3% | 41.5% | 34.1% | 45.0% | 36.8% | 100.0% |
| Operating income | $361.0M | $846.0M | $375.0M | $970.0M | $423.0M | $723.0M | $424.0M | $372.0M | $216.0M | $234.6M |
| Net income | -$137.0M | $323.0M | -$128.0M | $403.0M | $38.0M | $358.0M | $127.0M | $211.0M | $262.0M | $62.3M |
| Net margin | −4.4% | 8.9% | −3.9% | 11.0% | 1.6% | 15.0% | 6.0% | 19.5% | 29.7% | 7.7% |
| Diluted EPS | $-1.41 | $3.36 | $-1.39 | $4.33 | $0.40 | $3.69 | $1.27 | $2.37 | $3.55 | $0.86 |
| EBITDA | $675.0M | $1.17B | $823.0M | $1.32B | $682.0M | $962.0M | $658.0M | $468.0M | $314.0M | $316.2M |
| Operating cash flow | $289.0M | $751.0M | $648.0M | $829.0M | $300.0M | $652.0M | $385.0M | $323.0M | $180.0M | $210.1M |
| Free cash flow | $181.0M | $608.0M | $300.0M | $393.0M | $93.0M | $542.0M | $275.0M | $253.0M | $145.0M | $166.5M |
| Diluted shares | 97.0M | 96.0M | 92.0M | 93.0M | 95.0M | 97.0M | 100.0M | 89.0M | 74.0M | 72.8M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $368.0M | $135.0M | $21.0M | $61.0M | $189.0M | $773.0M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $5.89B | $5.73B | $6.22B | $6.51B | $6.84B | $4.04B |
| Total assets | $10.44B | $10.54B | $10.64B | $11.15B | $11.11B | $7.64B |
| Total liabilities | $7.63B | $7.61B | $8.02B | $8.39B | $8.70B | $5.24B |
| Shareholders' equity | $2.15B | $2.28B | $1.97B | $2.12B | $1.76B | $1.75B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology