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GRAY MEDIA, INC

GRAY MEDIA, INCGTNEarnings & Financial Report

NYSE · terrestrial television

Gray Media, Inc. is an American publicly traded television broadcasting company based in Atlanta. Founded in 1946 by James Harrison Gray as Gray Communications Systems, the company is the third-largest television station operator in the United States by number of stations, owning or operating 180 stations across the United States in 113 markets. Its station base consists of media markets ranging from as large as Atlanta to one of the smallest markets, North Platte, Nebraska.

NextMar 13, 2026

GTN Q3 2025 Key Financial Metrics

Revenue

$749.0M

Gross Profit

N/A

Operating Profit

$102.0M

Net Profit

$-10.0M

Gross Margin

N/A

Operating Margin

13.6%

Net Margin

-1.3%

YoY Growth

-21.2%

EPS

$-0.24

Financial Flow

GRAY MEDIA, INC Q3 2025 Financial Summary

GRAY MEDIA, INC reported revenue of $749.0M for Q3 2025, with a net profit of $-10.0M (-1.3% margin). Cost of goods sold was N/A, operating expenses totaled N/A.

Key Financial Metrics

Total Revenue$749.0M
Net Profit$-10.0M
Gross MarginN/A
Operating Margin13.6%
Report PeriodQ3 2025

GRAY MEDIA, INC Annual Revenue by Year

GRAY MEDIA, INC annual revenue history includes year-by-year totals (for example, 2024 revenue was $3.6B).

YearAnnual Revenue
2024$3.6B
2023$3.3B
2022$3.7B

Income Statement

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Revenue$864.0M$823.0M$826.0M$950.0M$1.04B$782.0M$772.0M$749.0M
YoY Growth-19.4%2.7%1.6%18.3%20.9%-5.0%-6.5%-21.2%

Balance Sheet

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Assets$10.64B$10.73B$10.63B$10.63B$10.54B$10.44B$10.35B$10.32B
Liabilities$8.02B$8.04B$7.93B$7.85B$7.61B$7.53B$7.52B$7.51B
Equity$1.97B$2.05B$2.06B$2.13B$2.28B$2.25B$2.18B$2.16B

Cash Flow

Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025
Operating CF$83.0M$68.0M$18.0M$297.0M$368.0M$132.0M$31.0M$14.0M