GRAY MEDIA, INCGTNEarnings & Financial Report
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.
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 (down 21.2% YoY) for Q3 2025, with a net profit of $-10.0M (down 110.4% YoY) (-1.3% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $749.0M |
|---|---|
| Net Profit | $-10.0M |
| Gross Margin | N/A |
| Operating Margin | 13.6% |
| Report Period | Q3 2025 |
Revenue Breakdown
GRAY MEDIA, INC Q3 2025 revenue of $749.0M breaks down across 5 segments, led by Core Advertising at $355.0M (47.4% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Core Advertising | $355.0M | 47.4% |
| Retransmission Consent | $346.0M | 46.2% |
| Production Companies Segment | $25.0M | 3.3% |
| Service Other | $15.0M | 2.0% |
| Political Advertising | $8.0M | 1.1% |
GRAY MEDIA, INC Revenue by Segment — Quarterly Trend
GRAY MEDIA, INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Core Advertising and Retransmission Consent) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| Core Advertising | $392.0M | $355.0M | $361.0M | $344.0M |
| Retransmission Consent | $335.0M | $346.0M | $369.0M | $379.0M |
| Production Companies Segment | $37.0M | $25.0M | $18.0M | $27.0M |
| Service Other | $16.0M | $15.0M | $15.0M | $19.0M |
| Political Advertising | $12.0M | $8.0M | $9.0M | $13.0M |
GRAY MEDIA, INC Annual Revenue by Year
GRAY MEDIA, INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $3.1B).
| Year | Annual Revenue |
|---|---|
| 2025 | $3.1B |
| 2024 | $3.6B |
| 2023 | $3.3B |
| 2022 | $3.7B |
GRAY MEDIA, INC Quarterly Revenue & Net Profit History
GRAY MEDIA, INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $792.0M | -24.2% | $-10.0M | -1.3% |
| Q3 2025 | $749.0M | -21.2% | $-10.0M | -1.3% |
| Q2 2025 | $772.0M | -6.5% | $-56.0M | -7.3% |
| Q1 2025 | $782.0M | -5.0% | $-9.0M | -1.2% |
| Q4 2024 | $1.0B | +20.9% | $169.0M | 16.2% |
| Q3 2024 | $950.0M | +18.3% | $96.0M | 10.1% |
| Q2 2024 | $826.0M | +1.6% | $22.0M | 2.7% |
| Q1 2024 | $823.0M | +2.7% | $88.0M | 10.7% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $823.0M | $826.0M | $950.0M | $1.04B | $782.0M | $772.0M | $749.0M | $792.0M |
| YoY Growth | 2.7% | 1.6% | 18.3% | 20.9% | -5.0% | -6.5% | -21.2% | -24.2% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $10.73B | $10.63B | $10.63B | $10.54B | $10.44B | $10.35B | $10.32B | $10.44B |
| Liabilities | $8.04B | $7.93B | $7.85B | $7.61B | $7.53B | $7.52B | $7.51B | $7.63B |
| Equity | $2.05B | $2.06B | $2.13B | $2.28B | $2.25B | $2.18B | $2.16B | $2.15B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $68.0M | $18.0M | $297.0M | $368.0M | $132.0M | $31.0M | $14.0M | $112.0M |