Revenue contraction remains a primary concern, with the company reporting a 24.2% year-over-year decline in 2025Q4 and a negative net margin of -2.6% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.08B | 3.1B | 3.64B | 3.28B | 3.68B | 2.41B | 2.38B | 2.12B | 1.08B | 882.73M | 812.47M | 597.36M | 508.13M | 346.3M | 404.83M | 307.13M | 346.06M | 270.37M | 327.18M | 307.29M | 332.14M | 261.55M | 346.57M | 295.37M | 198.64M | 156.34M | 171.21M | 144M | 128.9M | 103.5M | 79.3M |
| Revenue Growth % | -14.49% | -15.07% | 11.06% | -10.75% | 52.34% | 1.34% | 12.21% | 95.73% | 22.82% | 8.65% | 36.01% | 17.56% | 46.73% | -14.46% | 31.81% | -11.25% | 27.99% | -17.36% | 6.47% | -7.48% | 26.99% | -24.53% | 17.33% | 48.7% | 27.05% | -8.68% | 18.9% | 11.71% | 24.54% | 30.52% | 35.32% |
| Cost of Goods Sold | 155M | 104M | 2.4B | 2.38B | 2.25B | 1.61B | 1.39B | 1.4B | 596.4M | 557.12M | 475.13M | 374.18M | 285.99M | 217.41M | 212.29M | 194.2M | 196.35M | 187.58M | 199.57M | 199.69M | 191.5M | 161.91M | 197.01M | 183.29M | 119.38M | 104.02M | 105.31M | 87.6M | 77.4M | 61.3M | 48.3M |
| COGS % of Revenue | - | 3.36% | 65.86% | 72.63% | 61.15% | 66.72% | 58.46% | 65.93% | 55.01% | 63.11% | 58.48% | 62.64% | 56.28% | 62.78% | 52.44% | 63.23% | 56.74% | 69.38% | 61% | 64.98% | 57.66% | 61.9% | 56.84% | 62.05% | 60.1% | 66.54% | 61.51% | 60.83% | 60.05% | 59.23% | 60.91% |
| Gross Profit | 2.93B | 2.99B | 1.24B | 898M | 1.43B | 803M | 989M | 723M | 487.73M | 325.61M | 337.33M | 223.17M | 222.14M | 128.89M | 192.54M | 112.94M | 149.71M | 82.79M | 127.6M | 107.6M | 140.63M | 99.65M | 149.56M | 112.08M | 79.26M | 52.32M | 65.9M | 56.4M | 51.5M | 42.2M | 31M |
| Gross Margin % | 94.97% | 96.64% | 34.14% | 27.37% | 38.85% | 33.28% | 41.54% | 34.07% | 44.99% | 36.89% | 41.52% | 37.36% | 43.72% | 37.22% | 47.56% | 36.77% | 43.26% | 30.62% | 39% | 35.02% | 42.34% | 38.1% | 43.16% | 37.95% | 39.9% | 33.46% | 38.49% | 39.17% | 39.95% | 40.77% | 39.09% |
| Gross Profit Growth % | - | 140.43% | 38.53% | -37.11% | 77.83% | -18.81% | 36.79% | 48.24% | 49.79% | -3.47% | 51.15% | 0.46% | 72.36% | -33.06% | 70.49% | -24.56% | 80.82% | -35.12% | 18.59% | -23.49% | 41.13% | -33.37% | 33.44% | 41.41% | 51.5% | -20.61% | 16.84% | 9.51% | 22.04% | 36.13% | 81.29% |
| Operating Expenses | 2.54B | 2.6B | 393M | 515M | 438M | 422M | 237M | 299M | 115.36M | 108.59M | 102.87M | 83.04M | 67.75M | 44.24M | 39.13M | 40.48M | 42.74M | 47.34M | 725.18M | 54.23M | 52.64M | 38.79M | 36.35M | 37.32M | 23.34M | 34.44M | 34.8M | 34.5M | 26.6M | 21.6M | 14.1M |
| OpEx % of Revenue | - | 83.97% | 10.78% | 15.7% | 11.92% | 17.49% | 9.95% | 14.09% | 10.64% | 12.3% | 12.66% | 13.9% | 13.33% | 12.78% | 9.67% | 13.18% | 12.35% | 17.51% | 221.65% | 17.65% | 15.85% | 14.83% | 10.49% | 12.63% | 11.75% | 22.03% | 20.33% | 23.96% | 20.64% | 20.87% | 17.78% |
| Selling, General & Admin | 25M | 0 | 104M | 112M | 102M | 88M | 65M | 104M | 40.91M | 31.54M | 40.35M | 34.34M | 29.2M | 19.81M | 15.93M | 14.17M | 13.54M | 14.17M | 14.1M | 15.09M | 15.1M | 11.51M | 11.66M | 8.46M | 5.61M | 3.62M | 3.59M | 3.5M | 3.1M | 2.5M | 3.2M |
| SG&A % of Revenue | - | - | 2.85% | 3.41% | 2.77% | 3.65% | 2.73% | 4.9% | 3.77% | 3.57% | 4.97% | 5.75% | 5.75% | 5.72% | 3.93% | 4.61% | 3.91% | 5.24% | 4.31% | 4.91% | 4.55% | 4.4% | 3.36% | 2.86% | 2.82% | 2.31% | 2.1% | 2.43% | 2.4% | 2.42% | 4.04% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 2.6B | 289M | 403M | 336M | 334M | 172M | 195M | 5.51M | 162K | 775K | 103K | 23K | 24.43M | 2K | 26.31M | 31.11M | 33.17M | 35.35M | 39.13M | 37.55M | 27.28M | 24.69M | 28.86M | 17.73M | 30.82M | 31.21M | 31M | 23.5M | 19.1M | 10.9M |
| Operating Income | 381M | 392M | 851M | 383M | 990M | 381M | 752M | 478M | 388.77M | 291.23M | 234.14M | 140.06M | 153.77M | 83.88M | 153.44M | 75.35M | 106.96M | 43.08M | -258.89M | 53.38M | 87.99M | 60.86M | 113.21M | 74.77M | 55.93M | 17.88M | 31.1M | 21.9M | 24.9M | 20.6M | 16.9M |
| Operating Margin % | 12.37% | 12.67% | 23.35% | 11.67% | 26.93% | 15.79% | 31.58% | 22.53% | 35.86% | 32.99% | 28.82% | 23.45% | 30.26% | 24.22% | 37.9% | 24.53% | 30.91% | 15.93% | -79.13% | 17.37% | 26.49% | 23.27% | 32.67% | 25.31% | 28.16% | 11.44% | 18.16% | 15.21% | 19.32% | 19.9% | 21.31% |
| Operating Income Growth % | - | -53.94% | 122.19% | -61.31% | 159.84% | -49.34% | 57.32% | 22.95% | 33.49% | 24.38% | 67.17% | -8.92% | 83.33% | -45.33% | 103.64% | -29.55% | 148.29% | 116.64% | -585.04% | -39.34% | 44.58% | -46.24% | 51.41% | 33.69% | 212.8% | -42.5% | 42% | -12.05% | 20.87% | 21.89% | 83.7% |
| EBITDA | 1B | 629M | 1.12B | 722M | 1.33B | 602M | 953M | 673M | 463.22M | 368.27M | 296.66M | 188.75M | 192.32M | 108.31M | 176.65M | 101.66M | 138.07M | 91.38M | -223.54M | 110.17M | 142.11M | 101.66M | 151.32M | 115.49M | 79.92M | 55.76M | 69.15M | 52.9M | 48.4M | 39.7M | 27.8M |
| EBITDA Margin % | 32.55% | 20.32% | 30.74% | 22.01% | 36.07% | 24.95% | 40.03% | 31.72% | 42.73% | 41.72% | 36.51% | 31.6% | 37.85% | 31.28% | 43.64% | 33.1% | 39.9% | 33.8% | -68.32% | 35.85% | 42.79% | 38.87% | 43.66% | 39.1% | 40.24% | 35.66% | 40.39% | 36.74% | 37.55% | 38.36% | 35.06% |
| EBITDA Growth % | -9.07% | -43.84% | 55.12% | -45.55% | 120.27% | -36.83% | 41.6% | 45.29% | 25.78% | 24.14% | 57.17% | -1.85% | 77.56% | -38.69% | 73.77% | -26.37% | 51.09% | 140.88% | -302.91% | -22.48% | 39.79% | -32.82% | 31.02% | 44.5% | 43.34% | -19.36% | 30.71% | 9.3% | 21.91% | 42.81% | 87.84% |
| D&A (Non-Cash Add-back) | 622M | 237M | 269M | 339M | 336M | 221M | 201M | 195M | 74.45M | 77.05M | 62.52M | 48.69M | 38.55M | 24.43M | 23.21M | 26.31M | 31.11M | 48.3M | 35.35M | 56.79M | 54.12M | 40.8M | 38.11M | 40.72M | 24M | 37.88M | 38.05M | 31M | 23.5M | 19.1M | 10.9M |
| EBIT | 348M | 361M | 977M | 358M | 999M | 373M | 735M | 482M | 394.28M | 288.54M | 202.93M | 140.16M | 160.6M | 84.64M | 106.76M | 75.35M | 118.94M | 34.78M | -258.95M | 31.5M | 88.32M | 60.86M | 100.42M | 62.54M | 55.93M | 17.88M | 31.1M | 21.9M | 24.9M | 20.6M | 16.9M |
| Net Interest Income | -239M | -474M | -485M | -440M | -354M | -205M | -191M | -227M | -107M | -95M | -97.24M | -74.41M | -68.91M | -52.45M | -59.44M | -61.78M | -70.05M | -69.09M | -54.08M | -67.19M | -66.79M | -46.55M | -41.97M | -43.34M | -35.67M | -35.78M | -39.96M | 0 | -25.5M | 0 | -11.7M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 239M | 474M | 485M | 440M | 354M | 205M | 191M | 227M | 106.63M | 95.26M | 97.24M | 74.41M | 68.91M | 52.45M | 59.44M | 61.78M | 70.05M | 69.09M | 54.08M | 67.19M | 66.79M | 46.55M | 41.97M | 43.34M | 35.67M | 35.78M | 39.96M | 30.2M | 25.5M | 21.8M | 11.7M |
| Other Income/Expense | -498M | -505M | -359M | -465M | -376M | -213M | -208M | -223M | -101.35M | -96.72M | -128.61M | -74.31M | -73.98M | -52.45M | -106.12M | -61.77M | -70.35M | -77.39M | -54.13M | -89.07M | -66.46M | -52.53M | -28.17M | -31.18M | -34.49M | -37.17M | -39.18M | -30.5M | 44.9M | -21.8M | -6.8M |
| Pretax Income | -117M | -113M | 492M | -82M | 614M | 168M | 544M | 255M | 287.65M | 193.28M | 105.69M | 65.75M | 79.8M | 31.43M | 47.32M | 13.57M | 36.61M | -34.31M | -313.03M | -35.69M | 21.53M | 8.33M | 72.25M | 31.36M | 21.44M | -19.29M | -8.08M | -8.6M | 69.8M | -1.2M | 10.1M |
| Pretax Margin % | -3.8% | -3.65% | 13.5% | -2.5% | 16.7% | 6.96% | 22.85% | 12.02% | 26.53% | 21.9% | 13.01% | 11.01% | 15.7% | 9.08% | 11.69% | 4.42% | 10.58% | -12.69% | -95.68% | -11.62% | 6.48% | 3.18% | 20.85% | 10.62% | 10.79% | -12.34% | -4.72% | -5.97% | 54.15% | -1.16% | 12.74% |
| Income Tax | -21M | -28M | 117M | -6M | 159M | 78M | 134M | 76M | 76.85M | -68.67M | 43.42M | 26.45M | 31.74M | 13.15M | 19.19M | 4.54M | 13.45M | -11.26M | -111.01M | -12.54M | 9.82M | 3.72M | 27.96M | 17.34M | 7.8M | -5.97M | -1.87M | -2.3M | 28.1M | 200K | 4.4M |
| Effective Tax Rate % | 17.95% | 24.78% | 23.78% | 7.32% | 25.9% | 46.43% | 24.63% | 29.8% | 26.72% | -35.53% | 41.08% | 40.23% | 39.77% | 41.82% | 40.55% | 33.44% | 36.73% | 32.82% | 35.46% | 35.14% | 45.62% | 44.71% | 38.71% | 55.28% | 36.39% | 30.96% | 23.11% | 26.74% | 40.26% | -16.67% | 43.56% |
| Net Income | -96M | -85M | 375M | -76M | 455M | 90M | 410M | 179M | 210.8M | 261.95M | 62.27M | 39.3M | 48.06M | 18.29M | 28.13M | 9.04M | 23.16M | -23.05M | -202.02M | -23.15M | 11.71M | 3.36M | 44.28M | 14.02M | -27.89M | -13.32M | -6.21M | -6.3M | 41.7M | -1.4M | 2.5M |
| Net Margin % | -3.12% | -2.75% | 10.29% | -2.32% | 12.38% | 3.73% | 17.22% | 8.44% | 19.44% | 29.68% | 7.66% | 6.58% | 9.46% | 5.28% | 6.95% | 2.94% | 6.69% | -8.52% | -61.75% | -7.53% | 3.53% | 1.29% | 12.78% | 4.75% | -14.04% | -8.52% | -3.63% | -4.38% | 32.35% | -1.35% | 3.15% |
| Net Income Growth % | -134.53% | -122.67% | 593.42% | -116.7% | 405.56% | -78.05% | 129.05% | -15.09% | -19.53% | 320.65% | 58.45% | -18.23% | 162.8% | -34.99% | 211.33% | -60.99% | 200.5% | 88.59% | -772.6% | -297.69% | 248.33% | -92.41% | 215.78% | 150.29% | -109.39% | -114.4% | 1.4% | -115.11% | 3078.57% | -156% | 177.78% |
| Net Income (Continuing) | -96M | -85M | 375M | -76M | 455M | 90M | 410M | 179M | 210.8M | 261.95M | 62.27M | 39.3M | 48.06M | 18.29M | 28.13M | 9.04M | 23.16M | -23.05M | -202.02M | -23.15M | 11.71M | 4.6M | 36.52M | 7.54M | 13.64M | -13.32M | -6.21M | -6.3M | 41.7M | -1.4M | 5.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.99 | -0.88 | 3.36 | -1.39 | 4.33 | 0.40 | 3.69 | 1.27 | 2.37 | 3.55 | 0.86 | 0.57 | 0.82 | 0.32 | 0.42 | 0.03 | 0.16 | -0.48 | -4.18 | -0.48 | 0.17 | -0.05 | 0.82 | 0.21 | -1.25 | -0.85 | -0.40 | -0.49 | 3.25 | -0.12 | 0.25 |
| EPS Growth % | -160.07% | -126.19% | 341.73% | -132.1% | 982.5% | -89.16% | 190.55% | -46.41% | -33.24% | 312.79% | 50.88% | -30.49% | 156.25% | -23.81% | 1300% | -81.25% | 133.33% | 88.52% | -770.83% | -382.35% | 440% | -106.1% | 290.48% | 116.8% | -47.06% | -112.5% | 18.37% | -115.08% | 2808.33% | -148% | 78.57% |
| EPS (Basic) | - | -0.88 | 3.40 | -1.39 | 4.38 | 0.40 | 3.73 | 1.28 | 2.39 | 3.59 | 0.87 | 0.58 | 0.83 | 0.32 | 0.42 | 0.03 | 0.16 | -0.48 | -4.18 | -0.48 | 0.17 | -0.05 | 0.83 | 0.21 | -1.26 | -0.85 | -0.40 | -0.49 | 3.38 | -0.12 | 0.26 |
| Diluted Shares Outstanding | 97M | 97M | 96M | 92M | 93M | 95M | 97M | 100M | 88.78M | 73.84M | 72.76M | 68.99M | 58.36M | 57.97M | 57.26M | 57.12M | 54.32M | 48.51M | 48.3M | 47.79M | 48.42M | 48.65M | 50.17M | 50.53M | 22.38M | 15.61M | 15.5M | 12.84M | 12.4M | 11.85M | 8.4M |
| Basic Shares Outstanding | 97M | 97M | 95M | 92M | 92M | 95M | 96M | 99M | 88.08M | 73.06M | 71.85M | 68.33M | 57.86M | 57.63M | 57.17M | 57.12M | 54.32M | 48.51M | 48.3M | 47.79M | 48.41M | 48.65M | 49.64M | 50.11M | 22.13M | 15.61M | 15.5M | 12.84M | 11.92M | 11.85M | 8M |
| Dividend Payout Ratio | - | - | 8.53% | - | 6.59% | 34.44% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 57.69% | 442.95% | 20.68% | 51.39% | - | - | - | - | 3.84% | - | 16% |
Cyclical Revenue and Leverage
As reported in recent financial filings, Gray Media's revenue has experienced a consistent downward trend, highlighted by a 24.2% year-over-year decline in 2025Q4, reflecting the inherent volatility of the broadcast industry's reliance on the biennial political advertising cycle and the broader secular decline in linear television viewership.
The revenue trajectory appears heavily tethered to the political calendar, with significant fluctuations between election and off-election periods. Investors should monitor whether the company can successfully pivot toward non-cyclical revenue streams, as the current reliance on transactional advertising leaves the top line vulnerable to economic downturns.
Based on the provided income statement data, Gray Media's gross margins have exhibited extreme instability, ranging from a low of 2.4% in 2025Q4 to a high of 96.9% in 2025Q3, suggesting significant accounting variability in how programming and operational costs are categorized against revenue streams.
This wide variance in reported margins complicates the assessment of true underlying profitability and pricing power. The lack of consistency suggests that investors should focus on normalized operating margins rather than headline gross figures to gauge the actual efficiency of the local newsroom infrastructure.
According to the company's income statements, operating income has failed to scale consistently with revenue, as evidenced by the 2026Q1 operating margin of 10.5% despite the ongoing revenue contraction, indicating that fixed costs remain a significant burden on the firm's ability to generate meaningful bottom-line returns.
The high fixed-cost base, driven by reverse compensation payments and newsroom labor, appears to limit the company's operational flexibility. This structure implies that any further decline in retransmission revenue could lead to rapid margin compression, as the company lacks the ability to easily shed these core operating expenses.
Financial statements indicate that Gray Media has reported negative net income in eight of the last ten quarters, with a net margin of -2.6% in 2026Q1, suggesting that non-operating items or interest expenses are consistently eroding the value generated by the company's core broadcasting operations.
The recurring net losses warrant further investigation into the impact of debt service and potential non-cash impairments from past acquisitions. Investors should be cautious, as the disconnect between operating income and net income suggests that the company's capital structure may be fundamentally misaligned with its current cash-generating capacity.
While management has pursued an aggressive consolidation strategy, the income statement data suggests that the resulting debt load may be unsustainable, as evidenced by the consistent net losses and the inability to maintain positive net margins even during periods of relatively higher revenue performance.
Short-sellers may focus on the company's vulnerability to interest rate volatility and the potential for further goodwill impairments. The reliance on debt to fund acquisitions in a declining linear media environment appears to be a high-risk strategy that may not provide the long-term shareholder value originally envisioned.
Quick answers to the most common questions about buying GTN stock.
For fiscal year 2025, Gray Media, Inc. (GTN) reported total revenue of $3.10B. This represents a 3802.9% increase compared to $79.3M in 1996.
Gray Media, Inc. (GTN) reported a net loss of $85.0M for the fiscal year ending 2025.
Gray Media, Inc. (GTN) reported an operating income of $392.0M, resulting in an operating profit margin of 12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Gray Media, Inc. (GTN) generated $2.99B in gross profit for the year, representing a gross profit margin of 96.6%. This demonstrates the company's core pricing power and production efficiency.