Gray Media, Inc. (GTN) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has decelerated from a peak of 20.9% in 2024Q4 to a contraction of 1.8% in 2026Q1, while gross margins have exhibited extreme volatility, swinging from 96.9% to 2.4% in recent quarters, indicating significant structural pressure on the core cost structure.

Annual statement

GTN Income Statement

Gray Media, Inc. (GTN) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	3.37B	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 %	0.69%	-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	1.78B	2.33B	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	-	75.41%	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	1.59B	761M	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 %	47.2%	24.59%	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 %	-	-38.83%	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	1.01B	369M	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	-	11.92%	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	104M	113M	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	-	3.65%	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	256M	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	599M	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 %	17.77%	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	798M	629M	1.12B	759M	1.37B	640M	991M	712M	484.77M	389.23M	315.66M	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 %	23.67%	20.32%	30.74%	23.13%	37.38%	26.52%	41.62%	33.55%	44.72%	44.09%	38.85%	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 %	-8.7%	-43.84%	47.56%	-44.76%	114.69%	-35.42%	39.19%	46.87%	24.55%	23.31%	67.24%	-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)	199M	237M	269M	376M	384M	259M	239M	234M	96M	98M	81.52M	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	84M	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	-119M	-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	1M	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	-526M	-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	73M	-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 %	2.17%	-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	11M	-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 %	15.07%	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	62M	-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 %	1.84%	-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 %	-34.04%	-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)	62M	-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)	0.63	-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 %	-21.82%	-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	98M	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	98M	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%

Key Metrics

Growth RegimeDecelerating

ProfitabilityStrained

Balance SheetAdequate

Cash FlowMixed

Top Statement Risk

Volatile profitability and negative net income

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Revenue Growth Decelerates After 2024 Peak

Gray Media's revenue growth has decelerated sharply from a peak of 20.9% in 2024Q4 to a contraction of 1.8% in 2026Q1, suggesting the post-pandemic advertising cycle has normalized and the company is now facing a more challenging top-line environment.

The company's revenue trajectory shows a clear inflection point in late 2024, with growth rates falling from double-digit levels to near-zero or negative territory. This deceleration appears to be driven by a normalization in political advertising spending and a softer general advertising market, which are typical cyclical headwinds for broadcasters. The durability of future growth will likely depend on the company's ability to offset these cyclical pressures with retransmission fee growth and digital initiatives.

Gross Margin Volatility Signals Structural Pressure

Gray Media's gross margin has exhibited extreme volatility, swinging from a high of 96.9% in 2025Q3 to a low of 2.4% in 2025Q4, indicating significant instability in its core cost structure and potential challenges in maintaining consistent pricing power.

The reported gross margin figures are highly erratic, with several quarters showing margins well below the peer average of approximately 36%. This volatility suggests the company may be experiencing inconsistent revenue recognition, significant fluctuations in content costs, or other non-recurring items that distort the underlying profitability of its broadcasting operations. Investors should monitor whether the more stable margins seen in 2024Q4 (40.3%) and 2026Q2 (29.6%) represent a sustainable baseline or if the extreme swings will continue.

Operating Leverage Erodes Amid Margin Compression

Operating income has failed to scale with revenue, as operating margins have compressed from a peak of 31.1% in 2024Q4 to 10.5% in 2026Q1, indicating that cost growth is outpacing revenue gains and the company's operating leverage is currently impaired.

The data shows a concerning trend where operating income growth has not kept pace with revenue, particularly in recent quarters. This suggests that fixed cost structures, likely in programming and distribution, are becoming a heavier burden as revenue growth stalls. The company's ability to control SG&A expenses, which have fluctuated between $0 and $37 million, appears inconsistent and may be contributing to the margin erosion.

Net Income Persistently Negative Despite Positive Op Income

Gray Media has reported negative net income in six of the last ten quarters, including a loss of $56 million in 2025Q2, despite generating positive operating income in every period, which suggests significant non-operating charges or tax burdens are eroding bottom-line results.

The persistent gap between operating income and net income points to substantial non-operating expenses, likely related to interest costs on debt or impairment charges, which are common in the capital-intensive broadcasting industry. The company's effective tax rate appears volatile, with net margins swinging from positive to deeply negative, making earnings quality low and difficult to predict. This pattern warrants further investigation into the specific non-operating items driving these losses.

Cost Structure Dominated by Volatile COGS

Cost of goods sold represents the overwhelming majority of Gray Media's expenses, ranging from 70% to over 100% of revenue in some quarters, indicating that content acquisition and distribution costs are the primary driver of the company's financial performance.

The company's cost structure is heavily weighted towards COGS, which is typical for broadcasters but appears particularly volatile for Gray Media. The extreme swings in COGS, such as the negative $1.1 billion reported in 2025Q4, suggest potential accounting anomalies or significant non-cash adjustments that obscure the true underlying cost base. SG&A expenses, while smaller in absolute terms, have also shown inconsistency, making it difficult to assess management's overall expense discipline.

Sustainability of Recent Profitability Improvement Questioned

The sharp improvement in operating margin to 16.2% in 2026Q2 may not be sustainable, as it follows a period of extreme volatility and coincides with negative net income, suggesting the improvement could be driven by non-recurring factors rather than fundamental operational strength.

A short-seller would focus on the disconnect between the improving operating margin and the continued negative net income, which implies that non-operating costs remain a significant drag. Furthermore, the company's gross margin of 29.6% in the latest quarter remains below the peer average of approximately 36%, indicating a potential structural disadvantage in cost control or pricing power. The historical pattern of volatile margins suggests that the recent improvement may be cyclical rather than structural, leaving the company vulnerable to the next advertising downturn.

GTN — Frequently Asked Questions

Quick answers to the most common questions about buying GTN stock.

What was Gray Media, Inc.'s (GTN) revenue in 2025?

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.

Is Gray Media, Inc. (GTN) profitable?

Gray Media, Inc. (GTN) reported a net loss of $85.0M for the fiscal year ending 2025.

What is Gray Media, Inc.'s operating profit margin?

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.

What is Gray Media, Inc.'s gross profit and gross margin?

Gray Media, Inc. (GTN) generated $761.0M in gross profit for the year, representing a gross profit margin of 24.6%. This demonstrates the company's core pricing power and production efficiency.