Loading…
Gray Media, Inc., a multimedia company, owns and/or operates local television stations and digital assets in the United States. The company operates through Broadcasting, Production Companies, and Other segments. It also owns Gray Digital Media, a digital agency that provides clients with digital marketing strategies; and operates video production companies and studio production facilities. The company was formerly known as Gray Television, Inc. and changed its name to Gray Media, Inc. in July 2002. Gray Media, Inc. was founded in 1891 and is headquartered in Atlanta, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.1B | $625M | $-85M | $181M | -3.9% | -15.1% | -122.7% |
| 2024 | $3.6B | $1.3B | $375M | $608M | 16.4% | 11.1% | -593.4% |
| 2023 | $3.3B | $734M | $-76M | $300M | -3.9% | -10.7% | -116.7% |
| 2022 | $3.7B | $1.4B | $455M | $393M | 21.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,676 | 3,281 | 3,644 | 3,095 |
| Operating Revenue | - | 3,600 | 3,211 | 3,574 | 3,030 |
| Cost Of Revenue | - | 2,248 | 2,383 | 2,400 | 2,334 |
| Gross Profit | - | 1,428 | 898 | 1,244 | 761 |
| Operating Expense | - | 440 | 451 | 373 | 350 |
| Selling General And Administration | - | 104 | 112 | 104 | 113 |
| Total Expenses | - | 2,688 | 2,834 | 2,773 | 2,684 |
| Operating Income | - | 988 | 447 | 871 | 411 |
| Total Operating Income As Reported | - | 990 | 383 | 851 | 392 |
| EBITDA | - | 1,352 | 734 | 1,274 | 625 |
| Normalized EBITDA | - | 1,368 | 830 | 1,285 | 674 |
| EBIT | - | 968 | 358 | 977 | 361 |
| Interest Expense | - | 354 | 440 | 485 | 474 |
| Net Interest Income | - | -354 | -440 | -485 | -474 |
| Other Non Operating Income Expenses | - | -4 | 7 | 117 | -1 |
| Other Income Expense | - | -20 | -89 | 106 | -50 |
| Interest Expense Non Operating | - | 354 | 440 | 485 | 474 |
| Net Non Operating Interest Income Expense | - | -354 | -440 | -485 | -474 |
| Pretax Income | - | 614 | -82 | 492 | -113 |
| Tax Provision | - | 159 | -6 | 117 | -28 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -4.14 | -6.72 | -2.64 | -12.25 |
| Net Income Continuous Operations | - | 455 | -76 | 375 | -85 |
| Net Income From Continuing And Discontinued Operation | - | 455 | -76 | 375 | -85 |
| Net Income From Continuing Operation Net Minority Interest | - | 455 | -76 | 375 | -85 |
| Net Income | - | 455 | -76 | 375 | -85 |
| Net Income Common Stockholders | - | 403 | -128 | 323 | -137 |
| Net Income Including Noncontrolling Interests | - | 455 | -76 | 375 | -85 |
| Normalized Income | - | 466.86 | 13.28 | 383.36 | -48.25 |
| Diluted NI Availto Com Stockholders | - | 403 | -128 | 323 | -137 |
| Basic Average Shares | - | 92 | 92 | 95 | 97 |
| Diluted Average Shares | - | 93 | 92 | 96 | 97 |
| Reconciled Depreciation | - | 384 | 376 | 297 | 264 |
| Reconciled Cost Of Revenue | - | 2,200 | 2,346 | 2,372 | 2,307 |
| Total Unusual Items | - | -16 | -96 | -11 | -49 |
| Total Unusual Items Excluding Goodwill | - | -16 | -96 | -11 | -49 |
| Preferred Stock Dividends | - | 52 | 52 | 52 | 52 |
| Special Income Charges | - | -16 | -96 | -11 | -49 |
| Other Special Charges | - | - | 3 | -34 | 10 |
| Write Off | - | 18 | 29 | 25 | 20 |
| Impairment Of Capital Assets | - | 0 | 43 | 0 | 30 |
| Depreciation Amortization Depletion Income Statement | - | 336 | 339 | 269 | 237 |
| Depreciation And Amortization In Income Statement | - | 336 | 339 | 269 | 237 |
| General And Administrative Expense | - | 104 | 112 | 104 | 113 |
| Other Gand A | - | 104 | 112 | 104 | 113 |
| Gain On Sale Of Ppe | - | 2 | -21 | -20 | 11 |
| Amortization | - | 207 | 194 | 125 | 104 |
| Amortization Of Intangibles Income Statement | - | 207 | 194 | 125 | 104 |
| Depreciation Income Statement | - | 129 | 145 | 144 | 133 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Gray Media, Inc.this co. | GTN | $414M | - | 0.15 | -4.9% | 9.37 |
| Nexxen International Ltd. | NEXN | $477M | 19.05 | 1.00 | 5.3% | 3.66 |
| Starz Entertainment Corp. | STRZ | $470M | -2.23 | 0.61 | -27.6% | 1.81 |
| MediaAlpha, Inc. | MAX | $468M | 18.25 | 112.41 | 615.9% | -5.95 |
| Bumble Inc. | BMBL | $454M | -0.65 |
| - |
| - |
| - |
| - |
| - |
| 0.80 |
| -121.6% |
| -1.11 |
| OPTU | OPTU | $431M | -0.23 | -0.19 | 80.8% | 16.60 |
| AMC Global Media Inc. | AMCX | $428M | 4.79 | 0.44 | 9.1% | 1.41 |
| ATN International, Inc. | ATNI | $398M | -26.71 | 0.90 | -3.4% | 6.27 |
| Dave & Buster's Entertainment, Inc. | PLAY | $388M | - | 4.26 | -53.4% | 9.90 |
| Peer Median | - | -0.23 | 0.85 | 1.0% | 2.73 | |