GTN

MKT CAP:$516M

Gray Media, Inc.

Market Cap

$516M

Communication Services·Broadcasting·🇺🇸 United States·NYSE

Communication·Broadcasting·🇺🇸·NYSE

Stock Price

$5.91+$1.11 (+23.13%)

Apr 17, 2026

Company Details

Gray Media, Inc., a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various ot...

CEO

Hilton Hatchett Howell Jr.

IPO Date

Aug 30, 2002

Website

graymedia.com

Key Metrics TTM

Revenue

$3.3B

-3.3% YoY

Net Income

$94M

EPS (Diluted)

$0.55

Free Cash Flow

$440M

Revenue / Share

$34.52

Gross Margin

45.4%

Operating Margin

18.0%

Net Margin

2.8%

FCF Margin

13.1%

P/S

0.2x

P/E

5.5x

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$3.1B-15.1%EPS -$0.88

Q3 2025

Nov 7, 2025

$749M-21.2%EPS -$0.10

Q2 2025

Aug 8, 2025

$772M-6.5%EPS -$0.71

Q1 2025

May 8, 2025

$782M-5.0%EPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$721M	$249M	$105M
Q1 22	$827M	$271M	$164M
Q2 22	$868M	$326M	$218M
Q3 22	$909M	$356M	$245M
Q4 22	$1.1B	$475M	$363M
Q1 23	$801M	$187M	$67M
Q2 23	$813M	$250M	$119M
Q3 23	$803M	$228M	$84M
Q4 23	$864M	$233M	$113M
Q1 24	$823M	$219M	$124M
Q2 24	$826M	$247M	$152M
Q3 24	$950M	$357M	$250M
Q4 24	$1.0B	$421M	$325M
Q1 25	$782M	$185M	$92M
Q2 25	$772M	$189M	$82M
Q3 25	$749M	$726M	$102M

Valuation

Quarter	P/S	P/E
Q4 21	0.8x	22.4x
Q1 22	0.8x	18.3x
Q2 22	0.5x	9.5x
Q3 22	0.4x	4.5x
Q4 22	0.3x	2.4x
Q1 23	0.2x	2.2x
Q2 23	0.2x	2.8x
Q3 23	0.2x	5.3x
Q4 23	0.3x	—
Q1 24	0.2x	13.2x
Q2 24	0.1x	8.0x
Q3 24	0.1x	2.6x
Q4 24	0.1x	0.8x
Q1 25	0.1x	1.5x
Q2 25	0.1x	2.2x
Q3 25	0.2x	5.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$17M	-$36M
Q1 22	$141M	$94M
Q2 22	$189M	$77M
Q3 22	$266M	$127M
Q4 22	$233M	$95M
Q1 23	$412M	$302M
Q2 23	$47M	-$56M
Q3 23	$106M	$31M
Q4 23	$83M	$23M
Q1 24	$68M	$34M
Q2 24	$18M	-$11M
Q3 24	$297M	$257M
Q4 24	$368M	$328M
Q1 25	$132M	$117M
Q2 25	$31M	$6M
Q3 25	$14M	-$11M

Capital Expenditures

Quarter	CapEx
Q4 21	$53M
Q1 22	$47M
Q2 22	$112M
Q3 22	$139M
Q4 22	$138M
Q1 23	$110M
Q2 23	$103M
Q3 23	$75M
Q4 23	$60M
Q1 24	$34M
Q2 24	$29M
Q3 24	$40M
Q4 24	$40M
Q1 25	$15M
Q2 25	$25M
Q3 25	$25M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-9.0%	+39.7%
Q1 22	+52.0%	+49.7%
Q2 22	+58.7%	+48.1%
Q3 22	+51.2%	+24.3%
Q4 22	+48.7%	+15.1%
Q1 23	-3.1%	+10.7%
Q2 23	-6.3%	+6.8%
Q3 23	-11.7%	+8.3%
Q4 23	-19.4%	+5.9%
Q1 24	+2.7%	-4.8%
Q2 24	+1.6%	-2.9%
Q3 24	+18.3%	-2.6%
Q4 24	+20.9%	-4.1%
Q1 25	-5.0%	-1.3%
Q2 25	-6.5%	+2.4%
Q3 25	-21.2%	-7.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$10M	1.4%
Q1 22	$6M	0.7%
Q2 22	$6M	0.7%
Q3 22	$6M	0.7%
Q4 22	$14M	1.3%
Q1 23	$2M	0.2%
Q2 23	$7M	0.9%
Q3 23	$5M	0.6%
Q4 23	$16M	1.9%
Q1 24	$6M	0.7%
Q2 24	$6M	0.7%
Q3 24	$0	0.0%
Q4 24	$5M	0.5%
Q1 25	$7M	0.9%
Q2 25	$5M	0.6%
Q3 25	$5M	0.7%

OpEx Breakdown

Quarter	G&A
Q4 21	$84M
Q1 22	$28M
Q2 22	$25M
Q3 22	$27M
Q4 22	$24M
Q1 23	$26M
Q2 23	$30M
Q3 23	$23M
Q4 23	$33M
Q1 24	$28M
Q2 24	$28M
Q3 24	$24M
Q4 24	$24M
Q1 25	$32M
Q2 25	$25M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$247M	$0	$247M
Q2 22	$162M	$0	$162M
Q3 22	$144M	$0	$144M
Q4 22	$61M	$0	$61M
Q1 23	$56M	$0	$56M
Q2 23	$36M	$0	$36M
Q3 23	$21M	$0	$21M
Q4 23	$21M	$0	$21M
Q1 24	$134M	$0	$134M
Q2 24	$75M	$0	$75M
Q3 24	$69M	$0	$69M
Q4 24	$135M	$0	$135M
Q1 25	$210M	$0	$210M
Q2 25	$199M	$0	$199M
Q3 25	$182M	$0	$182M
Q4 25	$368M	$0	$368M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	95M	0.0%	0.0%
Q1 22	94M	-1.1%	-1.1%
Q2 22	94M	0.0%	-1.1%
Q3 22	92M	-2.1%	-3.2%
Q4 22	92M	0.0%	-3.2%
Q1 23	92M	0.0%	-2.1%
Q2 23	93M	+1.1%	-1.1%
Q3 23	93M	0.0%	+1.1%
Q4 23	93M	0.0%	+1.1%
Q1 24	95M	+2.2%	+3.3%
Q2 24	96M	+1.1%	+3.2%
Q3 24	97M	+1.0%	+4.3%
Q4 24	98M	+1.0%	+5.4%
Q1 25	96M	-2.0%	+1.1%
Q2 25	97M	+1.0%	+1.0%
Q3 25	97M	0.0%	0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$83.8K	9K
Q1 22	$96.1K	9K
Q2 22	$100.8K	9K
Q3 22	$105.6K	9K
Q4 22	$119.9K	9K
Q1 23	$89.6K	9K
Q2 23	$90.9K	9K
Q3 23	$89.8K	9K
Q4 23	$92.2K	9K
Q1 24	$87.8K	9K
Q2 24	$88.1K	9K
Q3 24	$101.3K	9K
Q4 24	$114.6K	9K
Q1 25	$85.8K	9K
Q2 25	$84.7K	9K
Q3 25	$82.1K	9K

Revenue / Employee