Gray Media, Inc.

Gray Media, Inc.

GTN-A
Gray Media, Inc.US flagNew York Stock Exchange
5.40
USD
-0.57
- -
306.25MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
6.01
8.78
8.74
11.31
12.09
12.31
21.43
24.8
25.4
39.96
35.66
38.36
31.91
32.37
Basic EPS, GAAP
0.32
0.83
0.58
0.87
3.59
2.4
1.28
3.73
0.4
4.38
-1.39
3.4
-1.41
-0.6
Free Cash Flow per Basic Share
0.63
1.76
1.21
2.32
1.98
2.87
2.78
5.65
0.98
4.27
3.26
6.4
1.87
1.5
Dividend per Share
- -
- -
- -
- -
- -
- -
0.39
0.54
0.87
0.89
0.89
0.88
0.88
0.89
Book Value per Share
3
3.7
5.93
6.8
11.05
13.37
14.71
18.42
18.5
22.75
20.66
22.93
21.13
20.66
Tangible Book Value per Share
-14.69
-21.02
-16.06
-19.16
-13.61
-11.36
-40.34
-38.67
-73.92
-70.03
-67.17
-59.85
-58.36
-59.59
Basic Weighted Avg Shares
58
58
68
72
73
88
99
96
95
92
92
95
97
97
Sales/Revenue/Turnover
346
508
597
812
883
1,084
2,122
2,381
2,413
3,676
3,281
3,644
3,095
3,148
Operating Margin (%)
24.44
30.38
23.46
28.88
24.46
34.32
19.98
30.37
17.53
26.88
13.62
23.9
13.28
14.42
Depreciation Expense
36
51
64
82
98
96
234
239
259
384
376
297
264
262
Net Income, GAAP
18
48
39
62
262
211
179
410
90
455
-76
375
-85
-26
Effective Tax Rate (%)
41.82
39.77
40.23
41.08
- -
26.74
29.8
24.63
46.43
25.9
- -
23.78
- -
26.32
Profit Margin (%)
5.28
9.46
6.58
7.66
29.67
19.46
8.44
17.22
3.73
12.38
-2.32
10.29
-2.75
-0.83
Working Capital
68
88
198
386
535
723
426
1,049
579
448
73
14
140
-25
LT Debt
843
1,236
1,220
1,757
1,831
2,549
3,742
4,025
6,803
6,508
6,214
5,663
5,801
5,876
Total Equity
174
216
429
493
993
1,187
2,114
2,403
2,407
2,766
2,621
2,933
2,805
2,728
Return on Invested Capital (%)
4.94
7.53
5.4
7.09
- -
8.28
6.19
8.85
2.89
7.9
- -
7.59
- -
- -
Return on Capital (%)
4.9
7.25
5.4
6.13
- -
8.81
7.05
9.01
2.55
7.74
- -
8.52
- -
10.83
Return on Common Equity (%)
11.5
24.63
12.18
13.51
35.27
19.36
9.58
22.26
2.17
20.81
-6.26
15.19
-6.17
-2.69

Capital Structure

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
12
10
11
LT Borrowings
5,742
5,746
5,808
LT Finance Leases
59
57
68
Preferred Equity and Hybrid Capital
650
650
600
Shares Outstanding
102
103
103
Market Capitalization
1,224
1,276
721

Working Capital

FRC

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
656
523
492
Cash, Cash Equivalents & STI
368
259
176
Accounts Receivable, Net
205
178
193
Inventories
- -
- -
- -
Total Current Liabilities
516
437
517
Payables & Accruals
363
313
384
ST Debt
12
10
11
Deferred Revenue
20
21
22

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
24.5%
3.48%
-4.36%
Free Cash Flow
51.77%
49.7%
-70.23%
Net Income, GAAP
-3.17%
-101.06%
-122.67%
Sales/Revenue/Turnover
21.43%
7.78%
-15.07%
Total Cash Common Dividend
- -
- -
3.12%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
823
826
950
1,045
3,644
2025
782
772
749
792
3,095
2026
768
839
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.8
0.09
0.87
1.64
3.4
2025
-0.23
-0.71
-0.24
-0.24
-1.41
2026
-0.34
0.21
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.22
0.22
0.22
0.88
2025
0.22
0.22
0.22
0.23
0.88
2026
0.23
0.22
- -
- -
- -

Company Description

CEO
Hilton Hatchett Howell Jr.
Full Time Employees
9,582
Sector
Communication Services
Industry
Broadcasting
Address
4370 Peachtree Road, NE Atlanta GA United States of America 30319
IPO Date
Mar 17, 1993
Business
Gray Media, Inc., a multimedia enterprise, manages an extensive portfolio of television broadcast stations and digital assets across the United States. The company delivers programming from major networks such as ABC, CBS, NBC, and FOX, alongside a variety of secondary digital channels. These include CW Plus, MyNetworkTV, MeTV, Justice, This TV, Antenna TV, Telemundo, Cozi, Heroes and Icons, MOVIES! Network, as well as more recent additions like The365 and Outlaw through a joint venture, offering diversified content. Additionally, it provides specialized local news and weather reporting in numerous communities. Beyond broadcasting, Gray Media also encompasses video content creation entities, including Raycom Sports, Tupelo Media Group, and PowerNation Studios, with dedicated studio facilities such as Assembly Atlanta and Third Rail Studios. The company further engages in digital marketing strategies for clients through Gray Digital Media. Its network spans over 180 full-power television stations in 113 markets throughout the nation, collectively reaching approximately 37 percent of U.S. television households. The company was previously known as Gray Television, Inc., before officially adopting the name Gray Media, Inc. in January 2025. Gray Media, Inc. was established in 1891 and maintains its headquarters in Atlanta, Georgia.

Company News

  • Gray Media Names William Varnier as General Manager of WDBJ in Roanoke, Virginia

  • Atlanta Braves Games to Air in Spanish on Gray Media's Telemundo Affiliate Stations Across the Southeast

  • Gray Announces Pricing of $750 Million of 7.500% Senior Secured First Lien Notes due 2034

  • RTDNA Awards More National Edward R. Murrow Awards to Gray Media than Any Other Media Organization

  • Gray Announces Private Offering of Senior Secured First Lien Notes

  • GRAY ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.08 PER SHARE

  • Gray Announces Participation in Upcoming Investor Events

  • GRAY SETS DATE FOR SECOND QUARTER EARNINGS RELEASE AND EARNINGS CONFERENCE CALL

  • Gray Media Completes Offering of $70 Million of Additional 7.250% Senior Secured First Lien Notes due 2033 and Repurchases $50 million of Series A Preferred Stock

  • Gray Media Agrees to Purchase American Spirit Media's Television Stations

  • Gray Media Names Annie Cordell as General Manager of WMBF in Myrtle Beach-Florence, South Carolina

  • Gray Media Launches Political 360 Digital Advertising Solution Powered by Aristotle Data

  • RTDNA Awards 93 Regional Edward R. Murrow Awards to 41 of Gray Media's Television Stations

  • Gray Media Names Jamie Bremer as General Manager of WFIE in Evansville, Indiana

  • Gray Media Names Jay Hiett as General Manager of WDRB, WAVE, and WBKI in Louisville, Kentucky

  • Gray Media Closes Station Swap Transaction with EW Scripps

  • Joanie Vasiliadis Joins Gray Media to Accelerate Digital Journalism Growth and Future Proof Local Newsrooms

  • Gray Announces Participation in Upcoming Investor Events

  • Gray Media Q1 Earnings Call Highlights

  • GRAY ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.08 PER SHARE