Gray Media Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	94	375	-76	455	90	410
Depreciation & Amortization	246	269	339	336	221	201
Other Amortization	43	43	50	64	50	50
Loss (Gain) From Sale of Assets	1	20	21	-2	42	-29
Asset Writedown & Restructuring Costs	28	-	43	-	-	-
Loss (Gain) From Sale of Investments	20	-85	29	18	-	-
Stock-Based Compensation	22	22	30	31	22	22
Other Operating Activities	-78	-73	-113	-70	-75	59
Change in Accounts Receivable	153	5	308	-26	-30	-14
Change in Accounts Payable	-	52	-32	-5	22	-1
Change in Unearned Revenue	-23	6	-1	10	-12	13
Change in Income Taxes	25	-9	33	1	-48	-14
Change in Other Net Operating Assets	14	126	17	17	18	-45
Operating Cash Flow	545	751	648	829	300	652
Operating Cash Flow Growth	16.95%	15.90%	-21.83%	176.33%	-53.99%	69.35%
Capital Expenditures	-105	-143	-348	-436	-207	-110
Sale of Property, Plant & Equipment	23	14	54	4	5	9
Cash Acquisitions	-1	-1	-6	-58	-3,765	-91
Divestitures	-	-	6	-	473	-
Investment in Securities	13	103	-14	-16	-49	-48
Other Investing Activities	-2	-1	17	3	9	29
Investing Cash Flow	-72	-28	-291	-503	-3,534	-211
Long-Term Debt Issued	-	2,070	300	-	3,050	800
Long-Term Debt Repaid	-	-2,544	-610	-315	-250	-525
Net Debt Issued (Repaid)	-245	-474	-310	-315	2,800	275
Repurchase of Common Stock	-6	-4	-5	-57	-37	-81
Preferred Dividends Paid	-52	-52	-52	-52	-52	-52
Common Dividends Paid	-32	-32	-30	-30	-31	-
Dividends Paid	-84	-84	-82	-82	-83	-52
Other Financing Activities	-25	-47	-	-	-30	-22
Financing Cash Flow	-360	-609	-397	-454	2,650	120
Net Cash Flow	113	114	-40	-128	-584	561
Free Cash Flow	440	608	300	393	93	542
Free Cash Flow Growth	45.21%	102.67%	-23.66%	322.58%	-82.84%	97.09%
Free Cash Flow Margin	13.14%	16.68%	9.14%	10.69%	3.85%	22.76%
Free Cash Flow Per Share	4.58	6.33	3.26	4.23	0.98	5.59
Cash Interest Paid	468	394	419	339	178	179
Cash Income Tax Paid	174	135	50	180	149	70
Levered Free Cash Flow	503.38	603.13	410.63	395.13	110.75	433.75
Unlevered Free Cash Flow	785.5	891.25	672.63	600.38	226.88	541.13
Change in Working Capital	169	180	325	-3	-50	-61

Source: S&P Global Market Intelligence. Standard template. Financial Sources.