Gray Media Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	3,081	3,095	3,644	3,281	3,676	2,413
Revenue Growth (YoY)	-14.49%	-15.07%	11.06%	-10.75%	52.34%	1.34%
Cost of Revenue	2,320	2,334	2,400	2,383	2,248	1,607
Gross Profit	761	761	1,244	898	1,428	806
Selling, General & Admin	120	113	104	112	104	86
Amortization of Goodwill & Intangibles	107	104	125	194	207	117
Operating Expenses	359	350	373	451	440	307
Operating Income	402	411	871	447	988	499
Interest Expense	-473	-474	-485	-440	-354	-205
Other Non Operating Income (Expenses)	-10	-8	7	7	-4	-3
EBT Excluding Unusual Items	-81	-71	393	14	630	291
Merger & Restructuring Charges	-	-	-	-	-	-81
Gain (Loss) on Sale of Investments	-4	-13	85	-29	-18	-
Gain (Loss) on Sale of Assets	9	11	-20	-21	2	-42
Asset Writedown	-30	-30	-	-43	-	-
Other Unusual Items	-11	-10	34	-3	-	-
Pretax Income	-117	-113	492	-82	614	168
Income Tax Expense	-21	-28	117	-6	159	78
Net Income	-96	-85	375	-76	455	90
Preferred Dividends & Other Adjustments	52	52	52	52	52	52
Net Income to Common	-148	-137	323	-128	403	38
Net Income Growth	-	-	-	-	405.56%	-78.05%
Shares Outstanding (Basic)	97	97	95	92	92	95
Shares Outstanding (Diluted)	97	97	96	92	93	95
Shares Change (YoY)	1.04%	1.04%	4.35%	-1.07%	-2.10%	-2.06%
EPS (Basic)	-1.52	-1.41	3.40	-1.39	4.38	0.40
EPS (Diluted)	-1.52	-1.41	3.36	-1.39	4.33	0.40
EPS Growth	-	-	-	-	982.50%	-89.16%
Free Cash Flow	46	181	608	300	393	93
Free Cash Flow Per Share	0.47	1.87	6.33	3.26	4.23	0.98
Dividend Per Share	0.320	0.320	0.320	0.320	0.320	0.320
Gross Margin	24.70%	24.59%	34.14%	27.37%	38.85%	33.40%
Operating Margin	13.05%	13.28%	23.90%	13.62%	26.88%	20.68%
Profit Margin	-4.80%	-4.43%	8.86%	-3.90%	10.96%	1.57%
Free Cash Flow Margin	1.49%	5.85%	16.68%	9.14%	10.69%	3.85%
EBITDA	641	648	1,140	786	1,324	720
EBITDA Margin	20.80%	20.94%	31.28%	23.96%	36.02%	29.84%
D&A For EBITDA	239	237	269	339	336	221
EBIT	402	411	871	447	988	499
EBIT Margin	13.05%	13.28%	23.90%	13.62%	26.88%	20.68%
Effective Tax Rate	-	-	23.78%	-	25.90%	46.43%
Revenue as Reported	3,081	3,095	3,644	3,281	3,676	2,413

Updated May 7, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q