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	1,610
Gross Profit	761	761	1,244	898	1,428	803
Selling, General & Admin	120	113	104	112	104	159
Depreciation & Amortization Expenses	239	237	269	339	336	221
Other Operating Expenses	-9	-11	50	64	-2	42
Total Operating Expenses	350	339	423	515	438	422
Operating Income	381	392	851	383	990	381
Interest Expense	-473	-474	-485	-440	-354	-205
Other Non-Operating Income (Expense)	-25	-31	126	-25	-22	-8
Total Non-Operating Income (Expense)	-475	-505	-359	-465	-376	-213
Pretax Income	-117	-113	492	-82	614	168
Provision for Income Taxes	-21	-28	117	-6	159	78
Net Income	-148	-137	323	-128	403	38
Net Income Attributable to Preferred Dividends	52	52	52	52	52	52
Net Income to Common	-148	-137	323	-128	403	38
Net Income Growth	-	-	-	-	960.53%	-89.39%
Shares Outstanding (Basic)	97	97	95	92	92	95
Shares Outstanding (Diluted)	97	97	96	92	93	95
Shares Change (YoY)	0.26%	1.04%	4.35%	-1.07%	-2.10%	-2.06%
EPS (Basic)	-1.53	-1.41	3.40	-1.39	4.38	0.40
EPS (Diluted)	-1.53	-1.41	3.36	-1.39	4.33	0.40
EPS Growth	-	-	-	-	982.50%	-89.16%
Shares Outstanding	102.78	102	99.58	95.39	93.01	94.97
Free Cash Flow	46	181	608	300	393	93
Free Cash Flow Growth	-74.59%	-70.23%	102.67%	-23.66%	322.58%	-82.84%
Free Cash Flow Per Share	0.47	1.87	6.33	3.26	4.23	0.98
Dividends 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%	33.28%
Operating Margin	12.37%	12.67%	23.35%	11.67%	26.93%	15.79%
Profit Margin	-3.12%	-2.75%	10.29%	-2.32%	12.38%	3.73%
FCF Margin	1.49%	5.85%	16.68%	9.14%	10.69%	3.85%
EBITDA	620	629	1,120	722	1,326	602
EBITDA Margin	20.12%	20.32%	30.74%	22.01%	36.07%	24.95%
EBIT	381	392	851	383	990	381
EBIT Margin	12.37%	12.67%	23.35%	11.67%	26.93%	15.79%
Effective Tax Rate	17.95%	24.78%	23.78%	7.32%	25.90%	46.43%

Updated May 7, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q