Gray Television, Inc (GTN) Balance Sheet

NYSE: GTNAssets, liabilities, debt and equity over 10 years.

GTN balance sheet, 2025

December 31, 2025 · U.S. dollars

$10.44B assets = $7.63B liabilities + $2.81B equity

Both columns are drawn to the same scale: what GTN owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GTN financial health

Current ratio1.27

Adequate · current assets cover current liabilities 1.27×

Debt / equity2.07

High leverage · $2.07 of debt for each $1 of equity

Equity / assets26.9%

Balanced · of assets funded by shareholders

Cash / debt6.3%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles77.7%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

GTN balance sheet trends, 2016–2025

Gray Television, Inc balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.78B2016	$10.44B2025	+15.8%/yr
Total liabilities	$2.29B2016	$7.63B2025	+14.3%/yr
Shareholders’ equity	$492.9M2016	$2.81B2025	+21.3%/yr
Cash & short-term investments	$325.2M2016	$368.0M2025	+1.4%/yr
Total debt	$1.76B2016	$5.81B2025	+14.2%/yr
Net cash (debt)	−$1.43B2016	−$5.45B2025	−$4.0B
Working capital	$416.9M2016	$140.0M2025	−$276.9M
Book value per share	$6.772016	$28.922025	+17.5%/yr
Current ratio	4.492016	1.272025	−3.22
Debt / equity	3.562016	2.072025	−1.49
Shares outstanding	72.8M2016	97.0M2025	+3.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GTN assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GTN liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GTN debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GTN balance sheet

Gray Television, Inc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$368.0M	$135.0M	$21.0M	$61.0M	$189.0M	$773.0M	$212.0M	$667.0M	$462.4M	$325.2M
Cash & equivalents	$368.0M	$135.0M	$21.0M	$61.0M	$189.0M	$773.0M	$212.0M	$667.0M	$462.4M	$325.2M
Short-term investments	—	—	—	—	—	—	—	—	$0	$16.6M
Receivables	$211.0M	$343.0M	$363.0M	$672.0M	$645.0M	$446.0M	$411.0M	$183.6M	$171.2M	$146.8M
Inventory	$0	$17.0M	$18.0M	$43.0M	$94.0M	$24.0M	$24.0M	$7.3M	$14.7M	$13.7M
Other current assets	$77.0M	$46.0M	$66.0M	$81.0M	$35.0M	$61.0M	$25.0M	$14.9M	$18.5M	$50.6M
Total current assets	$656.0M	$541.0M	$468.0M	$857.0M	$963.0M	$1.30B	$672.0M	$872.7M	$666.8M	$536.3M
Property, plant & equipment (net)	$1.57B	$1.65B	$1.68B	$1.54B	$1.24B	$794.0M	$775.0M	$363.1M	$350.7M	$326.1M
Goodwill & intangible assets	$8.11B	$8.24B	$8.38B	$8.63B	$8.78B	$5.43B	$5.48B	$2.20B	$2.22B	$1.88B
Long-term investments	$37.0M	$66.0M	$85.0M	$105.0M	$117.0M	$72.0M	$17.0M	$16.6M	$16.6M	$16.6M
Other non-current assets	$64.0M	$46.0M	$33.0M	$19.0M	$16.0M	$39.0M	$29.0M	$765.7M	$11.3M	$22.5M
Total assets	$10.44B	$10.54B	$10.64B	$11.15B	$11.11B	$7.64B	$6.97B	$4.21B	$3.26B	$2.78B
Liabilities
Accounts payable	$144.0M	$75.0M	$23.0M	$55.0M	$59.0M	$10.0M	$11.0M	$8.4M	$7.8M	$5.3M
Short-term debt	$12.0M	$30.0M	$26.0M	$25.0M	$24.0M	$7.0M	$6.0M	$123.1M	$6.4M	$95.5M
Deferred revenue	$20.0M	$29.0M	$23.0M	$24.0M	$14.0M	$22.0M	$9.0M	$3.7M	$4.0M	$4.7M
Total current liabilities	$516.0M	$527.0M	$395.0M	$409.0M	$384.0M	$255.0M	$246.0M	$150.4M	$131.3M	$119.4M
Long-term debt	$5.74B	$5.60B	$6.14B	$6.44B	$6.75B	$3.98B	$7.0M	$2.55B	$1.83B	$5.0M
Lease obligations	$69.0M	$72.0M	$80.0M	$78.0M	$72.0M	$58.0M	$51.0M	—	—	—
Other long-term liabilities	$1.38B	$1.48B	$1.48B	$1.54B	$1.57B	$1.01B	$4.61B	$321.5M	$305.6M	$2.17B
Total liabilities	$7.63B	$7.61B	$8.02B	$8.39B	$8.70B	$5.24B	$4.86B	$3.03B	$2.27B	$2.29B
Shareholders' equity
Common stock & paid-in capital	$1.28B	$1.25B	$1.22B	$1.20B	$1.17B	$1.14B	$1.12B	$933.8M	$927.2M	$679.9M
Retained earnings (deficit)	$1.21B	$1.38B	$1.08B	$1.24B	$869.0M	$862.0M	$504.0M	$372.5M	$161.7M	−$101.4M
Treasury stock	—	—	—	−$309.0M	−$251.0M	−$214.0M	−$133.0M	−$97.8M	−$73.8M	−$68.0M
Accumulated other comprehensive income	−$4.0M	−$30.0M	−$23.0M	−$12.0M	−$27.0M	−$39.0M	−$31.0M	−$21.4M	−$22.2M	−$17.6M
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$2.81B	$2.93B	$2.62B	$2.77B	$2.41B	$2.40B	$2.11B	$1.19B	$992.9M	$492.9M
Key figures
Total debt	$5.81B	$5.69B	$6.24B	$6.53B	$6.83B	$4.03B	$3.75B	$2.68B	$1.84B	$1.76B
Net cash (debt)	−$5.45B	−$5.56B	−$6.22B	−$6.47B	−$6.64B	−$3.26B	−$3.54B	−$2.01B	−$1.38B	−$1.43B
Working capital	$140.0M	$14.0M	$73.0M	$448.0M	$579.0M	$1.05B	$426.0M	$722.3M	$535.5M	$416.9M
Tangible book value	−$5.30B	−$5.31B	−$5.76B	−$5.86B	−$6.37B	−$3.03B	−$3.37B	−$1.01B	−$1.22B	−$1.39B
Book value per share	$28.92	$30.55	$28.49	$29.74	$25.34	$24.77	$21.14	$13.37	$13.45	$6.77
Shares outstanding	97.0M	96.0M	92.0M	93.0M	95.0M	97.0M	100.0M	88.8M	73.8M	72.8M
Current ratio	1.27	1.03	1.18	2.10	2.51	5.11	2.73	5.80	5.08	4.49
Quick ratio	1.12	0.91	0.97	1.79	2.17	4.78	2.53	5.66	4.83	3.95
Debt / equity	2.07	1.94	2.38	2.36	2.84	1.68	1.77	2.26	1.85	3.56
Equity / assets	26.9%	27.8%	24.6%	24.8%	21.7%	31.4%	30.3%	28.2%	30.4%	17.7%

Gray Television, Inc quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$176.0M	$259.0M	$368.0M	$182.0M	$199.0M	$210.0M	$135.0M	$69.0M	$75.0M	$134.0M	$21.0M	$21.0M
Cash & equivalents	$176.0M	$259.0M	$368.0M	$182.0M	$199.0M	$210.0M	$135.0M	$69.0M	$75.0M	$134.0M	$21.0M	$21.0M
Short-term investments	—	—	—	—	—	—	—	—	$268.0M	—	—	—
Receivables	$194.0M	$179.0M	$211.0M	$210.0M	$222.0M	$204.0M	$343.0M	$364.0M	$344.0M	$383.0M	$363.0M	$360.0M
Inventory	$5.0M	$11.0M	$0	$25.0M	$0	$11.0M	$17.0M	$0	$5.0M	$14.0M	$18.0M	$34.0M
Other current assets	$117.0M	$74.0M	$77.0M	$68.0M	$57.0M	$58.0M	$46.0M	$143.0M	$114.0M	$70.0M	$66.0M	$80.0M
Total current assets	$492.0M	$523.0M	$656.0M	$485.0M	$478.0M	$483.0M	$541.0M	$576.0M	$538.0M	$601.0M	$468.0M	$495.0M
Property, plant & equipment (net)	$1.60B	$1.57B	$1.57B	$1.60B	$1.61B	$1.62B	$1.65B	$1.65B	$1.65B	$1.66B	$1.68B	$1.69B
Goodwill & intangible assets	$8.27B	$8.15B	$8.11B	$8.13B	$8.15B	$8.21B	$8.24B	$8.28B	$8.31B	$8.35B	$8.38B	$8.43B
Long-term investments	$32.0M	$32.0M	$37.0M	$56.0M	$58.0M	$0	$66.0M	$86.0M	$86.0M	$86.0M	$85.0M	$101.0M
Other non-current assets	$50.0M	$49.0M	$64.0M	$48.0M	$49.0M	$118.0M	$46.0M	$42.0M	$43.0M	$40.0M	$33.0M	$27.0M
Total assets	$10.44B	$10.32B	$10.44B	$10.32B	$10.35B	$10.44B	$10.54B	$10.63B	$10.63B	$10.73B	$10.64B	$10.73B
Liabilities
Accounts payable	$143.0M	$130.0M	$144.0M	$18.0M	$82.0M	$72.0M	$75.0M	$17.0M	$32.0M	$36.0M	$23.0M	$26.0M
Short-term debt	$11.0M	$10.0M	$12.0M	$12.0M	$20.0M	$63.0M	$30.0M	$33.0M	$23.0M	$25.0M	$26.0M	$26.0M
Deferred revenue	$22.0M	$21.0M	$20.0M	$28.0M	$27.0M	$21.0M	$29.0M	$50.0M	$23.0M	$22.0M	$23.0M	$51.0M
Total current liabilities	$517.0M	$437.0M	$516.0M	$519.0M	$549.0M	$533.0M	$527.0M	$508.0M	$331.0M	$424.0M	$395.0M	$414.0M
Long-term debt	$5.81B	$5.75B	$5.74B	$5.61B	$5.58B	$5.59B	$5.60B	$5.87B	$6.12B	$6.14B	$6.14B	$6.17B
Lease obligations	$79.0M	$67.0M	$69.0M	$71.0M	$72.0M	$73.0M	$72.0M	$72.0M	$74.0M	$75.0M	$80.0M	$81.0M
Other long-term liabilities	$1.38B	$1.37B	$1.38B	$1.39B	$1.39B	$1.41B	$1.48B	$1.47B	$1.47B	$1.47B	$1.48B	$1.50B
Total liabilities	$7.71B	$7.56B	$7.63B	$7.51B	$7.52B	$7.53B	$7.61B	$7.85B	$7.93B	$8.04B	$8.02B	$8.08B
Shareholders' equity
Common stock & paid-in capital	$1.29B	$1.28B	$1.28B	$1.27B	$1.27B	$1.26B	$1.25B	$1.25B	$1.25B	$1.24B	$1.22B	$1.22B
Retained earnings (deficit)	$1.18B	$1.16B	$1.21B	$1.24B	$1.27B	$1.34B	$1.38B	$1.23B	$1.15B	$1.15B	$1.08B	$1.11B
Accumulated other comprehensive income	−$4.0M	−$4.0M	−$4.0M	−$28.0M	−$31.0M	−$31.0M	−$30.0M	−$30.0M	−$25.0M	−$23.0M	−$23.0M	−$17.0M
Total shareholders' equity	$2.73B	$2.76B	$2.81B	$2.81B	$2.83B	$2.90B	$2.93B	$2.78B	$2.71B	$2.70B	$2.62B	$2.65B
Key figures
Total debt	$5.89B	$5.81B	$5.81B	$6.42B	$5.66B	$5.71B	$5.69B	$5.96B	$6.21B	$6.23B	$6.24B	$6.27B
Net cash (debt)	−$5.71B	−$5.55B	−$5.45B	−$6.24B	−$5.46B	−$5.50B	−$5.56B	−$5.90B	−$6.14B	−$6.09B	−$6.22B	−$6.25B
Working capital	−$25.0M	$86.0M	$140.0M	−$34.0M	−$71.0M	−$50.0M	$14.0M	$68.0M	$207.0M	$177.0M	$73.0M	$81.0M
Tangible book value	−$5.54B	−$5.38B	−$5.30B	−$5.32B	−$5.32B	−$5.31B	−$5.31B	−$5.50B	−$5.61B	−$5.65B	−$5.76B	−$5.77B
Book value per share	$27.28	$28.48	$28.92	$28.95	$29.19	$30.25	$29.93	$28.66	$28.18	$28.42	$28.18	$28.52
Shares outstanding	100.0M	97.0M	97.0M	97.0M	97.0M	96.0M	98.0M	97.0M	96.0M	95.0M	93.0M	93.0M
Current ratio	0.95	1.20	1.27	0.93	0.87	0.91	1.03	1.13	1.63	1.42	1.18	1.20
Quick ratio	0.72	1.00	1.12	0.76	0.77	0.78	0.91	0.85	1.27	1.22	0.97	0.92
Debt / equity	2.16	2.10	2.07	2.29	2.00	1.97	1.94	2.15	2.30	2.31	2.38	2.36
Equity / assets	26.1%	26.8%	26.9%	27.2%	27.3%	27.8%	27.8%	26.1%	25.4%	25.2%	24.6%	24.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

GTN financial position

At the end of fiscal 2025 (December 31, 2025), Gray Television had total assets of $10.4 billion (down 1.0% from a year earlier), total liabilities of $7.6 billion and shareholders' equity of $2.8 billion. It held $368.0 million in cash and short-term investments against $5.8 billion of debt, net debt of $5.4 billion. Its current ratio was 1.27. In the latest quarter (ended June 30, 2026) total assets were $10.4 billion and equity $2.7 billion.

Related: GTN income statement, GTN cash flow statement, GTN key metrics. See the GTN stock overview for the latest quote and news.

GTN balance sheet FAQ

What are Gray Television's total assets?

Gray Television reported total assets of $10.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $10.5 billion a year earlier.

How much debt does Gray Television have?

Gray Television had $5.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.07.

How much cash does Gray Television have?

Gray Television held $368.0 million in cash and short-term investments at the end of fiscal 2025; with $5.8 billion of debt that is net debt of $5.4 billion.

What is Gray Television's book value?

Gray Television's shareholders' equity (book value) was $2.8 billion at the end of fiscal 2025, or $28.92 per share.

What is Gray Television's current ratio?

Gray Television had current assets of $656.0 million and current liabilities of $516.0 million, a current ratio of 1.27 (it can cover its short-term obligations).

How much goodwill does Gray Television have?

Gray Television carried $8.1 billion of goodwill and intangible assets, 77.7% of total assets, at the end of fiscal 2025.