Gray Television, Inc. (GTN-A) Cash Flow Statement
Where GTN-A’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $289.0M −61.5% vs 2024
- Capital expenditures
- $108.0M 3.5% of revenue
- Free cash flow
- $181.0M 5.8% margin
- Returned to shareholders
- $85.0M 47% of free cash flow
- Change in cash
- $233.0M cash at year-end $368.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GTN-A operating cash flow, capex and free cash flow
GTN-A cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $206.6M2016 | $289.0M2025 | +3.8%/yr | |
| Capital expenditures | $43.6M2016 | $108.0M2025 | +10.6%/yr | |
| Free cash flow | $163.0M2016 | $181.0M2025 | +1.2%/yr | |
| Free cash flow margin | 20.1%2016 | 5.8%2025 | −14.2 pts | |
| Operating cash flow / net income | 3.322016 | 2.002024 | −1.32 | |
| Stock-based compensation | $5.1M2016 | $22.0M2025 | +17.6%/yr | |
| Dividends paid | $39.0M2016 | $85.0M2025 | +9.0%/yr | |
| Share buybacks (net) | $2.0M2016 | $4.0M2024 | +9.1%/yr | |
| Capex / revenue | 5.4%2016 | 3.5%2025 | −1.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GTN-A cash flow by activity
GTN-A net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
GTN-A cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$85.0M | $375.0M | −$76.0M | $455.0M | $90.0M | $410.0M | $179.0M | $210.8M | $262.0M | $62.3M |
| Depreciation & amortization | $237.0M | $269.0M | $376.0M | $384.0M | $259.0M | $239.0M | $234.0M | $96.0M | $98.0M | $81.5M |
| Stock-based compensation | $22.0M | $22.0M | $30.0M | $31.0M | $22.0M | $20.0M | $16.0M | $6.7M | $8.3M | $5.1M |
| Change in working capital | $91.0M | $180.0M | $325.0M | −$3.0M | −$50.0M | −$59.0M | −$24.0M | $24.1M | −$19.3M | $508,000 |
| Other non-cash items | $24.0M | −$95.0M | −$7.0M | −$38.0M | −$21.0M | $42.0M | −$20.0M | −$14.3M | −$169.0M | $57.2M |
| Cash from operating activities | $289.0M | $751.0M | $648.0M | $829.0M | $300.0M | $652.0M | $385.0M | $323.3M | $180.0M | $206.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$108.0M | −$143.0M | −$348.0M | −$436.0M | −$207.0M | −$110.0M | −$110.0M | −$70.0M | −$34.5M | −$43.6M |
| Investments (net) | $24.0M | −$28.0M | −$291.0M | −$16.0M | −$49.0M | −$48.0M | −$2.66B | −$47.4M | −$349.8M | −$479.3M |
| Acquisitions & other investing | $21.0M | $143.0M | $348.0M | −$51.0M | −$3.28B | −$53.0M | $110.0M | $70.0M | $34.5M | $43.6M |
| Cash from investing activities | −$63.0M | −$28.0M | −$291.0M | −$503.0M | −$3.53B | −$211.0M | −$2.66B | −$47.4M | −$349.8M | −$479.3M |
| Financing activities | ||||||||||
| Dividends paid | −$85.0M | −$84.0M | −$82.0M | −$82.0M | −$83.0M | −$52.0M | −$39.0M | −$39.0M | −$641.4M | −$39.0M |
| Share repurchases & issuance (net) | — | −$4.0M | −$5.0M | −$50.0M | −$30.0M | −$75.0M | −$32.0M | −$19.6M | −$4.0M | −$2.0M |
| Net borrowing (repayment) | $123.0M | −$474.0M | −$310.0M | −$315.0M | $2.80B | $275.0M | $1.19B | $709.8M | $78.8M | $556.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$31.0M | −$47.0M | $0 | −$7.0M | −$37.0M | −$28.0M | −$54.0M | $29.4M | $873.6M | −$14.4M |
| Cash from financing activities | $7.0M | −$609.0M | −$397.0M | −$454.0M | $2.65B | $120.0M | $1.06B | $680.6M | $307.0M | $500.6M |
| Summary | ||||||||||
| Net change in cash | $233.0M | $114.0M | −$40.0M | −$128.0M | −$584.0M | $561.0M | −$1.21B | $956.5M | $137.2M | $227.9M |
| Cash at end of period | $368.0M | $135.0M | $21.0M | $61.0M | $189.0M | $773.0M | $212.0M | $1.42B | $462.4M | $325.2M |
| Free cash flow | $181.0M | $608.0M | $300.0M | $393.0M | $93.0M | $542.0M | $275.0M | $253.3M | $145.5M | $163.0M |
| Free cash flow margin | 5.8% | 16.7% | 9.1% | 10.7% | 3.9% | 22.8% | 13.0% | 23.4% | 16.5% | 20.1% |
| Capex / revenue | 3.5% | 3.9% | 10.6% | 11.9% | 8.6% | 4.6% | 5.2% | 6.5% | 3.9% | 5.4% |
| Operating cash flow / net income | — | 2.00 | — | 1.82 | 3.33 | 1.59 | 2.15 | 1.53 | 0.69 | 3.32 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $14.0M | −$20.0M | −$10.0M | −$10.0M | −$56.0M | −$9.0M | $169.0M | $96.0M | $22.0M | $88.0M | −$9.0M | −$40.0M |
| Depreciation & amortization | $62.0M | $71.0M | $66.0M | $63.0M | $66.0M | $69.0M | $75.0M | $74.0M | $74.0M | $77.0M | $94.0M | $93.0M |
| Stock-based compensation | $3.0M | $8.0M | $5.0M | $5.0M | $5.0M | $7.0M | $5.0M | $5.0M | $6.0M | $6.0M | $16.0M | $5.0M |
| Change in working capital | $30.0M | −$48.0M | $45.0M | −$50.0M | $13.0M | $83.0M | $123.0M | $120.0M | −$86.0M | $23.0M | −$3.0M | $60.0M |
| Other non-cash items | $14.0M | −$10.0M | $6.0M | $6.0M | $3.0M | −$18.0M | −$4.0M | $2.0M | $2.0M | −$126.0M | −$15.0M | −$12.0M |
| Cash from operating activities | $123.0M | $1.0M | $112.0M | $14.0M | $31.0M | $132.0M | $368.0M | $297.0M | $18.0M | $68.0M | $83.0M | $106.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$17.0M | −$19.0M | −$43.0M | −$25.0M | −$25.0M | −$15.0M | −$40.0M | −$40.0M | −$29.0M | −$34.0M | −$60.0M | −$75.0M |
| Investments (net) | $0 | $10.0M | $0 | −$20.0M | $1.0M | −$15.0M | −$38.0M | −$40.0M | −$30.0M | $80.0M | −$32.0M | −$72.0M |
| Acquisitions & other investing | −$196.0M | −$68.0M | $14.0M | $25.0M | $25.0M | $15.0M | $40.0M | $40.0M | $29.0M | $34.0M | $60.0M | $75.0M |
| Cash from investing activities | −$213.0M | −$77.0M | −$29.0M | −$20.0M | $1.0M | −$15.0M | −$38.0M | −$40.0M | −$30.0M | $80.0M | −$32.0M | −$72.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$22.0M | −$22.0M | −$22.0M | −$21.0M | −$21.0M | −$21.0M | −$21.0M | −$21.0M | −$21.0M | −$21.0M | −$21.0M | −$21.0M |
| Share repurchases & issuance (net) | −$30.0M | — | −$4.0M | $4.0M | −$1.0M | −$4.0M | −$1.0M | $3.0M | — | −$3.0M | −$1.0M | $0 |
| Net borrowing (repayment) | $59.0M | −$2.0M | $126.0M | $35.0M | −$21.0M | −$17.0M | −$242.0M | −$242.0M | — | — | — | −$28.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $0 | −$9.0M | $3.0M | −$29.0M | $0 | $0 | $0 | −$3.0M | −$26.0M | −$11.0M | −$29.0M | $0 |
| Cash from financing activities | $7.0M | −$33.0M | $103.0M | −$11.0M | −$43.0M | −$42.0M | −$264.0M | −$263.0M | −$47.0M | −$35.0M | −$51.0M | −$49.0M |
| Summary | ||||||||||||
| Net change in cash | −$83.0M | −$109.0M | $186.0M | −$17.0M | −$11.0M | $75.0M | $66.0M | −$6.0M | −$59.0M | $113.0M | $0 | −$15.0M |
| Cash at end of period | $176.0M | $259.0M | $368.0M | $182.0M | $199.0M | $210.0M | $135.0M | $69.0M | $75.0M | $134.0M | $21.0M | $21.0M |
| Free cash flow | $106.0M | −$18.0M | $69.0M | −$11.0M | $6.0M | $117.0M | $328.0M | $257.0M | −$11.0M | $34.0M | $23.0M | $31.0M |
| Free cash flow margin | 12.6% | −2.3% | 8.7% | −1.5% | 0.8% | 15.0% | 31.4% | 27.1% | −1.3% | 4.1% | 2.7% | 3.9% |
| Capex / revenue | 2.0% | 2.5% | 5.4% | 3.3% | 3.2% | 1.9% | 3.8% | 4.2% | 3.5% | 4.1% | 6.9% | 9.3% |
| Operating cash flow / net income | 8.79 | — | — | — | — | — | 2.18 | 3.09 | 0.82 | 0.77 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
GTN-A cash generation
In fiscal 2025 (ended December 31, 2025), Gray Television generated $289.0 million of cash from operations (down 61.5%) and spent $108.0 million on capital expenditures, leaving free cash flow of $181.0 million, 5.8% of revenue. It returned $85.0 million to shareholders through dividends ($85.0 million) and net share buybacks ($0). Cash and equivalents rose by $233.0 million over the year.
Related: GTN-A income statement, GTN-A balance sheet, GTN-A dividend history. See the GTN-A stock overview for the latest quote and news.
GTN-A cash flow FAQ
What is Gray Television's free cash flow?
Gray Television's free cash flow was $181.0 million in fiscal 2025: $289.0 million of operating cash flow minus $108.0 million of capital expenditures It was $608.0 million a year earlier..
How much cash does Gray Television generate from operations?
Gray Television generated $289.0 million of cash from operating activities in fiscal 2025.
How much does Gray Television spend on capital expenditures?
Gray Television spent $108.0 million on capital expenditures in fiscal 2025, 3.5% of revenue, compared with $143.0 million the year before.
How much does Gray Television pay in dividends?
Gray Television paid $85.0 million in dividends in fiscal 2025, 47.0% of free cash flow.