Gray Television Inc (GTNA) Cash Flow Statement
Where GTNA’s cash came from and went, 2024
December 31, 2024 · U.S. dollars- Cash from operations
- $751.0M +15.9% vs 2023
- Capital expenditures
- $143.0M 3.9% of revenue
- Free cash flow
- $608.0M 16.7% margin
- Returned to shareholders
- $84.0M 14% of free cash flow
- Change in cash
- $114.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
GTNA operating cash flow, capex and free cash flow
GTNA cash flow trends, 2015–2024
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $105.6M2015 | $751.0M2024 | +24.4%/yr | |
| Capital expenditures | $24.2M2015 | $143.0M2024 | +21.8%/yr | |
| Free cash flow | $81.4M2015 | $608.0M2024 | +25.0%/yr | |
| Free cash flow margin | 13.6%2015 | 16.7%2024 | +3.1 pts | |
| Operating cash flow / net income | 2.692015 | 2.002024 | −0.68 | |
| Stock-based compensation | $4.0M2015 | $16.0M2019 | +41.3%/yr | |
| Dividends paid | $39.0M2019 | $84.0M2024 | +16.6%/yr | |
| Share buybacks (net) | $97.3M2015 | $02024 | −100.0% | |
| Capex / revenue | 4.1%2015 | 3.9%2024 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
GTNA cash flow by activity
GTNA 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).
GTNA cash flow statement
| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $375.0M | −$76.0M | $455.0M | $90.0M | $410.0M | $179.0M | $210.8M | $262.0M | $62.3M | $39.3M |
| Depreciation & amortization | $144.0M | $145.0M | $129.0M | $104.0M | $96.0M | $245.0M | $99.9M | $102.1M | $85.6M | $66.0M |
| Stock-based compensation | — | — | — | — | — | $16.0M | $6.7M | $8.3M | $5.1M | $4.0M |
| Change in working capital | $180.0M | $325.0M | −$3.0M | −$50.0M | −$59.0M | −$296.3M | $186.9M | $118.5M | $219.0M | $109.6M |
| Other non-cash items | $52.0M | $254.0M | $248.0M | $156.0M | $205.0M | $241.3M | −$180.9M | −$310.9M | −$165.4M | −$113.3M |
| Cash from operating activities | $751.0M | $648.0M | $829.0M | $300.0M | $652.0M | $385.0M | $323.3M | $180.0M | $206.6M | $105.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$143.0M | −$348.0M | −$436.0M | −$207.0M | −$110.0M | −$110.0M | −$70.0M | −$34.5M | −$43.6M | −$24.2M |
| Acquisitions & other investing | $115.0M | $57.0M | −$67.0M | −$3.33B | −$101.0M | −$2.55B | $22.6M | −$315.3M | −$435.7M | −$182.2M |
| Cash from investing activities | −$28.0M | −$291.0M | −$503.0M | −$3.53B | −$211.0M | −$2.66B | −$47.4M | −$349.8M | −$479.3M | −$206.4M |
| Financing activities | ||||||||||
| Dividends paid | −$84.0M | −$82.0M | −$82.0M | −$83.0M | −$52.0M | −$39.0M | — | — | — | — |
| Share repurchases & issuance (net) | $0 | $0 | −$50.0M | −$30.0M | −$75.0M | −$32.0M | −$19.6M | −$4.0M | −$325.2M | −$97.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$525.0M | −$315.0M | −$322.0M | $2.76B | $247.0M | $1.14B | $700.2M | $311.0M | $825.8M | $264.6M |
| Cash from financing activities | −$609.0M | −$397.0M | −$454.0M | $2.65B | $120.0M | $1.06B | $680.6M | $307.0M | $500.6M | $167.3M |
| Summary | ||||||||||
| Net change in cash | $114.0M | −$40.0M | −$128.0M | −$584.0M | $561.0M | −$1.21B | $204.6M | $137.2M | $227.9M | $66.5M |
| Cash at end of period | — | — | — | — | — | $212.0M | $667.0M | $462.4M | $325.2M | $97.3M |
| Free cash flow | $608.0M | $300.0M | $393.0M | $93.0M | $542.0M | $275.0M | $253.3M | $145.5M | $163.0M | $81.4M |
| Free cash flow margin | 16.7% | 9.1% | 10.7% | 3.9% | 22.8% | 13.0% | 23.4% | 16.5% | 20.1% | 13.6% |
| Capex / revenue | 3.9% | 10.6% | 11.9% | 8.6% | 4.6% | 5.2% | 6.5% | 3.9% | 5.4% | 4.1% |
| Operating cash flow / net income | 2.00 | — | 1.82 | 3.33 | 1.59 | 2.15 | 1.53 | 0.69 | 3.32 | 2.69 |
| Mar '25 | Dec '24 | Sep '24 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | Sep '21 | Jun '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$9.0M | $375.0M | $206.0M | −$27.0M | −$31.0M | $455.0M | $269.0M | $161.0M | $62.0M | $90.0M | $61.0M | $78.0M |
| Depreciation & amortization | $34.0M | $144.0M | $108.0M | $70.0M | $35.0M | $129.0M | $96.0M | $63.0M | $32.0M | $104.0M | $76.0M | $50.0M |
| Change in working capital | $83.0M | $180.0M | $57.0M | $268.0M | $328.0M | −$3.0M | $57.0M | −$17.0M | −$11.0M | −$50.0M | $24.0M | $27.0M |
| Other non-cash items | $24.0M | $52.0M | $12.0M | $148.0M | $80.0M | $248.0M | $174.0M | $123.0M | $58.0M | $156.0M | $122.0M | $83.0M |
| Cash from operating activities | $132.0M | $751.0M | $383.0M | $459.0M | $412.0M | $829.0M | $596.0M | $330.0M | $141.0M | $300.0M | $283.0M | $238.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$15.0M | −$143.0M | −$103.0M | −$213.0M | −$110.0M | −$436.0M | −$298.0M | −$159.0M | −$47.0M | −$207.0M | −$154.0M | −$121.0M |
| Acquisitions & other investing | $0 | $115.0M | $113.0M | $26.0M | $15.0M | −$67.0M | −$64.0M | −$42.0M | −$6.0M | −$3.33B | −$510.0M | −$56.0M |
| Cash from investing activities | −$15.0M | −$28.0M | $10.0M | −$187.0M | −$95.0M | −$503.0M | −$362.0M | −$201.0M | −$53.0M | −$3.53B | −$664.0M | −$177.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$21.0M | −$84.0M | −$63.0M | −$40.0M | −$20.0M | −$82.0M | −$62.0M | −$42.0M | −$21.0M | −$83.0M | −$62.0M | −$41.0M |
| Share repurchases & issuance (net) | — | $0 | — | $0 | — | −$50.0M | −$50.0M | −$50.0M | — | −$30.0M | $0 | $0 |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$21.0M | −$525.0M | −$282.0M | −$257.0M | −$302.0M | −$322.0M | −$167.0M | −$64.0M | −$9.0M | $2.76B | −$8.0M | −$8.0M |
| Cash from financing activities | −$42.0M | −$609.0M | −$345.0M | −$297.0M | −$322.0M | −$454.0M | −$279.0M | −$156.0M | −$30.0M | $2.65B | −$70.0M | −$49.0M |
| Summary | ||||||||||||
| Net change in cash | $75.0M | $114.0M | $48.0M | −$25.0M | −$5.0M | −$128.0M | −$45.0M | −$27.0M | $58.0M | −$584.0M | −$451.0M | $12.0M |
| Free cash flow | $117.0M | $608.0M | $280.0M | $246.0M | $302.0M | $393.0M | $298.0M | $171.0M | $94.0M | $93.0M | $129.0M | $117.0M |
| Free cash flow margin | 15.0% | 58.2% | 29.5% | 30.3% | 37.7% | 36.7% | 32.8% | 19.7% | 11.4% | 12.9% | 21.5% | — |
| Capex / revenue | 1.9% | 13.7% | 10.8% | 26.2% | 13.7% | 40.7% | 32.8% | 18.3% | 5.7% | 28.7% | 25.6% | — |
| Operating cash flow / net income | — | 2.00 | 1.86 | — | — | 1.82 | 2.22 | 2.05 | 2.27 | 3.33 | 4.64 | 3.05 |
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.
GTNA cash generation
In fiscal 2024 (ended December 31, 2024), Gray Television generated $751.0 million of cash from operations (up 15.9%) and spent $143.0 million on capital expenditures, leaving free cash flow of $608.0 million, 16.7% of revenue. It returned $84.0 million to shareholders through dividends ($84.0 million) and net share buybacks ($0). Cash and equivalents rose by $114.0 million over the year.
Related: GTNA income statement, GTNA balance sheet. See the GTNA stock overview for the latest quote and news.
GTNA cash flow FAQ
What is Gray Television's free cash flow?
Gray Television's free cash flow was $608.0 million in fiscal 2024: $751.0 million of operating cash flow minus $143.0 million of capital expenditures It was $300.0 million a year earlier..
How much cash does Gray Television generate from operations?
Gray Television generated $751.0 million of cash from operating activities in fiscal 2024, 2.00 times its net income of $375.0 million.
How much does Gray Television spend on capital expenditures?
Gray Television spent $143.0 million on capital expenditures in fiscal 2024, 3.9% of revenue, compared with $348.0 million the year before.
How much does Gray Television pay in dividends?
Gray Television paid $84.0 million in dividends in fiscal 2024, 13.8% of free cash flow.