Gray Television, Inc. (GTN-A) Income Statement
GTN-A 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsGTN-A revenue and net income
Where GTN-A's revenue goes
2025Each bar shows an amount and its share of revenue. GTN-A kept −2.7% of revenue as net income.
GTN-A profit margins
GTN-A growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −15.1% | −5.6% | +5.4% | +17.9% |
| Gross profit | −38.8% | −18.9% | −5.1% | +13.1% |
| Operating income | −53.9% | −26.6% | −12.2% | +10.8% |
| Net income | −122.7% | — | — | — |
| EPS (diluted) | −142.5% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
GTN-A quarterly EPS vs estimates
Gray Television beat the analyst EPS estimate in 0 of the last 1 quarters.
GTN-A income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.10B | $3.64B | $3.28B | $3.68B | $2.41B | $2.38B | $2.12B | $1.08B | $882.7M | $812.5M |
| Cost of revenue | $2.33B | $2.40B | $2.38B | $2.25B | $1.61B | $1.39B | $1.40B | $596.4M | $557.1M | $475.1M |
| Gross profit | $761.0M | $1.24B | $898.0M | $1.43B | $803.0M | $989.0M | $723.0M | $487.7M | $325.6M | $337.3M |
| Sales, general & admin | $113.0M | $104.0M | $114.0M | $102.0M | $88.0M | $65.0M | $104.0M | $40.9M | $31.5M | $40.3M |
| Total operating expenses | $369.0M | $393.0M | $515.0M | $438.0M | $422.0M | $237.0M | $299.0M | $115.4M | $108.6M | $102.9M |
| Operating income | $392.0M | $851.0M | $383.0M | $990.0M | $381.0M | $752.0M | $478.0M | $388.8M | $291.2M | $234.1M |
| Interest expense | $474.0M | $485.0M | $440.0M | $354.0M | $205.0M | $191.0M | $227.0M | $106.6M | $95.3M | $97.2M |
| Income before taxes | −$113.0M | $492.0M | −$82.0M | $614.0M | $168.0M | $544.0M | $255.0M | $287.6M | $193.3M | $105.7M |
| Income taxes | −$28.0M | $117.0M | −$6.0M | $159.0M | $78.0M | $134.0M | $76.0M | $76.8M | −$68.7M | $43.4M |
| Net income | −$85.0M | $375.0M | −$76.0M | $455.0M | $90.0M | $410.0M | $179.0M | $210.8M | $262.0M | $62.3M |
| EBITDA | $598.0M | $1.25B | $734.0M | $1.38B | $632.0M | $974.0M | $716.0M | $490.3M | $386.5M | $284.4M |
| EPS (diluted) | −$1.42 | $3.34 | −$1.39 | $4.35 | $0.39 | $3.74 | $1.27 | $2.38 | $1.72 | $1.34 |
| Gross margin | 24.6% | 34.1% | 27.4% | 38.8% | 33.3% | 41.5% | 34.1% | 45.0% | 36.9% | 41.5% |
| Operating margin | 12.7% | 23.4% | 11.7% | 26.9% | 15.8% | 31.6% | 22.5% | 35.9% | 33.0% | 28.8% |
| Net margin | −2.7% | 10.3% | −2.3% | 12.4% | 3.7% | 17.2% | 8.4% | 19.4% | 29.7% | 7.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $839.0M | $768.0M | $792.0M | $749.0M | $772.0M | $782.0M | $1.04B | $950.0M | $826.0M | $823.0M | $864.0M | $803.0M |
| Cost of revenue | $591.0M | $583.0M | $590.0M | $564.0M | $583.0M | $597.0M | $624.0M | $593.0M | $579.0M | $604.0M | $631.0M | $575.0M |
| Gross profit | $248.0M | $185.0M | $202.0M | $185.0M | $189.0M | $185.0M | $421.0M | $357.0M | $247.0M | $219.0M | $233.0M | $228.0M |
| Sales, general & admin | $37.0M | $39.0M | $28.0M | $28.0M | $25.0M | $32.0M | $24.0M | $24.0M | $28.0M | $28.0M | $33.0M | $23.0M |
| Total operating expenses | $112.0M | $104.0M | $86.0M | $83.0M | $107.0M | $93.0M | $96.0M | $107.0M | $95.0M | $95.0M | $120.0M | $144.0M |
| Operating income | $136.0M | $81.0M | $116.0M | $102.0M | $82.0M | $92.0M | $325.0M | $250.0M | $152.0M | $124.0M | $113.0M | $84.0M |
| Interest expense | $117.0M | $117.0M | $119.0M | $120.0M | $117.0M | $118.0M | $122.0M | $130.0M | $118.0M | $115.0M | $116.0M | $111.0M |
| Income before taxes | $19.0M | −$28.0M | −$26.0M | −$28.0M | −$35.0M | −$24.0M | $216.0M | $128.0M | $29.0M | $119.0M | −$12.0M | −$37.0M |
| Income taxes | $5.0M | −$8.0M | −$16.0M | −$18.0M | $21.0M | −$15.0M | $47.0M | $32.0M | $7.0M | $31.0M | −$3.0M | $3.0M |
| 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 |
| EBITDA | $198.0M | −$74.0M | $159.0M | $155.0M | $170.0M | $163.0M | $413.0M | $332.0M | $221.0M | $311.0M | $198.0M | $167.0M |
| EPS (diluted) | $0.21 | −$0.34 | −$0.24 | −$0.24 | −$0.71 | −$0.23 | $1.59 | $0.87 | $0.09 | $0.79 | −$0.24 | −$0.57 |
| Gross margin | 29.6% | 24.1% | 25.5% | 24.7% | 24.5% | 23.7% | 40.3% | 37.6% | 29.9% | 26.6% | 27.0% | 28.4% |
| Operating margin | 16.2% | 10.5% | 14.6% | 13.6% | 10.6% | 11.8% | 31.1% | 26.3% | 18.4% | 15.1% | 13.1% | 10.5% |
| Net margin | 1.7% | −2.6% | −1.3% | −1.3% | −7.3% | −1.2% | 16.2% | 10.1% | 2.7% | 10.7% | −1.0% | −5.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in GTN-A's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
GTN-A financial results
In fiscal year 2025 (ended December 31, 2025), Gray Television reported revenue of $3.1 billion, down 15.1% from the year before. It had a net loss of $85.0 million, a net profit margin of −2.7%. Diluted earnings per share came to −$1.42. Over five years revenue grew at an average rate of 5.4% a year.
See the GTN-A stock overview for the latest quote and news, or the GTN-A chart for price history and technical indicators.
GTN-A income statement FAQ
What is Gray Television's annual revenue?
Gray Television reported total revenue of $3.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 15.1% from $3.6 billion the previous year.
Is Gray Television profitable?
No. Gray Television reported a net loss of $85.0 million in fiscal 2025, a net profit margin of −2.7%; its operating margin was 12.7%.
What is Gray Television's gross margin?
Gray Television's gross margin was 24.6% in fiscal 2025: for every $100 of revenue, Gray Television kept $25 after the direct cost of its products and services.
How fast is Gray Television growing?
Revenue grew 5.4% a year on average over the last five fiscal years, from $2.4 billion to $3.1 billion.
What are Gray Television's earnings per share?
Gray Television earned $-1.42 per diluted share in fiscal 2025, compared with $3.34 a year earlier.
When does Gray Television's fiscal year end?
Gray Television's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.