What is Gray Television Inc's earnings per share (EPS)?

Gray Television Inc (GTN) reported diluted earnings per share of $-1.41 for fiscal year 2025. This represents a -142.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Gray Television Inc Financials

GTN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Gray Television Inc (GTN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 28/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Gray Television Inc has an operating margin of 12.7%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 50/100, indicating healthy but not exceptional operating efficiency. This is down from 23.4% the prior year.

Growth

Gray Television Inc's revenue declined 15.1% year-over-year, from $3.6B to $3.1B. This contraction results in a growth score of 8/100.

Leverage

Gray Television Inc has a moderate D/E ratio of 2.66. This balance of debt and equity financing earns a leverage score of 48/100.

Liquidity

Gray Television Inc's current ratio of 1.27 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 21/100, which could limit financial flexibility.

Cash Flow

Gray Television Inc has a free cash flow margin of 5.9%, earning a moderate score of 40/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Gray Television Inc generates a -3.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 2/100. This is down from 16.4% the prior year.

Altman Z-Score Distress

0.63

Gray Television Inc scores 0.63, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Weak

3/9

Gray Television Inc passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-3.40x

For every $1 of reported earnings, Gray Television Inc generates $-3.40 in operating cash flow ($289.0M OCF vs -$85.0M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.8x

Gray Television Inc earns $0.8 in operating income for every $1 of interest expense ($392.0M vs $474.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.1B

YoY-15.1%

5Y CAGR+5.4%

10Y CAGR+17.9%

Gray Television Inc generated $3.1B in revenue in fiscal year 2025. This represents a decrease of 15.1% from the prior year.

EBITDA

$629.0M

YoY-43.8%

5Y CAGR-8.0%

10Y CAGR+12.8%

Gray Television Inc's EBITDA was $629.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 43.8% from the prior year.

Net Income

-$85.0M

YoY-122.7%

Gray Television Inc reported -$85.0M in net income in fiscal year 2025. This represents a decrease of 122.7% from the prior year.

EPS (Diluted)

$-1.41

YoY-142.0%

Gray Television Inc earned $-1.41 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 142.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$181.0M

YoY-70.2%

5Y CAGR-19.7%

10Y CAGR+8.2%

Gray Television Inc generated $181.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 70.2% from the prior year.

Cash & Debt

$368.0M

YoY+172.6%

5Y CAGR-13.8%

10Y CAGR+14.2%

Gray Television Inc held $368.0M in cash against $5.7B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.32

YoY+0.0%

Gray Television Inc paid $0.32 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

12.7%

YoY-10.7pp

5Y CAGR-18.9pp

10Y CAGR-10.8pp

Gray Television Inc's operating margin was 12.7% in fiscal year 2025, reflecting core business profitability. This is down 10.7 percentage points from the prior year.

Net Margin

-2.8%

YoY-13.0pp

5Y CAGR-20.0pp

10Y CAGR-9.3pp

Gray Television Inc's net profit margin was -2.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 13.0 percentage points from the prior year.

Return on Equity

-3.9%

YoY-20.4pp

5Y CAGR-27.3pp

10Y CAGR-13.1pp

Gray Television Inc's ROE was -3.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 20.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$108.0M

YoY-24.5%

5Y CAGR-0.4%

10Y CAGR+16.1%

Gray Television Inc invested $108.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 24.5% from the prior year.

GTN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.1B-15.1%	$3.6B+11.1%	$3.3B-10.7%	$3.7B+52.3%	$2.4B+1.3%	$2.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	$159.0M+144.6%	$65.0M
Operating Income	$392.0M-53.9%	$851.0M+122.2%	$383.0M-61.3%	$990.0M+159.8%	$381.0M-49.3%	$752.0M
Interest Expense	$474.0M-2.3%	$485.0M+10.2%	$440.0M+24.3%	$354.0M+72.7%	$205.0M+7.3%	$191.0M
Income Tax	-$28.0M-123.9%	$117.0M+2050.0%	-$6.0M-103.8%	$159.0M+103.8%	$78.0M-41.8%	$134.0M
Net Income	-$85.0M-122.7%	$375.0M+593.4%	-$76.0M-116.7%	$455.0M+405.6%	$90.0M-78.0%	$410.0M
EPS (Diluted)	$-1.41-142.0%	$3.36+341.7%	$-1.39-132.1%	$4.33+982.5%	$0.40-89.2%	$3.69

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$792.0M+5.7%	$749.0M-3.0%	$772.0M-1.3%	$782.0M-25.2%	$1.0B+10.0%	$950.0M+15.0%	$826.0M+0.4%	$823.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	$116.0M+13.7%	$102.0M+24.4%	$82.0M-10.9%	$92.0M-71.7%	$325.0M+30.0%	$250.0M+64.5%	$152.0M+22.6%	$124.0M
Interest Expense	$119.0M-0.8%	$120.0M+2.6%	$117.0M-0.8%	$118.0M-3.3%	$122.0M-6.2%	$130.0M+10.2%	$118.0M+2.6%	$115.0M
Income Tax	-$16.0M+11.1%	-$18.0M-185.7%	$21.0M+240.0%	-$15.0M-131.9%	$47.0M+46.9%	$32.0M+357.1%	$7.0M-77.4%	$31.0M
Net Income	-$10.0M0.0%	-$10.0M+82.1%	-$56.0M-522.2%	-$9.0M-105.3%	$169.0M+76.0%	$96.0M+336.4%	$22.0M-75.0%	$88.0M
EPS (Diluted)	N/A	$-0.24+66.2%	$-0.71-208.7%	$-0.23	N/A	$0.86+855.6%	$0.09-88.6%	$0.79

GTN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$10.4B-1.0%	$10.5B-0.9%	$10.6B-4.6%	$11.2B+0.4%	$11.1B+45.3%	$7.6B
Current Assets	$656.0M+21.3%	$541.0M+15.6%	$468.0M-45.4%	$857.0M-11.0%	$963.0M-26.2%	$1.3B
Cash & Equivalents	$368.0M+172.6%	$135.0M+542.9%	$21.0M-65.6%	$61.0M-67.7%	$189.0M-75.5%	$773.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$205.0M-39.2%	$337.0M-1.5%	$342.0M-47.4%	$650.0M+4.2%	$624.0M+46.8%	$425.0M
Goodwill	$2.6B0.0%	$2.6B0.0%	$2.6B-0.8%	$2.7B+0.5%	$2.6B+81.4%	$1.5B
Total Liabilities	$7.6B+0.3%	$7.6B-5.1%	$8.0B-4.4%	$8.4B-3.6%	$8.7B+66.0%	$5.2B
Current Liabilities	$516.0M-2.1%	$527.0M+33.4%	$395.0M-3.4%	$409.0M+6.5%	$384.0M+50.6%	$255.0M
Long-Term Debt	$5.7B+2.5%	$5.6B-8.9%	$6.1B-4.6%	$6.4B-4.5%	$6.7B+69.6%	$4.0B
Total Equity	$2.2B-5.6%	$2.3B+15.8%	$2.0B-6.9%	$2.1B+20.4%	$1.8B+0.2%	$1.8B
Retained Earnings	$1.2B-12.4%	$1.4B+26.8%	$1.1B-12.7%	$1.2B+42.9%	$869.0M+0.8%	$862.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$10.4B+1.2%	$10.3B-0.3%	$10.4B-0.8%	$10.4B-1.0%	$10.5B-0.8%	$10.6B0.0%	$10.6B-0.9%	$10.7B
Current Assets	$656.0M+35.3%	$485.0M+1.5%	$478.0M-1.0%	$483.0M-10.7%	$541.0M-6.1%	$576.0M+7.1%	$538.0M-10.5%	$601.0M
Cash & Equivalents	$368.0M+102.2%	$182.0M-8.5%	$199.0M-5.2%	$210.0M+55.6%	$135.0M+95.7%	$69.0M-8.0%	$75.0M-44.0%	$134.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$205.0M+0.5%	$204.0M-5.6%	$216.0M+9.1%	$198.0M-41.2%	$337.0M-5.9%	$358.0M+4.1%	$344.0M-5.0%	$362.0M
Goodwill	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B0.0%	$2.6B
Total Liabilities	$7.6B+1.6%	$7.5B-0.1%	$7.5B-0.2%	$7.5B-1.0%	$7.6B-3.1%	$7.9B-1.0%	$7.9B-1.3%	$8.0B
Current Liabilities	$516.0M-0.6%	$519.0M-5.5%	$549.0M+3.0%	$533.0M+1.1%	$527.0M+3.7%	$508.0M+53.5%	$331.0M-21.9%	$424.0M
Long-Term Debt	$5.7B+2.4%	$5.6B+0.5%	$5.6B-0.2%	$5.6B-0.2%	$5.6B-4.6%	$5.9B-4.2%	$6.1B-0.2%	$6.1B
Total Equity	$2.2B-0.1%	$2.2B-1.1%	$2.2B-3.2%	$2.3B-1.3%	$2.3B+7.2%	$2.1B+3.6%	$2.1B+0.2%	$2.0B
Retained Earnings	$1.2B-2.6%	$1.2B-2.4%	$1.3B-5.7%	$1.3B-2.2%	$1.4B+12.1%	$1.2B+6.5%	$1.2B+0.1%	$1.2B

GTN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$289.0M-61.5%	$751.0M+15.9%	$648.0M-21.8%	$829.0M+176.3%	$300.0M-54.0%	$652.0M
Capital Expenditures	$108.0M-24.5%	$143.0M-58.9%	$348.0M-20.2%	$436.0M+110.6%	$207.0M+88.2%	$110.0M
Free Cash Flow	$181.0M-70.2%	$608.0M+102.7%	$300.0M-23.7%	$393.0M+322.6%	$93.0M-82.8%	$542.0M
Investing Cash Flow	-$63.0M-125.0%	-$28.0M+90.4%	-$291.0M+42.1%	-$503.0M+85.8%	-$3.5B-1574.9%	-$211.0M
Financing Cash Flow	$7.0M+101.1%	-$609.0M-53.4%	-$397.0M+12.6%	-$454.0M-117.1%	$2.6B+2108.3%	$120.0M
Dividends Paid	$33.0M+3.1%	$32.0M+6.7%	$30.0M0.0%	$30.0M-3.2%	$31.0M	$0
Share Buybacks	N/A	$0	$0-100.0%	$50.0M+66.7%	$30.0M-60.0%	$75.0M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$112.0M+700.0%	$14.0M-54.8%	$31.0M-76.5%	$132.0M-64.1%	$368.0M+23.9%	$297.0M+1550.0%	$18.0M-73.5%	$68.0M
Capital Expenditures	$43.0M+72.0%	$25.0M0.0%	$25.0M+66.7%	$15.0M-62.5%	$40.0M0.0%	$40.0M+37.9%	$29.0M-14.7%	$34.0M
Free Cash Flow	$69.0M+727.3%	-$11.0M-283.3%	$6.0M-94.9%	$117.0M-64.3%	$328.0M+27.6%	$257.0M+2436.4%	-$11.0M-132.4%	$34.0M
Investing Cash Flow	-$29.0M-45.0%	-$20.0M-2100.0%	$1.0M+106.7%	-$15.0M+60.5%	-$38.0M+5.0%	-$40.0M-33.3%	-$30.0M-137.5%	$80.0M
Financing Cash Flow	$103.0M+1036.4%	-$11.0M+74.4%	-$43.0M-2.4%	-$42.0M+84.1%	-$264.0M-0.4%	-$263.0M-459.6%	-$47.0M-34.3%	-$35.0M
Dividends Paid	$9.0M+12.5%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

GTN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	12.7%-10.7pp	23.4%+11.7pp	11.7%-15.3pp	26.9%+11.1pp	15.8%-15.8pp	31.6%
Net Margin	-2.8%-13.0pp	10.3%+12.6pp	-2.3%-14.7pp	12.4%+8.6pp	3.7%-13.5pp	17.2%
Return on Equity	-3.9%-20.4pp	16.4%+20.3pp	-3.9%-25.4pp	21.5%+16.4pp	5.1%-18.3pp	23.4%
Return on Assets	-0.8%-4.4pp	3.6%+4.3pp	-0.7%-4.8pp	4.1%+3.3pp	0.8%-4.5pp	5.4%
Current Ratio	1.27+0.2	1.03-0.2	1.18-0.9	2.10-0.4	2.51-2.6	5.11
Debt-to-Equity	2.66+0.2	2.45-0.7	3.12+0.1	3.04-0.8	3.84+1.6	2.27
FCF Margin	5.9%-10.8pp	16.7%+7.5pp	9.1%-1.6pp	10.7%+6.8pp	3.9%-18.9pp	22.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	14.6%+1.0pp	13.6%+3.0pp	10.6%-1.1pp	11.8%-19.3pp	31.1%+4.8pp	26.3%+7.9pp	18.4%+3.3pp	15.1%
Net Margin	-1.3%+0.1pp	-1.3%+5.9pp	-7.2%-6.1pp	-1.1%-17.3pp	16.2%+6.1pp	10.1%+7.4pp	2.7%-8.0pp	10.7%
Return on Equity	-0.5%0.0pp	-0.5%+2.1pp	-2.6%-2.2pp	-0.4%-7.8pp	7.4%+2.9pp	4.5%+3.4pp	1.1%-3.2pp	4.3%
Return on Assets	-0.1%0.0pp	-0.1%+0.4pp	-0.5%-0.5pp	-0.1%-1.7pp	1.6%+0.7pp	0.9%+0.7pp	0.2%-0.6pp	0.8%
Current Ratio	1.27+0.3	0.93+0.1	0.87-0.0	0.91-0.1	1.03-0.1	1.13-0.5	1.63+0.2	1.42
Debt-to-Equity	2.66+0.1	2.60+0.0	2.56+0.1	2.48+0.0	2.45-0.3	2.76-0.2	2.98-0.0	2.99
FCF Margin	8.7%+10.2pp	-1.5%-2.3pp	0.8%-14.2pp	15.0%-16.4pp	31.4%+4.3pp	27.1%+28.4pp	-1.3%-5.5pp	4.1%

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Frequently Asked Questions

What is Gray Television Inc's annual revenue?

Gray Television Inc (GTN) reported $3.1B in total revenue for fiscal year 2025. This represents a -15.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Gray Television Inc's revenue growing?

Gray Television Inc (GTN) revenue declined by 15.1% year-over-year, from $3.6B to $3.1B in fiscal year 2025.

Is Gray Television Inc profitable?

No, Gray Television Inc (GTN) reported a net income of -$85.0M in fiscal year 2025, with a net profit margin of -2.8%.

What is Gray Television Inc's EBITDA?

Gray Television Inc (GTN) had EBITDA of $629.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Gray Television Inc have?

As of fiscal year 2025, Gray Television Inc (GTN) had $368.0M in cash and equivalents against $5.7B in long-term debt.

What is Gray Television Inc's operating margin?

Gray Television Inc (GTN) had an operating margin of 12.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Gray Television Inc's net profit margin?

Gray Television Inc (GTN) had a net profit margin of -2.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Gray Television Inc pay dividends?

Yes, Gray Television Inc (GTN) paid $0.32 per share in dividends during fiscal year 2025.

What is Gray Television Inc's return on equity (ROE)?

Gray Television Inc (GTN) has a return on equity of -3.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Gray Television Inc's free cash flow?

Gray Television Inc (GTN) generated $181.0M in free cash flow during fiscal year 2025. This represents a -70.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Gray Television Inc's operating cash flow?

Gray Television Inc (GTN) generated $289.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Gray Television Inc's total assets?

Gray Television Inc (GTN) had $10.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Gray Television Inc's capital expenditures?

Gray Television Inc (GTN) invested $108.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

What is Gray Television Inc's current ratio?

Gray Television Inc (GTN) had a current ratio of 1.27 as of fiscal year 2025, which is considered adequate.

What is Gray Television Inc's debt-to-equity ratio?

Gray Television Inc (GTN) had a debt-to-equity ratio of 2.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Gray Television Inc's return on assets (ROA)?

Gray Television Inc (GTN) had a return on assets of -0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Gray Television Inc's Altman Z-Score?

Gray Television Inc (GTN) has an Altman Z-Score of 0.63, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Gray Television Inc's Piotroski F-Score?

Gray Television Inc (GTN) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Gray Television Inc's earnings high quality?

Gray Television Inc (GTN) has an earnings quality ratio of -3.40x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Gray Television Inc cover its interest payments?

Gray Television Inc (GTN) has an interest coverage ratio of 0.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Gray Television Inc?

Gray Television Inc (GTN) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.