Gray Television Inc Financials

GTN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 58/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Gray Television Inc has an operating margin of 23.4%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 11.7% the prior year.

Growth

Gray Television Inc's revenue grew 11.1% year-over-year to $3.6B, a solid pace of expansion. This earns a growth score of 60/100.

Leverage

Gray Television Inc has elevated debt relative to equity (D/E of 2.45), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 20/100, reflecting increased financial risk.

Liquidity

Gray Television Inc's current ratio of 1.03 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 converts 16.7% of revenue into free cash flow ($608.0M). This strong cash generation earns a score of 83/100.

Returns

Gray Television Inc earns a strong 16.4% return on equity (ROE), meaning it generates $16 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 66/100.

Altman Z-Score Distress

0.83

Gray Television Inc scores 0.83, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Gray Television Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.00x

For every $1 of reported earnings, Gray Television Inc generates $2.00 in operating cash flow ($751.0M OCF vs $375.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.8x

Gray Television Inc earns $1.8 in operating income for every $1 of interest expense ($851.0M vs $485.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Gray Television Inc (GTN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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).

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Key Financial Metrics

Revenue

$3.6B

YoY+11.1%

5Y CAGR+11.4%

10Y CAGR+21.8%

Gray Television Inc generated $3.6B in revenue in fiscal year 2024. This represents an increase of 11.1% from the prior year.

EBITDA

$1.1B

YoY+55.1%

5Y CAGR+10.7%

10Y CAGR+19.3%

Gray Television Inc's EBITDA was $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.1% from the prior year.

Free Cash Flow

$608.0M

YoY+102.7%

5Y CAGR+17.2%

10Y CAGR+19.5%

Gray Television Inc generated $608.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 102.7% from the prior year.

Net Income

$375.0M

YoY+593.4%

5Y CAGR+15.9%

10Y CAGR+22.8%

Gray Television Inc reported $375.0M in net income in fiscal year 2024. This represents an increase of 593.4% from the prior year.

EPS (Diluted)

$3.36

YoY+341.7%

5Y CAGR+21.5%

10Y CAGR+15.1%

Gray Television Inc earned $3.36 per diluted share (EPS) in fiscal year 2024. This represents an increase of 341.7% from the prior year.

Cash & Debt

$135.0M

YoY+542.9%

5Y CAGR-8.6%

10Y CAGR+15.9%

Gray Television Inc held $135.0M in cash against $5.6B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.32

YoY+0.0%

Gray Television Inc paid $0.32 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Shares Outstanding

N/A

Gross Margin

N/A

Operating Margin

23.4%

YoY+11.7pp

5Y CAGR+0.8pp

10Y CAGR-6.9pp

Gray Television Inc's operating margin was 23.4% in fiscal year 2024, reflecting core business profitability. This is up 11.7 percentage points from the prior year.

Net Margin

10.3%

YoY+12.6pp

5Y CAGR+1.9pp

10Y CAGR+0.8pp

Gray Television Inc's net profit margin was 10.3% in fiscal year 2024, showing the share of revenue converted to profit. This is up 12.6 percentage points from the prior year.

Return on Equity

16.4%

5Y CAGR+4.2pp

10Y CAGR-5.8pp

Gray Television Inc's ROE was 16.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.

R&D Spending

N/A

Share Buybacks

Gray Television Inc spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$143.0M

YoY-58.9%

5Y CAGR+5.4%

10Y CAGR+16.1%

Gray Television Inc invested $143.0M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 58.9% from the prior year.

GTN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$3.6B+11.1%	$3.3B-10.7%	$3.7B+52.3%	$2.4B+1.3%	$2.4B+12.2%	$2.1B
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	$159.0M+144.6%	$65.0M-37.5%	$104.0M
Operating Income	$851.0M+122.2%	$383.0M-61.3%	$990.0M+159.8%	$381.0M-49.3%	$752.0M+57.3%	$478.0M
Interest Expense	$485.0M+10.2%	$440.0M+24.3%	$354.0M+72.7%	$205.0M+7.3%	$191.0M-15.9%	$227.0M
Income Tax	$117.0M+2050.0%	-$6.0M-103.8%	$159.0M+103.8%	$78.0M-41.8%	$134.0M+76.3%	$76.0M
Net Income	$375.0M+593.4%	-$76.0M-116.7%	$455.0M+405.6%	$90.0M-78.0%	$410.0M+129.1%	$179.0M
EPS (Diluted)	$3.36+341.7%	$-1.39-132.1%	$4.33+982.5%	$0.40-89.2%	$3.69+190.6%	$1.27

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$749.0M-3.0%	$772.0M-1.3%	$782.0M-25.2%	$1.0B+26.5%	$826.0M+0.4%	$823.0M-4.7%	$864.0M+7.6%	$803.0M
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	$102.0M+24.4%	$82.0M-10.9%	$92.0M-71.7%	$325.0M+113.8%	$152.0M+22.6%	$124.0M+9.7%	$113.0M+34.5%	$84.0M
Interest Expense	$120.0M+2.6%	$117.0M-0.8%	$118.0M-3.3%	$122.0M+3.4%	$118.0M+2.6%	$115.0M-0.9%	$116.0M+4.5%	$111.0M
Income Tax	-$18.0M-185.7%	$21.0M+240.0%	-$15.0M-131.9%	$47.0M+571.4%	$7.0M-77.4%	$31.0M+1133.3%	-$3.0M-200.0%	$3.0M
Net Income	-$10.0M+82.1%	-$56.0M-522.2%	-$9.0M-105.3%	$169.0M+668.2%	$22.0M-75.0%	$88.0M+1077.8%	-$9.0M+77.5%	-$40.0M
EPS (Diluted)	$-0.24+66.2%	$-0.71-208.7%	$-0.23-114.2%	$1.62+1700.0%	$0.09-88.6%	$0.79+429.2%	$-0.24+57.9%	$-0.57

GTN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$10.5B-0.9%	$10.6B-4.6%	$11.2B+0.4%	$11.1B+45.3%	$7.6B+9.6%	$7.0B
Current Assets	$541.0M+15.6%	$468.0M-45.4%	$857.0M-11.0%	$963.0M-26.2%	$1.3B+94.0%	$672.0M
Cash & Equivalents	$135.0M+542.9%	$21.0M-65.6%	$61.0M-67.7%	$189.0M-75.5%	$773.0M+264.6%	$212.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$337.0M-1.5%	$342.0M-47.4%	$650.0M+4.2%	$624.0M+46.8%	$425.0M+3.4%	$411.0M
Goodwill	$2.6B0.0%	$2.6B-0.8%	$2.7B+0.5%	$2.6B+81.4%	$1.5B+1.0%	$1.4B
Total Liabilities	$7.6B-5.1%	$8.0B-4.4%	$8.4B-3.6%	$8.7B+66.0%	$5.2B+7.9%	$4.9B
Current Liabilities	$527.0M+33.4%	$395.0M-3.4%	$409.0M+6.5%	$384.0M+50.6%	$255.0M+3.7%	$246.0M
Long-Term Debt	$5.6B-8.9%	$6.1B-4.6%	$6.4B-4.5%	$6.7B+69.6%	$4.0B+7.5%	$3.7B
Total Equity	$2.3B+15.8%	$2.0B-6.9%	$2.1B+20.4%	$1.8B+0.2%	$1.8B+19.7%	$1.5B
Retained Earnings	$1.4B+26.8%	$1.1B-12.7%	$1.2B+42.9%	$869.0M+0.8%	$862.0M+71.0%	$504.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$10.3B-0.3%	$10.4B-0.8%	$10.4B-1.0%	$10.5B-0.9%	$10.6B-0.9%	$10.7B+0.9%	$10.6B0.0%	$10.6B
Current Assets	$485.0M+1.5%	$478.0M-1.0%	$483.0M-10.7%	$541.0M+0.6%	$538.0M-10.5%	$601.0M+28.4%	$468.0M-5.5%	$495.0M
Cash & Equivalents	$182.0M-8.5%	$199.0M-5.2%	$210.0M+55.6%	$135.0M+80.0%	$75.0M-44.0%	$134.0M+538.1%	$21.0M0.0%	$21.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$204.0M-5.6%	$216.0M+9.1%	$198.0M-41.2%	$337.0M-2.0%	$344.0M-5.0%	$362.0M+5.8%	$342.0M+0.9%	$339.0M
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	$7.5B-0.1%	$7.5B-0.2%	$7.5B-1.0%	$7.6B-4.0%	$7.9B-1.3%	$8.0B+0.2%	$8.0B-0.8%	$8.1B
Current Liabilities	$519.0M-5.5%	$549.0M+3.0%	$533.0M+1.1%	$527.0M+59.2%	$331.0M-21.9%	$424.0M+7.3%	$395.0M-4.6%	$414.0M
Long-Term Debt	$5.6B+0.5%	$5.6B-0.2%	$5.6B-0.2%	$5.6B-8.6%	$6.1B-0.2%	$6.1B-0.1%	$6.1B-0.4%	$6.2B
Total Equity	$2.2B-1.1%	$2.2B-3.2%	$2.3B-1.3%	$2.3B+11.1%	$2.1B+0.2%	$2.0B+4.0%	$2.0B-1.5%	$2.0B
Retained Earnings	$1.2B-2.4%	$1.3B-5.7%	$1.3B-2.2%	$1.4B+19.4%	$1.2B+0.1%	$1.2B+6.2%	$1.1B-2.7%	$1.1B

GTN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$751.0M+15.9%	$648.0M-21.8%	$829.0M+176.3%	$300.0M-54.0%	$652.0M+69.4%	$385.0M
Capital Expenditures	$143.0M-58.9%	$348.0M-20.2%	$436.0M+110.6%	$207.0M+88.2%	$110.0M0.0%	$110.0M
Free Cash Flow	$608.0M+102.7%	$300.0M-23.7%	$393.0M+322.6%	$93.0M-82.8%	$542.0M+97.1%	$275.0M
Investing Cash Flow	-$28.0M+90.4%	-$291.0M+42.1%	-$503.0M+85.8%	-$3.5B-1574.9%	-$211.0M+92.1%	-$2.7B
Financing Cash Flow	-$609.0M-53.4%	-$397.0M+12.6%	-$454.0M-117.1%	$2.6B+2108.3%	$120.0M-88.7%	$1.1B
Dividends Paid	$32.0M+6.7%	$30.0M0.0%	$30.0M-3.2%	$31.0M	$0	$0
Share Buybacks	$0	$0-100.0%	$50.0M+66.7%	$30.0M-60.0%	$75.0M+134.4%	$32.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$14.0M-54.8%	$31.0M-76.5%	$132.0M-64.1%	$368.0M+1944.4%	$18.0M-73.5%	$68.0M-18.1%	$83.0M-21.7%	$106.0M
Capital Expenditures	$25.0M0.0%	$25.0M+66.7%	$15.0M-62.5%	$40.0M+37.9%	$29.0M-14.7%	$34.0M-43.3%	$60.0M-20.0%	$75.0M
Free Cash Flow	-$11.0M-283.3%	$6.0M-94.9%	$117.0M-64.3%	$328.0M+3081.8%	-$11.0M-132.4%	$34.0M+47.8%	$23.0M-25.8%	$31.0M
Investing Cash Flow	-$20.0M-2100.0%	$1.0M+106.7%	-$15.0M+60.5%	-$38.0M-26.7%	-$30.0M-137.5%	$80.0M+350.0%	-$32.0M+55.6%	-$72.0M
Financing Cash Flow	-$11.0M+74.4%	-$43.0M-2.4%	-$42.0M+84.1%	-$264.0M-461.7%	-$47.0M-34.3%	-$35.0M+31.4%	-$51.0M-4.1%	-$49.0M
Dividends Paid	$8.0M0.0%	$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	$0	$0

GTN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	23.4%+11.7pp	11.7%-15.3pp	26.9%+11.1pp	15.8%-15.8pp	31.6%+9.1pp	22.5%
Net Margin	10.3%+12.6pp	-2.3%-14.7pp	12.4%+8.6pp	3.7%-13.5pp	17.2%+8.8pp	8.4%
Return on Equity	16.4%	N/A	21.5%+16.4pp	5.1%-18.3pp	23.4%+11.2pp	12.2%
Return on Assets	3.6%+4.3pp	-0.7%-4.8pp	4.1%+3.3pp	0.8%-4.5pp	5.4%+2.8pp	2.6%
Current Ratio	1.03-0.2	1.18-0.9	2.10-0.4	2.51-2.6	5.11+2.4	2.73
Debt-to-Equity	2.45-0.7	3.12+0.1	3.04-0.8	3.84+1.6	2.27-0.3	2.53
FCF Margin	16.7%+7.5pp	9.1%-1.6pp	10.7%+6.8pp	3.9%-18.9pp	22.8%+9.8pp	13.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	13.6%+3.0pp	10.6%-1.1pp	11.8%-19.3pp	31.1%+12.7pp	18.4%+3.3pp	15.1%+2.0pp	13.1%+2.6pp	10.5%
Net Margin	-1.3%+5.9pp	-7.2%-6.1pp	-1.1%-17.3pp	16.2%+13.5pp	2.7%-8.0pp	10.7%+11.7pp	-1.0%+3.9pp	-5.0%
Return on Equity	N/A	N/A	N/A	7.4%+6.3pp	1.1%-3.2pp	4.3%	N/A	N/A
Return on Assets	-0.1%+0.4pp	-0.5%-0.5pp	-0.1%-1.7pp	1.6%+1.4pp	0.2%-0.6pp	0.8%+0.9pp	-0.1%+0.3pp	-0.4%
Current Ratio	0.93+0.1	0.87-0.0	0.91-0.1	1.03-0.6	1.63+0.2	1.42+0.2	1.18-0.0	1.20
Debt-to-Equity	2.60+0.0	2.56+0.1	2.48+0.0	2.45-0.5	2.98-0.0	2.99-0.1	3.12+0.0	3.08
FCF Margin	-1.5%-2.3pp	0.8%-14.2pp	15.0%-16.4pp	31.4%+32.7pp	-1.3%-5.5pp	4.1%+1.5pp	2.7%-1.2pp	3.9%

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Frequently Asked Questions

What is Gray Television Inc's annual revenue?

Gray Television Inc (GTN) reported $3.6B in total revenue for fiscal year 2024. This represents a 11.1% 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 grew by 11.1% year-over-year, from $3.3B to $3.6B in fiscal year 2024.

Is Gray Television Inc profitable?

Yes, Gray Television Inc (GTN) reported a net income of $375.0M in fiscal year 2024, with a net profit margin of 10.3%.

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

Gray Television Inc (GTN) reported diluted earnings per share of $3.36 for fiscal year 2024. This represents a 341.7% 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.

What is Gray Television Inc's EBITDA?

Gray Television Inc (GTN) had EBITDA of $1.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Gray Television Inc have?

As of fiscal year 2024, Gray Television Inc (GTN) had $135.0M in cash and equivalents against $5.6B in long-term debt.

What is Gray Television Inc's operating margin?

Gray Television Inc (GTN) had an operating margin of 23.4% in fiscal year 2024, 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 10.3% in fiscal year 2024, 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 2024.

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

Gray Television Inc (GTN) has a return on equity of 16.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Gray Television Inc's free cash flow?

Gray Television Inc (GTN) generated $608.0M in free cash flow during fiscal year 2024. This represents a 102.7% 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 $751.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Gray Television Inc's total assets?

Gray Television Inc (GTN) had $10.5B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Gray Television Inc's capital expenditures?

Gray Television Inc (GTN) invested $143.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Gray Television Inc's current ratio?

Gray Television Inc (GTN) had a current ratio of 1.03 as of fiscal year 2024, 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 2.45 as of fiscal year 2024, 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 3.6% for fiscal year 2024, 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 0.83, 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 6 out of 9, indicating neutral 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 2.00x, considered cash-backed (high 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 1.8x, 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 58 out of 100 on our Financial Profile, indicating moderate 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.