GTN GRAY MEDIA, INC

Overview and Growth

Fiscal 2025 results for GRAY MEDIA, INC combined $3.10B of revenue with net loss of $85.00M and an operating cash inflow of $289.00M. The $3.10B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $3.64B in fiscal 2024, revenue decreased 15.1%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$1.41, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 142.0% from $3.36 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. At period end, total assets were $10.44B, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 0.3x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The reported operating result was $392.00M, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 12.7%, showing the portion of revenue preserved after the full set of operating costs. The company ended the period with a net loss of $85.00M, extending the operating result through all remaining items. Net margin was -2.7%, reflecting a loss equal to 2.7% of reported revenue. Before income taxes, the company recorded a loss of $113.00M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 3.7%. An income-tax benefit of $28.00M improved the final result relative to pretax income or loss. The net loss equaled 3.9% of period-end equity, showing the deficit relative to book capital. The net loss equaled 0.8% of period-end assets, showing the deficit relative to the asset base.

Liquidity and Capital Structure

The company held $10.44B of assets against $7.63B of liabilities and $2.15B of equity, revealing how the asset base was financed. The near-term balance sheet paired $656.00M of current assets with $516.00M of current liabilities at the reporting date. At 1.27x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Reported cash and equivalents were $368.00M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 71.3% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $5.74B, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 2.67x, showing how much debt the company carried for each unit of book equity. Debt represented 55.0% of total assets, placing borrowing in the context of the company’s full resource base. Relative to total assets, liabilities measured 73.1%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 3.5%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 1.0% from $10.54B in fiscal 2024, leaving current total assets lower year over year. Against $2.28B of equity in fiscal 2024, the current book-equity balance moved 5.6% and ended lower.

Cash Flow and Earnings Quality

Cash flow from operations was $289.00M, a reported cash inflow that can be compared directly with net income and capital spending. The cash-flow statement records $108.00M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 37.4% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $181.00M of positive free cash flow for the period. The free-cash-flow margin was 5.8%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 1.7%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.