# Gray Media, Inc: overview

GTN · NYSE · CIK 43196 · [Communication](/sectors/communication.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/gtn.md) · [Financials](/companies/gtn/financials.md) · [Filings](/companies/gtn/filings.md) · [Insiders](/companies/gtn/insiders.md)

Latest reported revenue: [$839.0m](/filings/0001437749-26-026498.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 7, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001437749-26-026498).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [950](/filings/0001437749-25-033779.md) | [1,045 d](/filings/0001437749-26-005803.md) | [782](/filings/0001437749-26-015447.md) | [772](/filings/0001437749-26-026498.md) | [749](/filings/0001437749-25-033779.md) | [792 d](/filings/0001437749-26-005803.md) | [768](/filings/0001437749-26-015447.md) | [839](/filings/0001437749-26-026498.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [26.3%](/filings/0001437749-25-033779.md) | [31.1% d](/filings/0001437749-26-005803.md) | [11.8%](/filings/0001437749-26-015447.md) | [10.6%](/filings/0001437749-26-026498.md) | [13.6%](/filings/0001437749-25-033779.md) | [14.6% d](/filings/0001437749-26-005803.md) | [10.5%](/filings/0001437749-26-015447.md) | [16.2%](/filings/0001437749-26-026498.md) |
| Net margin | % | [10.1%](/filings/0001437749-25-033779.md) | [16.2% d](/filings/0001437749-26-005803.md) | [(1.2%)](/filings/0001437749-26-026498.md) | [(7.3%)](/filings/0001437749-26-026498.md) | [(1.3%)](/filings/0001437749-25-033779.md) | [(1.3%) d](/filings/0001437749-26-005803.md) | [(2.6%)](/filings/0001437749-26-015447.md) | [1.7%](/filings/0001437749-26-026498.md) |
| Diluted EPS | $ per share | [0.86](/filings/0001437749-25-033779.md) | not reported | [(0.23)](/filings/0001437749-26-015447.md) | [(0.71)](/filings/0001437749-26-026498.md) | [(0.24)](/filings/0001437749-25-033779.md) | not reported | [(0.34)](/filings/0001437749-26-015447.md) | [0.21](/filings/0001437749-26-026498.md) |
| Free cash flow | $m | [257 d](/filings/0001437749-25-033779.md) | [328 d](/filings/0001437749-26-005803.md) | [117](/filings/0001437749-26-015447.md) | [6.0 d](/filings/0001437749-26-026498.md) | [(11.0) d](/filings/0001437749-25-033779.md) | [69.0 d](/filings/0001437749-26-005803.md) | [(18.0)](/filings/0001437749-26-015447.md) | [106 d](/filings/0001437749-26-026498.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,413](/filings/0001437749-24-005295.md) | [3,676](/filings/0001437749-25-005406.md) | [3,281](/filings/0001437749-26-005803.md) | [3,644](/filings/0001437749-26-005803.md) | [3,095](/filings/0001437749-26-005803.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [15.8%](/filings/0001437749-24-005295.md) | [26.9%](/filings/0001437749-25-005406.md) | [11.7%](/filings/0001437749-26-005803.md) | [23.4%](/filings/0001437749-26-005803.md) | [12.7%](/filings/0001437749-26-005803.md) |
| Net margin | % | [3.7%](/filings/0001437749-24-005295.md) | [12.4%](/filings/0001437749-25-005406.md) | [(2.3%)](/filings/0001437749-26-005803.md) | [10.3%](/filings/0001437749-26-005803.md) | [(2.7%)](/filings/0001437749-26-005803.md) |
| Diluted EPS | $ per share | [0.40](/filings/0001437749-24-005295.md) | [4.33](/filings/0001437749-25-005406.md) | [(1.39)](/filings/0001437749-26-005803.md) | [3.36](/filings/0001437749-26-005803.md) | [(1.41)](/filings/0001437749-26-005803.md) |
| Free cash flow | $m | [93.0](/filings/0001437749-24-005295.md) | [393](/filings/0001437749-25-005406.md) | [300](/filings/0001437749-26-005803.md) | [608](/filings/0001437749-26-005803.md) | [181](/filings/0001437749-26-005803.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/gtn/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [Miller Value Partners, LLC](/funds/1135778.md) | 2026-06-30 | $28.8m | 7,243,390 |  | Added +1,873,290 |
| [CAPITAL MANAGEMENT CORP /VA](/funds/1074273.md) | 2026-06-30 | $28.1m | 7,070,669 |  | Added +873,151 |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $27.8m | 6,999,842 |  | Added +100,703 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $18.5m | 4,662,924 |  | Reduced −614,969 |
| [Retirement Systems of Alabama](/funds/1593051.md) | 2026-06-30 | $16.4m | 4,126,750 |  | Unchanged |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $14.8m | 3,735,165 |  | Added +32,931 |
| [Penn Capital Management Company, LLC](/funds/1158202.md) | 2026-06-30 | $13.9m | 3,503,974 |  | Reduced −112,236 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $13.1m | 3,292,829 |  | Added +471,923 |
| [CHARLES SCHWAB INVESTMENT MANAGEMENT INC](/funds/884546.md) | 2026-06-30 | $12.1m | 3,052,792 |  | Reduced −1,242,356 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $8.7m | 2,182,601 |  | Added +92,044 |

## Recent filings

[All 1,222 filings](/companies/gtn/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-09 | 20:16 ET | [8-K](/filings/0001437749-26-032446.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001437749-26-032446 |
| 2026-10-09 | 10:20 ET | [8-K](/filings/0001437749-26-032392.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001437749-26-032392 |
| 2026-09-28 | 10:30 ET | [8-K](/filings/0001437749-26-031279.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001437749-26-031279 |
| 2026-08-21 | 20:50 ET | [8-K](/filings/0001437749-26-028749.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001437749-26-028749 |
| 2026-08-18 | 23:39 ET | [8-K](/filings/0001437749-26-028227.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001437749-26-028227 |
| 2026-08-17 | 13:06 ET | [8-K](/filings/0001437749-26-028117.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001437749-26-028117 |
| 2026-08-07 | 16:31 ET | [10-Q](/filings/0001437749-26-026498.md) | Quarterly report, period 2026-06-30 | 0001437749-26-026498 |
| 2026-08-07 | 10:40 ET | [8-K](/filings/0001437749-26-026424.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001437749-26-026424 |
| 2026-08-07 | 10:35 ET | [8-K](/filings/0001437749-26-026423.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001437749-26-026423 |
| 2026-08-07 | 10:31 ET | [8-K](/filings/0001437749-26-026422.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001437749-26-026422 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001437749-26-005803.md), filed Feb 26, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/ab08cc00-8859-4abf-b26e-3c2a64b90693)

## About the filer

- CIK: 43196
- Tickers: GTN, GTN-A
- Exchange: NYSE
- SIC code: 4833 Television Broadcasting Stations
- State of incorporation: GA
- Filer category: Accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:18 ET. No prices; not investment advice.