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Gray Television GTN Q3 2025 earnings

Reported November 7, 2025 · Before market open

Revenue$749.0MMiss by $50.3M
EPS-$0.24Beat by $0.17
Revenue estimate$799.3M
EPS estimate-$0.41

Next report

Nov 6, 2026 (in 2 months)
Revenue estimate$951.9M
EPS estimate$0.81

Financials

Q3 2025

Income statement

See full
Revenue$749.0M-21.2%
Operating income$102.0M-59.2%
Net income-$10.0M-110%
EPS (diluted)-$0.24-128%

Balance sheet

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Cash & equivalents$182.0M+164%
Total debt$5.7B-4.8%
Total equity$2.2B+1.3%
Total assets$10.3B-2.9%

Cash flow

See full
Operating cash flow$14.0M-95.3%
CapEx$25.0M-37.5%
Free cash flow--100%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$590.06M+10.5%
Enterprise value$6.09B-5.3%
P/E6.3×+3.6×
P/S0.2×0.0×

Profitability

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Operating margin18%-0.5pp
Net margin2.8%-2.9pp
FCF margin13.5%+4.4pp

Returns & leverage

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Return on equity4.4%-5.2pp
Debt / equity2.6×-0.2×
Current ratio0.9×-0.2×

Segments

By product

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Core Advertising$355.0M-2.7%
Retransmission Consent$346.0M-6.2%
Service Other$15.0M-11.8%
Political Advertising$8.0M-95.4%

By segment

See full
Broadcasting$724.0M-21.6%
Production Companies$25.0M-3.8%
All Other Segments-—

FAQ

When did Gray Television report Q3 2025 earnings?
Gray Television (GTN) reported Q3 2025 earnings on November 7, 2025 before market open.
What were Gray Television's Q3 2025 revenue and EPS?
Gray Television reported revenue of $749.0M and eps of $-0.24 for Q3 2025.
Did Gray Television beat estimates in Q3 2025?
Revenue missed the consensus estimate of $799.3M by $50.3M. EPS beat the consensus estimate of $-0.41 by $0.17.
How did Gray Television's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue declined 21.2% from $950.0M a year earlier.
Where can I find Gray Television's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001437749-25-033709) and the 10-Q periodic report (0001437749-25-033779) directly on SEC EDGAR. The filing index links above go to sec.gov.