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Gray Television GTN Broadcasting — Operating Income

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-$37M-42.3%
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-$2M+66.7%

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Other financials

Income statement

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Revenue$839.0M+8.7%
Operating income$136.0M+65.9%
Net income$14.0M+125%
EPS (diluted)$0.21+130%

Balance sheet

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Cash & equivalents$176.0M-11.6%
Total debt$5.9B+4.0%
Total equity$2.1B-2.4%
Total assets$10.4B+0.8%

Cash flow

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Operating cash flow$123.0M+297%
CapEx$17.0M-32.0%
Free cash flow$106.0M+1,667%

Valuation

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Market cap$551.71M+6.8%
Enterprise value$6.26B+4.7%
P/S0.2×0.0×

Profitability

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Operating margin13.8%-7.3pp
Net margin-0.8%-6.5pp
FCF margin5%-15.0pp

Returns & leverage

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Return on equity-1.2%-10.6pp
Debt / equity2.8×+0.2×
Current ratio+0.1×

Where this comes from

Reported directly by Gray Television in its filing.

Tagged under the XBRL concept us-gaap:OperatingIncomeLoss.

The source filing: Gray Television’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 12:31 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001437749-26-026498
As of and for the six-months ended June 30, 2026:BroadcastingProduction / CompaniesOtherConsolidated
Programming633-66
Depreciation and amortization108111120
Other segment items(2)2173643296
Segment operating income (loss)$300$(6)$(77)$217
Other income (expense):
Miscellaneous income, net8
Interest expense(234)
Gain on early extinguishment of debt-

Item 1. Financial Statements

FAQ

What is Gray Television's broadcasting — operating income?
Gray Television (GTN) reported broadcasting — operating income of $175M in Q2 2026.
How has Gray Television's broadcasting — operating income changed year-over-year?
Gray Television's broadcasting — operating income increased by 53.5% year-over-year, from $114M to $175M.
What is the long-term trend for Gray Television's broadcasting — operating income?
Over 4 years (2021 to 2025), Gray Television's broadcasting — operating income has grown at a -1.5% compound annual growth rate (CAGR), from $545M to $513M.
What does broadcasting — operating income mean?
Measures the profitability of the broadcasting segment by subtracting operating expenses from segment revenue. This is the primary indicator of the segment's operational health and its ability to generate profit from core broadcasting activities. It allows investors to evaluate the segment's performance independent of corporate-level financing or tax structures.

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