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Gray Television GTN Broadcasting — Retransmission Expense

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Other financials

Income statement

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Revenue$768.0M-1.8%
Operating income$81.0M-12.0%
Net income-$20.0M-122%
EPS (diluted)-$0.34-47.8%

Balance sheet

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Cash & equivalents$259.0M+23.3%
Total debt$5.8B+2.3%
Total equity$2.1B-6.3%
Total assets$10.3B-1.1%

Cash flow

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Operating cash flow$1.0M-99.2%
CapEx$19.0M+26.7%
Free cash flow-$18.0M-115%

Valuation

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Market cap$367.8M-15.6%
Enterprise value$5.92B+0.2%
P/S0.1×0.0×

Profitability

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Operating margin12.4%-10.4pp
Net margin-3.1%-10.8pp
FCF margin1.9%-17.6pp

Returns & leverage

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Return on equity-4.4%-17.3pp
Debt / equity2.8×+0.2×
Current ratio1.2×+0.3×

Where this comes from

Reported directly by Gray Television in its filing.

Tagged under the XBRL concept gtn:RetransmissionExpense.

The official record: Gray Television’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Gray Television's broadcasting — retransmission expense?
Gray Television (GTN) reported broadcasting — retransmission expense of $197M in Q1 2026.
How has Gray Television's broadcasting — retransmission expense changed year-over-year?
Gray Television's broadcasting — retransmission expense decreased by 15.5% year-over-year, from $233M to $197M.
What is the long-term trend for Gray Television's broadcasting — retransmission expense?
Over 3 years (2022 to 2025), Gray Television's broadcasting — retransmission expense has grown at a -0.8% compound annual growth rate (CAGR), from $903M to $882M.
What does broadcasting — retransmission expense mean?
Represents the fees paid to content providers or networks for the right to broadcast their programming over the company's television stations. This is a significant cost driver in the broadcasting industry that directly impacts segment profitability. Tracking this expense is vital for understanding the margin pressure exerted by content licensing agreements.