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Gray Television GTN Operating Income

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Segments

By segment

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Broadcasting$175M+53.5%
All Other Segments-$37M-42.3%
Production Companies-$2M+66.7%

Other financials

Income statement

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Revenue$839.0M+8.7%
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
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Impairment of intangible assets-28-28
Loss (gain) on disposal of long-lived assets, net20(6)20(8)
Operating expenses7036901,3901,380
Operating income13682217174
Other (expense) income:
Miscellaneous income, net--81
Interest expense(117)(117)(234)(235)
Gain from early extinguishment of debt---1

Item 1. Financial Statements

FAQ

What is Gray Television's operating income?
Gray Television (GTN) reported operating income of $136M in Q2 2026.
How has Gray Television's operating income changed year-over-year?
Gray Television's operating income increased by 65.9% year-over-year, from $82M to $136M.
What is the long-term trend for Gray Television's operating income?
Over 4 years (2021 to 2025), Gray Television's operating income has grown at a 0.7% compound annual growth rate (CAGR), from $381M to $392M.
What does operating income mean?
Gross profit minus all operating expenses (SG&A, R&D, D&A). Measures the profit from core business operations before interest, taxes, and non-operating items.

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