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Gray Television GTN Programming obligations

Programming obligations at other companies

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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 us-gaap:ProgramRightsObligationsNoncurrent.

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 programming obligations?
Gray Television (GTN) reported programming obligations of $1.3B in Q1 2026.
How has Gray Television's programming obligations changed year-over-year?
Gray Television's programming obligations decreased by 2.3% year-over-year, from $1.33B to $1.3B.
What is the long-term trend for Gray Television's programming obligations?
Over 5 years (2020 to 2025), Gray Television's programming obligations has grown at a 204.1% compound annual growth rate (CAGR), from $5M to $1.3B.
What does programming obligations mean?
Represents the long-term portion of contractual obligations for the acquisition of broadcast programming rights that extend beyond the next fiscal year. This metric highlights the company's multi-year commitment to content procurement and strategic programming investments. It is essential for evaluating the long-term capital intensity and future cash flow obligations of the broadcasting business.