GRAY MEDIA, INC
Financial highlights
| Metric | FY December 31, 2025 | FY December 31, 2024 | FY December 31, 2023 | FY December 31, 2022 | FY December 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $3.1B | $3.6B | $3.3B | $3.7B | $2.4B |
| Operating income | $392.0M | $851.0M | $383.0M | $990.0M | $381.0M |
| Operating expenses | $2.7B | $2.8B | $2.9B | $2.7B | $2.0B |
| Cash from operations | $289.0M | $751.0M | $648.0M | $829.0M | $300.0M |
| Capital expenditure | $108.0M | $143.0M | $348.0M | $436.0M | $207.0M |
| Free cash flow | $181.0M | $608.0M | $300.0M | $393.0M | $93.0M |
| Share repurchases | — | $0 | $0 | $50.0M | $30.0M |
| Impairments | $0 | $0 | $16.0M | — | $0 |
| Total assets | $10.4B | $10.5B | $10.6B | $11.2B | $11.1B |
| Total liabilities | $7.6B | $7.6B | $8.0B | $8.4B | $8.7B |
| Total debt | $5.8B | $5.7B | $6.2B | $6.5B | $6.8B |
Shares outstanding 102.7M · Free float 89.7%
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.