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Gray Media cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$99.0M in Q3 2026 · $256M over twelve months

Operating cash flow$134M
Capital spending−$35.0M
Free cash flow+$99.0M
Cash / net income1.7×

Analysis

In Q3 2026, Gray Media generated $134M of operating cash flow and spent $35.0M on capital projects, leaving free cash flow of $99.0M. That is $110M more than in Q3 2025 (−$11.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $370M; the largest uses were acquisitions ($302M), capital spending ($114M), other financing ($92.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($138M), asset & business sales ($32.0M); the cash balance fell by $28.0M.

Operating cash flow was $134M against net income of $78.0M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$50.0M, payables −$39.0M, deferred revenue +$37.0M.

Free cash flow

Gray Media: free cash flow by quarterGray Media: free cash flow by quarter$328MQ4 2024$117MQ1 2025$6.0MQ2 2025−$11.0MQ3 2025$69.0MQ4 2025−$18.0MQ1 2026$106MQ2 2026$99.0MQ3 2026
Operating cash flow less capital spending.
Gray Media: operating cash flow against capital spendingGray Media: operating cash flow against capital spendingOperating cash flowCapital spending$368M$40.0MQ4 2024$132M$15.0MQ1 2025$31.0M$25.0MQ2 2025$14.0M$25.0MQ3 2025$112M$43.0MQ4 2025$1.0M$19.0MQ1 2026$123M$17.0MQ2 2026$134M$35.0MQ3 2026
Latest (Q3 2026): Operating cash flow $134M, Capital spending $35.0M.

Capital allocation, year by year

Gray Media: where the cash came from (up) and went (down), by fiscal yearGray Media: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $300MFY2021: Net borrowing $2.8BFY2021: Asset sales $951MFY2021: Capital spending −$207MFY2021: Acquisitions −$3.8BFY2021: Buybacks −$30.0MFY2021: Dividends −$31.0M$4.1BFY2021FY2022: Operating cash flow $829MFY2022: Net borrowing −$315MFY2022: Asset sales $4.0MFY2022: Capital spending −$436MFY2022: Acquisitions −$58.0MFY2022: Buybacks −$50.0MFY2022: Dividends −$30.0M$833MFY2022FY2023: Operating cash flow $648MFY2023: Net borrowing −$310MFY2023: Asset sales $66.0MFY2023: Capital spending −$348MFY2023: Acquisitions −$6.0MFY2023: Dividends −$30.0M$714MFY2023FY2024: Operating cash flow $751MFY2024: Net borrowing −$474MFY2024: Asset sales $13.0MFY2024: Capital spending −$143MFY2024: Acquisitions −$1.0MFY2024: Dividends −$32.0M$764MFY2024FY2025: Operating cash flow $289MFY2025: Net borrowing $123MFY2025: Asset sales $47.0MFY2025: Capital spending −$108MFY2025: Dividends −$33.0M$459MFY2025
Over these 5 years operating cash flow totalled $2.8B; the largest uses were acquisitions ($3.8B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$154M
Debt$5.8B
Net debt$5.6B
Due within a year$2.0M

Gray Media funds itself: free cash flow was $256M over the last twelve months, and $154M of cash and investments stands against $5.8B of debt ($2.0M due within a year, 77.0× covered by cash).

Gray Media: debt maturities by year (FY2025)Gray Media: debt maturities by year (FY2025)$2.0MYear 1$739MYear 3$1.1BYear 4$790MYear 5$3.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $154M of cash and investments now.

Where the cash came from and went

Gray Media: sources (+) and uses (−) of cash, Q3 2026Gray Media: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$134MNet borrowing (+) / repaid (−)−$45.0MAcquisitions−$38.0MCapital spending−$35.0MCash drawn (+) / kept (−)$22.0MOther financing−$21.0MOther investing−$9.0MDividends−$8.0M
Gray Media: sources (+) and uses (−) of cash, TTM to Q3 2026Gray Media: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$370MAcquisitions−$302MNet borrowing (+) / repaid (−)$138MCapital spending−$114MOther financing−$92.0MDividends−$34.0MAsset & business sales$32.0MCash drawn (+) / kept (−)$28.0MOther investing−$17.0MTaxes on employees’ shares−$9.0M

From profit to cash

Gray Media: net income to operating cash flow, Q3 2026Gray Media: net income to operating cash flow, Q3 2026Net income$78.0MDepreciation & amortization$50.0MStock-based pay$3.0MDeferred taxes$1.0MOther non-cash$3.0MReceivables−$2.0MPayables−$39.0MEmployee-related liabilities$20.0MDeferred revenue$37.0MPrepaid and other assets−$11.0MOperating cash flow$134M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$134M−$35.0M−$38.0M−$8.0M−$45.0M$22.0M$99.0M
Q2 2026$123M−$17.0M−$196M−$8.0M$59.0M$83.0M$106M
Q1 2026$1.0M−$19.0M−$68.0M−$9.0M−$2.0M$109M−$18.0M
Q4 2025$112M−$43.0M—−$9.0M$126M−$186M$69.0M
Q3 2025$14.0M−$25.0M—−$8.0M$35.0M$17.0M−$11.0M
Q2 2025$31.0M−$25.0M$1.0M−$8.0M−$21.0M$11.0M$6.0M
Q1 2025$132M−$15.0M−$1.0M−$8.0M−$17.0M−$75.0M$117M
Q4 2024$368M−$40.0M−$1.0M−$8.0M−$242M−$66.0M$328M

Gray Media: income statement and cash flow

Gray Media, Q3 2026: revenue $972M (+30% year over year), operating margin 27.4%. The chart follows the revenue to costs, profit and cash.

Gray Media: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.