Filing Flows › Gray Media (GTN) › Q1 2025
Gray Media (GTN) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Gray Media (GTN) reported revenue of $782M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -25% from the quarter before. Operating margin was 11.8%, net loss $9.0M (1.2% of revenue).
Gray Media, Q1 2025: revenue $782M (-5% year over year), operating margin 11.8%, net loss $9.0M, operating cash flow $132M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $782M | -25% | -5% |
| Operating profit | $92.0M | — | — |
| Net earnings | −$9.0M | — | — |
| Operating cash flow | $132M | -64% | +94% |
| Free cash flow | $117M | -64% | +244% |
What changed
Revenue was $782.0M in Q1 2025, down 5% year over year and down 25% from the previous quarter. Retransmission Consent was the largest line at 48% of revenue. Core Advertising lost $28.0M year over year (down 8%), 68% of the total change.
Operating profit was $92.0M, a 11.8% margin (down 3.3 points year over year). Total costs fell 1% while revenue fell 5%. The quarter ended with a net loss of $9.0M, after a profit of $169.0M the previous quarter. Net interest and other expense of $116.0M was the main reason.
Operating cash flow was $132.0M (up 94% year over year). Non-cash charges added back $63.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $71.0M. Capital expenditures of $15.0M left free cash flow of $117.0M.
Questions
What was Gray Media's revenue in the first quarter 2025?
Gray Media (GTN) reported revenue of $782M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -25% from the quarter before.
Was Gray Media profitable in the first quarter 2025?
Operating profit was $92.0M (11.8% of revenue) and net loss $9.0M.
Source: Gray Media 10-Q on SEC EDGAR.