Filing Flows › Gray Media (GTN) › Q2 2025
Gray Media (GTN) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Gray Media (GTN) reported revenue of $772M for the second quarter 2025 (Q2 2025), -7% from a year earlier and -1% from the quarter before. Operating margin was 10.6%, net loss $56.0M (7.3% of revenue).
Gray Media, Q2 2025: revenue $772M (-6% year over year), operating margin 10.6%, net loss $56.0M, operating cash flow $31.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $772M | -1% | -7% |
| Operating profit | $82.0M | -11% | — |
| Net earnings | −$56.0M | — | — |
| Operating cash flow | $31.0M | -77% | +72% |
| Free cash flow | $6.0M | -95% | — |
What changed
Revenue was $772.0M in Q2 2025, down 7% year over year and down 1% from the previous quarter. Advertising was the largest line at 48% of revenue. Advertising lost $50.0M year over year (down 12%), 93% of the total change.
Operating profit was $82.0M, a 10.6% margin (down 7.8 points year over year). Total costs grew 2% against a revenue fall of 7%. The quarter ended with a net loss of $56.0M, wider than the previous quarter's $9.0M loss. Net interest and other expense of $117.0M was the main reason.
Operating cash flow was $31.0M (up 72% year over year). Non-cash charges added back $60.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $22.0M. Capital expenditures of $25.0M left free cash flow of $6.0M.
Questions
What was Gray Media's revenue in the second quarter 2025?
Gray Media (GTN) reported revenue of $772M for the second quarter 2025 (Q2 2025), -7% from a year earlier and -1% from the quarter before.
Was Gray Media profitable in the second quarter 2025?
Operating profit was $82.0M (10.6% of revenue) and net loss $56.0M.
Source: Gray Media 10-Q on SEC EDGAR.