Filing Flows › Gray Media (GTN) › Q3 2025
Gray Media (GTN) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Gray Media (GTN) reported revenue of $749M for the third quarter 2025 (Q3 2025), -21% from a year earlier and -3% from the quarter before. Operating margin was 13.6%, net loss $10.0M (1.3% of revenue).
Gray Media, Q3 2025: revenue $749M (-21% year over year), operating margin 13.6%, net loss $10.0M, operating cash flow $14.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $749M | -3% | -21% |
| Operating profit | $102M | +24% | — |
| Net earnings | −$10.0M | — | — |
| Operating cash flow | $14.0M | -55% | -95% |
What changed
Revenue was $749.0M in Q3 2025, down 21% year over year and down 3% from the previous quarter. Core Advertising was the largest line at 47% of revenue. Political Advertising lost $165.0M year over year (down 95%), 82% of the total change.
Operating profit was $102.0M, a 13.6% margin (down 12.7 points year over year). Total costs fell 8% while revenue fell 21%. The quarter ended with a net loss of $10.0M, narrower than the previous quarter's $56.0M loss. Net interest and other expense of $130.0M was the main reason.
Operating cash flow was $14.0M (down 95% year over year). Non-cash charges added back $56.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items used $37.0M. Capital expenditures of $25.0M exceeded it, leaving free cash flow of −$11.0M.
Questions
What was Gray Media's revenue in the third quarter 2025?
Gray Media (GTN) reported revenue of $749M for the third quarter 2025 (Q3 2025), -21% from a year earlier and -3% from the quarter before.
Was Gray Media profitable in the third quarter 2025?
Operating profit was $102M (13.6% of revenue) and net loss $10.0M.
Source: Gray Media 10-Q on SEC EDGAR.