Filing Flows › Gray Media (GTN) › Q4 2025
Gray Media (GTN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Gray Media (GTN) reported revenue of $792M for the fourth quarter 2025 (Q4 2025), -24% from a year earlier and +6% from the quarter before. Operating margin was 14.6%, net loss $10.0M (1.3% of revenue).
Gray Media, Q4 2025: revenue $792M (-24% year over year), operating margin 14.6%, net loss $10.0M, operating cash flow $112M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $792M | +6% | -24% |
| Operating profit | $116M | +14% | — |
| Net earnings | −$10.0M | — | — |
| Operating cash flow | $112M | +700% | -70% |
| Free cash flow | $69.0M | — | -79% |
What changed
Revenue was $792.0M in Q4 2025, down 24% year over year and up 6% from the previous quarter. Core Advertising was the largest line at 49% of revenue.
Operating profit was $116.0M, a 14.6% margin (down 16.5 points year over year). Total costs fell 6% while revenue fell 24%. The quarter ended with a net loss of $10.0M, wider than the previous quarter's $10.0M loss. Net interest and other expense of $142.0M was the main reason.
Operating cash flow was $112.0M (down 70% year over year). Non-cash charges added back $58.0M of depreciation and amortization and $5.0M of share-based compensation. Working capital and other items added $59.0M. Capital expenditures of $43.0M left free cash flow of $69.0M.
Questions
What was Gray Media's revenue in the fourth quarter 2025?
Gray Media (GTN) reported revenue of $792M for the fourth quarter 2025 (Q4 2025), -24% from a year earlier and +6% from the quarter before.
Was Gray Media profitable in the fourth quarter 2025?
Operating profit was $116M (14.6% of revenue) and net loss $10.0M.
Source: Gray Media 10-K on SEC EDGAR.