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Liberty Media vs Gray Media: FWONA and GTN compared
Liberty Media is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $972M for Gray Media (Q3 2026). Gray Media is growing faster (+30% against +13% a year earlier). Gray Media is more profitable, with an operating margin of 27.4% against 19.3%.
Where the money goes: FWONA and GTN
Liberty Media (FWONA) · Q3 2026
Liberty Media, Q3 2026: revenue $1.2B (+13% year over year), operating margin 19.3%, net earnings $163M, operating cash flow $382M. The chart follows the revenue to costs, profit and cash.
Gray Media (GTN) · Q3 2026
Gray Media, Q3 2026: revenue $972M (+30% year over year), operating margin 27.4%, net earnings $78.0M, operating cash flow $134M. The chart follows the revenue to costs, profit and cash.
| Liberty Media (FWONA) | Gray Media (GTN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.2B | $972M |
| Revenue growth, Y/Y | +13% | +30% |
| Operating margin | 19.3% | 27.4% |
| Net earnings | $163M | $78.0M |
| Net margin | 13.3% | 8.0% |
| Operating cash flow | $382M | $134M |
| Free cash flow | $337M | $99.0M |
| Market value | $26.7B | $492M |
| P/E | 75.5× | 7.9× |
| Analysts’ mean target | $111.00 | $6.50 |
Where the revenue comes from
Liberty Media
- Primary: $1.0B (84%)
- Other: $193M (16%)
Gray Media
- Advertising: $556M (57%)
- Retransmission Consent: $366M (38%)
- Production Companies: $34.0M (3%)
- Service, Other: $16.0M (2%)
Questions
Which is bigger, Liberty Media or Gray Media?
Liberty Media is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $972M for Gray Media (Q3 2026).
Is Liberty Media or Gray Media growing faster?
Gray Media is growing faster (+30% against +13% a year earlier).
Which is more profitable, Liberty Media or Gray Media?
Gray Media is more profitable, with an operating margin of 27.4% against 19.3%.
More: Liberty Media earnings · how Liberty Media makes money · Gray Media earnings · how Gray Media makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.