--- title: "Gray Television | 8-K: FY2025 Q4 Revenue: USD 792 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/277045175.md" datetime: "2026-02-26T13:02:42.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277045175.md) - [en](https://longbridge.com/en/news/277045175.md) - [zh-HK](https://longbridge.com/zh-HK/news/277045175.md) generator: "portal-rs" --- # Gray Television | 8-K: FY2025 Q4 Revenue: USD 792 M Revenue: As of FY2025 Q4, the actual value is USD 792 M. EPS: As of FY2025 Q4, the actual value is USD -0.24. EBIT: As of FY2025 Q4, the actual value is USD 235 M. ### Fourth Quarter 2025 Financial Highlights - **Total Revenue**: Gray Media, Inc. reported $792 million in the fourth quarter of 2025, a decrease of 24% compared to $1,045 million in the fourth quarter of 2024. This exceeded the company’s high-side guidance of $782 million . - **Core Advertising Revenue**: $392 million in the fourth quarter of 2025, an increase of 3% compared to $380 million in the fourth quarter of 2024, exceeding the high-side guidance of $390 million . - **Retransmission Consent Revenue**: $335 million in the fourth quarter of 2025, a decrease of 7% compared to $361 million in the fourth quarter of 2024, exceeding the high-side guidance of $330 million . - **Net Retransmission Revenue**: $134 million in the fourth quarter of 2025, an increase of 3% compared to $130 million in the fourth quarter of 2024 . - **Political Advertising Revenue**: $12 million in the fourth quarter of 2025, a decrease of 95% compared to $250 million in the fourth quarter of 2024, exceeding the high-side guidance of $8 million . - **Total Broadcasting Expense**: Decreased by 7% to $557 million in the fourth quarter of 2025, compared to $598 million in the fourth quarter of 2024. Broadcasting, production, and corporate expenses were at or below the low end of guidance . - **Net (Loss) Income**: - $10 million in the fourth quarter of 2025, a decrease of 106% compared to $169 million in the fourth quarter of 2024 . - **Adjusted EBITDA**: $179 million in the fourth quarter of 2025, a decrease of 55% compared to $402 million in the fourth quarter of 2024 . ### Full Year 2025 Financial Highlights - **Total Revenue**: $3,095 million in 2025, a decrease of 15% compared to $3,644 million in 2024 . - **Core Advertising Revenue**: $1,452 million in 2025, a decrease of 3% compared to $1,490 million in 2024 . - **Political Advertising Revenue**: $42 million in 2025, a decrease of 92% compared to $497 million in 2024 . - **Retransmission Consent Revenue**: $1,429 million in 2025, a decrease of 4% compared to $1,482 million in 2024 . - **Net Retransmission Revenue**: $547 million in 2025, a decrease of 1% compared to $550 million in 2024 . - **Total Broadcasting Expense**: Decreased by 3% to $2,239 million in 2025, compared to $2,317 million in 2024 . - **Net (Loss) Income**: - $85 million in 2025, a decrease of 123% compared to $375 million in 2024 . - **Adjusted EBITDA**: $670 million in 2025, a decrease of 42% compared to $1,162 million in 2024 . ### Operating Expenses (Full Year) - **Broadcasting Station Expenses**: $1,356 million in 2025, a decrease of 2% from $1,380 million in 2024 . - **Network Affiliation Fees**: $882 million in 2025, a decrease of 5% from $932 million in 2024 . - **Production Companies Expenses**: $95 million in 2025, an increase of 14% from $83 million in 2024 . - **Total Corporate and Administrative Expense**: $113 million in 2025, an increase of 9% from $104 million in 2024 . ### Cash Flow (Full Year) - **Net Cash Provided by Operating Activities**: $289 million in 2025, compared to $751 million in 2024 . - **Net Cash Used in Investing Activities**: - $63 million in 2025, compared to - $28 million in 2024 . - **Net Cash Provided by (Used in) Financing Activities**: $7 million in 2025, compared to - $609 million in 2024 . - **Cash at End of Year**: $368 million in 2025, compared to $135 million in 2024 . ### Other Key Metrics - **Capital Expenditures (excluding Assembly Atlanta)**: $74 million in 2025, compared to $97 million in 2024 . - **Assembly Atlanta Capital Expenditures**: Gross capital expenditures totaled $34 million in 2025 . - **Assembly Atlanta CID Reimbursement**: Cash proceeds from Doraville CID were $28 million in December 2025, with total CID reimbursements for full-year 2025 at $33 million . - **Federal and State Income Tax Payments**: $38 million in 2025, compared to $135 million in 2024 . - **Total Outstanding Principal of Debt Obligations**: $5,810 million as of December 31, 2025, compared to $5,690 million as of December 31, 2024 . - **Total Outstanding Principal of Debt Obligations, Less Cash**: $5,442 million as of December 31, 2025, compared to $5,555 million as of December 31, 2024 . - **Unrestricted Cash**: $368 million as of December 31, 2025 . - **Borrowing Availability (Revolving Credit Facility)**: $745 million under the $750 million facility as of December 31, 2025 . - **Leverage Ratios (as of December 31, 2025)**: First Lien Leverage Ratio was 2.43 to 1.00, Secured Leverage Ratio was 3.65 to 1.00, and Leverage Ratio was 5.80 to 1.00 . ### Outlook For the first quarter ending March 31, 2026, Gray Media, Inc. projects total revenue between $755 million and $770 million, with core advertising revenue expected to be approximately flat and political advertising revenue guided to be between $25 million and $30 million . Net Retransmission Revenue is anticipated to be between $148 million and $150 million, and total broadcasting expense is estimated between $555 million and $560 million . The company also provided full-year 2026 guidance, including an estimated interest expense of $440 million, capital expenditures of $140 million, and income tax payments between $105 million and $125 million . ### Related Stocks - [GTN.A.US](https://longbridge.com/en/quote/GTN.A.US.md) ## Related News & Research - [US listing could put Japan's Kioxia in global AI spotlight, Voya's Thomas says](https://longbridge.com/en/news/298696734.md) - [Oil prices set to end week over $100 for first time in nearly 4 months](https://longbridge.com/en/news/298661520.md) - [Stellantis CEO highlights diverging US and global strategies](https://longbridge.com/en/news/298636085.md) - [Huang rejects 'circular financing' label for NVIDIA's AI bets](https://longbridge.com/en/news/298649945.md) - [Last Minute Thought: Buy or Sell Oracle Stock as Earnings Loom? 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