GTN-AHIGH SIGNALFINANCIAL10-K

GTN-A experienced a dramatic financial deterioration with net income swinging from $375M profit to $85M loss while revenue declined 15% and operating cash flow collapsed 62%.

The company's shift from strong profitability to losses, combined with a massive drop in operating cash flow, signals severe operational distress despite maintaining market reach. The substantial improvement in cash position appears to be from non-operating sources, which may indicate asset sales or financing activities to weather the downturn.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

GTN-A's financial performance deteriorated sharply with revenue falling 15% to $3.1B and net income swinging from a $375M profit to an $85M loss, while operating income dropped 54%. Operating cash flow collapsed 62% to $289M, though the company significantly boosted its cash position from $135M to $368M, likely through asset sales or financing. The 39% decline in accounts receivable aligns with lower revenue, but the overall picture shows a company in financial distress despite maintaining strong market positions in television broadcasting.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+172.6%
$135.0M→$368.0M

Cash position surged 172.6% — strong cash generation or capital raise providing significant financial cushion.

Net Income
P&L
-122.7%
$375.0M→-$85.0M

Net income declined 122.7% — review whether driven by operations, interest costs, or non-recurring items.

Operating Cash Flow
Cash Flow
-61.5%
$751.0M→$289.0M

Operating cash flow fell 61.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-53.9%
$851.0M→$392.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Accounts Receivable
Balance Sheet
-39.2%
$337.0M→$205.0M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Capital Expenditure
Cash Flow
-24.5%
$143.0M→$108.0M

Capex reduced 24.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Assets
Balance Sheet
+21.3%
$541.0M→$656.0M

Current assets grew 21.3% — improving short-term liquidity or inventory/receivables build.

Revenue
P&L
-15.1%
$3.6B→$3.1B

Revenue softened 15.1% — monitor whether this is cyclical or structural.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
Our television stations serve 114 full-power television markets that collectively reach approximately 37% of US television households.
This portfolio includes 77 markets with the top-rated television station and 97 markets with the first and/or second highest rated television station in average all-day ratings across the 113 of such markets measured by Nielsen in 2025.
We also own the largest Telemundo Affiliate group with 47 markets totaling over 1.6 million Hispanic TV Households.
For the years ended December 31, 2025, 2024 and 2023 our total revenue was $3.1 billion, $3.6 billion and $3.3 billion, respectively.
In both 2025 and 2024, our largest market, by revenue, was Phoenix, Arizona, which contributed 5% of our total revenue.
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REMOVED
Other segment items for each reportable segment includes; (gain) loss on disposal of assets, professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.
The adjustments to our allowance for credit losses include net adjustments related to write-offs of receivable balances not considered collectible less recoveries of amounts previously considered to be uncollectable.
The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.
The adjustment to the valuation allowance for deferred tax assets represents changes in estimates of our future taxable income and our estimated future usage of certain net operating loss carryforwards, as well as expiration of certain net operating loss carryforwards.
Our television stations serve 113 television markets that collectively reach approximately 37% of US television households.
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