GTN-AHIGH SIGNALFINANCIAL10-K

Gray Television experienced a substantial decline in operating performance with revenue falling 15% and operating income dropping meaningfully alongside a significant reduction in operating cash flow.

The company's financial deterioration appears broad-based, with operating cash flow declining substantially more than the revenue decline would suggest, indicating potential margin compression or working capital challenges. The concurrent expansion of market presence (from 113 to 114 markets and growth in Telemundo affiliates) against this financial backdrop suggests the company may be investing during a challenging operating environment.

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

Gray Television's financial position weakened considerably in 2025, with revenue declining 15% to $3.1 billion while operating income and cash flow from operations fell substantially more than the revenue decline. The company maintained investment activity with capital expenditures of $108 million, though this was reduced from prior year levels. Despite operational challenges, current assets grew 21% while accounts receivable decreased significantly, suggesting improved collection efficiency but potentially reflecting the overall revenue decline.

FINANCIAL STATEMENT CHANGES
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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