Gray Media, Inc. revenue by segment GTN-A

Annual Quarterly

Gray Media, Inc. splits its revenue 2 ways in its filings. By operating segments, the largest line in fiscal 2025, which ended Dec 31, 2025 was Broadcasting at $3.0 billion, 97% of the total. By sales mix, the largest line in fiscal 2025, which ended Dec 31, 2025 was Core Advertising at $1.5 billion, 47% of the total.

USD in millions. The percent under a figure is the change from the year before.

Line	FY 2026 Jun 30, 2026	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018	FY 2017 Dec 31, 2017	FY 2016 Dec 31, 2016
Revenue	3,148	3,095	3,644	3,281	3,676	2,413	2,381	2,122	1,084	883	812
Operating segments
Broadcasting	3,031 -11.9% share 96.3%	2,988 -15.6% share 96.5%	3,539 +10.8% share 97.1%	3,195 -10.8% share 97.4%	3,583 +53.1% share 97.5%	2,340 +0.9% share 97.0%	2,320 +14.0% share 97.4%	2,035 +87.7% share 95.9%	1,084 +22.8% share 100.0%	883 share 100.0%	—
Production Companies	117 +8.3% share 3.7%	107 +1.9% share 3.5%	105 +22.1% share 2.9%	86 -7.5% share 2.6%	93 +27.4% share 2.5%	73 +19.7% share 3.0%	61 -29.9% share 2.6%	87 share 4.1%	—	—	—
Sales mix
Core Advertising	1,456 +0.4% share 46.3%	1,452 -2.6% share 46.9%	1,490 -1.6% share 40.9%	1,514 +1.2% share 46.1%	1,496 share 40.7%	—	—	—	—	—	—
Retransmission Consent	1,379 -6.7% share 43.8%	1,429 -3.6% share 46.2%	1,482 -3.3% share 40.7%	1,532 +2.4% share 46.7%	1,496 +42.6% share 40.7%	1,049 +21.0% share 43.5%	867 +8.9% share 36.4%	796 +124.2% share 37.5%	355 +28.2% share 32.7%	277 share 31.4%	—
Other services	63 -7.4% share 2.0%	65 -7.1% share 2.1%	70 +0.0% share 1.9%	70 -7.9% share 2.1%	76 +33.3% share 2.1%	57 +5.6% share 2.4%	54 +22.7% share 2.3%	44 +158.8% share 2.1%	17 -15.0% share 1.6%	20 share 2.3%	—
Political Advertising	133 -70.1% share 4.2%	42 -91.5% share 1.4%	497 +529.1% share 13.6%	79 -84.7% share 2.4%	515 +1070.5% share 14.0%	44 -89.8% share 1.8%	430 +532.4% share 18.1%	68 -56.1% share 3.2%	155 +868.8% share 14.3%	16 share 1.8%	—

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions. Each group is a separate split of total revenue, so the groups are not added together. Share of revenue is that line divided by total revenue. The first column adds the latest year-to-date segment amount to the last fiscal year and subtracts the year-ago year-to-date amount. More on our methodology.

Company profile

Industry: Television Broadcasting Stations (SIC 4833)
Listed as: GTN (NYSE), GTN-A (NYSE)
Fiscal year ends: December 31
Incorporated in: GA
Headquarters: Atlanta, GA
SEC filer status: Accelerated filer
SEC CIK: 43196
Former names: GRAY MEDIA, INC (until Oct 9, 2026); GRAY TELEVISION INC (until Feb 24, 2025); GRAY COMMUNICATIONS SYSTEMS INC /GA/ (until Jul 25, 2002)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.