Short answer
GRAY MEDIA, INC (GTN) filed its Q3 2025 10-Q quarterly report on Nov 7, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $749M (down 21.2% year over year) with net income of −$10M.
Q3 2025 key financials · XBRL
- Revenue
- $749M
- −21.2% YoY · −3.0% QoQ
- Net income
- −$10M
- −110.4% YoY · +82.1% QoQ
- Operating margin
- 13.6%
- EPS (diluted)
- −$0.24
- −127.9% YoY · +66.7% QoQ
Source: XBRL data from the GRAY MEDIA, INC (GTN) Q3 2025 10-Q on SEC EDGAR. USD.
GRAY MEDIA, INC Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $749M, down $201M or 21% YoY, driven by political revenue decline of $165M or 95%
- Retransmission revenue $346M, down $23M or 6%; core advertising $355M, down $10M or 3%
- Effective tax benefit rate 64% vs 25% expense rate YoY; interest expense $120M vs $130M
- Cash $182M vs $135M; operating cash flow $177M vs $383M YoY
- $1.675B notes issued, funding repayment of $528M notes and $1.144B term loans; management expects liquidity for next twelve months
Risk Factors
- No material changes to 2024 Form 10-K risk factors
- Debt risk: 9.625% senior secured second-lien notes due 2032
- Debt risk: 7.25% senior secured first-lien notes due 2033
- Financing risk: Fifth Amendment to Credit Agreement dated July 18, 2025
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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