MarketCap
Facebook
X
Telegram
Gray Television Balance Sheet 2025-2008 | GTN
Brief balance sheet overview of Gray Television
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
Across five reporting periods, assets decreased -6%, from $11.1 billion to $10.4 billion, producing a negative trend.
Asset growth of -6% was close to the -12.3% change in liabilities, leaving the funding profile broadly stable.
The equity ratio is 20.6%, compared with 15.8% before. Low autonomy increases reliance on liabilities.
Each unit of equity supports 2.5x of net debt. This elevated load requires dependable cash generation.
Cash equals 3.5% of the balance sheet, compared with 1.7% five periods ago. This is the readily available cushion.
Retained earnings stand at $1.2 billion; the five-period change was +38.7%. This reflects accumulated business performance.
Overall picture
Gray Television has limited balance sheet resilience and depends heavily on cash generation and refinancing capacity.
Annual Balance Sheet Gray Television
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
5.38 B | 5.48 B | 6.14 B | 6.39 B | 6.56 B | 3.21 B | 3.54 B | 1.88 B | 1.38 B | 1.43 B | 1.14 B | 1.21 B | 829 M | 822 M | 827 M | 821 M | - | - |
Long Term Debt |
5.74 B | 5.6 B | 6.14 B | 6.44 B | 6.74 B | 3.97 B | 3.7 B | 2.55 B | 1.83 B | 1.76 B | 1.24 B | 1.24 B | 843 M | 833 M | 827 M | 822 M | - | - |
Long Term Debt Current |
10 M | 10 M | 11 M | 10 M | 9 M | 7 M | 6 M | - | 6.42 M | - | - | - | 224 K | - | 4.82 M | 4.82 M | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 4.61 B | 2.88 B | 2.14 B | 2.17 B | 1.63 B | 1.58 B | 1.1 B | 1.06 B | 1.06 B | - | - | - |
Total Current Liabilities |
516 M | 527 M | 395 M | 409 M | 384 M | 255 M | 246 M | 150 M | 131 M | 119 M | 87.6 M | 80 M | 63.1 M | 47.7 M | 49.5 M | 58.5 M | - | - |
Total Liabilities |
7.64 B | 7.61 B | 8.02 B | 8.39 B | 8.7 B | 5.24 B | 4.86 B | 3.03 B | 2.27 B | 2.29 B | 1.71 B | 1.66 B | 1.16 B | 1.11 B | 1.11 B | 1.08 B | - | - |
Deferred Revenue |
20 M | 29 M | 23 M | 24 M | 14 M | 22 M | 9 M | 3.7 M | 4 M | 4.71 M | 3.51 M | 7.49 M | 2.52 M | 3.22 M | 3.47 M | 4.2 M | - | - |
Retained Earnings |
1.2 B | 1.38 B | 1.08 B | 1.24 B | 869 M | 862 M | 504 M | 372 M | 162 M | -101 M | -164 M | -203 M | -251 M | -269 M | -293 M | -295 M | - | - |
Total Assets |
10.4 B | 10.5 B | 10.6 B | 11.2 B | 11.1 B | 7.64 B | 6.97 B | 4.21 B | 3.26 B | 2.78 B | 2.14 B | 1.87 B | 1.33 B | 1.25 B | 1.23 B | 1.24 B | - | - |
Cash and Cash Equivalents |
368 M | 135 M | 21 M | 61 M | 189 M | 773 M | 212 M | 667 M | 462 M | 325 M | 97.3 M | 30.8 M | 13.5 M | 11.1 M | 5.19 M | 5.43 M | 16 M | 30.6 M |
Book Value |
2.8 B | 2.93 B | 2.62 B | 2.77 B | 2.41 B | 2.4 B | 2.11 B | 1.19 B | 993 M | 493 M | 429 M | 216 M | 174 M | 144 M | 123 M | 167 M | - | - |
Total Shareholders Equity |
2.16 B | 2.28 B | 1.97 B | 2.12 B | 1.76 B | 1.75 B | 1.46 B | 1.19 B | 994 M | 493 M | 429 M | 216 M | 174 M | 144 M | 123 M | 129 M | 93.6 M | 117 M |
All numbers in USD currency
Quarterly Balance Sheet Gray Television
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
5.81 B | 5.75 B | 5.61 B | 5.58 B | 5.59 B | 5.87 B | 6.12 B | 6.14 B | 6.17 B | 6.2 B | 6.15 B | 6.44 B | 6.59 B | - | 6.74 B | 6.74 B | 3.98 B | 3.98 B | 3.98 B | 3.97 B | 3.97 B | 3.97 B | 3.97 B | 3.7 B | 3.7 B | 3.7 B | 3.7 B | 2.55 B | 2.55 B | 2.55 B | 2.55 B | 1.83 B | 1.83 B | 1.83 B | 1.83 B | 1.76 B | 1.76 B | 1.76 B | 1.76 B | 1.22 B | 1.22 B | 1.22 B | 1.22 B | 1.24 B | 1.24 B | 1.24 B | 1.24 B | 843 M | 843 M | 843 M | 843 M | 833 M | 833 M | 833 M | 833 M | 827 M | 827 M | 827 M | 827 M |
Total Liabilities |
7.71 B | 7.56 B | 7.51 B | 7.52 B | 7.53 B | 7.85 B | 7.93 B | 8.04 B | 8.08 B | 8.1 B | 8.13 B | 8.39 B | 8.6 B | - | 8.68 B | 8.7 B | 5.37 B | 5.22 B | 5.24 B | 5.24 B | 5.24 B | 5.24 B | 5.24 B | 4.86 B | 4.86 B | 4.86 B | 4.86 B | 3.03 B | 3.03 B | 3.03 B | 3.03 B | 2.27 B | 2.27 B | 2.27 B | 2.27 B | 2.26 B | 2.29 B | 2.29 B | 2.29 B | 1.7 B | 1.7 B | 1.7 B | 1.7 B | 1.66 B | 1.66 B | 1.66 B | 1.66 B | 1.16 B | 1.16 B | 1.16 B | 1.16 B | 1.11 B | 1.11 B | 1.11 B | 1.11 B | 1.09 B | 1.09 B | 1.09 B | 1.09 B |
Deferred Revenue |
22 M | 21 M | 28 M | 27 M | 21 M | 50 M | 23 M | 22 M | 51 M | 40 M | 43 M | 24 M | 64 M | - | 20 M | 14 M | 11 M | 8 M | 10 M | 22 M | 22 M | 22 M | 22 M | 9 M | 9 M | 9 M | 9 M | 4 M | 12 M | 5.04 M | 4.51 M | 4 M | 3.53 M | 4 M | 4 M | 4.71 M | 4.71 M | 4.71 M | 4.71 M | 3.51 M | 3.51 M | 3.51 M | 3.51 M | 7.49 M | 7.49 M | 7.49 M | 7.49 M | 2.52 M | 2.52 M | 2.52 M | 2.52 M | 3.22 M | 3.22 M | 3.22 M | 3.22 M | 3.47 M | 3.47 M | 3.47 M | 3.47 M |
Retained Earnings |
1.18 B | 1.16 B | 1.24 B | 1.27 B | 1.34 B | 1.23 B | 1.15 B | 1.15 B | 1.11 B | 1.18 B | 1.19 B | 1.24 B | 1.08 B | - | 910 M | 869 M | 861 M | 899 M | 880 M | 862 M | 862 M | 862 M | 862 M | 504 M | 504 M | 504 M | 504 M | 372 M | 372 M | 372 M | 372 M | 162 M | 162 M | 162 M | 162 M | -101 M | -101 M | -101 M | -101 M | -164 M | -164 M | -164 M | -164 M | -203 M | -203 M | -203 M | -203 M | -251 M | -251 M | -251 M | -251 M | -269 M | -269 M | -269 M | -269 M | -293 M | -293 M | -293 M | -293 M |
Total Assets |
10.4 B | 10.3 B | 10.3 B | 10.4 B | 10.4 B | 10.6 B | 10.6 B | 10.7 B | 10.6 B | 10.8 B | 10.8 B | 11.2 B | 11.2 B | - | 11.1 B | 11.1 B | 7.78 B | 7.67 B | 7.66 B | 7.64 B | 7.64 B | 7.64 B | 7.64 B | 6.97 B | 6.97 B | 6.97 B | 6.97 B | 4.21 B | 4.21 B | 4.21 B | 4.21 B | 3.26 B | 3.26 B | 3.26 B | 3.26 B | 2.75 B | 2.78 B | 2.78 B | 2.78 B | 2.13 B | 2.13 B | 2.13 B | 2.13 B | 1.87 B | 1.87 B | 1.87 B | 1.87 B | 1.33 B | 1.33 B | 1.33 B | 1.33 B | 1.25 B | 1.25 B | 1.25 B | 1.25 B | 1.23 B | 1.23 B | 1.23 B | 1.23 B |
Cash and Cash Equivalents |
176 M | 259 M | 182 M | 199 M | 210 M | 69 M | 75 M | 134 M | 21 M | 36 M | 56 M | 61 M | 144 M | - | 247 M | 189 M | 322 M | 785 M | 819 M | 773 M | 773 M | 773 M | 773 M | 212 M | 212 M | 212 M | 212 M | 667 M | 667 M | 667 M | 667 M | 462 M | 462 M | 462 M | 462 M | 325 M | 325 M | 325 M | 325 M | 97.3 M | 97.3 M | 97.3 M | 97.3 M | 30.8 M | 30.8 M | 30.8 M | 30.8 M | 13.5 M | 13.5 M | 13.5 M | 13.5 M | 11.1 M | 11.1 M | 11.1 M | 11.1 M | 5.19 M | 5.19 M | 5.19 M | 5.19 M |
Book Value |
2.73 B | 2.76 B | 2.81 B | 2.83 B | 2.9 B | 2.78 B | 2.7 B | 2.7 B | 2.56 B | 2.71 B | 2.71 B | 2.77 B | 2.58 B | - | 2.45 B | 2.41 B | 2.41 B | 2.45 B | 2.42 B | 2.4 B | 2.4 B | 2.4 B | 2.4 B | 2.11 B | 2.11 B | 2.11 B | 2.11 B | 1.19 B | 1.19 B | 1.19 B | 1.19 B | 993 M | 993 M | 993 M | 993 M | 493 M | 493 M | 493 M | 493 M | 429 M | 429 M | 429 M | 429 M | 216 M | 216 M | 216 M | 216 M | 174 M | 174 M | 174 M | 174 M | 144 M | 144 M | 144 M | 144 M | 148 M | 148 M | 148 M | 148 M |
Total Shareholders Equity |
2.13 B | 2.11 B | 2.16 B | 2.18 B | 2.25 B | 2.13 B | 2.06 B | 2.05 B | 2 B | 2.06 B | 2.06 B | 2.12 B | 1.93 B | 1.84 B | 1.8 B | 1.76 B | 1.76 B | 1.8 B | 1.77 B | 1.75 B | 1.75 B | 1.75 B | 1.75 B | 1.46 B | 1.46 B | 1.46 B | 1.46 B | 1.19 B | 1.19 B | 1.19 B | 1.19 B | 994 M | 993 M | 993 M | 993 M | 493 M | 493 M | 493 M | 493 M | 429 M | 429 M | 429 M | 429 M | 216 M | 216 M | 216 M | 216 M | 174 M | 174 M | 174 M | 174 M | 144 M | 144 M | 144 M | 144 M | 123 M | 123 M | 123 M | 123 M |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Gray Television, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
Balance sheet of other industry stocks – Broadcasting
| Issuer | Price | % 24h | Market Cap | Country | |
|---|---|---|---|---|---|
 |
AMC Networks
AMCX
|
$ 12.79 | 1.11 % | $ 568 M |  USA |
 |
Cumulus Media
CMLS
|
- | -18.95 % | $ 3.21 M | USA |
 |
Entercom Communications Corp.
ETM
|
- | -0.79 % | $ 717 M | USA |
 |
Chicken Soup for the Soul Entertainment
CSSE
|
- | -10.21 % | $ 3.13 M | USA |
 |
The Liberty SiriusXM Group
LSXMA
|
- | -1.2 % | $ 26.5 B | USA |
 |
Salem Media Group
SALM
|
- | - | $ 7.07 M | USA |
 |
iHeartMedia
IHRT
|
$ 2.84 | 0.35 % | $ 438 M | USA |
 |
TEGNA
TGNA
|
- | - | $ 3.23 B | USA |
 |
News Corporation
NWS
|
$ 34.72 | 0.9 % | $ 19.3 B | USA |
 |
Urban One
UONE
|
$ 4.88 | 2.2 % | $ 21.8 M | USA |
 |
Fox Corporation
FOX
|
$ 60.47 | 0.33 % | $ 26.8 B | USA |
 |
Entravision Communications Corporation
EVC
|
$ 8.41 | 0.12 % | $ 765 M | USA |
 |
fuboTV
FUBO
|
$ 11.59 | 2.84 % | $ 1.27 B | USA |
 |
Nexstar Media Group
NXST
|
$ 177.67 | 0.27 % | $ 5.39 B | USA |
 |
Sinclair Broadcast Group
SBGI
|
$ 13.93 | 1.31 % | $ 984 M | USA |
 |
Saga Communications
SGA
|
$ 9.31 | 3.33 % | $ 57.3 M | USA |
 |
Grupo Televisa, S.A.B.
TV
|
$ 2.66 | 0.56 % | $ 1.63 B |  Mexico |
 |
Beasley Broadcast Group
BBGI
|
$ 18.04 | 3.03 % | $ 32.4 M | USA |
 |
The E.W. Scripps Company
SSP
|
$ 3.33 | 2.46 % | $ 293 M | USA |
 |
Sirius XM Holdings
SIRI
|
$ 29.77 | 0.24 % | $ 10.1 B | USA |