Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $812M | $883M | $1.08B | $2.12B | $2.38B | $2.41B | $3.68B | $3.28B | $3.64B | $3.10B |
| Revenue growth | — | 8.7% | 22.8% | 95.8% | 12.2% | 1.3% | 52.3% | -10.7% | 11.1% | -15.1% |
| Operating income | $234M | $290M | $389M | $478M | $752M | $381M | $990M | $383M | $851M | $392M |
| Operating margin | 28.8% | 32.8% | 35.9% | 22.5% | 31.6% | 15.8% | 26.9% | 11.7% | 23.4% | 12.7% |
| Net income | $62.3M | $262M | $211M | $179M | $410M | $90.0M | $455M | -$76.0M | $375M | -$85.0M |
| Net margin | 7.7% | 29.7% | 19.5% | 8.4% | 17.2% | 3.7% | 12.4% | -2.3% | 10.3% | -2.7% |
| EPS (diluted) | $0.86 | $3.55 | $2.37 | $1.27 | $3.69 | $0.40 | $4.33 | -$1.39 | $3.36 | -$1.41 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $210M | $180M | $323M | $385M | $652M | $300M | $829M | $648M | $751M | $289M |
| Capital expenditures | $43.6M | $35.0M | $70.0M | $110M | $110M | $207M | $436M | $348M | $143M | $108M |
| Free cash flow | $166M | $145M | $253M | $275M | $542M | $93.0M | $393M | $300M | $608M | $181M |
| Share buybacks | $2.00M | $4.00M | $19.0M | $32.0M | $75.0M | $30.0M | $50.0M | $0.00 | $0.00 | — |
| Dividends paid | $0.00 | $0.00 | — | $0.00 | $0.00 | $31.0M | $30.0M | $30.0M | $32.0M | $33.0M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $325M | $462M | $667M | $212M | $773M | $189M | $61.0M | $21.0M | $135M | $368M |
| Total assets | $2.75B | $3.26B | $4.21B | $6.97B | $7.64B | $11.1B | $11.2B | $10.6B | $10.5B | $10.4B |
| Total liabilities | $2.26B | $2.27B | $3.03B | $4.86B | $5.24B | $8.70B | $8.39B | $8.02B | $7.61B | $7.63B |
| Long-term debt | $1.76B | $1.83B | $2.55B | $3.70B | $3.97B | $6.74B | $6.44B | $6.14B | $5.60B | $5.74B |
| Shareholders' equity | $493M | $994M | $1.19B | $1.46B | $1.75B | $1.76B | $2.12B | $1.97B | $2.28B | $2.15B |
| Retained earnings | -$101M | $162M | $372M | $504M | $862M | $869M | $1.24B | $1.08B | $1.38B | $1.21B |
| Shares (wtd avg diluted) | 72.8M | 74.0M | 89.0M | 100M | 97.0M | 95.0M | 93.0M | 92.0M | 96.0M | 97.0M |
Every figure is extracted from GRAY MEDIA, INC’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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