For the quarter ending 2026-03-31, GTN had -$109M decrease in cash & cash equivalents over the period. -$18M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 |
|---|---|---|---|
| Net (loss) income | -20 | -10 | -75 |
| Depreciation | 33 | 34 | 99 |
| Amortization of intangible assets | 32 | 24 | 80 |
| Amortization of deferred loan costs | 4 | 4 | 12 |
| Accretion of original issue discount and premium related to long-term debt, net | - | 0 | - |
| Stock-based compensation | 8 | 5 | 17 |
| Amortization of program broadcast rights | 6 | 8 | 19 |
| Payments on program broadcast obligations | 7 | 7 | 20 |
| Common stock contributed to 401 plan | - | 0 | - |
| Deferred income taxes | 0 | -19 | -37 |
| (gain) loss on disposal of property and equipment, net | 0 | 2 | 4 |
| Gain on sale of investment | 8 | 0 | 5 |
| Loss from early extinguishment of debt | 0 | -4 | -6 |
| Impairment of other intangible assets | - | -8 | 28 |
| Impairment of goodwill, broadcast licenses and other intangible assets | - | 30 | - |
| Other | -1 | -4 | -11 |
| Accounts receivable, net | -29 | 1 | -133 |
| Income taxes receivable or prepaid | 3 | -5 | 15 |
| Other current assets | 5 | -3 | 9 |
| Accounts payable | -14 | 48 | -58 |
| Employee compensation, benefits and pension costs | -22 | 8 | -15 |
| Accrued other expenses | 14 | -56 | 18 |
| Accrued interest | -48 | 48 | -9 |
| Income taxes payable | 0 | -2 | 2 |
| Deferred revenue | 1 | -8 | -1 |
| Net cash provided by operating activities | 1 | 112 | 177 |
| Acquisitions of businesses and broadcast licenses, net of cash acquired | 68 | 0 | - |
| Proceeds from sale of television stations | - | 0 | - |
| Purchases of property and equipment | 19 | 43 | 65 |
| Proceeds from asset sales | 0 | 30 | 17 |
| Proceeds from sale of investments | 10 | 0 | 24 |
| Reimbursement of development costs | - | 0 | - |
| Investments in broadcast, production and technology companies | 0 | 0 | 8 |
| Other | 0 | 16 | 2 |
| Net cash used in investing activities | -77 | -29 | -34 |
| Proceeds from borrowings on long-term debt | 0 | 255 | 1,855 |
| Repayments of borrowings on long-term debt | 2 | 129 | 1,858 |
| Payments of common stock dividends | 9 | 9 | 24 |
| Payments of preferred stock dividends | 13 | 13 | 39 |
| Deferred and other loan costs | - | 1 | 25 |
| Payments of taxes related to net share settlement of equity awards | 9 | 0 | 5 |
| Net cash provided by (used in) financing activities | -33 | 103 | -96 |
| Net increase (decrease) in cash | -109 | 186 | 47 |
| Cash at beginning of year | 368 | 182 | 135 |
| Cash at end of year | 259 | 368 | 182 |
GRAY MEDIA, INC (GTN)
GRAY MEDIA, INC (GTN)