Gray Media annual operating margin
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Gray Media Operating Margin Growth & History (GTN)
Gray Media's operating margin was 12.67% for fiscal 2025.
View full Gray Media company overviewGray Media annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 12.67% | −10.69 pp |
| 2024 | 2024-12-31 | 23.35% | +11.68 pp |
| 2023 | 2023-12-31 | 11.67% | −15.26 pp |
| 2022 | 2022-12-31 | 26.93% | +11.14 pp |
| 2021 | 2021-12-31 | 15.79% | −15.79 pp |
| 2020 | 2020-12-31 | 31.58% | +9.06 pp |
| 2019 | 2019-12-31 | 22.53% | −13.36 pp |
| 2018 | 2018-12-31 | 35.89% | +3.04 pp |
| 2017 | 2017-12-31 | 32.84% | +4.00 pp |
| 2016 | 2016-12-31 | 28.84% | +5.39 pp |
| 2015 | 2015-12-31 | 23.45% | −6.82 pp |
| 2014 | 2014-12-31 | 30.26% | +6.04 pp |
| 2013 | 2013-12-31 | 24.22% | −13.68 pp |
| 2012 | 2012-12-31 | 37.90% | +13.37 pp |
| 2011 | 2011-12-31 | 24.53% | −6.38 pp |
| 2010 | 2010-12-31 | 30.91% | +14.97 pp |
| 2009 | 2009-12-31 | 15.93% | — |
Gray Media quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 16.21% | +5.59 pp |
| Q1 2026 | 2026-03-31 | 10.55% | −1.22 pp |
| Q4 2025 | 2025-12-31 | 14.65% | −16.45 pp |
| Q3 2025 | 2025-09-30 | 13.62% | −12.70 pp |
| Q2 2025 | 2025-06-30 | 10.62% | −7.78 pp |
| Q1 2025 | 2025-03-31 | 11.76% | −3.30 pp |
| Q4 2024 | 2024-12-31 | 31.10% | +18.02 pp |
| Q3 2024 | 2024-09-30 | 26.32% | +15.86 pp |
| Q2 2024 | 2024-06-30 | 18.40% | +3.76 pp |
| Q1 2024 | 2024-03-31 | 15.07% | +6.70 pp |
| Q4 2023 | 2023-12-31 | 13.08% | −20.78 pp |
| Q3 2023 | 2023-09-30 | 10.46% | −16.49 pp |
| Q2 2023 | 2023-06-30 | 14.64% | −10.48 pp |
| Q1 2023 | 2023-03-31 | 8.36% | −11.47 pp |
| Q4 2022 | 2022-12-31 | 33.86% | +19.30 pp |
| Q3 2022 | 2022-09-30 | 26.95% | +15.80 pp |
| Q2 2022 | 2022-06-30 | 25.12% | +5.37 pp |
| Q1 2022 | 2022-03-31 | 19.83% | +1.26 pp |
| Q4 2021 | 2021-12-31 | 14.56% | −29.76 pp |
| Q3 2021 | 2021-09-30 | 11.15% | −23.95 pp |
| Q2 2021 | 2021-06-30 | 19.74% | +5.33 pp |
| Q1 2021 | 2021-03-31 | 18.57% | −4.65 pp |
| Q4 2020 | 2020-12-31 | 44.32% | +13.23 pp |
| Q3 2020 | 2020-09-30 | 35.10% | +8.21 pp |
| Q2 2020 | 2020-06-30 | 14.41% | −9.01 pp |
| Q1 2020 | 2020-03-31 | 23.22% | +15.50 pp |
| Q4 2019 | 2019-12-31 | 31.09% | −14.81 pp |
| Q3 2019 | 2019-09-30 | 26.89% | −11.82 pp |
| Q2 2019 | 2019-06-30 | 23.43% | −8.57 pp |
| Q1 2019 | 2019-03-31 | 7.72% | −14.40 pp |
| Q4 2018 | 2018-12-31 | 45.90% | +22.71 pp |
| Q3 2018 | 2018-09-30 | 38.71% | +15.92 pp |
| Q2 2018 | 2018-06-30 | 32.00% | −30.82 pp |
| Q1 2018 | 2018-03-31 | 22.12% | +0.76 pp |
| Q4 2017 | 2017-12-31 | 23.19% | −12.18 pp |
| Q3 2017 | 2017-09-30 | 22.79% | −6.78 pp |
| Q2 2017 | 2017-06-30 | 62.82% | +35.51 pp |
| Q1 2017 | 2017-03-31 | 21.37% | +0.58 pp |
| Q4 2016 | 2016-12-31 | 35.37% | +9.47 pp |
| Q3 2016 | 2016-09-30 | 29.57% | +10.15 pp |
| Q2 2016 | 2016-06-30 | 27.30% | +0.29 pp |
| Q1 2016 | 2016-03-31 | 20.79% | −0.26 pp |
| Q4 2015 | 2015-12-31 | 25.90% | −14.59 pp |
| Q3 2015 | 2015-09-30 | 19.42% | −11.83 pp |
| Q2 2015 | 2015-06-30 | 27.02% | +5.40 pp |
| Q1 2015 | 2015-03-31 | 21.05% | +1.98 pp |
| Q4 2014 | 2014-12-31 | 40.49% | +16.12 pp |
| Q3 2014 | 2014-09-30 | 31.25% | +3.82 pp |
| Q2 2014 | 2014-06-30 | 21.62% | −3.67 pp |
| Q1 2014 | 2014-03-31 | 19.07% | −0.20 pp |
| Q4 2013 | 2013-12-31 | 24.37% | −21.85 pp |
| Q3 2013 | 2013-09-30 | 27.43% | −12.48 pp |
| Q2 2013 | 2013-06-30 | 25.29% | −9.61 pp |
| Q1 2013 | 2013-03-31 | 19.27% | −6.54 pp |
| Q4 2012 | 2012-12-31 | 46.22% | +14.82 pp |
| Q3 2012 | 2012-09-30 | 39.91% | +16.10 pp |
| Q2 2012 | 2012-06-30 | 34.90% | +9.93 pp |
| Q1 2012 | 2012-03-31 | 25.81% | +9.31 pp |
| Q4 2011 | 2011-12-31 | 31.41% | +2.52 pp |
| Q3 2011 | 2011-09-30 | 23.81% | −0.16 pp |
| Q2 2011 | 2011-06-30 | 24.97% | — |
| Q1 2011 | 2011-03-31 | 16.50% | — |
| Q3 2010 | 2010-09-30 | 28.88% | — |
| Q2 2010 | 2010-06-30 | 23.98% | — |
Gray Media operating margin trends
Over the last five reported fiscal years, Gray Media's operating margin decreased from 31.58% to 12.67%, a change of −18.92 percentage points. The latest reported quarter, Q2 2026, shows 16.21%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Gray Media filings at SEC.gov ↗