---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-004472"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2023-02-24T23:59:59+00:00"
generated_at: "2026-06-19T01:01:51.189581+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Gray Television reports record Q4 revenue $1.07B, net income $173M; enters $300M securitization facility

## Summary
- Q4 total revenue $1.072B (+49% YoY); net income attributable to common $173M ($1.88 diluted EPS), up 981% YoY.
- Full-year 2022 total revenue $3.676B (+52% YoY); net income $403M (+961% YoY); political ad revenue $515M.
- New $300M accounts receivable securitization facility (Feb 23) to repay $295M Term Loan B on March 1, 2023.
- Entered interest rate caps on ~$2.6B notional through 2024, capping LIBOR at 5% plus margin; $32M fee due Dec 2025.
- Q1 2023 guidance: total revenue $777M-$796M, core revenue $350M-$360M, retransmission $387M-$393M.

## SEC filing metadata
- accession: 0001437749-23-004472
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2023-02-24T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774923004472/0001437749-23-004472-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774923004472/gtn20230222_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-004472
- JSON: https://secwatch.observer/filing/0001437749-23-004472.json
- Plain text: https://secwatch.observer/filing/0001437749-23-004472.txt

## Key facts
- Earnings Releases
  GRAY MEDIA, INC reported Fourth quarter ended December 31, 2022 results: revenue $1.1 billion, net income $173 million, EPS $1.88.
  - Period: Fourth quarter ended December 31, 2022
  - Revenue: $1.1 billion
  - Net income: $173 million
  - EPS: $1.88
  - Result: reported results
  source text: For the fourth quarter of 2022: ● Total revenue was $1.1 billion, an increase of 49% from the fourth quarter of 2021, primarily due to the cyclical increase in political advertising revenue. ● Core Advertising Revenue was $406 million, an increase of 13% from the fourth quarter of 2021. ● Net income attributable to common stockholders was $173 million, or $1.88 per fully diluted share, an increase of 981% from the fourth quarter of 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/43196/000143774923004472/0001437749-23-004472-index.htm
- Earnings Releases
  GRAY MEDIA, INC reported Year ended December 31, 2022 results: revenue $3.7 billion, net income $403 million.
  - Period: Year ended December 31, 2022
  - Revenue: $3.7 billion
  - Net income: $403 million
  - Result: reported results
  source text: For the full year of 2022: ● Total revenue was $3.7 billion, an increase of 52% from 2021, marking our highest ever annual revenue. ● Core Advertising Revenue was $1.5 billion, an increase of 26% from 2021. ● Net income attributable to common stockholders was $403 million, an increase of 961% from 2021. ● Broadcast Cash Flow was $1.4 billion, an increase of 77% from 2021.
  evidence_url: https://www.sec.gov/Archives/edgar/data/43196/000143774923004472/0001437749-23-004472-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.