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Liberty Media vs Gray Media: revenue, profit, margins and growth compared

Liberty Media brought in $4.5B of revenue in fiscal 2025, Gray Media $3.1B in fiscal 2025. Revenue changed by +22.7% at Liberty Media and -15.1% at Gray Media on the year before, so Liberty Media grew faster. Liberty Media kept 12.4% of its revenue as net profit, Gray Media -2.7%. Free cash flow was $789M at Liberty Media and $181M at Gray Media.

Open the FWONK pageOpen the GTN page

Side by side, latest fiscal year

FWONKGTN
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.5B$3.1B
Revenue growth+22.7%-15.1%
Net income$555M-$85M
Net margin12.4%-2.7%
Free cash flow$789M$181M
Free cash flow margin17.6%5.8%
Earnings per share (diluted)n/a-$1.41
Cash$1.1B$368M
Debt$5.1B$5.7B
Price to earningsn/an/a
Market value$27.3B$599.4M
Dividend yieldn/a5.50%
Rank by revenue in sector#139 of 603 · Industrials#187 of 603 · Industrials

Over the years

Revenue
FWONK FY2018: $8BFWONK FY2019: $10.3BFWONK FY2020: $9.4BFWONK FY2021: $11.4BFWONK FY2022: $3.2BFWONK FY2023: $3.6BFWONK FY2024: $3.7BFWONK FY2025: $4.5BGTN FY2018: $1.1BGTN FY2019: $2.1BGTN FY2020: $2.4BGTN FY2021: $2.4BGTN FY2022: $3.7BGTN FY2023: $3.3BGTN FY2024: $3.6BGTN FY2025: $3.1BFY18FY19FY20FY21FY22FY23FY24FY25
FWONK $4.5BGTN $3.1B
Net income
FWONK FY2018: $531MFWONK FY2019: $106MFWONK FY2020: -$1.4BFWONK FY2021: $398MFWONK FY2022: $1.8BFWONK FY2023: $761MFWONK FY2024: -$2.1BFWONK FY2025: $555MGTN FY2018: $211MGTN FY2019: $179MGTN FY2020: $410MGTN FY2021: $90MGTN FY2022: $455MGTN FY2023: -$76MGTN FY2024: $375MGTN FY2025: -$85MFY18FY19FY20FY21FY22FY23FY24FY25
FWONK $555MGTN -$85M
Net margin
FWONK FY2018: 6.6%FWONK FY2019: 1.0%FWONK FY2020: -15.2%FWONK FY2021: 3.5%FWONK FY2022: 57.4%FWONK FY2023: 21.3%FWONK FY2024: -56.5%FWONK FY2025: 12.4%GTN FY2018: 19.5%GTN FY2019: 8.4%GTN FY2020: 17.2%GTN FY2021: 3.7%GTN FY2022: 12.4%GTN FY2023: -2.3%GTN FY2024: 10.3%GTN FY2025: -2.7%FY18FY19FY20FY21FY22FY23FY24FY25
FWONK 12.4%GTN -2.7%
Revenue growth
FWONK FY2019: +28.0%FWONK FY2020: -9.0%FWONK FY2021: +21.8%FWONK FY2022: -72.3%FWONK FY2023: +13.0%FWONK FY2024: +2.3%FWONK FY2025: +22.7%GTN FY2019: +95.8%GTN FY2020: +12.2%GTN FY2021: +1.3%GTN FY2022: +52.3%GTN FY2023: -10.7%GTN FY2024: +11.1%GTN FY2025: -15.1%FY19FY20FY21FY22FY23FY24FY25
FWONK +22.7%GTN -15.1%
Free cash flow
FWONK FY2018: $1.8BFWONK FY2019: $1.8BFWONK FY2020: $1.3BFWONK FY2021: $2BFWONK FY2022: $2.2BFWONK FY2023: $2BFWONK FY2024: $492MFWONK FY2025: $789MGTN FY2018: $253MGTN FY2019: $275MGTN FY2020: $542MGTN FY2021: $93MGTN FY2022: $393MGTN FY2023: $300MGTN FY2024: $608MGTN FY2025: $181MFY18FY19FY20FY21FY22FY23FY24FY25
FWONK $789MGTN $181M

Fiscal years as each company reports them; the two may end in different months.

Questions about Liberty Media and Gray Media

Which is bigger by revenue, Liberty Media or Gray Media?

Liberty Media is bigger by revenue: $4.5B in fiscal 2025, against $3.1B for Gray Media in fiscal 2025.

Which keeps more of its revenue as profit, Liberty Media or Gray Media?

Liberty Media had a net margin of 12.4% in fiscal 2025; Gray Media had -2.7% in fiscal 2025.

Which grew revenue faster, Liberty Media or Gray Media?

In their latest fiscal years revenue changed by +22.7% at Liberty Media and -15.1% at Gray Media.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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