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

Gray Media brought in $3.1B of revenue in fiscal 2025, Versant Media $6.7B in fiscal 2025. Revenue changed by -15.1% at Gray Media and -5.3% at Versant Media on the year before, so Versant Media grew faster. Gray Media kept -2.7% of its revenue as net profit, Versant Media 13.9%. Free cash flow was $181M at Gray Media and $1.9B at Versant Media.

Side by side, latest fiscal year

GTNVSNT
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.1B$6.7B
Revenue growth-15.1%-5.3%
Net income-$85M$930M
Net margin-2.7%13.9%
Free cash flow$181M$1.9B
Free cash flow margin5.8%27.7%
Earnings per share (diluted)-$1.41n/a
Cash$368M$55M
Debt$5.7B$983M
Price to earningsn/an/a
Market value$471.7M$4.6B
Dividend yield6.99%n/a
Rank by revenue in sector#180 of 451 · Industrials#100 of 451 · Industrials

Over the years

Revenue
GTN FY2018: $1.1BGTN FY2019: $2.1BGTN FY2020: $2.4BGTN FY2021: $2.4BGTN FY2022: $3.7BGTN FY2023: $3.3BGTN FY2024: $3.6BGTN FY2025: $3.1BVSNT FY2023: $7.4BVSNT FY2025: $7.1BVSNT FY2025: $6.7BFY18FY19FY20FY21FY22FY23FY24FY25
GTN $3.1BVSNT $6.7B
Net income
GTN FY2018: $211MGTN FY2019: $179MGTN FY2020: $410MGTN FY2021: $90MGTN FY2022: $455MGTN FY2023: -$76MGTN FY2024: $375MGTN FY2025: -$85MVSNT FY2023: $1.5BVSNT FY2025: $1.4BVSNT FY2025: $930MFY18FY19FY20FY21FY22FY23FY24FY25
GTN -$85MVSNT $930M
Net margin
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%VSNT FY2023: 20.7%VSNT FY2025: 19.3%VSNT FY2025: 13.9%FY18FY19FY20FY21FY22FY23FY24FY25
GTN -2.7%VSNT 13.9%
Revenue growth
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%VSNT FY2025: -5.1%VSNT FY2025: -5.3%FY19FY20FY21FY22FY23FY24FY25
GTN -15.1%VSNT -5.3%
Free cash flow
GTN FY2018: $253MGTN FY2019: $275MGTN FY2020: $542MGTN FY2021: $93MGTN FY2022: $393MGTN FY2023: $300MGTN FY2024: $608MGTN FY2025: $181MVSNT FY2023: $2.4BVSNT FY2025: $2.2BVSNT FY2025: $1.9BFY18FY19FY20FY21FY22FY23FY24FY25
GTN $181MVSNT $1.9B

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

Questions about Gray Media and Versant Media

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

Versant Media is bigger by revenue: $6.7B in fiscal 2025, against $3.1B for Gray Media in fiscal 2025.

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

Gray Media had a net margin of -2.7% in fiscal 2025; Versant Media had 13.9% in fiscal 2025.

Which grew revenue faster, Gray Media or Versant Media?

In their latest fiscal years revenue changed by -15.1% at Gray Media and -5.3% at Versant 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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