Revenue continues to trend downward with an 8.4% year-over-year decline in 2025Q3, while gross margins have compressed to 29.5% due to the high-overhead legacy print model.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 2.34B | 2.51B | 2.66B | 2.95B | 3.21B | 3.41B | 1.87B | 1.53B | 1.34B | 1.26B | 1.2B | 652.32M | 516.5M | 488.55M | 514.67M |
| Revenue Growth % | -8.56% | -5.79% | -9.57% | -8.19% | -5.8% | 82.33% | 22.4% | 13.71% | 6.9% | 4.98% | 83.32% | 26.3% | 5.72% | -5.07% | - |
| Cost of Goods Sold | 1.49B | 1.55B | 1.69B | 1.86B | 1.9B | 2.03B | 1.19B | 865.23M | 742.82M | 699.31M | 656.55M | 368.42M | 268.22M | 268.22M | 281.88M |
| COGS % of Revenue | - | 61.59% | 63.53% | 63.16% | 59.27% | 59.73% | 63.79% | 56.7% | 55.35% | 55.71% | 54.9% | 56.48% | 51.93% | 54.9% | 54.77% |
| Gross Profit | 851.12M | 963.73M | 971.52M | 1.08B | 1.31B | 1.37B | 676.43M | 660.79M | 599.18M | 556.04M | 539.26M | 283.9M | 248.28M | 220.33M | 232.79M |
| Gross Margin % | 36.4% | 38.41% | 36.47% | 36.84% | 40.73% | 40.27% | 36.21% | 43.3% | 44.65% | 44.29% | 45.1% | 43.52% | 48.07% | 45.1% | 45.23% |
| Gross Profit Growth % | - | -0.8% | -10.46% | -16.96% | -4.73% | 102.74% | 2.37% | 10.28% | 7.76% | 3.11% | 89.95% | 14.35% | 12.68% | -5.35% | - |
| Operating Expenses | 805.18M | 1.01B | 885.25M | 1.12B | 1.2B | 1.82B | 606.92M | 590.07M | 522.73M | 482.76M | 474.03M | 253.28M | -357.2M | 184.91M | 188.72M |
| OpEx % of Revenue | - | 40.11% | 33.24% | 37.98% | 37.33% | 53.42% | 32.49% | 38.67% | 38.95% | 38.46% | 39.64% | 38.83% | -69.16% | 37.85% | 36.67% |
| Selling, General & Admin | 668.3M | 726.03M | 735.34M | 852.49M | 902.06M | 999.79M | 606.92M | 505.28M | 448.33M | 414.98M | 406.28M | 211.83M | 165.6M | 145.02M | 146.29M |
| SG&A % of Revenue | - | 28.93% | 27.61% | 28.94% | 28.12% | 29.36% | 32.49% | 33.11% | 33.41% | 33.06% | 33.98% | 32.47% | 32.06% | 29.68% | 28.43% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 280.54M | 149.91M | 266.06M | 295.38M | 819.5M | 0 | 838K | 196K | -2.41M | -350K | -65K | -522.8M | 85K | 395K |
| Operating Income | 45.94M | -42.84M | 86.27M | -33.6M | 109.08M | -447.89M | 69.52M | 58.14M | 34.61M | 61.37M | 103.42M | 26.36M | 873.8M | 29.79M | 35.61M |
| Operating Margin % | 1.96% | -1.71% | 3.24% | -1.14% | 3.4% | -13.15% | 3.72% | 3.81% | 2.58% | 4.89% | 8.65% | 4.04% | 169.18% | 6.1% | 6.92% |
| Operating Income Growth % | - | -149.66% | 356.77% | -130.8% | 124.35% | -744.29% | 19.57% | 67.97% | -43.6% | -40.66% | 292.42% | -96.98% | 2832.9% | -16.33% | - |
| EBITDA | 213.76M | 113.45M | 242.19M | 148.42M | 313.04M | -184.07M | 181.4M | 142.93M | 109.01M | 129.15M | 171.18M | 67.81M | 913.9M | 70.42M | 79M |
| EBITDA Margin % | 9.14% | 4.52% | 9.09% | 5.04% | 9.76% | -5.4% | 9.71% | 9.37% | 8.12% | 10.29% | 14.31% | 10.39% | 176.94% | 14.41% | 15.35% |
| EBITDA Growth % | 71.88% | -53.16% | 63.18% | -52.59% | 270.06% | -201.47% | 26.91% | 31.12% | -15.59% | -24.55% | 152.45% | -92.58% | 1197.78% | -10.86% | - |
| D&A (Non-Cash Add-back) | 167.82M | 156.29M | 155.92M | 182.02M | 203.96M | 263.82M | 111.88M | 84.79M | 74.39M | 67.77M | 67.75M | 41.45M | 40.1M | 40.63M | 43.39M |
| EBIT | 91.57M | 27.02M | 105.61M | 31.46M | 47.83M | -477.33M | -143.52M | 56.09M | 30.04M | 58.96M | 65.23M | 30.62M | 872.75M | 30.26M | 35.56M |
| Net Interest Income | -100.22M | -104.7M | -111.78M | -108.37M | -135.75M | -228.51M | -63.66M | -36.07M | -30.48M | -29.64M | -32.06M | -17.68M | -77.03M | 57.55M | -59.67M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.55M | 0 |
| Interest Expense | 100.22M | 104.7M | 111.78M | 108.37M | 135.75M | 228.51M | 63.66M | 36.07M | 30.48M | 29.64M | 32.06M | 17.68M | 77.03M | 0 | 58.31M |
| Other Income/Expense | -54.59M | -34.84M | -92.44M | -43.31M | -197M | -257.96M | -276.7M | -38.12M | -34.27M | -31.26M | -32.41M | -26.85M | 869.6M | -57.46M | -66.82M |
| Pretax Income | -8.65M | -77.67M | -6.17M | -76.91M | -87.92M | -705.85M | -207.18M | 20.02M | -434K | 29.32M | 71.02M | -492K | 795.7M | -27.67M | -22.75M |
| Pretax Margin % | -0.37% | -3.1% | -0.23% | -2.61% | -2.74% | -20.73% | -11.09% | 1.31% | -0.03% | 2.34% | 5.94% | -0.08% | 154.06% | -5.66% | -4.42% |
| Income Tax | -104.78M | -51.29M | 21.73M | 1.35M | 48.25M | -33.45M | -85.99M | 1.91M | 481K | -2.32M | 3.4M | 2.71M | 300K | -207K | -1.8M |
| Effective Tax Rate % | 1211.5% | 66.03% | -352.46% | -1.75% | -54.88% | 4.74% | 41.51% | 9.55% | -110.83% | -7.91% | 4.79% | -551.42% | 0.04% | 0.75% | 7.92% |
| Net Income | 96.13M | -26.35M | -27.79M | -78M | -134.96M | -670.48M | -119.84M | 18.2M | -915K | 31.64M | 67.61M | -3.21M | 794.6M | -29.8M | -21.65M |
| Net Margin % | 4.11% | -1.05% | -1.04% | -2.65% | -4.21% | -19.69% | -6.42% | 1.19% | -0.07% | 2.52% | 5.65% | -0.49% | 153.84% | -6.1% | -4.21% |
| Net Income Growth % | 184.65% | 5.17% | 64.37% | 42.2% | 79.87% | -459.47% | -758.62% | 2088.63% | -102.89% | -53.2% | 2209.64% | -100.4% | 2766.17% | -37.66% | - |
| Net Income (Continuing) | 96.13M | -26.39M | -27.89M | -78.25M | -136.17M | -672.4M | -121.19M | 18.11M | -915K | 31.64M | 67.61M | -3.21M | 795.45M | -27.46M | -20.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.03M | 0 | 0 |
| Minority Interest | -498K | -505K | -472K | -369K | -2.48M | -1.15M | 1.85M | 1.55M | 0 | 0 | 0 | 0 | 0 | -2.2M | -1.67M |
| EPS (Diluted) | 0.67 | -0.18 | -0.20 | -0.57 | -1.01 | -5.10 | -1.79 | 0.31 | -0.02 | 0.70 | 1.53 | -0.10 | 26.49 | -0.99 | -0.72 |
| EPS Growth % | 183.74% | 10% | 64.91% | 43.56% | 80.2% | -184.92% | -677.42% | 1891.91% | -102.47% | -54.25% | 1630% | -100.38% | 2775.76% | -37.5% | - |
| EPS (Basic) | - | -0.18 | -0.20 | -0.57 | -1.01 | -5.10 | -1.79 | 0.31 | -0.02 | 0.70 | 1.54 | -0.10 | 26.49 | -0.99 | -0.72 |
| Diluted Shares Outstanding | 142.93M | 142.52M | 139.63M | 136.9M | 134.78M | 131.74M | 67.67M | 58.4M | 53.01M | 45.32M | 44.21M | 31.97M | 30M | 30M | 30M |
| Basic Shares Outstanding | 143.39M | 142.52M | 139.63M | 136.9M | 134.78M | 131.74M | 67.67M | 58.01M | 53.01M | 45.23M | 44.04M | 31.97M | 30M | 30M | 30M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 479.2% | - | 188.87% | 84.83% | - | 18.75% | - | - |
Accelerating legacy revenue decline
As indicated by the most recent quarterly data, GCI's revenue has experienced a consistent downward trajectory, with the company reporting an 8.4% year-over-year decline in 2025Q3, reflecting the ongoing structural erosion of its legacy print-based advertising and subscription revenue streams across its local markets.
The consistent negative growth rates suggest that the company's digital transformation efforts are currently insufficient to offset the rapid decay of its traditional publishing business. Investors should monitor whether the rate of decline stabilizes or if the lack of a clear growth catalyst will continue to pressure the top line.
According to the provided financial statements, GCI's gross margin contracted to 29.5% in 2025Q3, a significant deviation from the historical averages seen in previous quarters, which highlights the company's limited ability to absorb rising variable costs within its high-overhead, print-heavy operational model.
This margin compression suggests that the company lacks the pricing power necessary to pass on inflationary pressures to its shrinking subscriber base. The volatility in gross margins warrants further investigation into whether this is a temporary spike in input costs or a permanent shift in the cost structure.
Based on reported figures, GCI's operating margin of 2.1% in 2025Q3 demonstrates a lack of meaningful operating leverage, as the company struggles to scale its digital marketing solutions segment fast enough to cover the substantial fixed costs inherent in its legacy newsroom and distribution infrastructure.
The inability to consistently expand operating margins despite aggressive cost-cutting measures suggests that the business model remains highly sensitive to revenue volume. Without a significant inflection in digital revenue, the company appears trapped in a cycle where operational efficiencies are immediately consumed by the decline in core publishing.
As observed in the income statement history, GCI's net income exhibits extreme volatility, with a reported loss of $39.2 million in 2025Q3 following a profitable 2025Q2, suggesting that non-operating items and restructuring charges continue to distort the underlying economic reality of the company's core performance.
The frequent swings between net losses and gains indicate that investors should focus on adjusted metrics rather than headline EPS to gauge true operational health. The reliance on non-recurring items to bridge the gap to profitability warrants caution regarding the sustainability of the company's bottom-line results.
Data from the last ten quarters suggests that GCI's strategy of newsroom consolidation may be reaching a point of diminishing returns, as the company's net margin remains persistently negative, raising concerns about the long-term viability of its current debt-heavy capital structure in a high-interest environment.
Short-sellers would likely focus on the company's inability to achieve consistent profitability despite years of restructuring. The risk remains that the core publishing assets are deteriorating faster than the digital marketing segment can scale, potentially leading to a liquidity crunch if debt obligations cannot be met.
Quick answers to the most common questions about buying GCI stock.
For fiscal year 2024, Gannett Co., Inc. (GCI) reported total revenue of $2.51B. This represents a 387.6% increase compared to $514.7M in 2011.
Gannett Co., Inc. (GCI) reported a net loss of $26.4M for the fiscal year ending 2024.
Gannett Co., Inc. (GCI) reported an operating income of $-42.8M, resulting in an operating profit margin of -1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Gannett Co., Inc. (GCI) generated $963.7M in gross profit for the year, representing a gross profit margin of 38.4%. This demonstrates the company's core pricing power and production efficiency.