Earnings Releases·Nov 6, 2026, 6:30 AM ET

Gray Media — Third Quarter 2026 Earnings Summary

Total revenue surged 30% year-over-year to $972 million in Q3 2026, driven by a $190 million spike in political advertising revenue ($198 million vs. $8 million prior year), resulting in a net income turnaround from a $10 million loss to $78 million and a 97% jump in Adjusted EBITDA to $319 million.
Full-year 2026 total revenue guidance was raised to $3,695–$3,720 million, with Q4 2026 revenue expected between $1,115–$1,140 million, while core advertising is forecast to decline mid-single digits due to the absence of political spending.
The company executed significant capital management actions, including $2 billion in debt maturity extensions, $1 billion in refinancings/repurchases of 2029 notes, and a $750 million new issuance to reduce annual interest expense by over $30 million, with plans to apply $175–$200 million of political cash toward debt reduction in Q4.
Strategic growth continued through the completion of multiple television station acquisitions and swaps in the first nine months of 2026, which contributed $66 million in advertising revenue and $37 million in retransmission consent revenue for the quarter.