Gray Media — Third Quarter 2026 Earnings Summary

Gray Media reported third-quarter 2026 total revenue of $972 million, a 30% increase from the prior year, driven by record political advertising revenue of $198 million. The company achieved core advertising growth of 1% and net retransmission revenue of $150 million, while reporting net income of $78 million for the quarter. Gray Media reduced its outstanding debt by nearly $1 billion through refinancings and repurchases, lowering future annual interest expenses by over $30 million. Full-year 2026 political advertising is now expected to range between $630 million and $640 million, with total revenue guidance for the year set at $3.695 billion to $3.720 billion.