Quarterly ResultMay 7, 2026, 06:03 AM
Gray Media Q1 Revenue $768M, Core Ad Revenue +2%; Net Loss $(20)M
AI Summary
Gray Media reported Q1 2026 total revenue of $768 million, meeting the high end of its guidance, with core advertising revenue increasing 2% to $352 million and political revenue also at the high end of guidance. Despite this, the company posted a net loss of $(20) million, compared to $(9) million in Q1 2025, and Adjusted EBITDA decreased 4% to $154 million, partly due to a dispute with a distribution partner impacting Net Retransmission Revenue. Gray Media also announced recent acquisitions of television stations in ten new markets for a total of $195 million and repaid $10 million of a term loan, improving its debt maturity profile. The company provided Q2 2026 revenue guidance of $780 million to $800 million.
Key Highlights
- Acquired television stations in seven markets for $115 million on May 1, 2026.
- Acquired television stations in three markets for $80 million on May 6, 2026.
- Total Revenue for Q1 2026 was $768 million, a 2% decrease from Q1 2025.
- Core Advertising Revenue increased 2% to $352 million in Q1 2026, exceeding guidance.
- Net Retransmission Revenue decreased 3% to $142 million in Q1 2026.
- Net Loss for Q1 2026 was $(20) million, compared to $(9) million in Q1 2025.
- Adjusted EBITDA was $154 million in Q1 2026, a 4% decrease from Q1 2025.
- Repaid $10 million on the 2024 1L Term Loan on April 2, 2026, pushing next debt maturity to December 2028.