| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 768.00 | 1.8% |
| Total Income | 768.00 | 1.8% |
| Expenditure | 687.00 | 0.4% |
| PBT | -28.00 | 16.7% |
| Net Profit | -20.00 | 122.2% |
| OPM | 10.55% | 1.22pp |
| NPM | -2.60% | 1.45pp |
| EPS | -0.34 | 47.8% |
Gray Media Reports Q1 2026 Revenue of $768 Million
07 May 2026 · 7 May, 4:02 pm
Summary
Gray Media announced its financial results for the first quarter ended March 31, 2026. Total revenue was $768 million, at the high end of guidance, while Core Advertising Revenue increased by 2%. Political Advertising Revenue also saw a significant increase of 15%. However, Retransmission Consent Revenue decreased, leading to a 3% decline in Net Retransmission Revenue. The company anticipates core advertising softness in Q2 but expects to capitalize on a strong mid-term political cycle.
Key Highlights
- 1
Gray Media's total revenue reached $768 million in the first quarter of 2026, hitting the high end of the company's guidance.
- 2
Core Advertising Revenue increased by 2% to $352 million in the first quarter of 2026, exceeding previous guidance.
- 3
Political Advertising Revenue was $30 million in the first quarter of 2026, a 15% increase compared to the first quarter of 2022.
- 4
Retransmission Consent Revenue totaled $339 million in the first quarter of 2026.
- 5
Net Retransmission Revenue decreased by 3% to $142 million in the first quarter of 2026.
- 6
Operating expenses decreased by 4% to $555 million in the first quarter of 2026.
- 7
Capital expenditures amounted to $19 million in the first quarter of 2026.
Management Comments
Hilton Howell
Jr.
Our first quarter 2026 results were solid, with Core Advertising exceeding our guidance and Political revenue at the high end of our guidance range. A recently resolved dispute with a distribution partner impacted our Net Retransmission Revenue for the quarter. With all scheduled 2026 retransmission negotiations now complete and the improvement in underlying MVPD subscriber trends, we now have visibility on our growth in Net Retransmission Revenue for full year 2026. While we are seeing some softness in core advertising in Q2, we are optimistic that, as the largest owner of top-rated local television stations and a footprint covering most of the competitive races, we will again capitalize on a strong mid-term political cycle. “We were thrilled to have added new stations in four new markets during the first quarter. A few days ago, we closed a transaction involving stations located in seven markets and yesterday closed on additional stations located in three markets. We continue to work to close the remaining strategic, deleveraging transactions announced last summer. As our industry transforms, we continue to find creative ways to drive shareholder value without taking on undue risk. We are strengthening our market position through innovative sports partnerships – including airing 19 MLB teams across our 16 broadcast sports networks this year – while continuing to focus on the balance sheet, evaluating accretive M&A opportunities, and attracting the best and brightest talent to Gray.”
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