| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 839.00 | 9.2% | 8.7% |
| Total Income | 839.00 | 9.2% | 8.7% |
| Expenditure | 703.00 | 2.3% | 1.9% |
| PBT | 19.00 | 167.9% | 154.3% |
| Net Profit | 14.00 | 170.0% | 125.0% |
| OPM | 16.21% | 5.66pp | 5.59pp |
| NPM | 1.67% | 4.27pp | 8.92pp |
| EPS | 0.21 | 161.8% | 129.6% |
Gray Media Announces Second Quarter 2026 Financial Results
07 Aug 2026 · 7 Aug, 4:07 pm
Summary
Gray Media reported second quarter 2026 total revenue of $839 million, a 9% increase year-over-year, driven significantly by political advertising which surged to $83 million. Net Retransmission Revenue also saw a healthy 10% increase to $150 million. While broadcasting expenses rose slightly, Adjusted EBITDA showed strong growth, increasing 27% to $214 million. The company noted that corporate expenses were higher than guidance due to transaction-related costs, but overall performance reflected benefits from M&A activity and improved leverage ratios.
Key Highlights
- 1
Total revenue for the second quarter of 2026 was $839 million, an increase of 9% compared to the second quarter of 2025.
- 2
Political advertising revenue significantly exceeded guidance, reaching $83 million in the second quarter of 2026, compared to $9 million in the second quarter of 2025.
- 3
Net Retransmission Revenue increased by 10% to $150 million in the second quarter of 2026, compared to $136 million in the second quarter of 2025.
- 4
Broadcasting expenses increased by 1% to $569 million in the second quarter of 2026, compared to the second quarter of 2025.
- 5
Corporate expenses were $37 million, above the high end of the $30 million to $35 million guidance range, primarily due to transaction-related expenses.
- 6
Adjusted EBITDA for the second quarter of 2026 was $214 million, a 27% increase compared to $169 million in the second quarter of 2025.
- 7
The company's Board of Directors authorized up to $250 million for debt repurchase through December 31, 2027.
Management Comments
Hilton Howell
Jr.
Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1. Year-to-date, we have made progress on every front. We have added stations in 22 markets (net of dispositions) including stations in six markets from American Spirit Media. We continue to invest in our stations, people and communities to drive journalistic excellence, as reflected by our 93 Regional Edward R. Murrow Awards this year, up from 81 last year. We expanded our local professional sports portfolio by adding approximately 70 televised Atlanta Hawks regular season games on WANF in Atlanta and across our Peachtree Sports Network through the 2028-29 NBA season. We also made progress on our balance sheet through creative transactions that lower our cost of capital and enhance our cash flow. Our goal is to extend our market leadership as the largest owner of top-rated local television stations by prudently investing in our broadcast business, while also prioritizing balance sheet deleveraging.
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