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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
Gray Media
Gray Media (GTN) investor relations material
Gray Media Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Q4 2025 revenue reached $792 million, exceeding guidance, with core advertising, retransmission, and total revenue all above expectations while operating expenses were below guidance.
Adjusted EBITDA for Q4 2025 was $179 million, with a net loss attributable to common stockholders of $23 million; full-year 2025 Adjusted EBITDA was $670 million, down from $1,162 million in 2024.
Achieved industry-leading revenue per gross TV household, with #1 or #2 stations in 97 of 113 Nielsen markets and 80% US TV household reach across 114 markets.
Political advertising revenue of $12 million in Q4 2025 surpassed expectations for an off-cycle period, with strong positioning for 2026.
Completed acquisition of WBBJ-TV for $25 million; further M&A transactions expected to close in early 2026.
Financial highlights
Q4 2025 core advertising revenue was $392 million, up 3% year-over-year; retransmission revenue was $335 million, and total revenue was $792 million.
Full-year 2025 total revenue was $3.4 billion; net loss for Q4 2025 was $(10) million, and full-year net loss was $(85) million.
Broadcasting expenses declined by $41 million in Q4 2025 compared to Q4 2024; full-year broadcasting expenses down $78 million (3%).
Digital revenue grew low double digits in Q4; local direct business up low single digits year-over-year.
Adjusted EBITDA for Q4 2025 was $179 million, down 55% year-over-year; full-year Adjusted EBITDA was $670 million, down 42% from 2024.
Outlook and guidance
Q1 2026 core ad revenue expected to be flat year-over-year; political ad revenue guidance is $25–$30 million, similar to Q1 2022.
Super Bowl and Winter Olympics expected to boost Q1 2026 revenue by $11 million and $15 million, respectively.
Net Retransmission Revenue expected to show modest growth in Q1 2026 and slightly for full year 2026.
Q1 2026 broadcasting expenses guided to be down 3% versus Q1 2025.
Full-year 2026 capital expenditures projected at $105–$140 million, higher due to political year investments and bonus depreciation.
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Next Gray Media earnings date
Q1 20267 May, 2026
Gray Media
Next Gray Media earnings date
Q1 20267 May, 2026
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Gray Television Inc owns and operates television stations and digital properties in local markets across the United States. The company provides news, entertainment, and advertising services through network-affiliated channels and independent programming. It also produces original content and studio services. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NYSE.
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