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Gray Media Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Q2 2025 revenue was $772M, down 7% year-over-year but above guidance, driven by core advertising and retransmission revenue.
Net loss for Q2 2025 was $56M, with a six-month net loss of $91M, compared to net income in the prior year; adjusted EBITDA for Q2 was $169M, down 25% year-over-year.
Significant non-cash impairment charge of $28M was recorded due to changes in network affiliation at one station.
Multiple M&A transactions and refinancing activities were announced, adding six new markets, creating 11 duopolies, and expected to be immediately cash flow accretive.
Management focus remains on closing announced transactions, integrating new assets, and deleveraging through refinancing and cash flow.
Financial highlights
Q2 2025 total revenue was $772M, a 7% decrease year-over-year but above guidance.
Adjusted EBITDA for Q2 2025 was $169M, down 25% from Q2 2024; six-month adjusted EBITDA was $329M, down 22%.
Net loss of $56M in Q2 2025 and $91M for the six months, compared to net income in the prior year.
Political ad revenue in Q2 2025 was $9M, down 81% year-over-year but above guidance.
Core advertising revenue declined 3% year-over-year in Q2; digital revenue grew 8%.
Outlook and guidance
Q3 2025 core ad revenue expected to be down year-over-year, partly due to the absence of Olympic-related revenue.
Q3 2025 total revenue guidance: $735–$750M, compared to $950M in Q3 2024.
Digital revenue projected to be up low double digits in Q3.
No material tax payments expected for the remainder of 2025 due to new legislation.
Cash on hand, operating cash flow, and available credit expected to meet obligations for the next twelve months.
How will the WANF transition impact advertising?
What synergies are expected from recent M&A?
How will regulatory changes impact future deals?
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Next Gray Media earnings date
Q3 20257 Nov, 2025
Next Gray Media earnings date
Q3 20257 Nov, 2025
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Frequently asked questions
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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