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Gray Media (GTN) investor relations material
Gray Media Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Q3 2025 revenue reached $749 million, at the high end of guidance, with expenses significantly below guidance and adjusted EBITDA of $162 million; net loss attributable to common stockholders was $23 million.
Political advertising revenue exceeded expectations at $8 million in an off-cycle year, while core and retransmission revenues were strong.
Major M&A activity included plans to enter six new markets, create 11 new Big Four duopolies, and a historic station swap, pending regulatory approval.
Operational enhancements included expanded sports partnerships, a new streaming partnership with Google Cloud, and the WANF Atlanta rebrand.
The company operates 113 television markets, reaching 37% of US TV households, and expanded digital and production capabilities.
Financial highlights
Q3 2025 total revenue: $749 million; core advertising revenue: $355 million; retransmission consent revenue: $346 million; political ad revenue: $8 million.
Adjusted EBITDA for Q3 2025 was $162 million; net loss was $23 million.
Operating expenses before D&A: $592 million; all major expense categories below guidance.
For the nine months ended September 30, 2025: total revenue $2.3 billion, net loss $114 million, adjusted EBITDA $491 million.
Station-level operating expenses (excluding network fees) down $8 million (2%) year-over-year; network affiliation expenses declined 9%.
Outlook and guidance
Q4 2025 revenue guidance: $767–$782 million; core advertising expected at $380–$390 million; retransmission consent at $328–$330 million.
Full-year 2025 revenue guidance: $3,070–$3,085 million; cash taxes guided at $39 million.
CapEx range for 2025 reduced to $70–$75 million; routine CapEx for remainder of 2025 expected at $37–$42 million.
Optimism for 2026 with expectations of strong political ad spend and improving retransmission revenue outlook.
Management expects sufficient liquidity to meet obligations for the next twelve months and foreseeable future.
What drives the Q4 political ad revenue surge?
Future content strategy for WANF independent station
Quantify leverage ratio improvement from acquisitions
M&A focus post-FCC rule changes
Assembly Atlanta monetization path and timeline
Core ad revenue drivers for 2026 momentum
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Next Gray Media earnings date
Q4 202525 Feb, 2026
Next Gray Media earnings date
Q4 202525 Feb, 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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