Gray Media (GTN) Q2 2026 earnings summary

Executive summary

• Second quarter 2026 results exceeded guidance, with total revenue of $839 million, up 9% year-over-year, and political revenue of $83 million, surpassing expectations.

• Operates 117 TV markets, reaching 37% of US TV households, with leading ratings in 78 markets and strong digital/media assets.

• Completed significant acquisitions and market swaps in Q2 2026, expanding scale and market presence.

• Integration of acquisitions is underway, with continued investment in stations, people, and local content.

• Company received 93 regional Edward R. Murrow Awards, reflecting journalistic excellence.

Financial highlights

• Net income attributable to stockholders was $21 million for Q2 2026; net income for Q2 2026 was $14 million, compared to a net loss of $56 million in Q2 2025.

• Adjusted EBITDA reached $214 million for Q2 2026, up 27% year-over-year.

• Net retransmission revenue was $150 million, up 10% year-over-year, above guidance, despite a temporary blackout.

• Broadcast expenses before depreciation and amortization were $569 million, up $6 million year-over-year, including $30 million from new acquisitions.

• Digital revenue grew 12% year-over-year, with a 5% increase in new local direct business.

Outlook and guidance

• Q3 2026 revenue guidance: $935–$965 million, with political advertising expected between $165–$185 million.

• Q3 core advertising expected to be flat year-over-year on an as-reported basis, with mid-single-digit decline excluding acquisitions.

• Full-year CapEx estimate lowered to $120 million-$130 million; tax guidance now $80 million-$100 million.

• All incremental political cash flow will be used to reduce debt.

• Management expects sufficient liquidity from cash, operations, and credit facilities to meet obligations for the next twelve months and foreseeable future.