Gray Media (GTN) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $792 million, exceeding guidance, with core advertising, retransmission, and total revenue all above expectations; operating expenses were below guidance.

• Adjusted EBITDA for Q4 2025 was $179 million, with full-year 2025 Adjusted EBITDA at $670 million; net loss attributable to common stockholders was $23 million for Q4 and $(85) million for the year.

• Political advertising revenue of $12 million in Q4 2025 surpassed expectations for an off-cycle period, with strong positioning for 2026 political ad revenue.

• Net Retransmission Revenue returned to growth in Q4 2025 versus Q4 2024, with further growth expected in Q1 2026.

• Acquisition of WBBJ-TV completed for $25 million; further M&A transactions expected to close in early 2026, with NBC network affiliation renewals secured through 2027.

Financial highlights

• Q4 2025 core advertising revenue was $392 million, up 3% year-over-year and above guidance; full-year core advertising down 3%.

• Broadcasting expenses declined by $41 million in Q4 2025 compared to Q4 2024; full-year broadcasting expenses down $78 million (3%).

• Adjusted EBITDA declined from $1,162 million in 2024 to $670 million in 2025.

• Political advertising revenue was $12 million in Q4 2025, reflecting the off-cycle year.

• Digital revenue grew by low double digits in Q4 2025; local direct business up low single digits year-over-year.

Outlook and guidance

• Q1 2026 revenue expected between $755–$770 million, with core advertising approximately flat year-over-year.

• Political ad revenue guidance for Q1 2026 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.

• Full-year 2026 capital expenditures projected at $105–$140 million, higher due to political year investments and bonus depreciation.