GRAY MEDIA, INC (GTN): Results of Operations and Financial Condition
GRAY MEDIA, INC (GTN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE Gray Media Announces Second Quarter Financial Results Atlanta, Georgia – August 7, 2026. . . Gray Media (NYSE: GTN) today announced its financial results for the quarter ended June 30, 2026. EXECUTIVE COMMENTARY Hilton Howell, Jr., Executive Chairman and
How this was made
The 30-second read
Why it matters
The release highlights election-cycle political advertising strength, net retransmission revenue returning to YoY growth, and higher corporate expenses tied to transaction costs, all framed as benefits from 2026 acquisitions and a station swap with Scripps.
Market read
Traders can reassess near-term earnings power drivers for local broadcast TV: political ad momentum, retransmission net revenue trajectory, and integration-related expense risk.
What to watch
Corporate and administrative expense is above the high end of guidance due to transaction-related costs, which could pressure margins if integration costs persist.
Gray Media Announces Second Quarter Financial Results
Total revenue increased 9%, political advertising rose to $83 million, net retransmission revenue increased 10%, net income turned positive, and Adjusted EBITDA increased 27%. Core advertising declined 1%, retransmission consent revenue declined 3%, corporate and administrative expense exceeded guidance, and debt less cash increased versus December 31, 2025.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $839 million | – | 9% |
| Core advertising revenueGAAP | $357 million | – | (1)% |
| Political advertising revenueGAAP | $83 million | – | 822% |
| Retransmission consent revenueGAAP | $359 million | – | (3)% |
| Other revenueGAAP | $14 million | – | (7)% |
| Total broadcasting revenueGAAP | $813 million | – | 8% |
| Production companies revenueGAAP | $26 million | – | 44% |
| Net Retransmission Revenuenon-GAAP | $150 million | – | 10% |
| Network affiliation feesother | $209 million | – | (10)% |
| Station expensesother | $360 million | – | 9% |
| Total broadcasting expenseother | $569 million | – | 1% |
| Production companies operating expensesother | $22 million | – | 10% |
| Total corporate and administrative expenseother | $37 million | – | 48% |
| Net incomeGAAP | $14 million | – | 125% |
| Adjusted EBITDAnon-GAAP | $214 million | – | 27% |
| Six-month total revenueGAAP | $1,607 million | – | 3% |
| Six-month core advertising revenueGAAP | $709 million | – | 1% |
| Six-month political advertising revenueGAAP | $113 million | – | 414% |
| Six-month retransmission consent revenueGAAP | $698 million | – | (7)% |
| Six-month total broadcasting revenueGAAP | $1,552 million | – | 3% |
| Six-month production companies revenueGAAP | $55 million | – | 22% |
| Six-month Net Retransmission Revenuenon-GAAP | $292 million | – | 4% |
| Six-month total broadcasting expenseother | $1,124 million | – | (1)% |
| Six-month total corporate and administrative expenseother | $76 million | – | 33% |
| Six-month net lossGAAP | $(6) million | – | 91% |
| Six-month Adjusted EBITDAnon-GAAP | $368 million | – | 12% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| BroadcastingPolitical advertising revenue was $83 million, while the 2026 Acquisitions contributed $41 million in total revenue in the second quarter of 2026. | $813 million | – | 8% |
| Production companiesProduction companies revenue increased from $18 million in the second quarter of 2025. | $26 million | – | 44% |
Capital returns
- On June 30, 2026, Gray used $30 million to repurchase an aggregate liquidation preference of $50 million of Series A Perpetual Preferred Stock (50,000 shares).
- On July 21, 2026, Gray repurchased $100 million of its 10.500% Senior Secured First Lien notes due in 2029 and $20 million of its 5.375% Senior Unsecured Notes due 2031, each at a price of par, plus accrued interest.
What drove it
- The 2026 Acquisitions contributed $41 million in total revenue, $15 million of core advertising revenue, $3 million of political advertising revenue, $23 million of retransmission consent revenue, and $9 million of Net Retransmission Revenue in the second quarter of 2026.
- Political advertising revenue was $83 million, compared with $9 million in the second quarter of 2025.
- Retransmission consent revenue declined due to continued subscriber declines, the transition of one station to independent status, and a resolved dispute with a distribution partner.
- Network affiliation fees declined to $209 million from $233 million, supporting Net Retransmission Revenue growth.
- Corporate expenses were above guidance primarily due to transaction-related expenses.
Concerns
- Core advertising revenue decreased 1% to $357 million.
- Retransmission consent revenue decreased 3% to $359 million.
- Total corporate and administrative expense increased 48% to $37 million and exceeded the $30 million to $35 million guidance range.
- Total outstanding principal of debt obligations, less cash was $5,691 million as of June 30, 2026, compared with $5,442 million as of December 31, 2025.
- Six-month net loss was $(6) million.
What to watch
- Core Advertising Revenue was reported as down (1)% versus the second quarter of 2025.
- Political Advertising Revenue was $83 million in the second quarter of 2026.
- Net Retransmission Revenue was $150 million, while retransmission consent revenue was $359 million.
- Transaction Related Expenses were $7 million in the second quarter of 2026.
- The company stated that its net leverage ratio improved during the quarter, but no ratio was provided in the supplied filing text.
Balance sheet and cash flow
- Total outstanding principal of debt obligations was $5,867 million as of June 30, 2026, compared with $5,810 million as of December 31, 2025.
- Cash was $(176) million as of June 30, 2026, compared with $(368) million as of December 31, 2025, as presented in the debt summary.
- Total outstanding principal of debt obligations, less cash was $5,691 million as of June 30, 2026, compared with $5,442 million as of December 31, 2025.
- On June 30, 2026, Gray issued $70 million in additional 7.250% Senior Secured First Lien Notes due in 2033 at par, plus accrued interest.
Analysis
Gray Media delivered $839 million of total revenue in the second quarter of 2026, an increase of 9% from $772 million in the second quarter of 2025. Growth was led by political advertising revenue of $83 million, compared with $9 million in the prior-year period, and production companies revenue of $26 million, compared with $18 million. The 2026 Acquisitions contributed $41 million of total revenue during the quarter.
Underlying advertising and retransmission trends were less uniform. Core advertising revenue declined 1% to $357 million. Retransmission consent revenue declined 3% to $359 million, with the release citing continued subscriber declines, one station's transition to independent status, and a resolved distribution-partner dispute. Lower network affiliation fees, which declined 10% to $209 million, supported a 10% increase in Net Retransmission Revenue to $150 million.
Expense performance was mixed. Total broadcasting expense increased 1% to $569 million, while production companies operating expenses increased 10% to $22 million. Corporate and administrative expense increased 48% to $37 million, above the $30 million to $35 million guidance range, primarily due to transaction-related expenses. Net income was $14 million, compared with a net loss of $(56) million, and Adjusted EBITDA increased 27% to $214 million.
For the first six months, total revenue increased 3% to $1,607 million and Adjusted EBITDA increased 12% to $368 million. The company reported a six-month net loss of $(6) million, compared with $(65) million in the prior-year period. Political advertising increased to $113 million from $22 million, while retransmission consent revenue decreased 7% to $698 million.
Balance-sheet attention remains important. Total outstanding principal of debt obligations, less cash, was $5,691 million as of June 30, 2026, compared with $5,442 million as of December 31, 2025. During the period, Gray issued $70 million of additional 7.250% Senior Secured First Lien Notes due in 2033 and used a portion of proceeds for an acquisition closing and a repurchase of Series A Perpetual Preferred Stock. The supplied filing text contains no forward guidance beyond the reported second-quarter comparison with prior guidance.
Management, verbatim
Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1.
Hilton Howell, Jr., Executive Chairman and CEO
Our goal is to extend our market leadership as the largest owner of top-rated local television stations by prudently investing in our broadcast business, while also prioritizing balance sheet deleveraging.
Hilton Howell, Jr., Executive Chairman and CEO
Not in the filing
stated, not guessed- Current forward revenue guidance
- Current forward gross margin guidance
- Current forward operating-expense guidance
- Current forward tax-rate guidance
- GAAP gross profit and gross margin
- GAAP operating income
- GAAP and non-GAAP earnings per share
- Operating cash flow
- Free cash flow
- Capital expenditures
- Net leverage ratio
- Quarter-over-quarter comparisons for reported operating metrics
- Cash flow statement details
- Dividend information
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Gray Media filed an 8-K with its 2Q 2026 results and an earnings release exhibit, including guidance comparison and acquisition impact disclosures.
Ticker impact
Gray Media reports 2Q 2026 results, including $839M total revenue and $83M political ad revenue, plus commentary on M&A benefits and net leverage improvement.
Near-term bias modestly positive, with focus on whether political ad strength and net retransmission growth persist beyond the acquisition-related lift.
The filing provides concrete quarterly datapoints versus prior year and guidance framing, but it is still an earnings-style update without explicit new forward guidance in the excerpt.
Market effects
Local TV station operators may see read-through on political advertising seasonality and retransmission revenue resilience amid subscriber declines.
Limited to US local broadcast markets where Gray added stations and expanded sports programming.
Low, primarily a US media and broadcast cash-flow story.
Counterpoint
Core advertising is down 1% YoY and retransmission consent revenue is down 3%, so the headline strength may be partly acquisition and election-cycle driven.
Key entities
- companyGray Media, Inc.
NYSE-listed local TV station owner reporting 2Q 2026 financial results and acquisition-related performance.
- executiveHilton Howell, Jr.
Executive Chairman and CEO providing commentary on M&A benefits, political advertising trends, and balance sheet progress.
