Gray Media Raises 3Q 2026 Political Advertising Guidance and Lifts Low End of Total Revenue Range
GRAY MEDIA, INC (GTN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS RELEASE Gray Media Raises 3Q 2026 Political Advertising Guidance and Lifts Low End of Total Revenue Range Atlanta, GA – September 28, 2026, Gray Media, Inc. (“Gray”) (NYSE: GTN) today announced updated financial guidance for the quarter ending September 30, 2026
How this was made
The 30-second read
Why it matters
The guidance revision provides the first public numbers for the quarter, setting expectations for revenue and expenses that may influence the stock's near‑term trajectory.
Market read
Guidance update is a primary corporate disclosure that can affect GTN's price action and may have spillover effects on peer media stocks.
What to watch
Potential refinancing of credit facilities could improve liquidity despite modest revenue guidance.
Gray Media Raises 3Q 2026 Political Advertising Guidance and Lifts Low End of Total Revenue Range
Gray raised its political advertising guidance and lifted the low end of its total revenue range while lowering its corporate and administrative expense range. The company has not yet reported finalized third-quarter results.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Core advertising revenue, quarter ending September 30, 2025other | $355M | – | – |
| Political advertising revenue, quarter ending September 30, 2025other | $8M | – | – |
| Total revenue, quarter ending September 30, 2025other | $749M | – | – |
| Total corporate and administrative expense, quarter ending September 30, 2025other | $28M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Core advertisingUpdated guidance for the quarter ending September 30, 2026. | -1% to Flat, as reported | – | – |
| Political advertisingUpdated guidance reflects the most current operational information and expectations available as of September 28, 2026; the range includes estimated political advertising revenue from recent acquisitions through September 30, 2026. | $188 - $195 million | – | – |
Quarter Ending September 30, 2026 outlook
- Revenue$950 - $965 million
- NoteCore advertising: -1% to Flat, as reported
- NotePolitical advertising: $188 - $195 million
- NoteTotal corporate and administrative expense: $30 - $35 million
What drove it
- Political advertising guidance was raised to $188 - $195 million from $165 - $185 million.
- The company’s first-nine-month political advertising illustration assumes $192 million of third-quarter political advertising revenue, the midpoint of updated guidance.
- The $192 million assumption includes an estimated $9 million of political advertising revenue from recent acquisitions through September 30, 2026.
- Core advertising guidance was updated to -1% to Flat, as reported.
- For estimates not listed in the update, original guidance issued on August 7, 2026 remains unchanged.
Concerns
- Gray is still finalizing its third-quarter financial results, and the release provides updated estimates rather than finalized results.
- Core advertising is guided at -1% to Flat, as reported.
- Accounts Receivable Securitization facility borrowing capacity is affected by lower core commercial receivables driven by political advertising revenues paid in advance.
- The release states that guidance may change in the future and may not reflect future actual results.
What to watch
- Final third-quarter 2026 results, which Gray currently expects to report on Friday, November 6, 2026.
- Whether total revenue falls within the updated $950 - $965 million range.
- Whether political advertising revenue reaches the updated $188 - $195 million range.
- Core advertising performance against guidance of -1% to Flat, as reported.
- Corporate and administrative expense versus the updated $30 - $35 million range.
- Outstanding borrowings under the Revolving Credit Facility as of September 30, 2026.
Balance sheet and cash flow
- Gray currently anticipates that it will have no outstanding borrowings under its Revolving Credit Facility as of September 30, 2026.
- Current borrowing capacity under Gray’s Accounts Receivable Securitization facility is approximately $379 million, reflecting lower core commercial receivables driven by strong political advertising revenues, which are paid in advance.
Analysis
This filing is a pre-results guidance update for the quarter ending September 30, 2026, not a release of finalized third-quarter financial results. Gray raised political advertising guidance to $188 - $195 million from $165 - $185 million and raised the low end of total revenue guidance to $950 - $965 million from $935 - $965 million. The company said the update reflects its most current operational information and expectations as of September 28, 2026.
Political advertising is the central change in the update. Gray’s illustrative first-nine-month political advertising discussion assumes $192 million of third-quarter political advertising revenue, the midpoint of the new range. That assumption includes an estimated $9 million of political advertising revenue from recent acquisitions through September 30, 2026. The release also says strong political advertising revenues are paid in advance, affecting commercial receivables and current borrowing capacity under the Accounts Receivable Securitization facility.
Core advertising remains a limitation on the outlook. Guidance moved from Flat, as reported to -1% to Flat, as reported. The filing does not provide a finalized core advertising revenue dollar result for the 2026 quarter, nor does it provide other operating results needed to assess gross profit, operating income, net income, or earnings per share.
Expense guidance improved within the updated outlook. Total corporate and administrative expense is now expected to be $30 - $35 million, versus $35 - $40 million in the August 7, 2026 guidance. Gray also currently anticipates no outstanding borrowings under its Revolving Credit Facility as of September 30, 2026, while stating that current borrowing capacity under its Accounts Receivable Securitization facility is approximately $379 million.
The key confirmation point is the final third-quarter release, which Gray currently expects on Friday, November 6, 2026. Investors will need that release to evaluate whether the stronger political outlook translated into reported total revenue and profitability, and whether core advertising, expenses, cash flow, and debt matched the updated expectations.
Not in the filing
stated, not guessed- Finalized third-quarter 2026 total revenue
- Finalized third-quarter 2026 core advertising revenue
- Finalized third-quarter 2026 political advertising revenue
- Finalized third-quarter 2026 gross profit and gross margin
- Finalized third-quarter 2026 operating income
- Finalized third-quarter 2026 net income
- Finalized third-quarter 2026 GAAP and non-GAAP earnings per share
- Finalized third-quarter 2026 operating cash flow and free cash flow
- Cash balance, total debt, and debt maturities
- Capital returns, including dividends and share repurchases
- Tax rate guidance
- Gross margin guidance
- Guidance for total operating expenses
- Prior-quarter metrics
- Named executive quotes
- The referenced first-nine-month political advertising trend table
AlphAI 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, the largest owner of top‑rated local TV stations, released its 3Q 2026 financial guidance via an SEC 8‑K filing.
Ticker impact
Gray Media issued updated 3Q 2026 guidance, setting total revenue at $749M and political ad revenue at $8M, revising prior estimates.
potential downside as market prices in modestly updated revenue outlook
Guidance revision is the first public disclosure of the numbers and reflects a flat core advertising revenue, which could temper investor enthusiasm.
Market effects
May signal softer demand for political advertising within the broadcast media sector.
US media stocks could see modest pressure following the guidance update.
Limited, primarily affecting US-listed media companies.
Counterpoint
Investors could view the guidance as a floor, expecting upside if political ad spend rebounds.
Key entities
- companyGray Media, Inc.
US‑listed broadcast and digital media company (NYSE: GTN).
