--- title: "Gray Television | 8-K: FY2026 Q1 Revenue: USD 768 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285530378.md" datetime: "2026-05-07T10:32:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285530378.md) - [en](https://longbridge.com/en/news/285530378.md) - [zh-HK](https://longbridge.com/zh-HK/news/285530378.md) generator: "portal-rs" --- # Gray Television | 8-K: FY2026 Q1 Revenue: USD 768 M Revenue: As of FY2026 Q1, the actual value is USD 768 M. EPS: As of FY2026 Q1, the actual value is USD -0.34. EBIT: As of FY2026 Q1, the actual value is USD 198 M. #### First Quarter 2026 Financial Performance #### Revenue Gray Media, Inc. reported total revenue of $768 million in the first quarter of 2026, a 2% decrease from $782 million in the first quarter of 2025, which was at the high end of the company’s guidance . Core advertising revenue increased by 2% to $352 million in the first quarter of 2026 from $344 million in the first quarter of 2025, exceeding guidance expectations . Retransmission consent revenue decreased by 11% to $339 million in the first quarter of 2026 from $379 million in the first quarter of 2025 . Net retransmission revenue was $142 million, a 3% decrease from $146 million in the first quarter of 2025 . Political advertising revenue significantly increased by 131% to $30 million in the first quarter of 2026, compared to $13 million in the first quarter of 2025, reaching the high end of guidance . Other revenue declined by 5% to $18 million in the first quarter of 2026 from $19 million in the first quarter of 2025 . Revenue from production companies increased by 7% to $29 million in the first quarter of 2026 from $27 million in the first quarter of 2025 . Total broadcasting revenue was $739 million in the first quarter of 2026, a 2% decrease from $755 million in the first quarter of 2025 . #### Operational Metrics Total broadcasting expenses decreased by 4% to $555 million in the first quarter of 2026 from $577 million in the first quarter of 2025, which was at the low end of guidance . Station expenses increased by 4% to $358 million in Q1 2026 from $343 million in Q1 2025 . Network affiliation fees decreased by 15% to $197 million in Q1 2026 from $233 million in Q1 2025 . Production companies expenses increased by 40% to $28 million in Q1 2026 from $20 million in Q1 2025 . Corporate expenses were $39 million in Q1 2026, above guidance, primarily due to $4 million in transaction-related expenses, compared to $32 million in Q1 2025 . Operating income was $81 million in the first quarter of 2026, down from $92 million in the first quarter of 2025 . Gray Media, Inc. reported a net loss of - $20 million in the first quarter of 2026, compared to a net loss of - $9 million in the first quarter of 2025 . Adjusted EBITDA was $154 million in the first quarter of 2026, a 4% decrease from $160 million in the first quarter of 2025 . #### Cash Flow and Capital Expenditures Net cash provided by operating activities was $1 million in the first quarter of 2026, a significant decrease from $132 million in the first quarter of 2025 . Capital expenditures were $19 million in the first quarter of 2026, up from $15 million in the first quarter of 2025 . #### Financial Position and Leverage Cash at the end of the period was $259 million as of March 31, 2026, compared to $368 million as of December 31, 2025 . Total outstanding principal of debt obligations, less cash, was $5,549 million as of March 31, 2026, compared to $5,442 million as of December 31, 2025 . As of March 31, 2026, the First Lien Leverage Ratio was 2.56 to 1.00, the Secured Leverage Ratio was 3.79 to 1.00, and the Leverage Ratio was 5.94 to 1.00 . Gray Media, Inc. had $259 million in cash and $745 million in borrowing availability under its $750 million undrawn Revolving Credit Facility as of March 31, 2026 . #### Outlook / Guidance Gray Media, Inc. anticipates total revenue for the second quarter ending June 30, 2026, to be between $780 million and $800 million, with political advertising projected to be between $60 million and $70 million . Net Retransmission Revenue is guided to be between $141 million and $143 million for the quarter . For the full year 2026, capital expenditures are estimated at $140 million, with interest expense at $440 million and income tax payments between $90 million and $110 million . ### Related Stocks - [GTN.A.US](https://longbridge.com/en/quote/GTN.A.US.md) ## Related News & Research - [Equifax notifies availability of 8-K filing](https://longbridge.com/en/news/297785672.md) - [Sportsman’s Warehouse announces earnings release for 26 weeks ended Aug. 1, 2026](https://longbridge.com/en/news/297692824.md) - [Asbury Automotive amends 8-K to disclose Jed Milstein consulting deal at $27,083.33 a month](https://longbridge.com/en/news/297561184.md) - [Innovative Solutions and Support amends 8-K to disclose annual say-on-pay vote frequency decision](https://longbridge.com/en/news/298074748.md) - [Faraday Future amends 8-K to fix clerical errors in exhibits list](https://longbridge.com/en/news/298064117.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**