Gray Television | 8-K: FY2026 Q2 Revenue: USD 839 M

Revenue: As of FY2026 Q2, the actual value is USD 839 M.

EPS: As of FY2026 Q2, the actual value is USD 0.21.

EBIT: As of FY2026 Q2, the actual value is USD 136 M.

Second Quarter Ended June 30, 2026 (YoY vs. 2025)

Revenue

• Total Revenue: Gray Media, Inc. reported total revenue of $839 million, an increase of 9% from $772 million in the second quarter of 2025, with acquisitions contributing $41 million.
• Core Advertising Revenue: Core advertising revenue was $357 million, a decrease of 1% from $361 million in 2025, with acquisitions contributing $15 million.
• Political Advertising Revenue: Political advertising revenue significantly increased to $83 million from $9 million in 2025, with acquisitions contributing $3 million.
• Retransmission Consent Revenue: Retransmission consent revenue decreased by 3% to $359 million from $369 million in 2025, primarily due to subscriber declines, a station transitioning to independent status, and a resolved dispute; acquisitions contributed $23 million.
• Net Retransmission Revenue: Net retransmission revenue grew by 10% to $150 million from $136 million in 2025, with acquisitions contributing $9 million.
• Other Revenue: Other revenue was $14 million, a decrease of 7% from $15 million in 2025.
• Total Broadcasting Revenue: Total broadcasting revenue increased by 8% to $813 million from $754 million in 2025.
• Production Companies Revenue: Production companies revenue rose by 44% to $26 million from $18 million in 2025.

Operating Expenses

• Total Broadcasting Expense: Total broadcasting expense increased by 1% to $569 million from $563 million in 2025, with acquisitions increasing these expenses by $30 million.
  • Station expenses were $360 million, up 9% from $330 million in 2025.
  • Network affiliation fees decreased by 10% to $209 million from $233 million in 2025.
• Production Companies Expense: Production companies expense increased by 10% to $22 million from $20 million in 2025.
• Total Corporate and Administrative Expense: Total corporate and administrative expense increased by 48% to $37 million from $25 million in 2025, primarily due to transaction-related expenses, exceeding the guidance range of $30 million to $35 million.
  • Corporate expenses were $27 million, up 42% from $19 million in 2025.
  • Transaction related expenses rose by 600% to $7 million from $1 million in 2025.
  • Non-cash stock-based compensation decreased by 40% to $3 million from $5 million in 2025.

Profitability

• Net Income: Gray Media, Inc. reported net income of $14 million, representing a 125% increase from a net loss of -$56 million in 2025.
• Operating Income: Operating income increased to $136 million from $82 million in 2025.
• Adjusted EBITDA: Adjusted EBITDA increased by 27% to $214 million from $169 million in 2025.

Six Months Ended June 30, 2026 (YoY vs. 2025)

Revenue

• Total Revenue: Total revenue was $1,607 million, an increase of 3% from $1,554 million in 2025.
• Core Advertising Revenue: Core advertising revenue increased by 1% to $709 million from $705 million in 2025.
• Political Advertising Revenue: Political advertising revenue significantly increased by 414% to $113 million from $22 million in 2025.
• Retransmission Consent Revenue: Retransmission consent revenue decreased by 7% to $698 million from $748 million in 2025.
• Net Retransmission Revenue: Net retransmission revenue increased by 4% to $292 million from $281 million in 2025.
• Total Broadcasting Revenue: Total broadcasting revenue increased by 3% to $1,552 million from $1,509 million in 2025.
• Production Companies Revenue: Production companies revenue increased by 22% to $55 million from $45 million in 2025.

Operating Expenses

• Total Broadcasting Expense: Total broadcasting expense decreased by 1% to $1,124 million from $1,140 million in 2025.
• Production Companies Expense: Production companies expense increased by 25% to $50 million from $40 million in 2025.
• Total Corporate and Administrative Expense: Total corporate and administrative expense increased by 33% to $76 million from $57 million in 2025.

Profitability

• Net Loss: Gray Media, Inc. reported a net loss of -$6 million, an improvement from a net loss of -$65 million in 2025.
• Operating Income: Operating income increased to $217 million from $174 million in 2025.
• Adjusted EBITDA: Adjusted EBITDA increased by 12% to $368 million from $329 million in 2025.

Financial Position and Leverage (as of June 30, 2026)

• Total Outstanding Principal of Debt Obligations: Total outstanding principal of debt obligations was $5,867 million, compared to $5,810 million as of December 31, 2025.
• Total Outstanding Principal of Debt Obligations, less cash: This figure was $5,691 million, compared to $5,442 million as of December 31, 2025.
• Cash: Cash on hand was $176 million, compared to $368 million as of December 31, 2025.
• Consolidated First Lien Net Leverage Ratio: The consolidated first lien net leverage ratio was 2.55 to 1.00.
• Consolidated Secured Net Leverage Ratio: The consolidated secured net leverage ratio was 3.71 to 1.00.
• Consolidated Total Net Leverage Ratio: The consolidated total net leverage ratio was 5.73 to 1.00.

Liquidity (as of June 30, 2026)

• Cash: Gray Media, Inc. held $176 million in cash.
• Borrowing Availability under Revolving Credit Facility: The company had $745 million in borrowing availability under its revolving credit facility, out of a $750 million undrawn facility.
• Accounts Receivable Securitization Facility: The accounts receivable securitization facility was $400 million and fully drawn.

Cash Flow (Six Months Ended June 30, 2026)

• Net Cash Provided by Operating Activities: Net cash provided by operating activities was $124 million, compared to $163 million in 2025.
• Net Cash Used in Investing Activities: Net cash used in investing activities was -$290 million, compared to -$14 million in 2025, primarily due to acquisitions of television businesses and licenses.
• Net Cash Used in Financing Activities: Net cash used in financing activities was -$26 million, compared to -$85 million in 2025.
• Net Decrease in Cash: There was a net decrease in cash of -$192 million, resulting in cash at period end of $176 million.

Outlook / Guidance

Gray Media, Inc. authorized a new $250 million debt repurchase program. For the third quarter ending September 30, 2026, the company expects total revenue between $935 million and $965 million, with political advertising revenue projected at $165 million to $185 million. Estimated capital expenditures for the full year 2026 are $120 million to $130 million, and income tax payments are projected at $80 million to $100 million.