--- title: "Gray Television | 8-K: FY2026 Q2 Revenue: USD 839 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/295219797.md" datetime: "2026-08-07T10:34:08.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/295219797.md) - [en](https://longbridge.com/en/news/295219797.md) - [zh-HK](https://longbridge.com/zh-HK/news/295219797.md) generator: "portal-rs" --- # 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. ### Related Stocks - [GTN.A.US](https://longbridge.com/en/quote/GTN.A.US.md) ## Related News & Research - [Prosus shareholders approve EUR 0.28 per share distribution for FY26](https://longbridge.com/en/news/297163888.md) - [Frontier Nuclear and Minerals switches auditor to MNP from De Visser Gray](https://longbridge.com/en/news/297359614.md) - [WhiteFiber amends 8-K to file real estate purchase and sale agreement as exhibit](https://longbridge.com/en/news/297088090.md) - [Northann amends 8-K to file former auditor LAO Professionals’ letter on resignation](https://longbridge.com/en/news/296825824.md) - [GlucoTrack amends 8-K to add accountant review report for Lokahi interim financials](https://longbridge.com/en/news/297366213.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**