Revenue: As of FY2025 Q4, the actual value is USD 792 M.

EPS: As of FY2025 Q4, the actual value is USD -0.24.

EBIT: As of FY2025 Q4, the actual value is USD 235 M.

Fourth Quarter 2025 Financial Highlights

• Total Revenue: Gray Media, Inc. reported $792 million in the fourth quarter of 2025, a decrease of 24% compared to $1,045 million in the fourth quarter of 2024. This exceeded the company’s high-side guidance of $782 million .
• Core Advertising Revenue: $392 million in the fourth quarter of 2025, an increase of 3% compared to $380 million in the fourth quarter of 2024, exceeding the high-side guidance of $390 million .
• Retransmission Consent Revenue: $335 million in the fourth quarter of 2025, a decrease of 7% compared to $361 million in the fourth quarter of 2024, exceeding the high-side guidance of $330 million .
• Net Retransmission Revenue: $134 million in the fourth quarter of 2025, an increase of 3% compared to $130 million in the fourth quarter of 2024 .
• Political Advertising Revenue: $12 million in the fourth quarter of 2025, a decrease of 95% compared to $250 million in the fourth quarter of 2024, exceeding the high-side guidance of $8 million .
• Total Broadcasting Expense: Decreased by 7% to $557 million in the fourth quarter of 2025, compared to $598 million in the fourth quarter of 2024. Broadcasting, production, and corporate expenses were at or below the low end of guidance .
• Net (Loss) Income: - $10 million in the fourth quarter of 2025, a decrease of 106% compared to $169 million in the fourth quarter of 2024 .
• Adjusted EBITDA: $179 million in the fourth quarter of 2025, a decrease of 55% compared to $402 million in the fourth quarter of 2024 .

Full Year 2025 Financial Highlights

• Total Revenue: $3,095 million in 2025, a decrease of 15% compared to $3,644 million in 2024 .
• Core Advertising Revenue: $1,452 million in 2025, a decrease of 3% compared to $1,490 million in 2024 .
• Political Advertising Revenue: $42 million in 2025, a decrease of 92% compared to $497 million in 2024 .
• Retransmission Consent Revenue: $1,429 million in 2025, a decrease of 4% compared to $1,482 million in 2024 .
• Net Retransmission Revenue: $547 million in 2025, a decrease of 1% compared to $550 million in 2024 .
• Total Broadcasting Expense: Decreased by 3% to $2,239 million in 2025, compared to $2,317 million in 2024 .
• Net (Loss) Income: - $85 million in 2025, a decrease of 123% compared to $375 million in 2024 .
• Adjusted EBITDA: $670 million in 2025, a decrease of 42% compared to $1,162 million in 2024 .

Operating Expenses (Full Year)

• Broadcasting Station Expenses: $1,356 million in 2025, a decrease of 2% from $1,380 million in 2024 .
• Network Affiliation Fees: $882 million in 2025, a decrease of 5% from $932 million in 2024 .
• Production Companies Expenses: $95 million in 2025, an increase of 14% from $83 million in 2024 .
• Total Corporate and Administrative Expense: $113 million in 2025, an increase of 9% from $104 million in 2024 .

Cash Flow (Full Year)

• Net Cash Provided by Operating Activities: $289 million in 2025, compared to $751 million in 2024 .
• Net Cash Used in Investing Activities: - $63 million in 2025, compared to - $28 million in 2024 .
• Net Cash Provided by (Used in) Financing Activities: $7 million in 2025, compared to - $609 million in 2024 .
• Cash at End of Year: $368 million in 2025, compared to $135 million in 2024 .

Other Key Metrics

• Capital Expenditures (excluding Assembly Atlanta): $74 million in 2025, compared to $97 million in 2024 .
• Assembly Atlanta Capital Expenditures: Gross capital expenditures totaled $34 million in 2025 .
• Assembly Atlanta CID Reimbursement: Cash proceeds from Doraville CID were $28 million in December 2025, with total CID reimbursements for full-year 2025 at $33 million .
• Federal and State Income Tax Payments: $38 million in 2025, compared to $135 million in 2024 .
• Total Outstanding Principal of Debt Obligations: $5,810 million as of December 31, 2025, compared to $5,690 million as of December 31, 2024 .
• Total Outstanding Principal of Debt Obligations, Less Cash: $5,442 million as of December 31, 2025, compared to $5,555 million as of December 31, 2024 .
• Unrestricted Cash: $368 million as of December 31, 2025 .
• Borrowing Availability (Revolving Credit Facility): $745 million under the $750 million facility as of December 31, 2025 .
• Leverage Ratios (as of December 31, 2025): First Lien Leverage Ratio was 2.43 to 1.00, Secured Leverage Ratio was 3.65 to 1.00, and Leverage Ratio was 5.80 to 1.00 .

Outlook

For the first quarter ending March 31, 2026, Gray Media, Inc. projects total revenue between $755 million and $770 million, with core advertising revenue expected to be approximately flat and political advertising revenue guided to be between $25 million and $30 million . Net Retransmission Revenue is anticipated to be between $148 million and $150 million, and total broadcasting expense is estimated between $555 million and $560 million . The company also provided full-year 2026 guidance, including an estimated interest expense of $440 million, capital expenditures of $140 million, and income tax payments between $105 million and $125 million .