Earnings summaries and quarterly performance for GRAY MEDIA.
Executive leadership at GRAY MEDIA.
Hilton H. Howell, Jr.
Detailed
Executive Chairman and Chief Executive Officer
CEO
Pat LaPlatney
Detailed
President and Co-Chief Executive Officer
CEO
JR
Jeffrey R. Gignac
Detailed
Executive Vice President and Chief Financial Officer
KP
Kevin P. Latek
Detailed
Executive Vice President, Chief Legal and Development Officer, and Secretary
SB
Sandra Breland McNamara
Detailed
Executive Vice President, Chief Operating Officer
Board of directors at GRAY MEDIA.
Research analysts who have asked questions during GRAY MEDIA earnings calls.
CH
Craig Huber
Huber Research Partners
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Alan Gould
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4 questions for GTN
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DK
Daniel Kurnos
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4 questions for GTN
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David Hamburger
Morgan Stanley
3 questions for GTN
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AS
Avi Steiner
JPMorgan Chase & Co.
2 questions for GTN
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DK
Dan Kurnos
The Benchmark Company
2 questions for GTN
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Patrick Sholl
Barrington Research
2 questions for GTN
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Bill Matthews
MUFG
1 question for GTN
DP
Douglas Pardon
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1 question for GTN
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Eli Lapp
BMO Capital Markets
1 question for GTN
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Michael Kerrane
Truist Securities
1 question for GTN
Recent press releases and 8-K filings for GTN.
Gray Media Reports Q4 2025 Results with Net Loss and Managed Debt Profile
GTN
Earnings
Guidance Update
Debt Issuance
- Gray Media reported a net loss of $(85) million and Adjusted EBITDA of $670 million for CY2025, a decrease from CY2024, with total revenue declining to $3,095 million primarily due to a significant reduction in political advertising revenue from $497 million in CY2024 to $42 million in CY2025.
- As of December 31, 2025, Gray Media's Leverage Ratio stood at 5.80x, with a First Lien Leverage Ratio of 2.43x and a Secured Leverage Ratio of 3.65x. The company has proactively managed its debt maturity profile, with the next significant maturities (Revolver and Term Loan D) not due until December 1, 2028.
- Net Retransmission Revenue returned to growth in Q4 2025 and is projected to continue growing in Q1 2026. The company anticipates strong political advertising revenue in 2026 due to its significant exposure to competitive federal, state, and local races, where it has historically outperformed peers.
2 days ago
Gray Media Announces Q4 2025 Results and 2026 Outlook
GTN
Earnings
Guidance Update
Debt Issuance
- Gray Media reported Q4 2025 total revenue of $792 million and Adjusted EBITDA of $179 million, resulting in a net loss attributable to common stockholders of $23 million.
- The company's Net Retransmission Revenue returned to growth in Q4 2025 compared to the prior year, stabilizing at $547 million for the full year 2025. Broadcasting expenses declined by $41 million in Q4 2025 and $78 million (3%) for the full year 2025 compared to 2024.
- For Q1 2026, Gray Media forecasts core advertising revenue to be approximately flat with Q1 2025, with political advertising revenue guided between $25 million and $30 million. Full year 2026 Net Retransmission Revenue is expected to grow slightly.
- The company strengthened its balance sheet by completing a $250 million add-on to its Second Lien Notes and calling $125 million of First Lien Notes, ending 2025 with a total leverage ratio of 5.8 times. Significant deleveraging is expected in 2026.
2 days ago
Gray Media Announces Q4 2025 Results and Provides 2026 Outlook
GTN
Earnings
Guidance Update
Debt Issuance
- Gray Media reported Q4 2025 total revenue of $792 million and Adjusted EBITDA of $179 million, exceeding guidance, with a net loss attributable to common stockholders of $23 million.
- Net Retransmission Revenue returned to growth in Q4 2025 compared to Q4 2024, stabilizing at $547 million for the full year 2025, and is projected for slight growth in full year 2026.
- The company strengthened its balance sheet by issuing a $250 million add-on to second lien notes and calling $125 million of first lien notes, with year-end 2025 leverage ratios of 2.43 times first lien, 3.65 times secured, and 5.8 times total.
- For Q1 2026, Gray Media anticipates political ad revenue of $25 million-$30 million and expects core ad revenue to be approximately flat with Q1 2025.
2 days ago
Gray Media Reports Strong Q4 2025 Results, Provides Q1 2026 Guidance, and Details Balance Sheet Progress
GTN
Earnings
Guidance Update
Debt Issuance
- Gray Media reported Q4 2025 total revenue of $792 million, exceeding guidance, and Adjusted EBITDA of $179 million. Notably, Net Retransmission Revenue returned to growth in Q4 2025 compared to Q4 2024, with full-year 2025 Net Retransmission Revenue stabilizing at $547 million.
- The company strengthened its balance sheet by completing a $250 million add-on to its Second Lien Notes and using proceeds to call $125 million of First Lien Notes. The year-end 2025 total leverage ratio was 5.8 times, and management expects significant progress towards a 4 times leverage ratio in 2026.
- For Q1 2026, Gray Media anticipates core advertising revenue to be approximately flat with Q1 2025, with political ad revenue guided between $25 million and $30 million. Net Retransmission Revenue is projected to be $148 million-$150 million, indicating continued modest growth.
- Strategic initiatives include the acquisition of WBBJ-TV for $25 million, the transition of digital apps to the Quickplay platform, and the renewal of NBC and expansion of Telemundo affiliation agreements. The net capital investment in Assembly Atlanta for 2025 was $1 million, with the total net cost at year-end 2025 being $630 million.
2 days ago
Gray Media Reports Q4 2025 Results and Provides Q1 2026 Guidance
GTN
Earnings
Guidance Update
Debt Issuance
- Gray Media reported total revenue of $792 million for the fourth quarter of 2025, exceeding its high-side guidance of $782 million, but recorded a net loss of $10 million and Adjusted EBITDA of $179 million.
- In Q4 2025, Core Advertising Revenue increased by 3% to $392 million and Net Retransmission Revenue increased by 3% to $134 million compared to the prior year, while total broadcasting expenses decreased by 7%.
- As of December 31, 2025, the company had $5,810 million in total outstanding principal of debt obligations and $368 million in unrestricted cash, with a Leverage Ratio of 5.80 to 1.00. The company has no debt maturities prior to 2028 due to 2025 refinancings.
- For Q1 2026, Gray Media anticipates total revenue between $755 million and $770 million, with an estimated $11 million from Super Bowl advertising revenue and $15 million from Winter Olympic broadcasts. Acquisitions announced in 2025, including WBBJ-TV for $25 million, are expected to close in the first half of 2026.
2 days ago
Gray Media Completes Offering of Additional Senior Secured Second Lien Notes
GTN
Debt Issuance
- Gray Media, Inc. completed an offering of $250,000,000 aggregate principal amount of additional 9.625% senior secured second lien notes due 2032.
- These Additional Notes were issued at 102.000% of par and will form a single series with the previously issued $900,000,000 of the same notes.
- The net proceeds from the offering will be used to redeem a portion of Gray's 10.500% senior secured first lien notes due 2029, pay fees, and for general corporate purposes.
- Interest on the Notes accrues from July 18, 2025, and is payable semiannually, with the Notes maturing on July 15, 2032.
Dec 12, 2025, 10:35 PM
Gray Media Announces Private Placement of Notes
GTN
Debt Issuance
- Gray Media, Inc. announced a private placement of $250 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2032.
- The Additional Notes will be issued at 102.000% of par plus accrued interest and are expected to close on December 12, 2025.
- The proceeds will primarily be used to redeem $125 million of the company's 10.500% Senior Secured First Lien Notes due 2029 at 103.000% of principal amount on December 19, 2025.
- These new notes will form a single series with the existing $900 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2032 issued in July 2025.
Dec 8, 2025, 12:39 PM
Gray Media Reports Q3 2025 Results and M&A Activity
GTN
Earnings
Guidance Update
M&A
- Gray Media's Q3 2025 results compared favorably to guidance, with Total Revenue reaching the high-end at $749 million, Core Advertising Revenue at the high-end at $355 million, and Retransmission Revenue above the high-end at $346 million.
- For the nine months ending September 30, 2025, the company reported a net loss of $(75) million and Adjusted EBITDA of $491 million.
- M&A activity in July and early August 2025 is expected to improve the station portfolio, leverage strategies, and contribute to balance sheet improvement, pending regulatory approvals.
- As of Q3 2025, Gray Media's Leverage Ratio stood at 5.77x, with a First Lien Leverage Ratio of 2.72x and a Secured Leverage Ratio of 3.66x.
- The Net Retransmission Revenue outlook is improving, with network affiliation fees declining for the first time in 2024 and expected to continue to decline; Q3 2025 retransmission consent revenue declined by 6% while network affiliation fees declined by 9%.
Nov 7, 2025, 4:00 PM
Gray Media Announces Q3 2025 Results and Strategic Updates
GTN
Earnings
Guidance Update
M&A
- Gray Media reported Q3 2025 total revenue of $749 million, at the high end of guidance, with Adjusted EBITDA of $162 million and a net loss attributable to common stockholders of $23 million.
- The company strengthened its balance sheet by extending debt maturity to 2033 and finished Q3 with over $900 million in liquidity. Leverage ratios as of September 30, 2025, were 2.72 times first lien, 3.66 secured, and 5.77 times total leverage.
- M&A activity accelerated in Q3, with plans to enter six new markets and create 11 new Big Four full duopolies. The company is focused on these sub-$200 million deleveraging deals and is not currently in deep negotiation for larger transactions.
- Political advertising revenue for Q3 2025 was $8 million, exceeding expectations, and the company is optimistic about a strong political spending cycle in 2026. Core ad revenue is guided to be up low single digits for Q4 2025, with encouraging early Q1 2026 numbers.
Nov 7, 2025, 4:00 PM
Gray Media Reports Strong Q3 2025 Financial Results and Strategic Debt Refinancing
GTN
Earnings
Debt Issuance
M&A
- Gray Media, Inc. reported Q3 2025 total revenue of $749 million, which was at the high end of its guidance, and broadcast operating expenses of $542 million, which were significantly below its guidance range.
- The company recorded a net loss attributable to common stockholders of $23 million for Q3 2025, primarily due to a cyclical decrease in political advertising, compared to net income of $83 million in Q3 2024.
- During the third quarter of 2025, Gray Media completed significant debt market transactions, including issuing $900 million in 9.625% Senior Secured Second Lien Notes and $775 million in 7.25% Senior Secured First Lien Notes, which strengthened its balance sheet and extended debt maturities until December 2028.
- The company also announced a historic station swap and three additional planned acquisitions of television stations, expecting to enter six new markets and create 11 new full-power duopolies.
- Gray Media provided full-year 2025 total revenue guidance ranging from $3,070 million to $3,085 million.
Nov 7, 2025, 1:00 PM
Quarterly earnings call transcripts for GRAY MEDIA.
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