Gray Media, Inc. (GTN) Earnings Call Transcripts
Gray Media, Inc.'s Latest Earnings Call - Q1 FY2026
In the first quarter of 2026, Gray Media, Inc. reported total revenue of $768 million, aligning with the high end of management's guidance. Adjusted EBITDA was $154 million, while the net loss attributable to common stockholders was $33 million. Management indicated that core advertising revenue exceeded expectations, though they anticipate mid-single-digit declines in core advertising for Q2 due to economic uncertainty. Political advertising revenue for Q2 is projected to be between $60 million and $70 million, reflecting a strong midterm cycle outlook.
Reported metrics
| Metric | Value |
|---|---|
| Total Revenue | $768 million (inline) |
| Adjusted EBITDA | $154 million (null) |
| Net Loss | $33 million (null) |
| Political Advertising Revenue (Q1) | $30 million (positive) |
| Core Advertising Revenue Growth (Q1) | 2% (positive) |
| Core Advertising Revenue Guidance (Q2) | down mid-single digits (negative) |
Guidance from management
Management anticipates Q2 core advertising revenue to decline mid-single digits compared to Q2 2025, while political advertising revenue is projected to be between $60 million and $70 million.
What management said
Thank you, Jeff. In closing, first quarter was very busy, and we have already accomplished numerous objectives in Q2, which will have long-term benefits for Gray Media. We will continue to take actions to enhance value for our advertisers, our investors and for the communities we serve. We thank everyone for joining the call today. So Tina, at this time, we would like to ask that you open up the line for questions.
Yes. And I guess let me comment, Steven, on the net retrans question. So I won't comment about the specific impact of what it would have been from any individual contract. We always think about it as a portfolio on both sides. So think about for the full year, though, we're thinking of inflationary type organic growth in net retrans, even with the blackout, which is really a continuation of the trend that started in ...
What analysts pressed on
Analysts expressed concerns about the potential impact of economic uncertainty on advertising commitments and the implications of the recent retransmission dispute on future negotiations. There were also questions regarding the sustainability of political ad revenue given the changing electoral landscape.
Main topics on the call
- Core Advertising Revenue Performance — Core advertising revenue increased by 2% year-over-year, surpassing initial guidance of flat performance. Management noted, "We finished the quarter up 2% with the boost from the Winter Olympics."
- Political Advertising Outlook — Political advertising revenue for Q1 reached $30 million, at the high end of guidance, and management anticipates Q2 political revenue to be between $60 million and $70 million. They stated, "We are optimistic that as th...
- Softness in Core Advertising — Management highlighted anticipated softness in core advertising due to economic uncertainty, particularly from the Middle East situation affecting advertiser commitments. They expect core ad revenue to decline mid-single...
- Retransmission Revenue Guidance — Management expects net retransmission revenue to show low single-digit growth for 2026, despite a recent distribution dispute. They noted, "We have clear line of sight to growth in net retransmission revenue for full yea...
Read the full Gray Media, Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Gray Media, Inc.
Gray Media, Inc. (GTN) is a publicly listed company in the Media industry, within the Communication Services sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 44 calls on record spanning February 26, 2020 to August 7, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 44 Gray Media, Inc. earnings call transcripts on record, spanning February 26, 2020 to August 7, 2026. Based on this history, Gray Media, Inc. reports quarterly. The most recent call on file is dated August 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- GTN
- Exchange
- NYSE
- Country
- US
- Sector
- Communication Services
- Industry
- Media
- Calls on record
- 44
- First call
- February 26, 2020
- Most recent
- August 7, 2026
- Reporting cadence
- quarterly