Gray Television Stock Earnings Reports

Gray Media reported solid Q1 2026 results with total revenue of $768M (at the high end of guidance), Adjusted EBITDA of $154M, and a nominal net loss attributable to common stockholders of $0.33M. Core advertising was slightly up year-over-year (benefiting from the Winter Olympics) but management sees some Q2 softness as advertisers delay buys amid Middle East volatility and rotating sports events. Political revenue came in at $30M (top of guide) and Q2 political revenue is guided to $60M–$70M. Management resolved a major distribution dispute with DISH via a new multi-year agreement and completed several station acquisitions (including WBBJ and recent deals from Allen Media Group and Block Communications), with remaining transaction closings expected soon. Net retransmission revenue is expected to return to low single-digit organic growth for the year, and with all scheduled 2026 MVPD renewals now done, management has line of sight to retrans growth and to deleveraging as acquired assets contribute. Balance sheet highlights: over $1B in liquidity as of 3/31/2026 and pro forma leverage (per amended credit agreement) of 2.56x first-lien net leverage, 3.79x secured net leverage, and 5.94x total net leverage; the revolver was undrawn after recent closings. Company-wide CapEx guide remains $140M for 2026 (back-end weighted). Management emphasized digital/streaming progress (Quickplay platform), expanded sports production and distribution, and that FIFA World Cup and a strong midterm political cycle present revenue opportunities.