Gray Television Stock Earnings Reports

Gray Media reported solid Q1 2026 results with total revenue of $768 million (at the high end of guidance) and Adjusted EBITDA of $154 million. Core advertising was slightly positive (flat year-over-year, up 2% including the Winter Olympics) though the company sees some Q2 softness as advertisers delay spend amid Middle East volatility and rotating sporting calendar effects. Political revenue came in at $30 million (high end of guidance) and management expects Q2 political revenue of $60–$70 million. Net retransmission revenue faces short-term impact from a recently resolved DISH blackout but management says all scheduled 2026 MVPD renewals are complete and they have line of sight to net retrans growth for full-year 2026. Broadcasting expenses were down year-over-year in Q1 (notably a $22M decline in broadcasting expenses versus Q1 2025) and Q2 broadcasting expenses are guided lower. Gray completed multiple station acquisitions (including WBBJ and recent deals from Allen Media Group and Block Communications) and expects further deal closings in the coming weeks; corporate expenses were elevated this quarter due to M&A legal costs but should normalize. The company ended Q1 with over $1 billion in liquidity and is focused on delevering through integration, retrans revenue growth, political cash, and potential refinancing to reduce interest expense. Digital and sports initiatives (including Assembly Studios deals and expanded sports production) are highlighted as growth drivers.