Gray Media (NYSE:GTN) Issues Earnings Results

Key Points

• Gray Media reported first-quarter earnings of -$0.34 per share, missing analyst expectations, while revenue came in at $768 million, roughly in line with estimates but down 1.8% year over year.
• Management said results were ahead of guidance and highlighted stronger-than-expected political advertising, with $30 million in Q1 and $60–70 million expected in Q2.
• The company also pointed to strategic progress, including a new Dish distribution agreement, recent station acquisitions, and ongoing digital and sports content investments aimed at supporting future growth.

Gray Media (NYSE:GTN - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.32) by ($0.02), FiscalAI reports. Gray Media had a negative net margin of 3.12% and a negative return on equity of 3.05%. The company had revenue of $768.00 million for the quarter, compared to the consensus estimate of $768.05 million. During the same quarter in the prior year, the company earned ($0.23) earnings per share. The company's quarterly revenue was down 1.8% on a year-over-year basis.

Here are the key takeaways from Gray Media's conference call:

• Gray reported first-quarter results ahead of guidance with $768 million in total revenue, $154 million adjusted EBITDA, a $33 million net loss, and operating expenses down year-over-year driven by a $22 million decline in broadcasting expenses.
• Political advertising was stronger than expected—$30 million in Q1 (high end of guidance) and management guides Q2 political revenue of $60–70 million, citing broad exposure to competitive midterm races.
• Gray resolved an extended Dish distribution blackout with a new multi-year agreement, completed retransmission renewals covering ~39% of its traditional MVPD footprint, and now expects low single-digit organic net retransmission growth for full-year 2026 (Q1 was down ~$4M due to the dispute).
• The company accelerated M&A activity—closing WBBJ and recent deals with Allen Media Group and Block Communications, with remaining closings expected soon—while reporting >$1 billion in liquidity but relatively high leverage (consolidated total net leverage ~5.94x), so transactions may both grow scale and complicate deleveraging.
• Strategic content and digital progress includes completion of the Quickplay streaming migration, expanded sports production and rights (MLB, NBA, NHL, WNBA, NCAA, BravesVision), Assembly studio bookings (CBS renewal of Beyond the Gates and tennis events), and management expects these to drive future audience and advertising growth.

Gray Media Trading Down 1.7%

NYSE:GTN traded down $0.08 during midday trading on Friday, reaching $4.35. 2,092,412 shares of the stock traded hands, compared to its average volume of 1,128,281. The stock has a market capitalization of $450.92 million, a P/E ratio of -2.84 and a beta of 1.04. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. The company has a fifty day moving average of $5.13 and a 200 day moving average of $4.86. Gray Media has a 12 month low of $3.50 and a 12 month high of $6.43.

Gray Media Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date is Monday, June 15th. Gray Media's dividend payout ratio is currently -22.54%.

Hedge Funds Weigh In On Gray Media

Hedge funds and other institutional investors have recently modified their holdings of the company. Acadian Asset Management LLC bought a new stake in shares of Gray Media in the first quarter worth about $28,000. CANADA LIFE ASSURANCE Co raised its position in Gray Media by 68.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company's stock valued at $50,000 after purchasing an additional 4,217 shares during the last quarter. Engineers Gate Manager LP bought a new position in Gray Media during the 4th quarter valued at approximately $55,000. Dynamic Technology Lab Private Ltd purchased a new stake in Gray Media in the 4th quarter worth approximately $63,000. Finally, Squarepoint Ops LLC purchased a new stake in Gray Media in the 4th quarter worth approximately $71,000. 78.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Zacks Research lowered shares of Gray Media from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, March 4th. Wells Fargo & Company lifted their price objective on Gray Media from $5.50 to $6.00 and gave the company an "equal weight" rating in a research note on Monday, March 2nd. Barrington Research restated an "outperform" rating and set a $6.50 target price on shares of Gray Media in a research report on Tuesday, April 28th. Guggenheim upped their target price on Gray Media from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Finally, Weiss Ratings raised Gray Media from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Gray Media presently has an average rating of "Hold" and an average price target of $8.13.

More Gray Media News

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Gray Media declared a quarterly cash dividend of $0.08 per share, which supports the stock’s income appeal and implies a roughly 7.1% annualized yield. Gray Announces Quarterly Cash Dividend of $0.08 Per Share
• Positive Sentiment: The company closed its $80 million station transaction with Block Communications, adding TV stations in Louisville, Springfield-Decatur, and Lima, which should expand Gray’s broadcast portfolio. Gray Media and Block Communications Close Station Transaction
• Neutral Sentiment: Gray updated second-quarter 2026 guidance, with revenue outlook of $780 million to $800 million versus a $794 million consensus estimate, leaving investors focused on whether upcoming results can beat expectations. Gray Media, Inc. NYSE: GTN Q1 2026 Earnings Call Transcript
• Negative Sentiment: First-quarter EPS came in at a loss of $0.34 per share, missing the $0.32 loss expected by analysts, which is a key reason the stock is under pressure. Gray Media (GTN) Reports Q1 Loss, Beats Revenue Estimates
• Negative Sentiment: Revenue of $768 million was essentially flat versus estimates and down 1.8% year over year, reinforcing concerns about slow top-line growth and weak profitability. Gray Media Announces First Quarter Financial Results

Gray Media Company Profile

Gray Media NYSE: GTN is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company's core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media's television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.

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