Gray Media posts robust $839M revenue quarter

• Gray Media reported Q2 2026 revenue of $839 million, up 9% year over year, with acquisitions contributing $41 million.
• Adjusted EBITDA increased 27% to $214 million, while GTN shares rose 14.25% to $4.89 in premarket trading.
• Gray Media expects Q3 revenue of $935–$965 million, including political advertising revenue of $165–$185 million.

Gray Media (NYSE:GTN) reported Q2 2026 revenue of $839 million, up 9% year over year, while adjusted EBITDA increased 27% to $214 million.

Revenue exceeded Gray Media’s previous Q2 guidance of $780–$800 million, while core advertising slipped 1% to $357 million and political advertising climbed to $83 million from $9 million.

Retransmission consent revenue declined 3% to $359 million, but net retransmission revenue increased 10% to $150 million as network affiliation fees decreased.

Broadcasting expenses increased 1% to $569 million, corporate expenses reached $37 million, and Gray ended June with $5.87 billion of debt principal and $176 million of cash.

Gray recently issued $70 million of additional 2033 first-lien notes, repurchased $120 million of 2029 and 2031 notes and authorized another $250 million of debt repurchases.

Gray Media also said it expects Q3 2026 revenue of $935–$965 million and political advertising revenue of $165–$185 million as the U.S. midterm election cycle accelerates.