Gray Media reports $972 million Q3 revenue as political advertising surges
Key points
- Gray Media (NYSE:GTN) reported third-quarter 2026 revenue of $972 million, up 30% year over year, and net income of $78 million compared with a $10 million loss in the prior-year quarter.
- Political advertising surged to $198 million from $8 million, while core advertising revenue increased 1% to $358 million.
- Gray expects to reduce debt by $175 million–$200 million in the fourth quarter, following refinancing transactions that extended approximately $2 billion in maturities and lowered future annual interest expense by more than $30 million.
Gray Media (NYSE:GTN) reported third-quarter 2026 revenue of $972 million, representing a 30% increase year over year, as stronger political advertising and contributions from acquired television stations supported financial performance.
For the quarter ended September 30, 2026, the company recorded net income of $78 million, compared with a net loss of $10 million in the corresponding period of 2025.
Political advertising was a major contributor to revenue growth, reaching $198 million compared with just $8 million a year earlier.
Core advertising revenue increased 1% to $358 million, indicating relatively modest growth in the company's underlying advertising business outside political campaigns.
Gray expects full-year 2026 political advertising revenue to reach between $630 million and $640 million, reflecting continued demand associated with the U.S. election cycle.
The company is also prioritizing debt reduction and balance sheet management.
Gray expects to reduce debt by approximately $175 million–$200 million during the fourth quarter of 2026.
Refinancing transactions and share repurchases completed during the third quarter and into October extended approximately $2 billion in debt maturities and reduced anticipated annual interest expenses by more than $30 million.
At September 30, 2026, Gray reported debt principal of $5.822 billion and cash of $154 million, compared with $5.810 billion in debt principal and $368 million in cash at December 31, 2025.
Gray continues to pursue station acquisitions, although some transactions remain subject to regulatory approval.
Subscriber declines also remain a challenge, partially offsetting additional retransmission revenue generated through acquired television operations.
Gray Media operates television stations and digital media businesses across the United States, providing local news, sports, entertainment and advertising services.
Frequently asked questions
More from United States
VEON boosts 2026 outlook as Q3 revenue grows 17.2% to $1.31 billion
Utz Brands misses Q3 estimates as revenue falls 2.3% and losses widen
Elanco raises 2026 outlook as Q3 revenue grows 11% to $1.265 billion
Algonquin Power reports $57.6 million Q3 net earnings
TDS reveals lower Q3 earnings, adds $250 million buyback
Array Digital reports $53.9 million Q3 revenue, maintains outlook
