Gray Media outpaces Q4 estimates, braces for 2026 midterm spend

Gray Media (NYSE:GTN) reported fourth-quarter 2025 results that surpassed internal projections, even as the broadcaster faced an expected year-over-year decline following the 2024 political cycle.

The company posted total revenue of $792 million and adjusted EBITDA of $179 million, both exceeding previous guidance.

While these figures represent a contraction from the 2024 peak, management noted that disciplined cost-cutting led to a significant drop in broadcasting expenses.

A central theme of the report was the proactive management of the company's capital structure.

Gray completed a series of debt refinancings that pushed the majority of its maturities beyond 2028, effectively insulating its near-term liquidity from immediate credit risk.

This financial flexibility comes as the company prepares for the anticipated 2026 midterm election cycle, which traditionally serves as a major windfall for local television advertising.

During the quarter, Gray closed its acquisition of WBBJ-TV for $25 million, further consolidating its presence in the Tennessee market.

The company also strengthened its cash position by receiving $28 million in Capital Improvement District (CID) reimbursements related to its Assembly Atlanta studio development.

Looking ahead to the full year 2026, Gray provided a detailed financial roadmap that balances aggressive investment with the reality of high borrowing costs:

For 2026, the company projected capital expenditures at $140 million as the company continues to modernize its digital and studio infrastructure.