The stock may react positively to the guidance raise and strong core ad trends, but traders should be cautious of the significant YoY decline in headline revenue and profitability. Monitor Q1 2026 results for confirmation of the improved outlook.
Price Chart
Executive Summary
Gray Media reported Q4 2025 revenue of $792 million, exceeding guidance, driven by 3% YoY growth in core advertising and net retransmission revenue. However, total revenue declined 24% YoY due to a 95% drop in political advertising. Adjusted EBITDA fell 55% YoY to $179 million. The company raised 2026 Q1 guidance, citing benefits from the Super Bowl and Winter Olympics broadcasts, and completed a $250 million debt refinancing.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $792 million, down 24% YoY but exceeded guidance of $782 million.
- Core advertising revenue grew 3% YoY to $392 million, and net retransmission revenue grew 3% to $134 million.
- Political advertising revenue plummeted 95% YoY to $12 million, a major drag on total revenue.
- Adjusted EBITDA fell 55% YoY to $179 million, missing consensus expectations despite revenue beat.
- Company raised Q1 2026 guidance, forecasting total revenue of $755-$770 million, driven by Super Bowl and Winter Olympics ad revenue.
- Completed a $250 million debt refinancing, extending maturities beyond 2028 and reducing overall leverage.
Financial Impact
Revenue declined by $253 million YoY (-24%) and Adjusted EBITDA declined by $223 million YoY (-55%).
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Core Advertising | $392.0M | +3.0% |
| Political Advertising | $12.0M | -95.0% |
| Retransmission Consent | $335.0M | -7.0% |
Risk Factors
- The significant year-over-year decline in total revenue and Adjusted EBITDA indicates underlying business weakness outside of cyclical factors.
- The company's performance is heavily dependent on the upcoming 2026 political advertising cycle to drive growth.
- High leverage remains a concern, with a total leverage ratio of 5.80 to 1.00.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-005740 |
| Document: gtn20260224d_8k.htm | 0001437749-26-005740 |
| Document: 0001437749-26-005740-index-headers.html | 0001437749-26-005740 |
| Document: 0001437749-26-005740-index.html | 0001437749-26-005740 |
| Document: 0001437749-26-005740.txt | 0001437749-26-005740 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Press Release | $4.55 | awaiting T+5 | — | $4.32 (−5.06%) |
Oct 20, 2026 7d ago | Press Release | $4.63 | awaiting T+5 | — | $4.32 (−6.80%) |
Oct 15, 2026 12d ago | Press Release | $4.46 $4.70 | ▲ +5.38% | ▲ +6.40% | $4.32 (−3.25%) |
Oct 9, 2026 17d ago | 8-K | $4.43 $4.48 | ▲ +1.13% | ▲ +2.62% | $4.32 (−2.60%) |
Oct 9, 2026 18d ago | 8-K | $4.54 $4.38 | ▼ −3.52% | ▼ −1.56% | $4.32 (−4.96%) |
Oct 2, 2026 24d ago | Press Release | $4.54 $4.54 | · 0.00% | ▼ −1.16% | $4.32 (−4.96%) |
Sep 28, 2026 29d ago | 8-K | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.32 (−5.99%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.32 (−5.99%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.32 (−5.99%) |
Sep 23, 2026 4w ago | Press Release | $4.58 $4.50 | ▼ −1.75% | ▼ −1.07% | $4.32 (−5.79%) |
US Market Status
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