The political advertising cycle is tracking well ahead of prior cycles — the key swing factor for Q3 revenue. With no revolver borrowings and a potential refinancing catalyst, the credit story is also improving — watch for the November 6 earnings call for actual Q3 results and any refinancing announcement.
Price Chart
Executive Summary
Gray Media raised its Q3 2026 political advertising guidance to $188M-$195M (from $165M-$185M) and lifted the low end of total revenue to $950M (from $935M), while narrowing corporate expense guidance to $30M-$35M. The update, tied to potential credit facility refinancing, signals a strong political ad cycle but leaves core advertising flat to down 1% and total revenue guidance unchanged at the high end.
Key Financial Metrics
Key Facts
- Political advertising guidance raised to $188M-$195M from $188M-$195M (prior $165M-$185M)
- Total revenue guidance low end raised to $950M from $935M; high end unchanged at $965M
- Core advertising guidance narrowed to -1% to flat (as reported), from flat previously
- Corporate expense guidance lowered to $30M-$35M from $35M-$40M
- Company expects zero outstanding borrowings under Revolving Credit Facility as of September 30, 2026
- Q3 2026 earnings expected to be reported November 6, 2026
Financial Impact
Political advertising guidance raised by $23M-$30M at the midpoint ($192M midpoint vs prior $175M prior), representing a ~12% increase at the midpoint
Risk Factors
- Core advertising still flat to down 1% at the low end — core ad trends are not improving — political is the driver
- Total revenue high end unchanged at $965M — no upside from the prior high end
- Guidance is an update, not actual Q3 results are still pending
- The refinancing is potential — not yet executed
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-031279 |
| Document: gtn20260925_8k.htm | 0001437749-26-031279 |
| Document: 0001437749-26-031279-index-headers.html | 0001437749-26-031279 |
| Document: 0001437749-26-031279-index.html | 0001437749-26-031279 |
| Document: 0001437749-26-031279.txt | 0001437749-26-031279 |
| 8-K Data (Synthetic) | 0001437749-26-031279 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Press Release | $4.37 | awaiting T+5 | — | $4.30 (−1.60%) |
Oct 20, 2026 7d ago | Press Release | $4.63 $4.30 | ▼ −7.13% | ▼ −7.21% | $4.30 (−7.13%) |
Oct 15, 2026 12d ago | Press Release | $4.46 $4.70 | ▲ +5.38% | ▲ +6.40% | $4.30 (−3.59%) |
Oct 9, 2026 18d ago | 8-K | $4.43 $4.48 | ▲ +1.13% | ▲ +2.62% | $4.30 (−2.93%) |
Oct 9, 2026 18d ago | 8-K | $4.54 $4.38 | ▼ −3.52% | ▼ −1.56% | $4.30 (−5.29%) |
Oct 2, 2026 25d ago | Press Release | $4.54 $4.54 | · 0.00% | ▼ −1.16% | $4.30 (−5.29%) |
Sep 28, 2026 29d ago | 8-K | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.30 (−6.32%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.30 (−6.32%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.30 (−6.32%) |
Sep 23, 2026 4w ago | Press Release | $4.58 $4.50 | ▼ −1.75% | ▼ −1.07% | $4.30 (−6.11%) |
US Market Status
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