Monitor the outcome of lender meetings for credit facility refinancing; political advertising revenue surge is cyclical and may not sustain into Q4. The Q2 EPS miss suggests underlying core advertising weakness that could weigh on the stock despite the guidance update.
Price Chart
Executive Summary
Gray Media updated Q3 2026 guidance, raising political advertising revenue to $188-195M (from $165-185M) and narrowing total revenue to $950-965M (from $935-965M), while reducing corporate expense guidance.
Key Financial Metrics
Key Facts
- Q3 2026 political advertising revenue guidance raised to $188-195M from $165-185M
- Total revenue guidance narrowed to $950-965M from $935-965M
- Corporate expense guidance lowered to $30-35M from $35-40M
- Q2 2026 EPS of $0.21 missed consensus of $0.97 by 78.4%
- Guidance update tied to lender meetings for potential credit facility refinancing
- Company expects no outstanding borrowings under Revolving Credit Facility as of Sep 30, 2026
Financial Impact
Political revenue guidance raised by $18M at midpoint; total revenue midpoint unchanged at $957.5M; corporate expense reduced by $5M
Risk Factors
- Political advertising revenue is cyclical and may decline sharply after midterm elections
- Core advertising revenue guidance flat to -1% indicates ongoing secular headwinds
- Credit facility refinancing may face unfavorable terms given elevated interest rates
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3369700 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Press Release | $4.55 | awaiting T+5 | — | $4.32 (−4.84%) |
Oct 20, 2026 7d ago | Press Release | $4.63 | awaiting T+5 | — | $4.32 (−6.59%) |
Oct 15, 2026 12d ago | Press Release | $4.46 $4.70 | ▲ +5.38% | ▲ +6.40% | $4.32 (−3.03%) |
Oct 9, 2026 17d ago | 8-K | $4.43 $4.48 | ▲ +1.13% | ▲ +2.62% | $4.32 (−2.37%) |
Oct 9, 2026 18d ago | 8-K | $4.54 $4.38 | ▼ −3.52% | ▼ −1.56% | $4.32 (−4.74%) |
Oct 2, 2026 25d ago | Press Release | $4.54 $4.54 | · 0.00% | ▼ −1.16% | $4.32 (−4.74%) |
Sep 28, 2026 29d ago | 8-K | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.32 (−5.77%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.32 (−5.77%) |
Sep 28, 2026 29d ago | Press Release | $4.59 $4.63 | ▲ +0.87% | ▼ −0.33% | $4.32 (−5.77%) |
Sep 23, 2026 4w ago | Press Release | $4.58 $4.50 | ▼ −1.75% | ▼ −1.07% | $4.32 (−5.57%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers