AI-extracted from the 10-Q filed 2026-08-07 — Q2 2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Gray Media Q2 revenue rose 9% to $839M, driven by $41M from 2026 acquisitions and $74M political advertising surge in even-year election cycle.
Biggest Revenue Drivers
Broadcasting$813M+8% YoY
Political advertising surged $74M in even-year election cycle; core advertising declined $4M from macro softness; retransmission consent down $10M from subscriber losses and satellite dispute.
Production Companies$26M+44% YoY
Increase in sports production contracts.
Biggest Revenue Drivers
Total revenue: $839M+9% YoY
Broadcasting$813M+8% YoY
Political advertising surged $74M in even-year election cycle; core advertising declined $4M from macro softness; retransmission consent down $10M from subscriber losses and satellite dispute.
Production Companies$26M+44% YoY
Increase in sports production contracts.
Largest Expense Items
Broadcasting operating expenses (before D&A and disposal gains/losses)$569M+1% YoY
Payroll increased $18M from 2026 acquisitions staffing; network affiliation fees down offset by software and professional services increases.
Interest expense$117MFlat YoY
No change from prior year quarter.
Corporate and administrative expenses (before D&A and disposal gains/losses)$37M+48% YoY
Transaction-related professional service expenses.
Amortization of intangible assets$21M-25% YoY
Finite-lived intangible assets became fully amortized, offset by amortization of acquired intangibles.
Margins: Operating margin improved to 16% in Q2 2026 from 11% in Q2 2025. Broadcasting margins benefited from operating leverage on higher political and total revenue despite core advertising softness and retransmission headwinds.
Watch Items from the Filing
Retransmission consent revenue declined $10M in Q2 2026 (3% YoY). Satellite TV distributor dispute removed stations from platform March-May 2026; resolved May 1. Further subscriber erosion and distribution disputes could pressure this 43% revenue segment.
Core advertising (44% of revenue) declined $4M YoY in Q2 2026 despite acquisitions. Macro softness evident. Services sector (27%) and automotive (17%) represent largest advertising customer segments and are cyclical.
Total net debt $5.7B as of June 30, 2026; total net leverage ratio 5.73x (max 7.0x permitted). Company remains highly leveraged. Q2 generated only $124M operating cash (down from $163M YoY) while capex and M&A consumed $290M in investing cash.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Howell Hilton H JrChairman, President & CEOGrant or award · May 6, 2026
Newton HowellReporting ownerGrant or award · May 6, 2026
Gignac Jeffrey RExecutive Vice President, CFOShares withheld for tax or exercise price · Apr 1, 2026
About GRAY MEDIA, INC (GTN): stock profile, AI score and financials
GRAY MEDIA, INC (GTN) stock profile, AI quality score, and SEC EDGAR financial data, a Communication Services sector company. 13F Pro's AI-powered ranking engine scores GTN at 51.3/100 on a composite quality score built from its SEC filings, placing it at rank #1,568 of 2,925 stocks — the bottom half of the AI-ranked universe. GTN scores in the top quartile across earnings quality (91.2). Areas of concern include institutional flow (10.3) and profitability (25.4), which score below median versus the broader universe. Based on the latest XBRL financial filings (Q2 2026), GRAY MEDIA, INC reports quarterly revenue of $839.0M, net income of $14.0M, an operating margin of 16.2%. Top institutional holders of GTN by reported 13-F value include MILLER VALUE PARTNERS, CAPITAL MANAGEMENT, BlackRock, based on the most recent SEC filings. GTN trades on the NYSE exchange and files with the SEC under CIK 43196. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate GTN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for GRAY MEDIA, INC directly from SEC EDGAR.