Gray Media Revenue Reaches $972 Million in Third Quarter, Up 30%
Key Facts
Gray Media reported results on November 6 for the third quarter ended September 30, 2026, posting revenue of $972 million, up 30% from the same period a year earlier. In its statement, the company said revenue exceeded the high end of its revised guidance of $965 million. Net income was $78 million, compared with a net loss of $10 million in the third quarter of 2025. The results put political advertising at the forefront of performance drivers, with its impact on the company’s revenue continuing through an election year. The company’s shares, listed under ticker GTN, closed at $4.88 in the November 5 session, according to EL7 data.
In a guidance update on September 28, Gray raised its third-quarter political advertising revenue forecast to between $188 million and $195 million, from a previous range of $165 million to $185 million. The company then estimated total quarterly revenue of between $950 million and $965 million, compared with a previous forecast of $935 million to $965 million. It also lowered its estimate for the change in core advertising revenue to a 1% decline or flat on a reported basis, from a previous forecast of flat. These were earlier forecasts for the quarter, while results released on November 6 showed total revenue above the high end of the revised range. Gray tied its annual political advertising forecast to the strength of the election cycle, comparing 2026 revenue with 2024 and 2022 levels.
Chief Executive Hilton Howell said the company expects 2026 political advertising revenue to finish between $630 million and $640 million. He said the midpoint of the range is 28% above 2024 revenue of $497 million and 23% above the 2022 total of $515 million. In its comparative estimate for 2026, Gray assumed third-quarter political revenue of $192 million, the midpoint of its updated guidance. That estimate included $9 million in political advertising revenue attributed to recent acquisitions through September 30. Howell said the company expects annual political revenue of between "$630 million and $640 million."
For core advertising, Gray said contributions from acquisitions more than offset the impact of political advertising displacement, resulting in annual growth of 1% in the third quarter. It added that acquisitions completed during 2026 contributed $24 million in core advertising revenue for the quarter. In its September update, the company had forecast a change in this revenue ranging from a 1% decline to flat, on a reported basis. The actual result therefore showed core advertising growth above the prior forecast range. The company said acquisition contributions offset the impact of political displacement on core advertising revenue.
Gray said that in its September update it expected no outstanding borrowings under its revolving credit facility as of September 30, with borrowing capacity of about $379 million under its accounts receivable securitization facility. In its results statement, it reported $154 million in cash as of September 30, alongside $745 million of borrowing availability under its undrawn revolving facility. The company then reduced the facility’s total commitments on October 8, bringing borrowing availability to $675 million. It said it expects to use additional liquidity from political advertising to reduce outstanding debt by between $175 million and $200 million during the fourth quarter of 2026. Gray had set November 6 as the date for releasing its results and holding its quarterly investor call at 11 a.m. Eastern time.