Gray Media reported third quarter 2026 total revenue of $972 million, a 30% increase year-over-year that exceeded analyst expectations. The performance was driven by a record $198 million in political advertising revenue, which surpassed management's own high-end guidance, and a resilient 1% growth in core advertising despite election-cycle displacement.
Key Highlights
- Record political advertising revenue of $198M outperformed the revised guidance range of $188M-$195M.
- Core advertising revenue grew 1% to $358M, as contributions from acquisitions offset the expected "crowd out" from political spending.
- Net retransmission revenue reached $150M, a 14% increase year-over-year, supported by station portfolio growth.
- Debt management initiatives during the quarter included extending $2B in maturities and reducing high-interest debt by nearly $1B, which is expected to lower annual interest expense by over $30M.