Gray Media Beats Q2 Revenue, Swings to Profit, and Launches $250M Debt Buyback
GTN sits 31% above its 52-week low of $3.5.
Summary
Gray Media reported Q2 revenue of $839M, beating guidance, and swung to a $14M profit. Political ad revenue surged to $83M, and the board authorized a new $250M debt repurchase program.
Updates
· SEC 10-Q — Q2 10-Q details station acquisitions: Allen 7 for $115M, Block for $80M, SGH for $2M, and a station swap with Scripps resulting in a $22M non-cash loss.
Key Events · Earnings and Guidance · GTN
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Q2 Revenue and Earnings Beat
Total revenue of $839M exceeded the high end of guidance ($830M). Net income swung to a $14M profit from a $56M loss in Q2 2025, driven by political advertising and acquisition contributions.
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Political Advertising Surge
Political ad revenue hit $83M, far above the $70M guidance, and Q3 guidance calls for $165M-$185M, reflecting a strong election-year cycle.
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$250M Debt Repurchase Authorization
Board authorized up to $250M in debt repurchases through December 2027, replacing an expired program. This signals confidence in cash flow and a focus on reducing the $5.87B debt load.
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Q3 Guidance Raised
Q3 total revenue guidance of $935M-$965M implies significant growth from $749M a year ago, fueled by political advertising and recent acquisitions.
Analysis · GTN · Technology
A strong second quarter saw Gray Media deliver revenue of $839 million, beating the high end of guidance by $9 million, while net income swung to a $14 million profit from a $56 million loss a year ago. Political advertising stole the show, coming in at $83 million versus guidance of $70 million, and the company guided for $165–$185 million in Q3 — a massive ramp into the election cycle. In a further show of confidence, the board authorized a new $250 million debt repurchase program, replacing an expired authorization, signaling both robust cash generation and a commitment to deleveraging the heavily indebted balance sheet. The combination of an earnings beat, a return to profitability, and a sizable debt buyback authorization makes this a notable positive catalyst.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 36.1% of the 1052 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.56%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, GTN was trading at $4.60 on NYSE in the Technology sector, with a market capitalization of approximately $462.7M. The 52-week trading range was $3.50 to $6.44. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.