Gray Media (NYSE:GTN) Announces Earnings Results

Gray Media (NYSE:GTN) posted its quarterly earnings results on Thursday. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.02), FiscalAI reports. The company had revenue of $768.00 million during the quarter, compared to analyst estimates of $768.05 million. Gray Media had a negative return on equity of 3.05% and a negative net margin of 3.12%.The company’s revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.23) earnings per share.

Here are the key takeaways from Gray Media’s conference call:

• Gray reported first-quarter results ahead of guidance with $768 million in total revenue, $154 million adjusted EBITDA, a $33 million net loss, and operating expenses down year-over-year driven by a $22 million decline in broadcasting expenses.
• Political advertising was stronger than expected—$30 million in Q1 (high end of guidance) and management guides Q2 political revenue of $60–70 million, citing broad exposure to competitive midterm races.
• Gray resolved an extended Dish distribution blackout with a new multi-year agreement, completed retransmission renewals covering ~39% of its traditional MVPD footprint, and now expects low single-digit organic net retransmission growth for full-year 2026 (Q1 was down ~$4M due to the dispute).
• The company accelerated M&A activity—closing WBBJ and recent deals with Allen Media Group and Block Communications, with remaining closings expected soon—while reporting >$1 billion in liquidity but relatively high leverage (consolidated total net leverage ~5.94x), so transactions may both grow scale and complicate deleveraging.
• Strategic content and digital progress includes completion of the Quickplay streaming migration, expanded sports production and rights (MLB, NBA, NHL, WNBA, NCAA, BravesVision), Assembly studio bookings (CBS renewal of Beyond the Gates and tennis events), and management expects these to drive future audience and advertising growth.

Gray Media Stock Down 1.7%

GTN traded down $0.08 during mid-day trading on Friday, reaching $4.35. 2,092,412 shares of the stock were exchanged, compared to its average volume of 1,128,281. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.27 and a current ratio of 1.27. The stock has a market capitalization of $450.92 million, a PE ratio of -2.84 and a beta of 1.04. The company has a 50 day moving average price of $5.13 and a two-hundred day moving average price of $4.86. Gray Media has a 1 year low of $3.50 and a 1 year high of $6.43.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date of this dividend is Monday, June 15th. Gray Media’s payout ratio is currently -22.54%.

Gray Media News Summary

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Gray Media declared a quarterly cash dividend of $0.08 per share, which supports the stock’s income appeal and implies a roughly 7.1% annualized yield. Gray Announces Quarterly Cash Dividend of $0.08 Per Share
• Positive Sentiment: The company closed its $80 million station transaction with Block Communications, adding TV stations in Louisville, Springfield-Decatur, and Lima, which should expand Gray’s broadcast portfolio. Gray Media and Block Communications Close Station Transaction
• Neutral Sentiment: Gray updated second-quarter 2026 guidance, with revenue outlook of $780 million to $800 million versus a $794 million consensus estimate, leaving investors focused on whether upcoming results can beat expectations. Gray Media, Inc. (NYSE:GTN) Q1 2026 Earnings Call Transcript
• Negative Sentiment: First-quarter EPS came in at a loss of $0.34 per share, missing the $0.32 loss expected by analysts, which is a key reason the stock is under pressure. Gray Media (GTN) Reports Q1 Loss, Beats Revenue Estimates
• Negative Sentiment: Revenue of $768 million was essentially flat versus estimates and down 1.8% year over year, reinforcing concerns about slow top-line growth and weak profitability. Gray Media Announces First Quarter Financial Results

Hedge Funds Weigh In On Gray Media

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Gray Media by 4.4% during the 3rd quarter. Vanguard Group Inc. now owns 5,998,630 shares of the company’s stock worth $34,672,000 after acquiring an additional 251,419 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Gray Media by 23.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after acquiring an additional 994,474 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Gray Media by 55.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock worth $13,932,000 after acquiring an additional 1,025,133 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Gray Media by 76.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock worth $6,169,000 after buying an additional 590,704 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Gray Media by 81.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 1,209,751 shares of the company’s stock worth $6,992,000 after buying an additional 543,874 shares during the last quarter. 78.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GTN has been the subject of a number of research reports. Zacks Research cut shares of Gray Media from a “strong-buy” rating to a “hold” rating in a report on Wednesday, March 4th. Wells Fargo & Company raised their price target on shares of Gray Media from $5.50 to $6.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. Weiss Ratings raised shares of Gray Media from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 1st. Benchmark boosted their price target on shares of Gray Media from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, February 27th. Finally, Wall Street Zen lowered shares of Gray Media from a “hold” rating to a “sell” rating in a research note on Saturday. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $8.13.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.