Gray Media (GTN)
Market Price (7/7/2026): $4.02 | Market Cap: $389.9 MilSector: Communication Services | Industry: Broadcasting
Gray Media (GTN)
Market Price (7/7/2026): $4.02Market Cap: $389.9 MilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 8.7%, FCF Yield is 12% Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Digital Advertising. Themes include Video Streaming, and Ad-Tech Platforms. | Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -109% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1428% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.0%, Rev Chg QQuarterly Revenue Change % is -1.8% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -20% Key risksGTN key risks include [1] its substantial debt load and high financial leverage, Show more. |
| Attractive yieldDividend Yield is 8.7%, FCF Yield is 12% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Digital Advertising. Themes include Video Streaming, and Ad-Tech Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -49%, 3Y Excs Rtn is -109% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1428% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -14%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5.0%, Rev Chg QQuarterly Revenue Change % is -1.8% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -20% |
| Key risksGTN key risks include [1] its substantial debt load and high financial leverage, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/1/2026
Gray Media (GTN) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Gray Media reported a wider-than-expected loss for fiscal Q1 2026, which ended March 31, 2026. The company posted an earnings per share (EPS) loss of $0.34, significantly worse than the $0.20 loss analysts had anticipated. This surprise triggered a substantial decline in the stock price, with shares tumbling 10.49% in premarket trading and a 20.07% drop from the previous close on May 7, 2026, the day the results were announced.
2. Net retransmission revenue in fiscal Q1 2026 fell short of guidance due to a distribution dispute. Gray Media's net retransmission revenue for the quarter was $142 million, below its guidance range of $148 million to $150 million. This shortfall was directly attributed to an unresolved dispute with a major multichannel video programming distributor (MVPD) during the quarter. An earlier report noted that Gray Media's stations were dropped by Dish Network on March 11, 2026, which likely contributed to this issue.
Show more
Gray Media (GTN) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Gray Media reported a wider-than-expected loss for fiscal Q1 2026, which ended March 31, 2026. The company posted an earnings per share (EPS) loss of $0.34, significantly worse than the $0.20 loss analysts had anticipated. This surprise triggered a substantial decline in the stock price, with shares tumbling 10.49% in premarket trading and a 20.07% drop from the previous close on May 7, 2026, the day the results were announced.
2. Net retransmission revenue in fiscal Q1 2026 fell short of guidance due to a distribution dispute. Gray Media's net retransmission revenue for the quarter was $142 million, below its guidance range of $148 million to $150 million. This shortfall was directly attributed to an unresolved dispute with a major multichannel video programming distributor (MVPD) during the quarter. An earlier report noted that Gray Media's stations were dropped by Dish Network on March 11, 2026, which likely contributed to this issue.
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Updated on 7/1/2026
Gray Media (GTN) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Gray Media reported a wider-than-expected loss for fiscal Q1 2026, which ended March 31, 2026. The company posted an earnings per share (EPS) loss of $0.34, significantly worse than the $0.20 loss analysts had anticipated. This surprise triggered a substantial decline in the stock price, with shares tumbling 10.49% in premarket trading and a 20.07% drop from the previous close on May 7, 2026, the day the results were announced.
2. Net retransmission revenue in fiscal Q1 2026 fell short of guidance due to a distribution dispute. Gray Media's net retransmission revenue for the quarter was $142 million, below its guidance range of $148 million to $150 million. This shortfall was directly attributed to an unresolved dispute with a major multichannel video programming distributor (MVPD) during the quarter. An earlier report noted that Gray Media's stations were dropped by Dish Network on March 11, 2026, which likely contributed to this issue.
3. The company continues to carry a high level of long-term debt and interest expense. As of March 31, 2026, Gray Media's long-term debt remained elevated at approximately $5.8 billion. The company also incurred significant interest expenses of $117 million during fiscal Q1 2026, contributing to a net loss of $20 million, compared to $9 million in the prior year.
4. Market concerns persist regarding softness in core advertising and industry disruptions. While core advertising revenue for fiscal Q1 2026 showed a 2% year-over-year increase and exceeded company guidance, Gray Media's Executive Chairman and CEO noted "some softness in core advertising in Q2." Analysts have expressed concerns about a broader decline in core ad spend and the difficulties associated with recent acquisitions due to ongoing disruptions within the advertising industry.
Show less
Gray Media (GTN) stock has lost about 5% since 3/31/2026 because of the following key factors:
1. Gray Media reported a wider-than-expected loss for fiscal Q1 2026, which ended March 31, 2026. The company posted an earnings per share (EPS) loss of $0.34, significantly worse than the $0.20 loss analysts had anticipated. This surprise triggered a substantial decline in the stock price, with shares tumbling 10.49% in premarket trading and a 20.07% drop from the previous close on May 7, 2026, the day the results were announced.
2. Net retransmission revenue in fiscal Q1 2026 fell short of guidance due to a distribution dispute. Gray Media's net retransmission revenue for the quarter was $142 million, below its guidance range of $148 million to $150 million. This shortfall was directly attributed to an unresolved dispute with a major multichannel video programming distributor (MVPD) during the quarter. An earlier report noted that Gray Media's stations were dropped by Dish Network on March 11, 2026, which likely contributed to this issue.
3. The company continues to carry a high level of long-term debt and interest expense. As of March 31, 2026, Gray Media's long-term debt remained elevated at approximately $5.8 billion. The company also incurred significant interest expenses of $117 million during fiscal Q1 2026, contributing to a net loss of $20 million, compared to $9 million in the prior year.
4. Market concerns persist regarding softness in core advertising and industry disruptions. While core advertising revenue for fiscal Q1 2026 showed a 2% year-over-year increase and exceeded company guidance, Gray Media's Executive Chairman and CEO noted "some softness in core advertising in Q2." Analysts have expressed concerns about a broader decline in core ad spend and the difficulties associated with recent acquisitions due to ongoing disruptions within the advertising industry.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -5.7% change in GTN stock from 3/31/2026 to 7/6/2026 was primarily driven by a -8.1% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.25 | 4.01 | -5.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,095 | 3,081 | -0.5% |
| P/S Multiple | 0.1 | 0.1 | -8.1% |
| Shares Outstanding (Mil) | 100 | 97 | 3.1% |
| Cumulative Contribution | -5.7% |
Market Drivers
3/31/2026 to 7/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -5.7% | |
| Market (SPY) | 15.5% | 15.9% |
| Sector (XLC) | -0.6% | 31.6% |
Fundamental Drivers
The -14.0% change in GTN stock from 12/31/2025 to 7/6/2026 was primarily driven by a -8.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.66 | 4.01 | -14.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,348 | 3,081 | -8.0% |
| P/S Multiple | 0.1 | 0.1 | -6.5% |
| Shares Outstanding (Mil) | 97 | 97 | 0.0% |
| Cumulative Contribution | -14.0% |
Market Drivers
12/31/2025 to 7/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -14.0% | |
| Market (SPY) | 10.5% | 16.7% |
| Sector (XLC) | -6.1% | 25.0% |
Fundamental Drivers
The -5.4% change in GTN stock from 6/30/2025 to 7/6/2026 was primarily driven by a -14.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.24 | 4.01 | -5.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,603 | 3,081 | -14.5% |
| P/S Multiple | 0.1 | 0.1 | 11.8% |
| Shares Outstanding (Mil) | 96 | 97 | -1.0% |
| Cumulative Contribution | -5.4% |
Market Drivers
6/30/2025 to 7/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -5.4% | |
| Market (SPY) | 22.6% | 21.5% |
| Sector (XLC) | 2.6% | 27.7% |
Fundamental Drivers
The -38.2% change in GTN stock from 6/30/2023 to 7/6/2026 was primarily driven by a -22.9% change in the company's P/S Multiple.| (LTM values as of) | 6302023 | 7062026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.49 | 4.01 | -38.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,650 | 3,081 | -15.6% |
| P/S Multiple | 0.2 | 0.1 | -22.9% |
| Shares Outstanding (Mil) | 92 | 97 | -5.2% |
| Cumulative Contribution | -38.2% |
Market Drivers
6/30/2023 to 7/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -38.2% | |
| Market (SPY) | 75.5% | 27.5% |
| Sector (XLC) | 74.7% | 29.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GTN Return | 14% | -43% | -17% | -62% | 65% | -12% | -71% |
| Peers Return | 16% | -4% | -32% | -12% | 39% | -9% | -15% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 99% |
Monthly Win Rates [3] | |||||||
| GTN Win Rate | 67% | 42% | 42% | 50% | 58% | 57% | |
| Peers Win Rate | 44% | 25% | 39% | 47% | 47% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| GTN Max Drawdown | -25% | -63% | -56% | -68% | -38% | -41% | |
| Peers Max Drawdown | -26% | -26% | -55% | -43% | -33% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NXST, SBGI, SSP. See GTN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/6/2026 (YTD)
How Low Can It Go
| Event | GTN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.4% | -18.8% |
| % Gain to Breakeven | 25.7% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.2% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 10 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.7% | -9.5% |
| % Gain to Breakeven | 44.3% | 10.5% |
| Time to Breakeven | 63 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.2% | -33.7% |
| % Gain to Breakeven | 151.2% | 50.9% |
| Time to Breakeven | 406 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.1% | -19.2% |
| % Gain to Breakeven | 26.8% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.8% | -3.7% |
| % Gain to Breakeven | 40.5% | 3.9% |
| Time to Breakeven | 28 days | 6 days |
In The Past
Gray Media's stock fell -20.4% during the 2025 US Tariff Shock. Such a loss loss requires a 25.7% gain to breakeven.
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Asset Allocation
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| Event | GTN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -20.4% | -18.8% |
| % Gain to Breakeven | 25.7% | 23.1% |
| Time to Breakeven | 17 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -30.7% | -9.5% |
| % Gain to Breakeven | 44.3% | 10.5% |
| Time to Breakeven | 63 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -60.2% | -33.7% |
| % Gain to Breakeven | 151.2% | 50.9% |
| Time to Breakeven | 406 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.1% | -19.2% |
| % Gain to Breakeven | 26.8% | 23.8% |
| Time to Breakeven | 53 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -28.8% | -3.7% |
| % Gain to Breakeven | 40.5% | 3.9% |
| Time to Breakeven | 28 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -30.9% | -12.2% |
| % Gain to Breakeven | 44.8% | 13.9% |
| Time to Breakeven | 389 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.9% | -6.8% |
| % Gain to Breakeven | 36.8% | 7.3% |
| Time to Breakeven | 35 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -51.3% | -17.9% |
| % Gain to Breakeven | 105.4% | 21.8% |
| Time to Breakeven | 463 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -47.2% | -15.4% |
| % Gain to Breakeven | 89.3% | 18.2% |
| Time to Breakeven | 946 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -98.0% | -53.4% |
| % Gain to Breakeven | 4780.6% | 114.4% |
| Time to Breakeven | 1703 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.4% | -8.6% |
| % Gain to Breakeven | 30.5% | 9.5% |
| Time to Breakeven | 57 days | 47 days |
In The Past
Gray Media's stock fell -20.4% during the 2025 US Tariff Shock. Such a loss loss requires a 25.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Gray Media (GTN)
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Gray Television, Inc. (GTN) is a prominent television broadcasting company operating extensively across the United States. The company primarily owns and manages local television stations and their corresponding digital assets in 113 different markets, establishing a significant presence in the national media landscape.
GTN's main products and services revolve around broadcasting a wide array of content. This includes carrying programming from major national networks such as ABC, CBS, NBC, and FOX on its primary channels. Additionally, Gray Television offers numerous secondary digital channels, providing diverse content from networks like CW Plus, MeTV, Telemundo, and specialty channels focused on movies, justice, and local news/weather. The company also provides video program production services.
The primary customers for Gray Television are advertisers, both local and national, who utilize GTN's extensive reach across its broadcast and digital platforms to target audiences in its 113 operating markets. Its services cater to a broad viewership seeking news, entertainment, and informational content across its diverse portfolio of channels, ultimately connecting businesses with consumers in communities throughout the U.S.
```AI Analysis | Feedback
Here are 1-3 brief analogies to describe Gray Media:
- Gray Media is like iHeartMedia for local TV stations.
- Gray Media is like Gannett, but for local television news channels.
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- Television Broadcasting and Digital Asset Operation: Operating television stations and associated digital platforms across numerous U.S. markets.
- Content Delivery (Network Affiliation): Broadcasting a diverse range of national and specialized network programming, including major affiliates like ABC, CBS, NBC, FOX, and various niche networks.
- Local News and Weather Programming: Providing localized news and weather coverage to specific communities within its served markets.
- Video Program Production: Offering services for the creation and production of video programming.
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Gray Media (GTN) primarily sells its services to other companies. Its major customers fall into the following categories:
- Advertisers: This category encompasses a broad range of businesses, including local, regional, national, and political advertisers. These customers purchase advertising time and space on Gray Media's television stations and digital platforms to promote their products, services, or political campaigns to local audiences across its 113 television markets. Due to the vast number and dynamic nature of advertisers, specific company names are numerous and constantly changing.
- Multichannel Video Programming Distributors (MVPDs): These are cable, satellite, and virtual multichannel video programming distributors (vMVPDs) that pay retransmission consent fees to Gray Media. These fees grant the MVPDs the right to carry Gray's local broadcast signals on their platforms, providing their subscribers with access to local news, sports, and network programming. Examples of such customer companies, some of which are public, include:
- Comcast Corporation (symbol: CMCSA)
- Charter Communications, Inc. (symbol: CHTR)
- DISH Network Corporation (symbol: DISH)
- AT&T Inc. (which includes DirecTV) (symbol: T)
- Various streaming services offering live TV packages (e.g., YouTube TV, Hulu Live TV, Sling TV)
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- The Walt Disney Company (DIS)
- Paramount Global (PARA)
- Comcast Corporation (CMCSA)
- Fox Corporation (FOXA)
- Nexstar Media Group (NXST)
- E. W. Scripps Company (SSP)
- Warner Bros. Discovery (WBD)
- Tegna Inc. (TGNA)
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Hilton H. Howell Jr. Executive Chairman and Chief Executive Officer
Hilton H. Howell Jr. has over 30 years of experience in the broadcasting and insurance industries, beginning his career practicing law. Under his leadership, Gray Television has grown from a regional broadcaster into one of the nation's largest owners of top-rated local television stations and digital assets. He also serves as Chairman of Bankers Fidelity Life Insurance Company, and Chairman, President, and CEO of Atlantic American Corporation, and CEO, General Counsel, and Director at Delta Life Insurance Company. In 2021, Howell Jr. led Gray Television to begin construction on Assembly Atlanta, a studio production development that opened in 2023.
Jeff Gignac Executive Vice President, Chief Financial Officer
Jeff Gignac is set to become Executive Vice President and Chief Financial Officer of Gray Television on July 1, 2024. He currently serves as a Managing Director and Head of Media & Telecom Investment Banking at Wells Fargo Securities. Gignac has nearly 20 years of experience with Wells Fargo, including 18 years in leveraged finance, with a focus on the telecom, media, and technology industries. He is a licensed CPA in Georgia and holds a Bachelor of Arts in Accounting from Michigan State University.
Pat LaPlatney President & Co-CEO
Pat LaPlatney serves as President & Co-CEO of Gray Television. He previously held the positions of president and CEO of Raycom Media. Following Gray Television's acquisition of Raycom Media, LaPlatney began to lead the combined company alongside Hilton Howell.
Kevin P. Latek Chief Legal & Development Officer
Kevin P. Latek has served as Executive Vice President and Chief Legal and Development Officer of Gray Television since February 2016. Prior to joining Gray in early 2012, he spent 15 years as a media lawyer with Dow Lohnes, PLLC, in Washington, D.C. In this role, he represented television and radio broadcasters as well as financial institutions in matters concerning FCC regulatory and transactional issues.
Sandy Breland Chief Operating Officer
Sandy Breland serves as the Chief Operating Officer of Gray Television.
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The key risks to Gray Television, Inc.'s business (GTN) are primarily centered around its financial structure and the evolving media landscape.
- High Leverage and Debt: Gray Television faces significant financial risk due to its substantial debt load. The company has a high debt-to-equity ratio, and its market capitalization is relatively small compared to its total debt. For instance, as of June 30, 2025, the company had $5.64 billion in debt on its balance sheet, while its market cap was under $0.5 billion. Servicing this debt incurs significant interest expenses, with expectations to service approximately $456 million in debt interest over a year. This high leverage is a key concern for investors, weighing on the equity's value and impacting the company's profitability.
- Declining Linear TV Viewership and Advertising Revenue: As a television broadcasting company, Gray Television is highly dependent on advertising revenues, which are inherently seasonal, cyclical, and susceptible to economic conditions. The broader trend of declining linear TV viewership and the impact of digital transformation pose a fundamental challenge to the company's core business model and advertising income. This risk is exacerbated by potential shifts in advertising spending away from local broadcast and macroeconomic weakness, which could worsen core advertising trends.
- Retransmission Consent Disputes and Regulatory Uncertainty: Gray Television's revenue stream is significantly dependent on retransmission consent agreements with multichannel video programming distributors (MVPDs). Recent events, such as the removal of Gray Television's channels from Dish Network's lineup due to a breakdown in negotiations, highlight the immediate and material financial impact these disputes can have. The company also faces uncertainties related to potential regulatory changes to the retransmission consent regime and government regulations, further complicating its financial stability.
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The accelerating migration of viewers and advertising revenue from traditional linear broadcast television to a multitude of streaming and other digital media platforms, including subscription video-on-demand (SVOD), free ad-supported streaming television (FAST), and digital-first news and entertainment platforms.
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Gray Television, Inc. (GTN) operates primarily within the United States across several interconnected markets. The addressable markets for its main products and services include television broadcasting and advertising, digital advertising, and video program production.
Here are the estimated market sizes for Gray Media's main products and services in the U.S. region:
- Television Broadcasting and Advertising: The U.S. broadcasting and cable TV market was valued at approximately USD 125.3 billion in 2024 and is projected to reach USD 142.6 billion by 2030. Advertising constitutes a significant portion, accounting for 74.80% of the revenue share in the U.S. broadcasting and cable TV market. More specifically, the U.S. television advertising market size was exhibited at USD 60.79 billion in 2024 and is projected to be worth around USD 93.29 billion by 2034. The U.S. local TV advertising market is projected to reach $17.27 billion in 2025. Another estimate for local television advertising (which includes linear TV, TV Digital, and connected TV/over-the-top) projects revenue to reach $21 billion in 2025, excluding political advertising.
- Digital Advertising: The U.S. digital advertising market was valued at USD 315.3 billion in 2024 and is expected to increase to USD 974.5 billion by 2032. This market encompasses the advertising revenue generated from Gray Media's various digital assets.
- Video Program Production Services: The market size for Television Production in the U.S. was $69.0 billion in 2024 and is estimated to reach $70.1 billion in 2025. This reflects the market for creating television programs, a service offered by Gray Media.
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Gray Television, Inc. (GTN) is expected to see future revenue growth driven by several key factors over the next 2-3 years:
- Political Advertising Revenue: The company anticipates a significant boost from political advertising in 2026, which is projected to be a strong election cycle. Management referred to the 2026 "political cycle" as a fantastic opportunity, with a favorable map for their television station footprint.
- Net Retransmission Revenue Growth: Gray Television expects a slight increase in net retransmission revenue for the full year 2026 compared to 2025. This follows a stabilization of net retransmission revenue in 2025 and a return to quarter-over-quarter growth in Q4 2025, indicating progress in creating a more sustainable model.
- Growth in Digital Revenue and New Digital Initiatives: Digital revenue demonstrated healthy growth in Q4 2025, increasing by a low double-digit percentage. The company is also undergoing a major digital transition to the Quickplay platform powered by Google Cloud and launching new programming like "Aging Untold," which could further enhance digital advertising inventory and attract broader campaigns.
- Major Sporting Event Revenue: Upcoming major sporting events are expected to contribute significantly to revenue. Gray Television projects $11 million from the 2026 Super Bowl and $15 million from the 2026 Winter Olympics, representing an increase from previous years.
- Targeted Core Advertising Growth: While overall core advertising revenue is expected to be flat in Q1 2026, specific sectors such as legal services, gaming, and lottery/gambling have been identified as bright spots for growth. The core advertising revenue in Q4 2025 was up 3% compared to Q4 2024, slightly surpassing guidance.
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Share Repurchases
- Gray Television repurchased 2.6 million shares of its common stock in 2022 for a total cost of $50 million at an average price of $18.87 per share.
- A $150 million share repurchase authorization, extended to December 31, 2023, has since expired.
Share Issuance
- Information regarding significant primary share issuances for capital over the last 3-5 years is not readily available in the provided search results.
Outbound Investments
- Gray Media completed the acquisition of WBBJ-TV in Jackson, Tennessee, for $25 million.
- The company's strategy includes an emphasis on selective acquisitions.
Capital Expenditures
- Gray Television's full-year capital expenditures, excluding the Assembly Atlanta project, were $74 million in 2025.
- The net capital investment in Assembly Atlanta during 2025 was $1 million. The Assembly Atlanta project had capital expenditures of $46 million in 2024, $240 million in 2023, and $264 million in 2022 (excluding other CapEx).
- Expected company-wide capital expenditures for 2026 are approximately $140 million.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Gray Media Earnings Notes | 12/16/2025 | |
| Gray Media (GTN) Operating Cash Flow Comparison | 08/08/2025 | |
| Gray Media (GTN) Net Income Comparison | 08/08/2025 | |
| Gray Media (GTN) Debt Comparison | 08/08/2025 | |
| Gray Media (GTN) EBITDA Comparison | 08/08/2025 | |
| Gray Media (GTN) Tax Expense Comparison | 08/08/2025 | |
| Gray Media (GTN) Revenue Comparison | 08/08/2025 | |
| Gray Media (GTN) Operating Income Comparison | 08/08/2025 | |
| Gray Media vs. S&P500 Correlation | 10/03/2024 | |
| Gray Media Price Volatility | 09/24/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.57 |
| Mkt Cap | 0.7 |
| Rev LTM | 3,140 |
| Op Inc LTM | 284 |
| FCF LTM | 100 |
| FCF 3Y Avg | 187 |
| CFO LTM | 192 |
| CFO 3Y Avg | 299 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -11.3% |
| Rev Chg 3Y Avg | -2.6% |
| Rev Chg Q | 1.3% |
| QoQ Delta Rev Chg LTM | 0.3% |
| Op Inc Chg LTM | -57.0% |
| Op Inc Chg 3Y Avg | -6.8% |
| Op Mgn LTM | 10.2% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 6.1% |
| CFO/Rev 3Y Avg | 9.8% |
| FCF/Rev LTM | 3.2% |
| FCF/Rev 3Y Avg | 6.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcasting | 2,988 | 3,539 | 3,195 | 3,583 | 2,340 |
| Production Companies | 107 | 105 | 86 | 93 | 73 |
| Other | 0 | 0 | 0 | ||
| Total | 3,095 | 3,644 | 3,281 | 3,676 | 2,413 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcasting | 513 | 956 | 587 | 1,099 | 545 |
| Production Companies | -6 | 1 | -88 | -2 | -1 |
| Other | -115 | -106 | -116 | -107 | -163 |
| Total | 392 | 851 | 383 | 990 | 381 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcasting | 9,326 | 9,636 | 9,897 | 10,444 | 10,592 |
| Production Companies | 647 | 681 | 658 | 535 | 269 |
| Other | 467 | 225 | 85 | 173 | 247 |
| Total | 10,440 | 10,542 | 10,640 | 11,152 | 11,108 |
Price Behavior
Price Behavior
| Market Price | $4.01 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 08/30/2002 | |
| Distance from 52W High | -34.0% | |
| 50 Days | 200 Days | |
| DMA Price | $4.27 | $4.61 |
| DMA Trend | down | down |
| Distance from DMA | -6.2% | -12.9% |
| 3M | 1YR | |
| Volatility | 63.0% | 65.0% |
| Downside Capture | 153.14 | 133.03 |
| Upside Capture | 27.27 | 86.46 |
| Correlation (SPY) | 16.5% | 21.7% |
GTN Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.24 | 0.62 | 0.60 | 0.84 | 1.14 | 1.20 |
| Up Beta | 1.81 | 1.35 | 0.22 | 0.23 | 1.07 | 1.29 |
| Down Beta | 1.00 | -0.60 | -0.02 | 0.45 | 1.32 | 1.21 |
| Up Capture | -41% | -31% | 50% | 96% | 94% | 74% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 12 | 21 | 37 | 61 | 122 | 355 |
| Down Capture | -52% | 206% | 171% | 144% | 122% | 107% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 9 | 19 | 25 | 60 | 124 | 382 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN | |
|---|---|---|---|---|
| GTN | -12.1% | 64.8% | 0.05 | - |
| Sector ETF (XLC) | 3.6% | 13.7% | 0.02 | 28.2% |
| Equity (SPY) | 22.2% | 12.5% | 1.32 | 21.4% |
| Gold (GLD) | 23.7% | 27.8% | 0.75 | -3.4% |
| Commodities (DBC) | 21.2% | 18.6% | 0.90 | -9.6% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.61 | 24.4% |
| Bitcoin (BTCUSD) | -43.6% | 42.7% | -1.23 | 20.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN | |
|---|---|---|---|---|
| GTN | -26.6% | 60.2% | -0.26 | - |
| Sector ETF (XLC) | 7.5% | 20.7% | 0.28 | 32.6% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 31.4% |
| Gold (GLD) | 18.1% | 18.3% | 0.80 | 0.7% |
| Commodities (DBC) | 7.3% | 19.5% | 0.27 | 7.6% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.05 | 31.4% |
| Bitcoin (BTCUSD) | 14.2% | 53.6% | 0.45 | 14.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN | |
|---|---|---|---|---|
| GTN | -7.7% | 55.3% | 0.08 | - |
| Sector ETF (XLC) | 9.1% | 22.2% | 0.47 | 41.1% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 42.8% |
| Gold (GLD) | 12.3% | 16.1% | 0.62 | -2.8% |
| Commodities (DBC) | 5.8% | 18.0% | 0.25 | 15.0% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 39.4% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 11.7% |
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Returns Analyses
Earnings Returns History
Updated 7/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -20.1% | -24.8% | -27.5% |
| 2/26/2026 | 23.8% | 19.2% | -0.7% |
| 11/7/2025 | 4.8% | 5.2% | 7.8% |
| 8/8/2025 | -0.2% | 44.9% | 50.0% |
| 5/8/2025 | 16.9% | 12.9% | 2.4% |
| 2/27/2025 | 0.5% | -9.8% | 16.2% |
| 11/8/2024 | -26.1% | -17.3% | -29.0% |
| 8/8/2024 | -14.6% | -18.6% | -12.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 12 |
| # Negative | 12 | 9 | 12 |
| Median Positive | 5.0% | 7.9% | 8.8% |
| Median Negative | -7.0% | -17.3% | -13.8% |
| Max Positive | 23.8% | 44.9% | 50.0% |
| Max Negative | -33.7% | -26.5% | -33.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -20.1% | -24.8% | -27.5% |
| 2/26/2026 | 23.8% | 19.2% | -0.7% |
| 11/7/2025 | 4.8% | 5.2% | 7.8% |
| 8/8/2025 | -0.2% | 44.9% | 50.0% |
| 5/8/2025 | 16.9% | 12.9% | 2.4% |
| 2/27/2025 | 0.5% | -9.8% | 16.2% |
| 11/8/2024 | -26.1% | -17.3% | -29.0% |
| 8/8/2024 | -14.6% | -18.6% | -12.7% |
| 5/7/2024 | 0.6% | 4.2% | -11.7% |
| 2/23/2024 | -22.8% | -26.5% | -27.2% |
| 11/8/2023 | -7.7% | 2.8% | 5.8% |
| 8/4/2023 | 20.3% | 2.2% | -10.5% |
| 5/5/2023 | 4.6% | 7.9% | 9.9% |
| 2/24/2023 | -4.2% | -11.3% | -33.1% |
| 11/4/2022 | -33.7% | -25.4% | -14.8% |
| 8/5/2022 | -1.0% | 0.0% | -3.8% |
| 5/6/2022 | -1.9% | 1.7% | 1.1% |
| 2/25/2022 | 9.4% | 20.0% | 15.7% |
| 11/4/2021 | -5.3% | -9.0% | -17.2% |
| 8/5/2021 | 1.9% | 1.4% | 3.4% |
| 5/3/2021 | 9.1% | 8.8% | 15.5% |
| 2/25/2021 | -6.4% | -3.4% | -7.2% |
| 11/5/2020 | 5.2% | 25.4% | 40.4% |
| 8/6/2020 | 4.1% | 9.9% | 1.1% |
| SUMMARY STATS | |||
| # Positive | 12 | 15 | 12 |
| # Negative | 12 | 9 | 12 |
| Median Positive | 5.0% | 7.9% | 8.8% |
| Median Negative | -7.0% | -17.3% | -13.8% |
| Max Positive | 23.8% | 44.9% | 50.0% |
| Max Negative | -33.7% | -26.5% | -33.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenue | 780.00 Mil | 790.00 Mil | 800.00 Mil | 3.6% | Raised | Guidance: 762.50 Mil for Q1 2026 | |
| Q2 2026 Political Advertising Revenue | 60.00 Mil | 65.00 Mil | 70.00 Mil | 136.4% | Raised | Guidance: 27.50 Mil for Q1 2026 | |
| Q2 2026 Net Retransmission Revenue | 141.00 Mil | 142.00 Mil | 143.00 Mil | -4.7% | Lowered | Guidance: 149.00 Mil for Q1 2026 | |
| Q2 2026 Total broadcasting expense | 545.00 Mil | 547.50 Mil | 550.00 Mil | -1.8% | Lowered | Guidance: 557.50 Mil for Q1 2026 | |
| Q2 2026 Total corporate and administrative expense | 30.00 Mil | 32.50 Mil | 35.00 Mil | 0 | Affirmed | Guidance: 32.50 Mil for Q1 2026 | |
| 2026 Capital Expenditures | 140.00 Mil | 0 | Affirmed | Guidance: 140.00 Mil for 2026 | |||
| 2026 Income tax payments | 90.00 Mil | 100.00 Mil | 110.00 Mil | -13.0% | Lowered | Guidance: 115.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Core advertising | |||||||
| Q1 2026 Political advertising | 25.00 Mil | 27.50 Mil | 30.00 Mil | 266.7% | Higher New | Actual: 7.50 Mil for Q4 2025 | |
| Q1 2026 Total revenue | 755.00 Mil | 762.50 Mil | 770.00 Mil | -1.6% | Lower New | Actual: 774.50 Mil for Q4 2025 | |
| Q1 2026 Net Retransmission Revenue | 148.00 Mil | 149.00 Mil | 150.00 Mil | ||||
| Q1 2026 Total broadcasting expense | 555.00 Mil | 557.50 Mil | 560.00 Mil | ||||
| Q1 2026 Total corporate and administrative expense | 30.00 Mil | 32.50 Mil | 35.00 Mil | ||||
| 2026 Interest expense, excluding amortization of deferred financing costs | 440.00 Mil | ||||||
| 2026 Amortization of deferred financing costs | 16.00 Mil | ||||||
| 2026 Preferred stock dividends | 52.00 Mil | ||||||
| 2026 Common stock dividends | 32.00 Mil | ||||||
| 2026 Capital expenditures | 140.00 Mil | 93.1% | Higher New | Actual: 72.50 Mil for 2025 | |||
| 2026 Income tax payments, excluding refunds | 105.00 Mil | 115.00 Mil | 125.00 Mil | ||||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Core advertising revenue | 380.00 Mil | 385.00 Mil | 10.0% | Raised | Guidance: 350.00 Mil for Q3 2025 | ||
| Q4 2025 Political advertising revenue | 7.00 Mil | 7.50 Mil | 15.4% | Raised | Guidance: 6.50 Mil for Q3 2025 | ||
| Q4 2025 Retransmission consent revenue | 328.00 Mil | 329.00 Mil | -4.4% | Lowered | Guidance: 344.00 Mil for Q3 2025 | ||
| Q4 2025 Total revenue | 767.00 Mil | 774.50 Mil | 4.3% | Raised | Guidance: 742.50 Mil for Q3 2025 | ||
| 2025 Total revenue | 3.07 Bil | 3.08 Bil | |||||
| 2025 Total capital expenditures | 70.00 Mil | 72.50 Mil | -17.1% | Lowered | Guidance: 87.50 Mil for 2025 | ||
Insider Activity
Updated 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boger, Richard Lee | Direct | Sell | 5212026 | 4.19 | 55,000 | 230,450 | 155,382 | Form | |
| 2 | Boger, Richard Lee | Direct | Sell | 5212026 | 10.12 | 2,000 | 20,240 | 46,461 | Form | |
| 3 | Boger, Richard Lee | Direct | Sell | 9112025 | 5.82 | 20,000 | 116,460 | 357,200 | Form | |
| 4 | Gignac, Jeffrey R | Executive Vice President, CFO | Direct | Buy | 6092025 | 3.68 | 12,500 | 46,000 | 2,372,124 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boger, Richard Lee | Direct | Sell | 5212026 | 4.19 | 55,000 | 230,450 | 155,382 | Form | |
| 2 | Boger, Richard Lee | Direct | Sell | 5212026 | 10.12 | 2,000 | 20,240 | 46,461 | Form | |
| 3 | Boger, Richard Lee | Direct | Sell | 9112025 | 5.82 | 20,000 | 116,460 | 357,200 | Form | |
| 4 | Gignac, Jeffrey R | Executive Vice President, CFO | Direct | Buy | 6092025 | 3.68 | 12,500 | 46,000 | 2,372,124 | Form |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Broadcasting Resources |
| Broadcasting & Cable |
| TV Technology |
| Radio Ink |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 7/6/2026