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Mar 31, 2025
Gray Television Q1 2025 Earnings Report
Gray Media reported a decrease in total revenue and net loss for Q1 2025, with broadcasting operating expenses declining year-over-year.
Key Takeaways
Gray Media, Inc. announced its financial results for the first quarter ended March 31, 2025, with total revenues exceeding guidance and operating expenses below guidance. The company reported a net loss of $22 million, a decrease from a net income of $75 million in Q1 2024, primarily due to a cyclical decrease in political advertising revenue. The company also reduced its outstanding debt by $17 million.
Total revenue for Q1 2025 was $782 million, a 5% decrease from Q1 2024 but 1% above the high end of guidance.
Net loss attributable to common stockholders was $22 million in Q1 2025, compared to net income of $75 million in Q1 2024.
Adjusted EBITDA was $160 million in Q1 2025, down from $197 million in Q1 2024, mainly due to decreased political advertising revenue.
The company reduced its outstanding principal amount of debt by $17 million during Q1 2025.
Revenue by Segment
Forward Guidance
For the quarter ending June 30, 2025, Gray Media anticipates core advertising revenue to be down by mid-single digits compared to the same period in 2024, primarily due to current macroeconomic uncertainties. However, the company expects continued growth in digital advertising revenue and from local customers.
Positive Outlook
- Anticipates continued strong double-digit growth in digital advertising revenue year-over-year.
- Expects continuing growth from local customers who previously have not purchased advertising from them.
- Believes leading stations and digital products are increasing their share of local advertising market revenues.
- Has exceeded the $60 million annualized savings run-rate from cost containment measures announced in November 2024.
- Remains optimistic that macroeconomic uncertainty will abate and benefits from cost-cutting initiatives and potential improvements in regulatory environment will be realized.
Challenges Ahead
- Core advertising revenue is expected to be down by mid-single digits compared to Q2 2024.
- Current macroeconomic uncertainties are negatively impacting revenues and ability to forecast future operating results.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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