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Jun 30, 2025
Gray Television Q2 2025 Earnings Report
Gray Television posted lower Q2 2025 revenue and swung to a net loss amid a sharp decline in political advertising during the off-cycle year.
Key Takeaways
Gray Television reported Q2 2025 revenue of $772M, down 7% year-over-year, as political advertising fell sharply in the off-election year. Core and retransmission revenues also saw modest declines, while Adjusted EBITDA decreased to $169M. The company reported a net loss of $69M compared to net income of $9M last year.
Total revenue fell 7% YoY to $772M.
Political advertising revenue dropped 81% YoY to $9M due to the off-election cycle.
Net loss attributable to common stockholders was $69M compared to a $9M profit last year.
Adjusted EBITDA declined 25% YoY to $169M.
Revenue by Segment
Forward Guidance
Gray expects Q3 2025 core advertising to be lower than Q3 2024 due in part to the absence of $20M in Olympic-related ad revenue last year. Political advertising is projected to rise significantly as the election cycle heats up, and retransmission consent revenue is expected to remain stable.
Positive Outlook
- Political advertising expected to grow sharply to $173M in Q3 2025.
- Retransmission consent revenue projected at $343M–$345M.
- Core advertising forecasted at $345M–$355M despite challenging comps.
- Strong balance sheet liquidity with $692M revolving credit facility availability.
- Ongoing strategic acquisitions and divestitures expected to reduce leverage ratio.
Challenges Ahead
- Core advertising projected to be down YoY due to absence of Olympic-related revenue.
- Operating expenses remain high, with broadcasting expenses forecast at $555M–$560M.
- High interest expense guidance for FY2025 at $460M.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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