Loading...
•
Dec 31, 2025
Gray Television Q4 2025 Earnings Report
Gray Television reported fourth quarter 2025 results with revenue exceeding guidance, but recorded a net loss attributable to common stockholders.
Key Takeaways
Total revenue reached 792000000 in Q4 2025, driven by solid core advertising and retransmission revenue, while the company reported a net loss attributable to common stockholders of 23000000 and Adjusted EBITDA of 179000000.
Total revenue was 792000000, exceeding prior guidance.
Core advertising revenue increased 3% year-over-year to 392000000.
Retransmission consent revenue was 335000000, with net retransmission revenue of 134000000.
Adjusted EBITDA was 179000000 for the quarter.
Revenue by Segment
Forward Guidance
For the first quarter of 2026, the company expects total revenue between 755000000 and 770000000 and net retransmission revenue between 148000000 and 150000000, supported by political advertising and major broadcast events.
Positive Outlook
- Expected Q1 2026 total revenue range of 755000000 to 770000000.
- Projected political advertising revenue between 25000000 and 30000000 in Q1 2026.
- Estimated net retransmission revenue between 148000000 and 150000000.
- Benefit from 11000000 in Super Bowl advertising revenue.
- Winter Olympics expected to generate approximately 15000000 in revenue.
Challenges Ahead
- Core advertising expected to be approximately flat in Q1 2026.
- Total broadcasting expenses projected between 555000000 and 560000000.
- Corporate and administrative expenses projected up to 35000000.
- Interest expense expected to total 440000000 for full year 2026.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...