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Gray Television (DE:GCZB)
FRANKFURT:GCZB
Earnings Data
Report Date
May 01, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.19Last Year’s EPS
-0.2Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call contained a number of concrete operating and strategic positives: revenue surprised to the upside ($792M), operating expenses came in below guidance, Adjusted EBITDA was positive at $179M, net retransmission showed a return to growth in Q4 and is expected to be modestly up in 2026, liquidity was strong (> $1.1B) and management completed tactical debt transactions. The company also highlighted important content and distribution wins (awards, network renewals, Google Cloud Quick Play partnership) and continued digital and political-ad strength. Offsetting items include an FY net loss of $23M, still-elevated total leverage (5.8x), flat full-year net retransmission versus 2024, ongoing subscriber declines (though slowing), and an expected increase in 2026 CapEx. On balance the call emphasized progress on deleveraging, margin control and strategic initiatives while acknowledging remaining leverage, subscriber and capital deployment challenges.Company Guidance
Revenue Above Guidance
Total revenue for 2025 was $792 million, coming in above the high end of the company's guidance for the period.
Operating Expense Outperformance
Q4 operating expenses (before D&A, impairment and gains/losses) were $618 million, $5 million below the low end of guidance; full-year broadcasting expenses declined ~$78 million, or ~3% vs. 2024.
Positive Adjusted EBITDA and Manageable Net Loss
Adjusted EBITDA for 2025 was $179 million. Net loss attributable to common stockholders was $23 million for the year.
Net Retransmission Stabilization and Q4 Return to Growth
Net retransmission revenue stabilized at $547 million in 2025 (vs. $550 million in 2024). Net retrans returned to growth in Q4 2025 with approximately $4 million of improvement versus Q4 2024; Q1 2026 guide is $148M–$156M and management expects slight net retrans growth for full-year 2026.
Improved Liquidity and Tactical Balance Sheet Moves
Completed a $250 million add-on to 9.58% second lien notes (priced at 102) and used proceeds to call $125 million of 10.5% first lien notes (at 103). Company ended Q4 with over $1.1 billion in liquidity and $232 million available under its open-market debt repurchase authorization.
Advertising and Digital Momentum
Core advertising finished Q4 up ~3% YoY and finished the quarter slightly above the high end of guidance; digital revenue grew low double digits in Q4. Political advertising in Q4 was $12 million (vs. guide of $7–8M). Q1 2026 political guide is $25–30M (comparable to $26M in 2022).
Strategic Content, Distribution and Programming Wins
Closed acquisition of WBBJ-TV for $25 million; company won 10 national Edward R. Murrow Awards (most of any U.S. media company); renewed 54 NBC affiliations for three years and expanded Telemundo to 47 markets (reaching ~1.6 million Spanish-speaking households); partnered with Google Cloud to bring Quick Play personalized streaming platform as Google’s first broadcast partner.
CapEx Discipline and Assembly Atlanta Investment Control
2025 capital expenditures (ex-Assembly Atlanta) were $74 million in line with guidance; net capital investment in Assembly Atlanta for 2025 was essentially $1 million (net of reimbursements). Management reported total net investment in Assembly of ~$630 million as of 2025 (net of reimbursements).
DE:GCZB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
DE:GCZB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | €4.06 | €4.02 | -0.99% |
Nov 07, 2025 | €3.84 | €3.94 | +2.58% |
Aug 08, 2025 | €3.67 | €3.46 | -5.82% |
May 08, 2025 | €3.22 | €3.14 | -2.36% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Gray Television (DE:GCZB) report earnings?
Gray Television (DE:GCZB) is schdueled to report earning on May 01, 2026, Before Open (Confirmed).
What is Gray Television (DE:GCZB) earnings time?
Gray Television (DE:GCZB) earnings time is at May 01, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is the P/E ratio of Gray Television stock?
The P/E ratio of Gray Television is N/A.
What is DE:GCZB EPS forecast?
DE:GCZB EPS forecast for the fiscal quarter 2026 (Q1) is -0.19.