The earnings call reflects a mix of achievements and challenges. While there was significant M&A activity, strategic transactions, and excellence in journalism, the company faced a decline in revenue, a net loss, and a decrease in Adjusted EBITDA. The sentiment is balanced with notable progress in debt reduction and strong political advertising revenue compensating for some of the financial setbacks.

Company Guidance

In the second quarter of 2025, Gray Media reported total revenue of $772 million, which exceeded the high end of their initial guidance by 1% but marked a 7% decrease from the same quarter in 2024. The company experienced a net loss of $56 million compared to a net income of $22 million in the previous year, and adjusted EBITDA fell by 25% to $169 million. However, political advertising revenue surpassed expectations at $9 million, significantly higher than the projected $2-3 million. On the capital front, Gray Media reduced its outstanding debt by $22 million during the quarter, achieving a first lien leverage ratio of 2.99x and a total leverage ratio of 5.6x. The company also executed a $900 million senior secured second lien notes offering and increased its revolving credit commitment to $750 million, which collectively are projected to decrease their leverage by a quarter turn once the transactions are closed.

Exceeded Revenue and Expense Guidance

Total revenue in Q2 2025 was $772 million, 1% above the high end of original guidance and expenses were below the low end of original guidance.

Significant M&A Activity

Acquired television stations from Scripps, Sagamore Hill, Block Communications, and Allen Media, adding a net 6 new markets and creating 11 new Big 4 duopolies.

Debt and Leverage Reduction

Reduced outstanding indebtedness by $22 million in Q2 2025, with first lien leverage ratio at 2.99x and total leverage ratio at 5.6x. Completed $900 million of senior secured second lien notes and $775 million of first lien notes, extending maturities and reducing interest costs.

Journalistic Excellence

Received 81 regional Edward R. Murrow Awards for excellence in journalism, with KWTX spearheading a $1.1 million fundraising campaign for Texas floods.

Strong Political Advertising Revenue

Political ad revenue in Q2 2025 was $9 million, significantly above expectations for an off-cycle year.

Gray Television (GTN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

GTN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.39 / -	0.86	―	―	―
Aug 08, 2025	2025 (Q2)	-0.34 / -0.71	0.09	-888.89% (-0.80)
May 08, 2025	2025 (Q1)	-0.47 / -0.23	0.79	-129.11% (-1.02)
Feb 27, 2025	2024 (Q4)	1.26 / 1.59	-0.24	762.50% (+1.83)
Nov 08, 2024	2024 (Q3)	0.95 / 0.86	-0.57	250.88% (+1.43)	―
Aug 08, 2024	2024 (Q2)	0.09 / 0.09	-0.1	190.00% (+0.19)
May 07, 2024	2024 (Q1)	0.25 / 0.79	-0.48	264.58% (+1.27)	―
Feb 23, 2024	2023 (Q4)	-0.16 / -0.24	1.88	-112.77% (-2.12)	―
Nov 08, 2023	2023 (Q3)	-0.31 / -0.57	1.03	-155.34% (-1.60)	―
Aug 04, 2023	2023 (Q2)	-0.19 / -0.10	0.91	-110.99% (-1.01)	―

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

GTN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$4.14	$4.13	-0.24%
May 08, 2025	$3.64	$4.26	+17.03%
Feb 27, 2025	$3.72	$3.74	+0.54%
Nov 08, 2024	$5.45	$4.03	-26.06%

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 (GTN) report earnings?

Gray Television (GTN) is schdueled to report earning on Nov 06, 2025, Before Open (Confirmed).

What is Gray Television (GTN) earnings time?

Gray Television (GTN) earnings time is at Nov 06, 2025, 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 GTN EPS forecast?

GTN EPS forecast for the fiscal quarter 2025 (Q3) is -0.39.

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