The earnings call presented a mix of strong financial performance, strategic acquisitions, and effective cost management, offset by a net loss and concerns about political advertising revenue and carriage disputes.

Company Guidance

In their Q3 2025 earnings call, Gray Media reported total revenue of $749 million, which was at the high end of their guidance, while operating expenses were $592 million, $17 million below their guidance's low end. The company recorded a net loss of $23 million attributable to common stockholders, with an adjusted EBITDA of $162 million. Political advertising revenue exceeded expectations with $8 million, despite being an off-cycle year. Gray Media also noted significant progress in mergers and acquisitions, expecting to enter six new markets by acquiring top-ranked local news stations, while planning to create 11 new Big Four full duopolies. The company achieved a 2.72x first lien leverage ratio, a 3.66x secured leverage ratio, and a 5.77x total leverage ratio, reflecting strong financial management. They declared an $0.08 per share quarterly common dividend, continuing recent trends. Additionally, Gray Media made strides in local content offerings and partnerships, including a new streaming structure launching in January 2026 and significant developments at Assembly Atlanta.

Revenue Performance Exceeds Expectations

Total revenue for Q3 2025 was $749 million, which was at the high end of the company's guidance.

Successful Cost Management

Total operating expenses were $592 million, $17 million below the low end of the guidance.

Strong Political Advertising Revenue

Political advertising revenue hit $8 million, exceeding expectations for an off-cycle year.

Mergers and Acquisitions Activity

The company plans to enter 6 new markets by acquiring top-ranked local news stations from 2024, creating 11 new Big Four full duopolies.

Balance Sheet Improvements

Completed financing transactions in July that extended debt maturity out to 2033 with minimal cost impact.

New Partnerships and Content Expansion

Renewed partnerships with sports teams and announced a new streaming partnership with Google Cloud to improve content accessibility.

Positive Advertising Trends

Core advertising revenue for Q3 2025 was up 1% over 2024, with strong performance in legal and financial services categories.

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
Feb 20, 2026	2025 (Q4)	-0.21 / -	1.59	―	―	―
Nov 07, 2025	2025 (Q3)	-0.46 / -0.24	0.86	-127.91% (-1.10)
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)	―

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
Nov 07, 2025	$4.60	$4.82	+4.78%
Aug 08, 2025	$4.08	$4.07	-0.25%
May 08, 2025	$3.59	$4.20	+16.99%
Feb 27, 2025	$3.67	$3.69	+0.54%

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 Feb 20, 2026, Before Open (Confirmed).

What is Gray Television (GTN) earnings time?

Gray Television (GTN) earnings time is at Feb 20, 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 GTN EPS forecast?

GTN EPS forecast for the fiscal quarter 2025 (Q4) is -0.21.

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