Gray Television (GTN)
NYSE:GTN
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Earnings Data
Report Date
Aug 06, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.02Last Year’s EPS
-0.71Same Quarter Last Year
Strong Buy
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call presents a constructive operational and strategic picture: revenue met guidance (total revenue $768M), Adjusted EBITDA was solid ($154M), digital growth and political ad strength provide clear growth drivers, multiple acquisitions and a resolved DISH dispute reduce near-term distribution risk, and liquidity exceeded $1 billion. Offsetting these positives are near-term ad softness guidance for Q2 (mid-single digit core ad decline), a Q1 net retransmission revenue decline of $4M due to a blackout, elevated leverage (total net leverage ~5.94x) and short-term expense timing pressures (broadcast op expenses +4%, legal/M&A costs). Management expects net retrans growth for the full year, deleveraging as acquisitions integrate, and continued upside from political and digital, leading to a favorable bias despite some notable short-term headwinds.Company Guidance
Revenue at High End of Guidance
Total revenue of $768 million in Q1 2026, at the high end of the company's guidance for the quarter; Adjusted EBITDA of $154 million and a minimal net loss attributable to common stockholders of $330,000.
Operating Expense Improvement
Total operating expenses (pre D&A, impairment, disposal) were $622 million, $7 million below Q1 2025; broadcasting expenses declined by $22 million year-over-year in Q1 2026.
Political Advertising Strength
Political ad revenue of $30 million in Q1 2026 (at the high end of guidance) versus $26 million in the 2022 midterm cycle; management guides Q2 political revenue in the range of $60 million to $70 million.
Digital and Local Direct Growth
Digital revenue grew in the high-teens percentage versus 2025 and new local direct business accelerated to +15% year-over-year, reflecting healthy digital monetization and sales execution.
Retransmission Negotiation Progress & Blackout Resolution
Resolved an extended DISH distribution blackout and finalized retransmission consent renewals with three of the largest traditional MVPDs representing ~39% of traditional MVPD footprint; company states it has no further retrans negotiations scheduled for remainder of 2026 and has 'clear line of sight' to full-year net retrans growth.
M&A / Portfolio Expansion and Liquidity
Completed acquisition of WBBJ and station groups from Allen Media and Block Communications (10 + 3 markets), with remaining closings expected soon; finished Q1 with over $1 billion in liquidity and an undrawn revolver after recent closings.
Studio and Sports Content Wins
Assembly Studios: CBS renewed 'Beyond the Gates' for two seasons; Tennis Channel/TGL will host 52 matches at Assembly's soundstage; FIFA World Cup distribution across 33 FOX and 47 Telemundo affiliates expected to be a net positive; RYCOM partnered as production team for BravesVision.
Balance Sheet Actions to Support Flexibility
Amended senior credit agreement to align covenants with secured notes, repaid a $10 million term loan, and expect quarter-turn deleveraging to flow into leverage ratios as recently closed acquisitions integrate.
GTN 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
GTN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 07, 2026 | $5.53 | $4.42 | -20.07% |
Feb 26, 2026 | $4.67 | $5.78 | +23.79% |
Nov 07, 2025 | $4.46 | $4.67 | +4.78% |
Aug 08, 2025 | $3.96 | $3.95 | -0.23% |
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 Aug 06, 2026, Before Open (Confirmed).
What is Gray Television (GTN) earnings time?
Gray Television (GTN) earnings time is at Aug 06, 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 2026 (Q2) is 0.02.