The earnings call presented a mixed outlook for Gray Media. While the company showcased robust M&A activity, debt reduction, and operational achievements, it also faced significant revenue declines and reported a net loss. The positive aspects were counterbalanced by financial challenges and uncertainties in core ad revenue, resulting in a balanced overall sentiment.

Company Guidance -

Q3 2025

During the Gray Media Q2 2025 earnings call, the company reported a total revenue of $772 million, a 7% decrease from the same period in 2024 but 1% above the high end of their original guidance. Operating expenses were slightly below the low end of guidance, and the company experienced a net loss of $56 million, contrasting with a net income of $22 million in Q2 2024. Adjusted EBITDA stood at $169 million, marking a 25% decrease year-over-year. Gray Media was active in mergers and acquisitions, announcing transactions with Scripps, Sagamore Hill Broadcasting, Block Communications, and Allen Media, adding six new markets. These transactions are expected to be immediately cash flow accretive and reduce the leverage ratio by approximately 0.25 turns. The company also focused on deleveraging, reducing outstanding debt by $22 million in Q2 2025 and completing a $900 million senior secured second lien notes offering in July. Operationally, Gray Media enhanced local content, renewed a CBS affiliation agreement, and advanced its Assembly Studios projects.

Strong M&A Activity

Gray Media has engaged in significant M&A activities, including the acquisition of television stations from Block Communications and Allen Media, and a no-cash swap with Scripps. These transactions will add a net 6 new markets and create 11 new Big 4 full powered duopolies, enhancing local market presence.

Debt Reduction and Refinancing

The company reduced its outstanding debt by $22 million in Q2 2025 and completed a $900 million offering of senior secured second lien notes to refinance existing debt, improving the first lien leverage ratio to 2.6x.

Operational Achievements

Gray Media received 81 regional Edward R. Murrow Awards for excellence in journalism. Local content offerings were expanded to cover nearly 80% of their markets, with strong performance in political advertising.

Renewal of CBS Affiliation

Gray Media renewed its CBS affiliation in 52 markets for two more years, demonstrating ongoing relationships with major networks.

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)	-0.37 / -	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 -0.37.

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