Gray Media (NYSE:GTN) Announces Quarterly Earnings Results

Gray Media (NYSE:GTN) released its quarterly earnings data on Thursday. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.02), FiscalAI reports. Gray Media had a negative return on equity of 3.05% and a negative net margin of 3.12%.The company had revenue of $768.00 million during the quarter, compared to analysts’ expectations of $768.05 million. During the same quarter in the prior year, the company posted ($0.23) EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis.

Here are the key takeaways from Gray Media’s conference call:

• Gray reported first-quarter results ahead of guidance with $768 million in total revenue, $154 million adjusted EBITDA, a $33 million net loss, and operating expenses down year-over-year driven by a $22 million decline in broadcasting expenses.
• Political advertising was stronger than expected—$30 million in Q1 (high end of guidance) and management guides Q2 political revenue of $60–70 million, citing broad exposure to competitive midterm races.
• Gray resolved an extended Dish distribution blackout with a new multi-year agreement, completed retransmission renewals covering ~39% of its traditional MVPD footprint, and now expects low single-digit organic net retransmission growth for full-year 2026 (Q1 was down ~$4M due to the dispute).
• The company accelerated M&A activity—closing WBBJ and recent deals with Allen Media Group and Block Communications, with remaining closings expected soon—while reporting >$1 billion in liquidity but relatively high leverage (consolidated total net leverage ~5.94x), so transactions may both grow scale and complicate deleveraging.
• Strategic content and digital progress includes completion of the Quickplay streaming migration, expanded sports production and rights (MLB, NBA, NHL, WNBA, NCAA, BravesVision), Assembly studio bookings (CBS renewal of Beyond the Gates and tennis events), and management expects these to drive future audience and advertising growth.

Gray Media Price Performance

Shares of NYSE GTN traded down $0.08 during trading on Friday, hitting $4.35. The company had a trading volume of 2,092,412 shares, compared to its average volume of 1,128,281. The firm has a market capitalization of $450.92 million, a price-to-earnings ratio of -2.84 and a beta of 1.04. The stock has a fifty day simple moving average of $5.13 and a two-hundred day simple moving average of $4.86. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 2.66. Gray Media has a fifty-two week low of $3.50 and a fifty-two week high of $6.43.

Gray Media Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.08 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.32 annualized dividend and a dividend yield of 7.4%. Gray Media’s dividend payout ratio (DPR) is -22.54%.

Gray Media News Summary

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Gray Media declared a quarterly cash dividend of $0.08 per share, which supports the stock’s income appeal and implies a roughly 7.1% annualized yield. Gray Announces Quarterly Cash Dividend of $0.08 Per Share
• Positive Sentiment: The company closed its $80 million station transaction with Block Communications, adding TV stations in Louisville, Springfield-Decatur, and Lima, which should expand Gray’s broadcast portfolio. Gray Media and Block Communications Close Station Transaction
• Neutral Sentiment: Gray updated second-quarter 2026 guidance, with revenue outlook of $780 million to $800 million versus a $794 million consensus estimate, leaving investors focused on whether upcoming results can beat expectations. Gray Media, Inc. (NYSE:GTN) Q1 2026 Earnings Call Transcript
• Negative Sentiment: First-quarter EPS came in at a loss of $0.34 per share, missing the $0.32 loss expected by analysts, which is a key reason the stock is under pressure. Gray Media (GTN) Reports Q1 Loss, Beats Revenue Estimates
• Negative Sentiment: Revenue of $768 million was essentially flat versus estimates and down 1.8% year over year, reinforcing concerns about slow top-line growth and weak profitability. Gray Media Announces First Quarter Financial Results

Wall Street Analyst Weigh In

Several research firms have commented on GTN. Barrington Research restated an “outperform” rating and issued a $6.50 price objective on shares of Gray Media in a research report on Tuesday, April 28th. Zacks Research lowered Gray Media from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 4th. Wells Fargo & Company lifted their price target on Gray Media from $5.50 to $6.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. Weiss Ratings raised Gray Media from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Finally, Guggenheim increased their price target on Gray Media from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.13.

Institutional Investors Weigh In On Gray Media

Several institutional investors have recently bought and sold shares of GTN. Deutsche Bank AG increased its stake in Gray Media by 6.0% during the 4th quarter. Deutsche Bank AG now owns 54,507 shares of the company’s stock worth $264,000 after buying an additional 3,066 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its stake in Gray Media by 68.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 10,401 shares of the company’s stock worth $50,000 after buying an additional 4,217 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Gray Media by 24.9% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock worth $104,000 after buying an additional 4,278 shares in the last quarter. Nebula Research & Development LLC raised its stake in Gray Media by 4.6% in the 2nd quarter. Nebula Research & Development LLC now owns 129,984 shares of the company’s stock valued at $589,000 after purchasing an additional 5,686 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in Gray Media by 2.5% in the 4th quarter. First Trust Advisors LP now owns 263,058 shares of the company’s stock valued at $1,273,000 after purchasing an additional 6,366 shares during the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

About Gray Media

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.