Gray Television Exceeds Q3 Guidance with Strategic Moves

Gray Television ( (GTN) ) has released its Q3 earnings. Here is a breakdown of the information Gray Television presented to its investors.

Gray Television, a leading multimedia company based in Atlanta, Georgia, operates the largest portfolio of top-rated local television stations and digital assets across the United States, reaching approximately 37% of US television households. In its latest earnings report for the third quarter of 2025, Gray Television announced that it exceeded its financial guidance, with total revenue reaching $749 million, and expenses coming in below expectations. The company also highlighted strategic moves, including a historic station swap, planned acquisitions, and the renewal of its FOX network affiliation agreements.

Gray Television’s financial performance in the third quarter was marked by strong revenue figures across various segments. Core advertising revenue reached $355 million, while retransmission consent revenue slightly exceeded expectations at $346 million. Political advertising revenue also surpassed guidance, reflecting the off-year of the political advertising cycle. Despite a net loss of $23 million attributable to common stockholders, primarily due to a decrease in political advertising, the company reported an adjusted EBITDA of $162 million.

Strategically, Gray Television made significant moves to enhance its market position and financial flexibility. The company completed debt market transactions that strengthened its balance sheet and extended debt maturities. Additionally, Gray announced plans for acquisitions and divestitures involving several television stations, aiming to enter six new markets and create 11 new full-power duopolies. These transactions are expected to be cash flow accretive and contribute positively to the company’s balance sheet.

Looking ahead, Gray Television remains focused on growth through operational and strategic initiatives. The company anticipates continued revenue generation from core advertising and retransmission consent, although a decrease is expected in the latter due to the transition of WANF to an independent station. Gray Television is poised to leverage its expanded market presence and strategic partnerships to drive future growth and shareholder value.