Gray Media Q3 revenue beats estimates on political advertising strength
GTN•Gray Media's third-quarter revenue rose 30% year over year to $972 million, above the $954.22 million estimate, while net income of $78 million missed estimates. The company reported record political ad revenue of $198 million and forecast fourth-quarter revenue of $1.115 billion to $1.140 billion.
1. Quarterly results
Gray Media reported third-quarter revenue of $972 million, up 30% year over year and above the $954.22 million analyst estimate. Net income was $78 million, below the $83.70 million estimate. The company said record political advertising revenue of $198 million drove results; acquisitions contributed $66 million in total advertising revenue.
2. Outlook and debt
Gray Media expects full-year 2026 political advertising revenue of $630 million to $640 million and forecasts fourth-quarter 2026 total revenue of $1.115 billion to $1.140 billion. It plans to reduce outstanding debt by $175 million to $200 million in the fourth quarter. Core advertising revenue grew 1% year over year, helped by acquisitions and stronger non-political demand.
