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Gray Media (GTN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Gray Media (GTN) Q3 2026 earnings results →

Q3 2026 Revenue up 30% year over year to $972M · 8¢ of every $1 of revenue kept as net profit · operating margin 27.4%

Gray Media made $972M in Q3 2026 (+30% Y/Y): Advertising $556M, Retransmission Consent $366M, Production Companies $34.0M. Operating margin 27.4%, net earnings $78.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.

Revenue$972M
Year over year+30%
Operating margin27.4%
Net earnings$78.0M
Operating cash flow$134M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $972.0M in Q3 2026, up 30% year over year and up 16% from the previous quarter. Retransmission Consent was the largest line at 38% of revenue. Political Advertising added $190.0M year over year (up 2375%), 85% of the total change.

Operating profit was $266.0M, a 27.4% margin (up 13.7 points year over year). Of the extra revenue versus Q3 2025, 74% reached operating profit, above the 14% margin then. Total costs grew 9% against revenue growth of 30%. The fastest-growing cost line was General & admin (+11%). Net earnings were $78.0M. The effective tax rate was 27.8%.

Operating cash flow was $134.0M (up 857% year over year), 172% of net earnings. Non-cash charges added back $50.0M of depreciation and amortization and $3.0M of share-based compensation. Capital expenditures of $35.0M left free cash flow of $99.0M.

Quarterly history

Gray Media revenue by quarterGray Media revenue by quarter$782MQ1 2025$772MQ2 2025$749MQ3 2025$792MQ4 2025$768MQ1 2026$839MQ2 2026$972MQ3 2026
Gray Media net earnings by quarterGray Media net earnings by quarter−$9.0MQ1 2025−$56.0MQ2 2025−$10.0MQ3 2025−$10.0MQ4 2025$65.0MQ1 2026$14.0MQ2 2026$78.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 6, 2026$972M+30%27.4%$78.0M$134M
Q2 202610-QAug 7, 2026$839M+9%16.2%$14.0M$123M
Q1 202610-QMay 7, 2026$768M-2%10.5%$65.0M$1.0M
Q4 202510-KFeb 26, 2026$792M-24%14.6%−$10.0M$112M
Q3 202510-QNov 7, 2025$749M-21%13.6%−$10.0M$14.0M
Q2 202510-QAug 8, 2025$772M-6%10.6%−$56.0M$31.0M
Q1 202510-QMay 8, 2025$782M-5%11.8%−$9.0M$132M

Charts

Gray Media: revenue growth, year over year and quarter over quarterGray Media: revenue growth, year over year and quarter over quarterY/YQ/Q-5%Q1 2025-6%-1%Q2 2025-21%-3%Q3 2025-24%+6%Q4 2025-2%-3%Q1 2026+9%+9%Q2 2026+30%+16%Q3 2026
Latest (Q3 2026): Y/Y +30%, Q/Q +16%.
Gray Media: where the cash came from (+) and went (−), TTM to Q3 2026Gray Media: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$370MAcquisitions−$302MNet borrowing (+) / repaid (−)$138MCapital spending−$114MOther financing−$92.0MDividends−$34.0MAsset & business sales$32.0MCash drawn (+) / kept (−)$28.0MOther investing−$17.0MTaxes on employees’ shares−$9.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Gray Media: profit against cash, quarter by quarterGray Media: profit against cash, quarter by quarterNet incomeOperating cash flow$169M$368MQ4 2024−$9.0M$132MQ1 2025−$56.0M$31.0MQ2 2025−$10.0M$14.0MQ3 2025−$10.0M$112MQ4 2025$65.0M$1.0MQ1 2026$14.0M$123MQ2 2026$78.0M$134MQ3 2026
Latest (Q3 2026): Net income $78.0M, Operating cash flow $134M.
Gray Media: diluted shares by fiscal yearGray Media: diluted shares by fiscal year97MFY202095MFY202193MFY202292MFY202396MFY202497MFY2025
+0.0% since FY2020: more shares outstanding (issuance, stock pay).
Gray Media: long-term debt falling due (FY2025)Gray Media: long-term debt falling due (FY2025)$2.0M2026$739M2028$1.1B2029$790M2030$3.1BLater
Cash $368M, short-term investments —, long-term debt $5.7B at 2025-12-31.
Gray Media in its industry: growth against margin (10 companies, SIC 4833)Gray Media in its industry: growth against margin (10 companies, SIC 4833)revenue growth, year over year →↑ operating marginmedian +16%median 15%PSKYFOXANXSTVSNTFWONASBGISSPEVCNMAXGTN (+30%, 27%)
Television Broadcasting Stations; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Gray Media

On January 1, 2025, we changed our corporate name from Gray Television, Inc. to Gray Media, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report. As such, in this Annual Report, unless otherwise indicated or the context otherwise requires, the words “Gray,” “Gray Media,” “the Company,” “we,” “us,” and “our” refer to Gray Media, Inc. and its consolidated subsidiaries. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by The Nielsen Company US, LLC (“Nielsen”) and/or Comscore, Inc. (“Comscore”).

In its own words, from its annual report, filed Feb 27, 2025.

Gray Media against its Television Broadcasting Stations peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +16%. Operating margin: 27.4% against the peers' median 15.0%.

CompanyQuarterRevenueY/YOp. margin
GTN Gray MediaQ3 2026$972M+30%27.4%
PSKY SkydanceQ2 2026$6.9B+0.9%6.9%
FOXA FoxQ1 FY27$4.6B+22%28.1%
NXST Nexstar Media GroupQ3 2026$2.1B+78%24.9%
VSNT Versant Media GroupQ3 2026$1.6B-4%6.9%
FWONA Liberty MediaQ3 2026$1.2B+13%19.3%
SBGI SinclairQ3 2026$893M+16%15.0%
SSP E.W. ScrippsQ3 2026$545M+4%12.3%
EVC Entravision CommunicationsQ3 2026$226M+88%12.5%

Source: Gray Media 10-Q on SEC EDGAR · CIK 43196 · Television Broadcasting Stations

Guidance and outlook

Gray Media: what its forward-looking statements are about (10-Q filed 2026-11-06)Gray Media: what its forward-looking statements are about (10-Q filed 2026-11-06)Financing2Other2Capital spending1Demand1
6 statements; tone -0.17 (−1 all cautious, +1 all confident); 1 hedged.
Gray Media: outlook statements against the filing beforeGray Media: outlook statements against the filing beforeCautious1

13F: who owns GTN and who is buying

Largest holders of GTN (13F)Largest holders of GTN (13F)Capital Management$31.9MVanguard Group$28.9MMiller Value Partners, LLC$28.8MBlackRock$27.8MDimensional Fund Advisors LP$18.5MRetirement Systems of Alabama$16.4MVanguard Capital Management LLC$14.8MPenn Capital Management Company, …$13.9MGoldman Sachs Group$13.1MCharles Schwab Investment Managem…$12.1M
Funds' net buying of GTN by quarter (13F)Funds' net buying of GTN by quarter (13F)−$26.4M2024-09−$2.5M2024-12$9.5M2025-03$23.0M2025-06$29.8M2025-09$7.9M2025-12−$7.2M2026-03−$6.6M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on GTN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：Gray Media（GTN）财报

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