Filing Flows › Gray Media (GTN) › Q1 2026
Gray Media (GTN) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Gray Media (GTN) reported revenue of $768M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -3% from the quarter before. Operating margin was 10.5%, net earnings $65.0M (8.5% of revenue).
Gray Media, Q1 2026: revenue $768M (-2% year over year), operating margin 10.5%, net earnings $65.0M, operating cash flow $1.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $768M | -3% | -2% |
| Operating profit | $81.0M | -30% | -12% |
| Net earnings | $65.0M | — | — |
| Operating cash flow | $1.0M | -99% | -99% |
What changed
Revenue was $768.0M in Q1 2026, down 2% year over year and down 3% from the previous quarter. Core Advertising was the largest line at 46% of revenue. Retransmission Consent lost $40.0M year over year (down 11%), 286% of the total change.
Operating profit was $81.0M, a 10.5% margin (down 1.2 points year over year). Total costs fell 0% while revenue fell 2%. Net earnings were $65.0M. The effective tax rate was -14.0%.
Operating cash flow was $1.0M (down 99% year over year), 2% of net earnings. Non-cash charges added back $65.0M of depreciation and amortization and $8.0M of share-based compensation. Working capital and other items used $137.0M. Capital expenditures of $19.0M exceeded it, leaving free cash flow of −$18.0M.
Questions
What was Gray Media's revenue in the first quarter 2026?
Gray Media (GTN) reported revenue of $768M for the first quarter 2026 (Q1 2026), -2% from a year earlier and -3% from the quarter before.
Was Gray Media profitable in the first quarter 2026?
Operating profit was $81.0M (10.5% of revenue) and net earnings $65.0M.
Source: Gray Media 10-Q on SEC EDGAR.