Filing Flows › Gray Media (GTN) › Q2 2026 › vs Q1 2026
Gray Media (GTN) Q2 2026 vs Q1 2026 (quarter over quarter)
Gray Media's revenue rose $71.0M (+9%) from $768M in Q1 2026 to $839M in Q2 2026. The biggest changes: Advertising +$58.0M (+15%); Retransmission Consent +$20.0M (+6%); Service, Other −$4.0M (-22%). Operating margin 16.2% against 10.5% (+5.7 pts).
Gray Media, Q2 2026: revenue $839M (+9% year over year), operating margin 16.2%, net earnings $14.0M, operating cash flow $123M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 16.2% | 10.5% | +5.7 pts |
| Net margin | 1.7% | 8.5% | -6.8 pts |
| Free cash flow margin | 12.6% | -2.3% | +15.0 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Core Advertising | $357M | $352M | $5.0M | +1% |
| Political Advertising | $83.0M | $30.0M | $53.0M | +177% |
| Advertising | $440M | $382M | $58.0M | +15% |
| Retransmission Consent | $359M | $339M | $20.0M | +6% |
| Production Companies | $26.0M | $29.0M | −$3.0M | -10% |
| Service, Other | $14.0M | $18.0M | −$4.0M | -22% |
| Revenue | $839M | $768M | $71.0M | +9% |
| Operating profit | $136M | $81.0M | $55.0M | +68% |
| Costs & expenses | $703M | $687M | $16.0M | +2% |
| Pre-tax earnings | $19.0M | $57.0M | −$38.0M | -67% |
| Other expense, net | $117M | $24.0M | $93.0M | +388% |
| Net earnings | $14.0M | $65.0M | −$51.0M | -78% |
| Income tax | $5.0M | −$8.0M | $13.0M | — |
| Depreciation & amortization | $55.0M | $65.0M | −$10.0M | -15% |
| Share-based compensation | $3.0M | $8.0M | −$5.0M | -62% |
| Working capital & other | $51.0M | −$137M | $188M | — |
| Operating cash flow | $123M | $1.0M | $122M | 123× |
| Free cash flow (OCF − capex) | $106M | −$18.0M | $124M | — |
| Capital expenditures | $17.0M | $19.0M | −$2.0M | -11% |
Questions
How much did Gray Media's revenue grow quarter over quarter in Q2 2026?
Gray Media's revenue rose $71.0M (+9%) from $768M in Q1 2026 to $839M in Q2 2026.
What drove Gray Media's revenue change in Q2 2026?
Advertising +$58.0M (+15%); Retransmission Consent +$20.0M (+6%); Service, Other −$4.0M (-22%).