Filing Flows › Gray Media (GTN) › Q2 2026 › vs Q2 2025
Gray Media (GTN) Q2 2026 vs Q2 2025 (year over year)
Gray Media's revenue rose $67.0M (+9%) from $772M in Q2 2025 to $839M in Q2 2026. The biggest changes: Advertising +$70.0M (+19%); Retransmission Consent −$10.0M (-3%); Production Companies +$8.0M (+44%). Operating margin 16.2% against 10.6% (+5.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 16.2% | 10.6% | +5.6 pts |
| Net margin | 1.7% | -7.3% | +8.9 pts |
| Free cash flow margin | 12.6% | 0.8% | +11.9 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Core Advertising | $357M | $361M | −$4.0M | -1% |
| Political Advertising | $83.0M | $9.0M | $74.0M | +822% |
| Advertising | $440M | $370M | $70.0M | +19% |
| Retransmission Consent | $359M | $369M | −$10.0M | -3% |
| Production Companies | $26.0M | $18.0M | $8.0M | +44% |
| Service, Other | $14.0M | $15.0M | −$1.0M | -7% |
| Revenue | $839M | $772M | $67.0M | +9% |
| Operating profit | $136M | $82.0M | $54.0M | +66% |
| Costs & expenses | $703M | $690M | $13.0M | +2% |
| Pre-tax earnings | $19.0M | −$35.0M | $54.0M | — |
| Other expense, net | $117M | $117M | $0 | 0% |
| Net earnings | $14.0M | −$56.0M | $70.0M | — |
| Income tax | $5.0M | $21.0M | −$16.0M | -76% |
| Depreciation & amortization | $55.0M | $60.0M | −$5.0M | -8% |
| Share-based compensation | $3.0M | $5.0M | −$2.0M | -40% |
| Working capital & other | $51.0M | $22.0M | $29.0M | +132% |
| Operating cash flow | $123M | $31.0M | $92.0M | +297% |
| Free cash flow (OCF − capex) | $106M | $6.0M | $100M | 18× |
| Capital expenditures | $17.0M | $25.0M | −$8.0M | -32% |
Questions
How much did Gray Media's revenue grow year over year in Q2 2026?
Gray Media's revenue rose $67.0M (+9%) from $772M in Q2 2025 to $839M in Q2 2026.
What drove Gray Media's revenue change in Q2 2026?
Advertising +$70.0M (+19%); Retransmission Consent −$10.0M (-3%); Production Companies +$8.0M (+44%).