Filing Flows › Gray Media (GTN) › Q2 2026
Gray Media (GTN) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 7, 2026
Gray Media (GTN) reported revenue of $839M for the second quarter 2026 (Q2 2026), +9% from a year earlier and +9% from the quarter before. Operating margin was 16.2%, net earnings $14.0M (1.7% of revenue).
Gray Media, Q2 2026: revenue $839M (+9% year over year), operating margin 16.2%, net earnings $14.0M, operating cash flow $123M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $839M | +9% | +9% |
| Operating profit | $136M | +68% | +66% |
| Net earnings | $14.0M | -78% | — |
| Operating cash flow | $123M | 123× | +297% |
| Free cash flow | $106M | — | 18× |
What changed
Revenue was $839.0M in Q2 2026, up 9% year over year and up 9% from the previous quarter. Retransmission Consent was the largest line at 43% of revenue. Political Advertising added $74.0M year over year (up 822%), 110% of the total change. Service, Other declined 7%.
Operating profit was $136.0M, a 16.2% margin (up 5.6 points year over year). Of the extra revenue versus Q2 2025, 81% reached operating profit, above the 11% margin then. Total costs grew 2% against revenue growth of 9%. Net earnings were $14.0M. The effective tax rate was 26.3%.
Operating cash flow was $123.0M (up 297% year over year), 879% of net earnings. Non-cash charges added back $55.0M of depreciation and amortization and $3.0M of share-based compensation. Working capital and other items added $51.0M. Capital expenditures of $17.0M left free cash flow of $106.0M.
Questions
What was Gray Media's revenue in the second quarter 2026?
Gray Media (GTN) reported revenue of $839M for the second quarter 2026 (Q2 2026), +9% from a year earlier and +9% from the quarter before.
Was Gray Media profitable in the second quarter 2026?
Operating profit was $136M (16.2% of revenue) and net earnings $14.0M.
Source: Gray Media 10-Q on SEC EDGAR.