Filing Flows › Gray Media (GTN) › Q3 2026 › vs Q2 2026
Gray Media (GTN) Q3 2026 vs Q2 2026 (quarter over quarter)
Gray Media's revenue rose $133M (+16%) from $839M in Q2 2026 to $972M in Q3 2026. The biggest changes: Advertising +$116M (+26%); Production Companies +$8.0M (+31%); Retransmission Consent +$7.0M (+2%). Operating margin 27.4% against 16.2% (+11.2 pts).
Gray Media, Q3 2026: revenue $972M (+30% year over year), operating margin 27.4%, net earnings $78.0M, operating cash flow $134M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 27.4% | 16.2% | +11.2 pts |
| Net margin | 8.0% | 1.7% | +6.4 pts |
| Free cash flow margin | 10.2% | 12.6% | -2.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Core Advertising | $358M | $357M | $1.0M | +0.3% |
| Political Advertising | $198M | $83.0M | $115M | +139% |
| Advertising | $556M | $440M | $116M | +26% |
| Retransmission Consent | $366M | $359M | $7.0M | +2% |
| Production Companies | $34.0M | $26.0M | $8.0M | +31% |
| Service, Other | $16.0M | $14.0M | $2.0M | +14% |
| Revenue | $972M | $839M | $133M | +16% |
| Operating profit | $266M | $136M | $130M | +96% |
| Costs & expenses | $706M | $703M | $3.0M | +0.4% |
| Pre-tax earnings | $108M | $19.0M | $89.0M | +468% |
| Other expense, net | $158M | $117M | $41.0M | +35% |
| Net earnings | $78.0M | $14.0M | $64.0M | +457% |
| Income tax | $30.0M | $5.0M | $25.0M | +500% |
| Depreciation & amortization | $50.0M | $55.0M | −$5.0M | -9% |
| Share-based compensation | $3.0M | $3.0M | $0 | 0% |
| Working capital & other | $3.0M | $51.0M | −$48.0M | -94% |
| Operating cash flow | $134M | $123M | $11.0M | +9% |
| Free cash flow (OCF − capex) | $99.0M | $106M | −$7.0M | -7% |
| Capital expenditures | $35.0M | $17.0M | $18.0M | +106% |
Questions
How much did Gray Media's revenue grow quarter over quarter in Q3 2026?
Gray Media's revenue rose $133M (+16%) from $839M in Q2 2026 to $972M in Q3 2026.
What drove Gray Media's revenue change in Q3 2026?
Advertising +$116M (+26%); Production Companies +$8.0M (+31%); Retransmission Consent +$7.0M (+2%).