Filing Flows › Gray Media (GTN) › Q3 2026 › vs Q3 2025
Gray Media (GTN) Q3 2026 vs Q3 2025 (year over year)
Gray Media's revenue rose $223M (+30%) from $749M in Q3 2025 to $972M in Q3 2026. The biggest changes: Advertising +$193M (+53%); Retransmission Consent +$20.0M (+6%); Production Companies +$9.0M (+36%). Operating margin 27.4% against 13.6% (+13.7 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 27.4% | 13.6% | +13.7 pts |
| Net margin | 8.0% | -1.3% | +9.4 pts |
| Free cash flow margin | 10.2% | -1.5% | +11.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Core Advertising | $358M | $355M | $3.0M | +0.8% |
| Political Advertising | $198M | $8.0M | $190M | 25× |
| Advertising | $556M | $363M | $193M | +53% |
| Retransmission Consent | $366M | $346M | $20.0M | +6% |
| Production Companies | $34.0M | $25.0M | $9.0M | +36% |
| Service, Other | $16.0M | $15.0M | $1.0M | +7% |
| Revenue | $972M | $749M | $223M | +30% |
| Operating profit | $266M | $102M | $164M | +161% |
| Costs & expenses | $706M | $647M | $59.0M | +9% |
| Pre-tax earnings | $108M | −$28.0M | $136M | — |
| Other expense, net | $158M | $130M | $28.0M | +22% |
| General & admin | $31.0M | $28.0M | $3.0M | +11% |
| Other operating costs | $675M | $619M | $56.0M | +9% |
| Net earnings | $78.0M | −$10.0M | $88.0M | — |
| Income tax | $30.0M | −$18.0M | $48.0M | — |
| Depreciation & amortization | $50.0M | $56.0M | −$6.0M | -11% |
| Share-based compensation | $3.0M | $5.0M | −$2.0M | -40% |
| Working capital & other | $3.0M | −$37.0M | $40.0M | — |
| Operating cash flow | $134M | $14.0M | $120M | +857% |
| Free cash flow (OCF − capex) | $99.0M | −$11.0M | $110M | — |
| Capital expenditures | $35.0M | $25.0M | $10.0M | +40% |
Questions
How much did Gray Media's revenue grow year over year in Q3 2026?
Gray Media's revenue rose $223M (+30%) from $749M in Q3 2025 to $972M in Q3 2026.
What drove Gray Media's revenue change in Q3 2026?
Advertising +$193M (+53%); Retransmission Consent +$20.0M (+6%); Production Companies +$9.0M (+36%).