Filing Flows › Gray Media (GTN) › Q3 2026
Gray Media (GTN) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 6, 2026
Gray Media (GTN) reported revenue of $972M for the third quarter 2026 (Q3 2026), +30% from a year earlier and +16% from the quarter before. Operating margin was 27.4%, net earnings $78.0M (8.0% of revenue).
Gray Media, Q3 2026: revenue $972M (+30% year over year), operating margin 27.4%, net earnings $78.0M, operating cash flow $134M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $972M | +16% | +30% |
| Operating profit | $266M | +96% | +161% |
| Net earnings | $78.0M | +457% | — |
| Operating cash flow | $134M | +9% | +857% |
| Free cash flow | $99.0M | -7% | — |
What changed
Revenue was $972.0M in Q3 2026, up 30% year over year and up 16% from the previous quarter. Retransmission Consent was the largest line at 38% of revenue. Political Advertising added $190.0M year over year (up 2375%), 85% of the total change.
Operating profit was $266.0M, a 27.4% margin (up 13.7 points year over year). Of the extra revenue versus Q3 2025, 74% reached operating profit, above the 14% margin then. Total costs grew 9% against revenue growth of 30%. The fastest-growing cost line was General & admin (+11%). Net earnings were $78.0M. The effective tax rate was 27.8%.
Operating cash flow was $134.0M (up 857% year over year), 172% of net earnings. Non-cash charges added back $50.0M of depreciation and amortization and $3.0M of share-based compensation. Capital expenditures of $35.0M left free cash flow of $99.0M.
Questions
What was Gray Media's revenue in the third quarter 2026?
Gray Media (GTN) reported revenue of $972M for the third quarter 2026 (Q3 2026), +30% from a year earlier and +16% from the quarter before.
Was Gray Media profitable in the third quarter 2026?
Operating profit was $266M (27.4% of revenue) and net earnings $78.0M.
Source: Gray Media 10-Q on SEC EDGAR.