Filing Flows › Gray Media (GTN) › How it makes money
How Gray Media (GTN) makes money
Gray Media (GTN) made $972M of revenue in the third quarter 2026 (Q3 2026), +30% from a year earlier. Advertising brought in $556M (57%); Retransmission Consent brought in $366M (38%); Production Companies brought in $34.0M (3%). Of every dollar of revenue, 27¢ was left as operating profit, 8¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Advertising | $556M | 57.2% | +26% | +53% |
| ↳ Core Advertising | $358M | 36.8% | +0.3% | +0.8% |
| ↳ Political Advertising | $198M | 20.4% | +139% | 25× |
| Retransmission Consent | $366M | 37.7% | +2% | +6% |
| Production Companies | $34.0M | 3.5% | +31% | +36% |
| Service, Other | $16.0M | 1.6% | +14% | +7% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $972M | 100.0% |
| Operating profit | $266M | 27.4% |
| Income tax | $30.0M | 3.1% |
| Net earnings | $78.0M | 8.0% |
| Operating cash flow | $134M | 13.8% |
| Free cash flow | $99.0M | 10.2% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $972M | +30% |
| Q2 2026 | $839M | +9% |
| Q1 2026 | $768M | -2% |
| Q4 2025 | $792M | -24% |
| Q3 2025 | $749M | -21% |
| Q2 2025 | $772M | -6% |
| Q1 2025 | $782M | -5% |
From Gray Media's 10-Q filed Nov 6, 2026 (on EDGAR).
Questions
How does Gray Media make money?
Gray Media (GTN) made $972M of revenue in the third quarter 2026 (Q3 2026), +30% from a year earlier. Advertising brought in $556M (57%); Retransmission Consent brought in $366M (38%); Production Companies brought in $34.0M (3%). Of every dollar of revenue, 27¢ was left as operating profit, 8¢ was left as net earnings.
What is Gray Media's biggest business?
Advertising: $556M in the third quarter 2026, 57% of revenue, +53% from a year earlier.
What is Gray Media's profit margin?
Net earnings were $78.0M, 8.0% of revenue, in the third quarter 2026; the operating margin was 27.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.