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Gray Media vs Sinclair: GTN and SBGI compared
Gray Media is the larger company: $972M of revenue in its latest quarter (Q3 2026) against $893M for Sinclair (Q3 2026). Gray Media is growing faster (+30% against +16% a year earlier). Gray Media is more profitable, with an operating margin of 27.4% against 15.0%.
Where the money goes: GTN and SBGI
Gray Media (GTN) · Q3 2026
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.
Sinclair (SBGI) · Q3 2026
Sinclair, Q3 2026: revenue $893M (+16% year over year), operating margin 15.0%, net earnings $43.0M, operating cash flow $129M. The chart follows the revenue to costs, profit and cash.
| Gray Media (GTN) | Sinclair (SBGI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $972M | $893M |
| Revenue growth, Y/Y | +30% | +16% |
| Operating margin | 27.4% | 15.0% |
| Net earnings | $78.0M | $43.0M |
| Net margin | 8.0% | 4.8% |
| Operating cash flow | $134M | $129M |
| Free cash flow | $99.0M | $109M |
| Market value | $492M | $991M |
| P/E | 7.9× | 9.5× |
| Analysts’ mean target | $6.50 | $17.43 |
Where the revenue comes from
Gray Media
- Advertising: $556M (57%)
- Retransmission Consent: $366M (38%)
- Production Companies: $34.0M (3%)
- Service, Other: $16.0M (2%)
Questions
Which is bigger, Gray Media or Sinclair?
Gray Media is the larger company: $972M of revenue in its latest quarter (Q3 2026) against $893M for Sinclair (Q3 2026).
Is Gray Media or Sinclair growing faster?
Gray Media is growing faster (+30% against +16% a year earlier).
Which is more profitable, Gray Media or Sinclair?
Gray Media is more profitable, with an operating margin of 27.4% against 15.0%.
More: Gray Media earnings · how Gray Media makes money · Sinclair earnings · how Sinclair makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.