GTNGray Media, Inc.
The financials
Gray Media, Inc. by the numbers
Gray Media, Inc. (GTN) reported revenue of $972M in Q3 2026 (quarter ended Sep 30, 2026), up 30% from the same quarter a year earlier. That came with net income of $78M (8.0% of revenue). For the full year FY2025, revenue was $3.10B (−15% year on year) with a net loss of $85M. Its largest product in Q3 2026 was Retransmission Consent at $366M, 38% of the disclosed total, just ahead of Core Advertising at 37%. The next results filing is expected around Feb 25, 2027, the same week as a year ago.
| Income statement | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Revenue | $972M | $749M | +30% |
| Operating income | $266M | $102M | +161% |
| Net income | $78M | −$10M | to a profit |
| Diluted EPS | $0.66 | −$0.24 | to a profit |
| Product | Revenue | Share |
|---|---|---|
| Retransmission Consent | $366M | 38% |
| Core Advertising | $358M | 37% |
| Political Advertising | $198M | 21% |
| Production Companies | $34M | 3.6% |
Over its last three fiscal years Gray Media, Inc. booked income tax of 27.9% of its pretax profit, 80.5% once deferred tax is taken out, above the 21.3% median for US companies in our tax study.
Business segments
Revenue split by product segment, from SEC XBRL filings.
- Retransmission Consent$366.0M$366.0Mvs last quarter +1.9%vs a year ago +5.8%+1.9%+5.8%
- Core Advertising$358.0M$358.0Mvs last quarter +0.28%vs a year ago +0.85%+0.28%+0.85%
- Political Advertising$198.0M$198.0Mvs last quarter +139%vs a year ago +2,375%+139%+2,375%
- Production Companies$34.0M$34.0Mvs last quarter +31%vs a year ago +36%+31%+36%
Communication Services
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