Gray Media (NYSE:GTN) Posts Quarterly Earnings Results

Gray Media (NYSE:GTN) issued its quarterly earnings data on Thursday. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04, FiscalAI reports. Gray Media had a return on equity of 5.50% and a net margin of 2.81%.The firm had revenue of $792.00 million during the quarter, compared to analyst estimates of $780.50 million. During the same quarter last year, the business posted $1.59 earnings per share. The business’s quarterly revenue was down 24.2% compared to the same quarter last year.

Here are the key takeaways from Gray Media’s conference call:

• Q4 results beat guidance — total revenue of $792 million exceeded the high end of guidance, operating expenses were below guidance at $618 million, and Adjusted EBITDA was $179 million.
• Net Retransmission Revenue returned to growth in Q4 and stabilized at $547 million for 2025, with management guiding to modest net retrans growth in 2026.
• Strategic M&A progress — the company closed the WBBJ acquisition for $25 million and expects other announced transactions to close early in 2026 to help reduce debt and leverage ahead of a strong political cycle.
• Balance sheet and capital actions included a $250 million add-on to 9.625% second‑lien notes and a $125 million call of first‑lien notes, leaving >$1.1 billion in liquidity but year‑end total leverage at 5.8x.
• Content and digital strategy acceleration — renewed NBC and expanded Telemundo affiliations, expanded local sports rights, a Quickplay (Google Cloud) streaming rollout, and company‑wide AI tools aim to grow audiences and digital monetization.

Gray Media Trading Up 24.2%

NYSE GTN traded up $1.15 during trading on Thursday, hitting $5.90. The stock had a trading volume of 3,527,333 shares, compared to its average volume of 1,304,095. Gray Media has a one year low of $3.13 and a one year high of $6.30. The stock has a 50 day simple moving average of $4.65 and a 200 day simple moving average of $5.05. The stock has a market capitalization of $602.33 million, a price-to-earnings ratio of 14.39 and a beta of 0.89. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.93 and a current ratio of 0.93.

Gray Media Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.32 annualized dividend and a yield of 5.4%. Gray Media’s dividend payout ratio (DPR) is presently 78.05%.

Trending Headlines about Gray Media

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Q4 results topped expectations — Gray reported a smaller-than-expected loss (GAAP EPS around ($0.24) vs. consensus ($0.28)) and revenue of $792M that beat estimates; management said revenue and Adjusted EBITDA exceeded guidance, which supports the rally. Gray Media Reports Fourth Quarter Results Exceeding Guidance
• Positive Sentiment: Board authorized a quarterly cash dividend of $0.08 per share (payable March 31, record date March 13), implying a ~5.4% yield — dividend increases income appeal to yield-seeking investors. GRAY ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.08 PER SHARE
• Neutral Sentiment: Management hosted an earnings call and posted the slide presentation and transcript — these provide detail on drivers of the beat, cost trends, and strategic priorities; investors should review for clarity on cash flow and capital allocation. Gray Media, Inc. (GTN) Q4 2025 Earnings Call Transcript Gray Media, Inc. 2025 Q4 – Results – Earnings Call Presentation
• Neutral Sentiment: Local business development: Gray’s KPDX station entered partnerships with Portland sports teams — modestly positive for local ad/partnership revenue but unlikely to materially move the stock on its own. Gray Media’s KPDX enters partnership with Portland Fire, Portland Thorns
• Negative Sentiment: First-quarter revenue guidance was set below consensus (roughly $755M–$770M vs. Street ~$779M), signaling a softer near-term top‑line outlook; that guidance gap is a potential drag if investors focus on near-term revenue weakness. Gray Media Reports Fourth Quarter Results Exceeding Guidance

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on Gray Media from $5.00 to $5.50 and gave the stock an “equal weight” rating in a report on Monday, November 10th. Wall Street Zen lowered shares of Gray Media from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Weiss Ratings reissued a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Benchmark boosted their target price on shares of Gray Media from $9.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Finally, Zacks Research raised shares of Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Gray Media has a consensus rating of “Moderate Buy” and an average price target of $7.25.

Hedge Funds Weigh In On Gray Media

Large investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. increased its stake in Gray Media by 55.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,878,508 shares of the company’s stock worth $13,932,000 after purchasing an additional 1,025,133 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Gray Media by 23.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,188,712 shares of the company’s stock worth $25,113,000 after purchasing an additional 994,474 shares during the last quarter. DSC Meridian Capital LP purchased a new position in Gray Media in the 3rd quarter worth about $5,432,000. AQR Capital Management LLC increased its stake in Gray Media by 76.6% in the 2nd quarter. AQR Capital Management LLC now owns 1,361,807 shares of the company’s stock worth $6,169,000 after buying an additional 590,704 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in Gray Media by 81.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,209,751 shares of the company’s stock valued at $6,992,000 after buying an additional 543,874 shares in the last quarter. Hedge funds and other institutional investors own 78.64% of the company’s stock.

Gray Media Company Profile

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.