Key Financial Data
- Q4 Total revenue: $792 million (-24% year-over)
- Q4 Total broadcast revenue: $755 million (-25%)
- Q4 Core advertising revenue: $392 million (+3%)
- Q4 Political advertising revenue: $12 million (-95%)
- Q4 Distribution revenue: $335 million (-7%)
- Q4 Broadcasting expenses: $557 million (-7%)
- Q4 Station expenses: $356 million (-3%)
- Q4 Network affiliation expenses: $201 million (-13%)
- Q4 Operating income: $116 million (-64%)
- Q4 Net income: -$10 million (-106%)
- FY25 Total revenue: $3.09t5 billion (-15%)
- FY25 Total broadcast revenue: $2.99 billion (-16%)
- FY25 Core advertising revenue: $1.452 billion (-3%)
- FY25 Political advertising revenue: $42 million (-92%)
- Read more Q4 2025 media earnings coverage
Gray Media reported earnings during the fourth quarter (Q4) of the year that exceeded the broadcaster’s prior guidance to Wall Street, even as overall revenue declined for the period based on a comparison the prior year, when political advertising dollars boosted that line item.
For the three months ended December 31, Gray posted total revenue of $792 million, down 24 percent from $1.045 billion in the year-ago period. Total broadcasting revenue fell 25 percent to $755 million.
Core advertising revenue rose 3 percent to $392 million, up from $380 million a year earlier, reflecting improvement in the underlying advertising environment. Political advertising revenue totaled $12 million, down 95 percent from $250 million during the comparable election-year quarter.
Retransmission consent revenue declined 7 percent to $335 million. However, net retransmission revenue — which subtracts network affiliation fees — increased 3 percent to $134 million, compared with $130 million a year ago. Production company revenue was flat at $37 million.
Operating income for the quarter fell 64 percent to $116 million, compared with $325 million in the prior-year period. Gray reported a net loss of $10 million, versus net income of $169 million a year earlier.
Total broadcasting expenses decreased 7 percent to $557 million, with station expenses down 3 percent and network affiliation fees down 13 percent. Corporate and administrative expenses rose 17 percent to $28 million.
For the full year, Gray generated total revenue of $3.095 billion, a 15 percent decline from $3.644 billion in 2024. Broadcasting revenue decreased 16 percent to $2.988 billion.
Stock Price
Despite the year-over-year comparisons, Gray pointed to improved subscriber trends and expense discipline. Total broadcasting expenses for the full year declined 3 percent to $2.239 billion.
“We delivered strong fourth quarter financial results, with revenue and Adjusted EBITDA exceeding consensus expectations,” said Gray Chairman and CEO Hilton Howell Jr. He cited better-than-expected cable TV subscriber trends that drove growth in net retransmission revenue, as more Americans signed up for pay TV — including via streaming — to watch network programming like sports.
Howell also highlighted debt refinancing activity completed during 2025 that extended most maturities beyond the 2026 and 2028 political cycles, enhancing financial flexibility. Looking ahead, he said the company is positioned to benefit from the 2026 midterm election cycle and what it expects to be an improving general advertising environment.
Gray is also in the process of acquiring several local TV stations, including 10 outlets from Allen Media Company. Howell said the company expects that transaction to close in the coming months.
