Gannett Co., Inc. reported a net income of $19.9 million for the first quarter of 2026, a significant turnaround from a net loss of $7.3 million in the same period last year. This improvement is reflected in the earnings per share, which rose to $0.14 from a loss of $0.05. Total revenues for the quarter were $548.5 million, down 4% from $571.6 million in the prior year, primarily due to a decline in print and commercial revenues, which fell by 11% to $286.6 million. Digital revenues, however, increased by 5% to $261.9 million, indicating a shift towards digital platforms.
The company experienced a notable reduction in operating costs, which decreased by 8% to $327.4 million, driven by lower selling, general, and administrative expenses, as well as a decrease in depreciation and amortization costs. Integration and reorganization costs also saw a significant decline, dropping 77% to $2.2 million, reflecting the company's ongoing efforts to streamline operations. Interest expenses decreased by 19% to $21.2 million, contributing to the overall improvement in profitability.
Strategically, Gannett completed the acquisition of The Detroit News on January 31, 2026, funded partially through cash and a $15 million increase in its 2029 Term Loan Facility. This acquisition is part of Gannett's broader strategy to enhance its media portfolio and expand its market presence. The company continues to focus on digital marketing solutions through its LocaliQ brand, which supports small and medium-sized businesses with innovative digital products.
Operationally, Gannett reported a decline in digital-only paid subscriptions, which fell by 24% to 1.5 million, while the average revenue per user for digital-only subscriptions increased by 48%. The company also noted a decrease in customer counts for its LocaliQ segment, which contributed to an 8% decline in digital revenues for that segment. As of March 31, 2026, Gannett's total debt stood at $966.4 million, with a focus on managing its leverage amid ongoing economic uncertainties.
Looking ahead, Gannett anticipates continued challenges in the print advertising sector and is committed to optimizing its operations to adapt to changing market conditions. The company expects to maintain adequate liquidity and capital resources to meet its operational needs and debt obligations, while also implementing cost reduction initiatives to counteract the decline in traditional revenue streams.
About Gannett Co., Inc.
Gannett Co., Inc. is a diversified media company delivering trusted journalism, local content, and digital experiences through its USA TODAY NETWORK and Newsquest. It operates across print, digital, and event segments, focusing on audience growth, digital revenue diversification, and community engagement. Its core value lies in providing high-quality content and innovative marketing solutions to local and national audiences and businesses.
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