Gray Media Reports $768 Million Revenue and $33 Million Net Loss for Q1 2026

Gray Media, Inc. reported a total revenue of $768 million for the three months ended March 31, 2026, a decrease of $14 million, or 2%, compared to $782 million in the same period of the previous year. The decline in revenue was attributed to a significant drop in retransmission consent revenue, which fell by $40 million due to a combination of decreased subscriptions and a distribution dispute with a satellite television provider. However, core advertising revenue saw an increase of $8 million, bolstered by approximately $10 million in net revenue from the Super Bowl broadcast and a rise in political advertising revenue, which increased by $17 million as 2026 is an election year.

In terms of profitability, Gray Media reported a net loss of $33 million, or $(0.34) per share, for the first quarter of 2026, compared to a net loss of $22 million, or $(0.23) per share, in the same quarter of 2025. The increase in net loss was primarily driven by higher operating expenses, which totaled $687 million, a decrease of $3 million from the previous year. Notably, broadcasting payroll expenses rose by $11 million due to routine compensation changes and increased healthcare costs, while non-payroll broadcasting expenses decreased significantly.

Strategically, Gray Media has been active in expanding its portfolio through acquisitions. In January 2026, the company acquired the non-license assets of WBBJ-TV for $25 million, followed by the acquisition of three additional stations from Allen Media Group for $56 million in March 2026. These acquisitions are part of Gray Media's ongoing strategy to enhance its market presence and operational capabilities. The company also announced pending acquisitions involving additional television stations, which are expected to close in the near future.

Operationally, Gray Media's total assets decreased to $10.319 billion as of March 31, 2026, down from $10.440 billion at the end of 2025. The company reported a decrease in cash reserves to $259 million from $368 million, while long-term debt remained relatively stable at $5.746 billion. The company’s employee headcount and customer engagement metrics were not disclosed in the filing, but the company continues to maintain a significant presence in 120 full-power television markets, reaching approximately 37% of U.S. television households.

Looking ahead, Gray Media anticipates that its cash on hand, along with future cash generated from operations and potential borrowings, will be sufficient to meet its debt service obligations and fund capital expenditures for the foreseeable future. The company expects to make approximately $450 million in debt interest payments over the next twelve months and is focused on managing its operational expenses while pursuing strategic growth opportunities through acquisitions.