Gray Media Q2 revenue beats on acquisitions boost

Gray Media

07/08/2026 11:13

Overview
U.S. local TV broadcaster's Q2 revenue grew 9% yr/yr, beat analyst expectations
Net income for Q2 was $14 mln, beating analyst estimates
Company authorized $250 mln debt repurchase program through 2027

Outlook
Gray Media sees Q3 2026 total revenue between $935 mln and $965 mln
Company expects Q3 2026 political advertising revenue between $165 mln and $185 mln
Gray Media anticipates 2026 capital expenditures of $120 mln to $130 mln

Result Drivers
ACQUISITIONS - Co said 2026 acquisitions contributed $41 mln in Q2 revenue and increased broadcasting expenses by $30 mln
POLITICAL ADVERTISING - Political ad revenue rose to $83 mln in Q2 from $9 mln a year ago, exceeding guidance and prior election cycles
RETRANSMISSION REVENUE - Net retransmission revenue grew 10% yr/yr despite subscriber declines and a resolved distribution dispute

Company press release: ID:nGNX83SKxQ

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$839 mln
$794.13 mln (5 Analysts)
Q2 Net Income
Beat
$14 mln
-$11.01 mln (4 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the broadcasting peer group is "buy"
Wall Street's median 12-month price target for Gray Media Inc is $6.50, about 51.9% above its August 6 closing price of $4.28
The stock recently traded at 40 times the next 12-month earnings vs. a P/E of 4 three months ago

Reuters Recommended Reads
Aug 5 - Sinclair Q2 revenue rises on political advertising strength 
Aug 6 - US agency ends 39% household cap on local TV station owners
Aug 6 - Fox posts upbeat revenue, profit on ad boost from FIFA World Cup

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)