Gray Media Q3 revenue beats estimates on political advertising strength

Gray Media

Yesterday 11:10

Overview
US broadcast TV station owner's Q3 revenue rose 30% yr/yr, beating analyst expectations
Q3 net income missed analyst estimates
Record political ad revenue and acquisitions drove results; company plans further debt reduction

Outlook
Gray Media expects full-year 2026 political advertising revenue of $630 mln to $640 mln
Company forecasts Q4 2026 total revenue between $1.115 bln and $1.140 bln
Gray Media plans to reduce outstanding debt by $175 mln to $200 mln in Q4 2026

Result Drivers
POLITICAL ADVERTISING - Co said record political advertising revenue of $198 mln drove Q3 results
ACQUISITIONS - Co said acquisitions contributed $66 mln in total advertising revenue in Q3
CORE ADVERTISING - Co said core advertising revenue grew 1% yr/yr, helped by acquisitions and stronger non-political demand

Company press release: ID:nGNX1Rw08r

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$972 mln
$954.22 mln (5 Analysts)
Q3 EPS
 
$0.66
 
Q3 Net Income
Miss
$78 mln
$83.70 mln (5 Analysts)

Reuters Recommended Reads
Nov 5 - E.W. Scripps Q3 revenue rises on increased political ad revenue
Nov 4 - Magnite Q3 revenue beats, driven by political ad spends
Nov 3 - US Senate panel sets hearing for Trump's FCC pick; ABC TV licenses in focus

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.)