Gray Media Q1 revenue slightly misses analyst estimates

Gray Media

07/05/2026 11:15

Overview

US local TV broadcaster's Q1 revenue slightly missed analyst expectations

Net loss for Q1 was larger than analyst expectations

Core advertising revenue rose 2% yr/yr, exceeding company guidance

Outlook

Gray Media expects Q2 core advertising revenue to decline by mid-single digits

Company sees Q2 political advertising revenue between $60 mln and $70 mln

Gray Media anticipates full-year 2026 net retransmission revenue growth due to completed negotiations and improved subscriber trends

Result Drivers

CORE ADVERTISING GROWTH - Core advertising revenue rose 2% yr/yr, exceeding company guidance for flat performance

RETRANSMISSION REVENUE DECLINE - Retransmission consent revenue fell 11% due to subscriber declines, a station transition, and a resolved dispute with a distribution partner

EXPENSE REDUCTION - Total broadcasting expenses decreased 4% yr/yr, reaching the low end of company guidance

Company press release: ID:nGNX7VTMjZ

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Slight Miss*
$768 mln
$770.07 mln (3 Analysts)
Q1 Net Income
Miss
-$20 mln
-$18.93 mln (3 Analysts)

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

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"

Wall Street's median 12-month price target for Gray Media Inc is $6.50, about 17.5% above its May 6 closing price of $5.53

The stock recently traded at 4 times the next 12-month earnings vs. a P/E of 2 three months ago

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.)