Gray Media Q4 revenue beats expectations on MVPD subscriber boost

Gray Media

26/02/2026 11:21

Overview

Media company's Q4 revenue rose, beating analyst expectations

Net loss for Q4 narrower than analyst expectations

Company completed acquisition of WBBJ-TV, expected to reduce leverage

Outlook

Gray Media anticipates Q1 2026 revenue between $755 mln and $770 mln

Company expects $15 mln revenue from 2026 Winter Olympics broadcasts

Gray Media sees political advertising revenue between $25 mln and $30 mln in Q1 2026; core ad being flat

Result Drivers

MVPD SUBSCRIBER TRENDS - Better-than-expected MVPD subscriber trends drove year-over-year growth in net retransmission revenue

BROADCASTING EXPENSES - Achieved a 3% reduction in broadcasting expenses for full year 2025, enhancing financial flexibility

DEBT REFINANCING - 2025 debt refinancings extended debt maturities beyond 2026 and 2028, enhancing financial flexibility

Company press release: ID:nGNX8MjXt2

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Beat
$792 mln
$780.002 mln (5 Analysts)
Q4 Net Income
Beat
-$10 mln
-$28.29 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 36.8% above its February 25 closing price of $4.75

The stock recently traded at 2 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.)