Gray Media Earnings Call Transcripts
Fiscal Year 2026
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Significant M&A integration and disciplined capital allocation are driving operational efficiencies and leverage reduction. Political advertising and local content strength position the company well for 2024, while AI and Assembly Atlanta offer long-term growth opportunities.
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First quarter 2026 revenue and political advertising exceeded guidance, with digital and local direct business showing strong growth. Broadcasting expenses declined, major retrans renewals were completed, and acquisitions advanced. Economic uncertainty is impacting ad visibility.
Fiscal Year 2025
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Q4 2025 revenue and Adjusted EBITDA exceeded guidance, with core advertising and digital segments showing growth. Net Retransmission Revenue returned to growth, leverage ratios improved, and significant progress was made in M&A, sports content, and AI-driven efficiency.
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Q3 2025 revenue and EBITDA exceeded guidance, with strong cost control and positive ad trends. M&A activity expanded market presence, while balance sheet improvements and new streaming initiatives position the company for growth. Optimism remains high for 2026, especially in political ad revenue.
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Q2 2025 revenue and expenses beat original guidance, with $772M revenue and $56M net loss. Multiple M&A deals will add six new markets and are expected to be cash flow accretive and deleveraging. Leverage ratios improved, and no material tax payments are expected for 2025.
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Q1 2025 revenue and adjusted EBITDA declined year-over-year but exceeded guidance, with political ad revenue and cost controls outperforming expectations. Debt reduction and enhanced liquidity remain priorities, while macroeconomic and regulatory uncertainties continue to impact advertising and M&A outlook.
Fiscal Year 2024
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Q4 2024 saw 21% revenue growth and a return to profitability, driven by political ad strength and cost control. Debt was reduced by $520 million, and local sports and studio initiatives expanded. Core ad revenue faces near-term pressure, but outlook for growth is improving.
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Q3 2024 saw 18% revenue growth and a return to profitability, driven by strong political and digital ad sales, while core ad revenue grew 1% despite headwinds. The company is on track to reduce debt by $500 million in 2024 and has implemented $60 million in annualized cost savings.
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Q2 2024 revenue rose 2% year-over-year to $826 million, with net income of $22 million and flat Adjusted EBITDA. Full-year revenue guidance was lowered by $100 million, but strong political and digital ad growth, successful debt refinancing, and cost reductions support a positive outlook.