Q2 2026 Gray Media Inc Earnings Call Transcript

Aug 7, 2026 / 03:00 PM GMT

Release Date Price: $5.37 (+25.47%)

Transcript 10-Q8-K

Key Points

Positve

Total revenue in Q2 2026 reached $839 million, exceeding the high end of guidance by about $9 million and up 9% year-over-year.
Political revenue significantly outperformed expectations at $83 million, well above the $60-70 million guidance range.
Net retransmission revenue of $150 million came in above guidance, marking a key inflection point for the leverage ratio denominator.
The company completed multiple accretive acquisitions and swaps, adding 4 new markets and 14 stations in existing markets, with synergies expected to drive further deleveraging.
Management is actively reducing debt and interest costs through opportunistic repurchases, including $120 million of debt and $50 million of preferred equity, with a new $250 million authorization.

Negative

Core advertising revenue declined 1% in Q2, and adjusted for acquisitions, it was down mid-single digits, with continued softness expected in Q3.
Political crowd-out is negatively impacting core advertising, with an estimated 1 point decline in Q2 and further displacement expected in Q3.
The macro environment remains turbulent, with uncertainty around tariffs, potential conflicts, and consumer-facing categories like restaurants and supermarkets showing softer demand.
The company incurred elevated transaction costs in Q2, which negatively impacted corporate expenses.
Leverage remains high at 5.73 times total net leverage, and the company faces a steep call price on its 10.5% notes, limiting some refinancing options.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GTN.N - Gray Media Inc
Q2 2026 Gray Media Inc Earnings Call
Aug 07, 2026 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, headquarter 26 earnings call.

Our lines have been placed on mute to prevent any background noise.

After the speaker's remarks, there will be a question-and-answer session.

If you would like to ask a question during this time, press 1 on your telephone keypad to withdraw your question, press star 1 again.

I will now turn the call over to Grace's President and CEO Hilton Howell Junior.

Sir, please go ahead.

Hi, this is Alan Gould from Investor Relations.

I'm going to lead off.

Thank you, Lacey, and welcome everyone.

Joining us on today's call are Hilton Howell, our Chairman and CEO.

Pat Lalatney, our President and co-CEO.

Sandy

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