Every 10-Q that Gray Media, Inc. (GTN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow GTN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full GTN filings page.
Gray Media reported higher revenue and a return to quarterly profitability while continuing to expand its station portfolio. For the quarter ended June 30, 2026, revenue (less agency commissions) was $839 million, up from $772 million, helped by stronger political advertising and 2026 acquisitions. Net income was $14 million versus a loss of $56 million, and net income attributable to common stockholders was $21 million, or $0.21 per diluted share.
For the first six months of 2026, revenue grew to $1,607 million from $1,554 million and operating income rose to $217 million, though the company still recorded a net loss of $6 million and a $12 million loss to common holders after $234 million of interest expense and preferred dividends. Gray completed several television station acquisitions and a non‑cash station swap that increased broadcast licenses and goodwill and contributed $44 million of year‑to‑date revenue. Cash declined to $176 million at June 30, 2026 from $368 million at year‑end, reflecting $264 million of cash paid for television businesses and licenses. Long‑term debt, less deferred financing costs, was $5,808 million, with all covenants in compliance and $745 million of revolver availability. The company also issued $70 million of additional 2033 first‑lien notes and used $30 million to repurchase 50,000 shares of Series A Perpetual Preferred Stock, reducing that balance to $600 million.
Gray Media, Inc. reported a wider loss for the quarter ended March 31, 2026 as revenue softened slightly and working capital swung heavily. Total revenue was $768 million, down about 2% from $782 million a year earlier, with $352 million from core advertising, $30 million from political ads and $339 million from retransmission consent fees.
Net loss was $20 million versus $9 million last year, and net loss attributable to common stockholders was $33 million, or $(0.34) per share, compared with $(0.23). Operating income declined to $81 million from $92 million, while interest expense remained high at $117 million.
Cash fell to $259 million from $368 million at year-end as net cash from operating activities dropped to $1 million from $132 million, mainly from working capital changes, and the company spent $77 million on investing, including acquisitions. Long-term debt stayed elevated at about $5.8 billion, with a first lien net leverage ratio of 2.56x.
Gray continued to expand its station portfolio, closing the WBBJ and Allen 3 deals for a combined $83 million and, after quarter-end, acquiring the “Allen 7” stations for $115 million and BCI stations for $80 million, funded with cash on hand. Management believes cash, operating cash flow and its $745 million of revolver availability will cover debt service, capital spending and acquisition commitments in the near term.
Gray Media (GTN) reported Q3 2025 results. Revenue was $749 million versus $950 million a year ago, reflecting a sharp decline in political advertising ($8 million vs $173 million). Operating income was $102 million. The company recorded a net loss of $10 million (basic and diluted EPS -$0.24), compared with net income of $96 million in Q3 2024.
Year-to-date, revenue was $2.303 billion; operating income was $276 million. Cash from operating activities for the nine months was $177 million. Gray closed significant refinancing: issued $900 million senior secured second-lien notes due 2032 and $775 million senior secured first-lien notes due 2033, using proceeds to redeem 2027 notes, repay term loans, and repay revolver borrowings, resulting in a $7 million loss on early extinguishment of debt. Interest expense for the nine months was $355 million.
Gray also entered multiple station purchase/swap agreements with Scripps, SGH, BCI, and AMG, adding new markets and creating 11 anticipated duopolies, subject to required regulatory approvals. Shares outstanding were 92,500,245 common and 9,586,408 Class A as of October 31, 2025.
Report: Form 10-Q for quarterly period ended June 30, 2025.
Key financials: Q2 revenue $772 million (Q2 2024 $826M); six-month revenue $1,554M (2024 $1,649M). Q2 net loss $56M; net loss attributable to common stockholders Q2 $(69)M and six-month net loss attributable to common $(91)M versus six-month 2024 net income $110M. Cash at June 30, 2025 was $199M; total assets $10,352M; total liabilities $7,521M.
Debt and liquidity: Total outstanding principal $5,651M; long-term debt, less current portion and deferred financing costs $5,580M; fair value of long-term debt $5.2B. Operating cash flow for six months $163M. Securitization: receivables sold $400M at June 30, 2025 and $627M sold in the six months. Non-cash impairment of intangible assets $28M. Quarterly dividend declared $0.08 per share. Subsequent events include station acquisitions/divestitures with Scripps, SGH, BCI and AMG and issuance of $900M 9.625% 2032 notes and $775M 7.25% 2033 notes with related repayments and Revolving Facility increase to $750M.