GTN
Gray Media, Inc.5.21
+0.08+1.56%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A reaffirms, adds AI/retrans color
Q&A largely reaffirmed prepared remarks on Q4 beats and 2026 deleveraging via M&A and political revenue, adding light color without contradictions. Management confirmed net retrans on track for modest inflationary growth amid slowing subscriber declines, similar to industry trends. Nexstar-TEGNA talks could spur broader consolidation, potentially pushing Gray to scale faster. AI efficiencies via Gray AI emerged as a productivity booster—like a thousand unpaid interns for rote tasks, human-reviewed. Leverage progress targets toward 4x long-term; core ads flat Q1 on political weight. No private merger details shared. Investors watch pending deal closes and sub stability.
Key Stats
Market Cap
583.24MP/E (TTM)
12.12Basic EPS (TTM)
0.43Dividend Yield
0.06%Recent Filings
10-K
FY2025 results
Gray Media's FY2025 revenue fell 15% y/y to $3.1B, with core advertising down $38M from H1 softness and Super Bowl rotation while political plunged 92% to $42M in the off-year; retransmission consent dipped 4% to $1.4B amid one station's independence. Q4 political spending provided seasonal lift despite annual core weakness, yet broadcasting expenses dropped 3% via lower payroll and $50M network fees. Debt refinancings extended maturities, leaving $5.8B outstanding with $745M revolver availability. Cash from operations slowed to $289M. Quarterly revenue cycles amplify election volatility.
8-K
Q4 beat, expenses cut
Gray Media beat Q4 guidance with $792M revenue and core ad sales up 3% to $392M, while broadcasting expenses fell 7% to $557M. Net retransmission revenue rose 3% to $134M on better MVPD trends; full-year debt refinancings push maturities past 2028. Completed $25M WBBJ-TV buy. Q1 revenue guided $755-770M. Leverage improved to 5.80x.
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