Gray Media Political Advertising Tops Election-Year Third Quarters

The Tip Desk · November 12, 2026 · 4 min read

Political advertising reached $198 million in the third quarter, above the $195 million high end of revised guidance, as total revenue hit $972 million.

Gray Media, Inc. (GTN) reported political advertising revenue of $198 million in the third quarter ended September 30, 2026, above the high end of revised guidance of $195 million and, the company said, above all prior third quarters for election years.

The Atlanta-based multimedia company, the nation’s largest owner of top-rated local television stations, also posted total revenue of $972 million, a 30% increase from $749 million a year earlier and above the high end of revised guidance of $965 million. Core advertising was $358 million, a 1% increase from $355 million, also above the high end of revised guidance of $355 million.

The 2026 acquisitions contributed $66 million of total advertising revenue, $24 million of core advertising and $4 million of political advertising. Executive Chairman and CEO Hilton Howell, Jr. said the expected political crowd-out was more than offset by those acquisitions, producing 1% core advertising growth versus the third quarter of 2025, and that underlying non-political demand was stronger than the company’s late-September revised guidance.

On September 28, Gray had raised third-quarter political advertising guidance to $188 million to $195 million from $165 million to $185 million issued August 7, and lifted the low end of total revenue guidance to $950 million from $935 million. Core advertising guidance remained $355 million.

Retransmission consent revenue was $366 million, a 6% increase from $346 million. The 2026 acquisitions contributed $37 million, partially offset by continued subscriber declines. Net retransmission revenue was $150 million, a 14% increase from $132 million, with acquisitions contributing $9 million.

Broadcasting expenses were $596 million, a 10% increase from $542 million; the 2026 acquisitions contributed $52 million. Corporate and administrative expense was $31 million, an 11% increase from $28 million. Adjusted EBITDA was $319 million, a 97% increase from $162 million. Net income was $78 million. Diluted earnings per share attributable to common stockholders was $0.66, versus a $10 million loss, or $0.24 a share, a year earlier.

During the third quarter and into October, Gray extended approximately $2 billion of debt maturities, including its revolving credit facility, and reduced outstanding 10.500% first lien notes due 2029 by almost $1 billion through refinancings and repurchases, lowering future annual interest expense by over $30 million, Howell said. The company issued $750 million of 7.500% first lien notes due 2034 in August and used proceeds to redeem $675 million of the 2029 notes. In October it issued a $600 million Term Loan G, later increased to $675 million, and redeemed another $150 million of the 2029 notes, leaving $200 million outstanding. On November 2 it prepaid $25 million of Term Loan G, satisfying scheduled amortization through the July 15, 2030 maturity.

As of September 30, outstanding debt principal was $5.822 billion, less $154 million of cash. Consolidated total net leverage was 5.70 to 1.00. Cash was $154 million. Borrowing availability under the revolving credit facility was $745 million as of September 30; after the October reduction of commitments to $680 million, availability was $675 million. Accounts receivable securitization capacity was about $379 million and the facility was fully funded.

Howell said the company currently expects full-year 2026 political advertising of $630 million to $640 million, a midpoint 28% ahead of $497 million in 2024 and 23% ahead of $515 million in 2022. It also expects to use incremental political cash to reduce outstanding debt by $175 million to $200 million in the fourth quarter of 2026.

For the quarter ending December 31, 2026, Gray anticipates total revenue of $1,115 million to $1,140 million versus $792 million in the fourth quarter of 2025, political advertising of $319 million to $329 million versus $12 million, and core advertising down LSD to MSD versus $392 million. Full-year 2026 guidance is $3,695 million to $3,720 million of total revenue, with net retransmission revenue of $594 million to $597 million. Guidance includes estimated results for stations fully acquired as of November 6, 2026, as well as the ASM and WHPM stations.