Gray Media (NYSE:GTN) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Gray Media (NYSE:GTN) issued its earnings results on Thursday. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04, FiscalAI reports. Gray Media had a net margin of 2.81% and a return on equity of 5.50%. The firm had revenue of $792.00 million during the quarter, compared to analysts’ expectations of $780.50 million. During the same quarter last year, the company posted $1.59 earnings per share. The firm’s revenue was down 24.2% compared to the same quarter last year.

Here are the key takeaways from Gray Media’s conference call:

• Q4 results beat guidance — total revenue of $792 million exceeded the high end of guidance, operating expenses were below guidance at $618 million, and Adjusted EBITDA was $179 million.
• Net Retransmission Revenue returned to growth in Q4 and stabilized at $547 million for 2025, with management guiding to modest net retrans growth in 2026.
• Strategic M&A progress — the company closed the WBBJ acquisition for $25 million and expects other announced transactions to close early in 2026 to help reduce debt and leverage ahead of a strong political cycle.
• Balance sheet and capital actions included a $250 million add-on to 9.625% second‑lien notes and a $125 million call of first‑lien notes, leaving >$1.1 billion in liquidity but year‑end total leverage at 5.8x.
• Content and digital strategy acceleration — renewed NBC and expanded Telemundo affiliations, expanded local sports rights, a Quickplay (Google Cloud) streaming rollout, and company‑wide AI tools aim to grow audiences and digital monetization.

Gray Media Price Performance

Shares of GTN stock traded up $1.15 during trading hours on Thursday, hitting $5.90. 3,527,333 shares of the company’s stock were exchanged, compared to its average volume of 1,304,095. Gray Media has a fifty-two week low of $3.13 and a fifty-two week high of $6.30. The firm has a market cap of $602.33 million, a P/E ratio of 14.39 and a beta of 0.89. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 2.60. The firm has a 50 day moving average of $4.65 and a two-hundred day moving average of $5.05.

Gray Media Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.08 dividend. The ex-dividend date is Friday, March 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.4%. Gray Media’s payout ratio is 78.05%.

Gray Media News Summary

Here are the key news stories impacting Gray Media this week:

• Positive Sentiment: Q4 results topped expectations — Gray reported a smaller-than-expected loss (GAAP EPS around ($0.24) vs. consensus ($0.28)) and revenue of $792M that beat estimates; management said revenue and Adjusted EBITDA exceeded guidance, which supports the rally. Gray Media Reports Fourth Quarter Results Exceeding Guidance
• Positive Sentiment: Board authorized a quarterly cash dividend of $0.08 per share (payable March 31, record date March 13), implying a ~5.4% yield — dividend increases income appeal to yield-seeking investors. GRAY ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.08 PER SHARE
• Neutral Sentiment: Management hosted an earnings call and posted the slide presentation and transcript — these provide detail on drivers of the beat, cost trends, and strategic priorities; investors should review for clarity on cash flow and capital allocation. Gray Media, Inc. (GTN) Q4 2025 Earnings Call Transcript Gray Media, Inc. 2025 Q4 – Results – Earnings Call Presentation
• Neutral Sentiment: Local business development: Gray’s KPDX station entered partnerships with Portland sports teams — modestly positive for local ad/partnership revenue but unlikely to materially move the stock on its own. Gray Media’s KPDX enters partnership with Portland Fire, Portland Thorns
• Negative Sentiment: First-quarter revenue guidance was set below consensus (roughly $755M–$770M vs. Street ~$779M), signaling a softer near-term top‑line outlook; that guidance gap is a potential drag if investors focus on near-term revenue weakness. Gray Media Reports Fourth Quarter Results Exceeding Guidance

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Gray Media from $5.00 to $5.50 and gave the company an “equal weight” rating in a research note on Monday, November 10th. Wall Street Zen cut Gray Media from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Zacks Research raised Gray Media from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 28th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Gray Media in a research note on Monday, December 29th. Finally, Benchmark lifted their target price on shares of Gray Media from $9.00 to $10.00 and gave the company a “buy” rating in a report on Monday, November 10th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.25.

Hedge Funds Weigh In On Gray Media

A number of large investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its holdings in Gray Media by 19.0% during the fourth quarter. Invesco Ltd. now owns 368,897 shares of the company’s stock valued at $1,785,000 after purchasing an additional 58,790 shares in the last quarter. Corient Private Wealth LLC acquired a new position in shares of Gray Media during the 4th quarter worth about $102,000. Mercer Global Advisors Inc. ADV lifted its stake in Gray Media by 24.9% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 21,437 shares of the company’s stock valued at $104,000 after buying an additional 4,278 shares in the last quarter. State of Tennessee Department of Treasury boosted its holdings in Gray Media by 28.0% in the 4th quarter. State of Tennessee Department of Treasury now owns 74,225 shares of the company’s stock worth $335,000 after buying an additional 16,258 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in Gray Media by 43.8% during the 4th quarter. Mackenzie Financial Corp now owns 397,750 shares of the company’s stock worth $1,933,000 after buying an additional 121,060 shares in the last quarter. 78.64% of the stock is currently owned by institutional investors and hedge funds.

About Gray Media

Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company’s core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets.

Gray Media’s television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content.