Gray Media reported fourth-quarter results that exceeded guidance, driven by better-than-expected MVPD subscriber trends and reduced operating expenses. The company also made progress on its debt refinancing strategy, enhancing financial flexibility and positioning for future strategic opportunities.
Total revenue of $792 million exceeded high-side guidance of $782 million.
positiveCore advertising revenue increased 3% year-over-year to $392 million, exceeding guidance.
positiveNet Retransmission Revenue increased 3% year-over-year to $134 million.
positiveTotal broadcasting expense decreased 7% year-over-year in Q4 2025 and 3% for full year 2025.
positiveTotal revenue decreased 24% year-over-year to $792 million in Q4 2025.
negativePolitical advertising revenue decreased 95% year-over-year to $12 million in Q4 2025.
negativeNet loss of $10 million in Q4 2025, compared to net income of $169 million in Q4 2024.
negativeAdjusted EBITDA decreased 55% year-over-year to $179 million in Q4 2025.
negativeFull year 2025 net loss of $85 million, compared to net income of $375 million in full year 2024.
negativeFull year 2025 Adjusted EBITDA decreased 42% year-over-year to $670 million.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Broadcasting | N/A | — | — | — |
Production companies | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Delivered strong fourth quarter financial results, with revenue and Adjusted EBITDA exceeding consensus expectations.
The quarter benefited from better-than-expected MVPD subscriber trends, which drove year-over-year growth in Net Retransmission Revenue.
Achieved a 3% reduction in broadcasting expenses for full year 2025, and our 2025 debt refinancings extended the majority of our debt maturities beyond the 2026 and 2028 political cycles, meaningfully enhancing our financial flexibility.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.