Gray Media $(GTN)$ reported Q4 2025 total revenue of USD 792 million (-24.0%) and Adjusted EBITDA of USD 179 million (-55.0%). Core advertising revenue was USD 392 million (+3.0%), retransmission consent revenue was USD 335 million, and political advertising revenue was USD 12 million. Q4 2025 net loss was USD 10 million. For FY 2025, Gray posted total revenue of USD 3.1 billion (-15.0%) and Adjusted EBITDA of USD 670 million (-42.0%), with a net loss of USD 85 million. Broadcasting expenses were USD 2.2 billion (-3.0%), and capital expenditures excluding Assembly Atlanta were USD 74 million. Management cited better-than-expected MVPD subscriber trends supporting a 3.0% increase in Q4 2025 net retransmission revenue to USD 134 million, and said 2025 debt refinancings extended most maturities beyond the 2026 and 2028 political cycles, with no maturities due prior to 2028. Gray also highlighted a multi-year renewal of NBC affiliation agreements across 54 NBC-affiliated markets, and the completed WBBJ-TV acquisition in Jackson, Tennessee for total consideration of USD 25 million. As of Dec. 31, 2025, unrestricted cash was USD 368 million and total debt principal was USD 5.8 billion; leverage ratios were 2.43x first lien, 3.65x secured, and 5.80x total.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Gray Media Inc. published the original content used to generate this news brief via GlobeNewswire (Ref. ID: 202602260600PRIMZONEFULLFEED9661558) on February 26, 2026, and is solely responsible for the information contained therein.
Comments