Gray Media
Owns local TV stations, digital ad services, production businesses, and studio facilities.
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Profile
Operates a US-focused local television portfolio that sells advertising, digital marketing, and retransmission consent access, with smaller production and studio businesses. Broadcasting dominates the model, shaped by network affiliations, political advertising cycles, FCC licenses, and carriage negotiations.
Anchored in local television stations and station digital assets, the portfolio reaches more than one hundred US markets and includes a sizable Telemundo affiliate group. Revenue comes mainly from advertising, digital marketing, and retransmission consent fees.
Broadcasting is the core segment, supported by Gray Digital Media, production companies, and studio facilities. Acquisitions of Raycom, Quincy, and Meredith local media assets turned the company into a nationwide station group.
Performance depends on local news strength, network-affiliate economics, advertising demand, political cycles, FCC licenses, ownership rules, and retransmission consent negotiations. Voting power is split between common and higher-vote Class A shares.
Company facts
Key statistics
Year to date +0.7% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| May 15, 2026 | Guggenheim | Reiterate | Buy | $8 | $7 | |
| Mar 3, 2026 | Guggenheim | Target | $8 | |||
| Aug 11, 2025 | Barrington Research | Upgrade | Market Perform | Outperform | ||
| Mar 3, 2025 | Wells Fargo | Upgrade | Underweight | Equal Weight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | −$0.10 | $0.21 | +310.0% | $795.1M | $839.0M | +5.5% | +25.47% |
| May 7, 2026Q1 FY26 | −$0.32 | −$0.34 | −6.3% | $768.1M | $768.0M | 0.0% | −2.04% |
| Feb 26, 2026Q4 FY25 | −$0.28 | −$0.22 | +21.4% | $780.0M | $792.0M | +1.5% | −11.73% |
| Nov 7, 2025Q3 FY25 | −$0.41 | −$0.24 | +41.5% | $799.3M | $749.0M | −6.3% | +4.56% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $782.0M | $772.0M | $749.0M | $792.0M | $768.0M | $839.0M | |
| Gross profit | $185.0M | $189.0M | $726.0M | $1.89B | $120.0M | $248.0M | |
| Operating income | $92.0M | $82.0M | $102.0M | $116.0M | $81.0M | $136.0M | |
| Net income | −$9.0M | −$56.0M | −$10.0M | −$10.0M | −$20.0M | $14.0M | |
| Diluted EPS | −$0.23 | −$0.71 | −$0.10 | −$0.24 | −$0.34 | $0.21 | |
| Gross margin | 23.7% | 24.5% | 96.9% | 238.8% | 15.6% | 29.6% | |
| Operating margin | 11.8% | 10.6% | 13.6% | 14.6% | 10.5% | 16.2% |
Fiscal years (4-quarter sums)FY21 $2.41B · FY22 $3.68B · FY23 $3.28B · FY24 $3.64B · FY25 $3.10B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $176.0M · Total debt $5.89B · Total assets $10.44B · Shareholders' equity $2.73B
Dividends
Raised for 4 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jun 30 | $0.08 | |
| Mar 13, 2026 | Mar 13 | Mar 31 | $0.08 | |
| Dec 15, 2025 | Dec 15 | Dec 31 | $0.08 | |
| Sep 15, 2025 | Sep 15 | Sep 30 | $0.08 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.08 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.08 | |
| Dec 13, 2024 | Dec 13 | Dec 31 | $0.08 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $0.08 |
Ownership
Shares outstanding 97.66M · Float 85.85M · 87.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| The Capital Management Corporation | 7.07M | 7.60% | 13G | Jul 6, 2026 |
| BlackRock, Inc. | 6.90M | 7.06% | 13F | May 13, 2026 |
| Miller Value Partners, LLC | 5.37M | 5.78% | 13G | May 4, 2026 |
| Dimensional Fund Advisors LP | 5.28M | 5.40% | 13F | May 7, 2026 |
| Charles Schwab Investment Management Inc | 4.30M | 4.40% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 19, 2026 | Richard Lee Boger | director | −57,000 | $4.40 |
| Sep 9, 2025 | Richard Lee Boger | director | −20,000 | $5.82 |
Peers
- Nexstar Media Group
Largest listed station-group rival in local TV and retransmission
- Sinclair
Large local-TV group overlap in ads, retransmission, and digital
- E.W. Scripps
Direct station-group peer in local media and network affiliates
- Fox Class A
FOX O&O stations and network assets overlap with affiliate economics
- Comcast
NBC and Telemundo O&O stations overlap with key Gray affiliations
- Paramount Skydance
CBS O&O stations overlap with Gray's largest affiliation base
- Walt Disney
ABC O&O stations overlap with Gray's ABC-affiliate markets
- Entravision Communications
Spanish-language media peer for local and digital Latino advertising
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gray Media | $4.82 | −0.23% | $471.7M | — | 2.8 | 0.1 | +8.7% |
| Nexstar Media Group | $179.00 | −2.33% | $5.60B | 34.9 | 6.1 | 0.8 | +62.3% |
| Sinclair | $14.43 | +0.45% | $1.00B | 19.0 | 27.8 | 0.3 | +7.1% |
| E.W. Scripps | $3.21 | −1.68% | $259.5M | — | — | 0.1 | −9.2% |
| Fox Class A | $68.42 | −0.01% | $30.00B | 17.8 | 11.6 | 1.6 | +28.1% |
| Comcast | $27.08 | +0.09% | $96.03B | 8.8 | 7.7 | 0.8 | −1.2% |
| Paramount Skydance | $10.88 | +0.09% | $11.83B | — | 13.7 | 0.4 | +0.9% |
| Walt Disney | $108.09 | −0.01% | $187.72B | 22.3 | 14.6 | 1.9 | +7.1% |
| Entravision Communications | $7.91 | −2.10% | $742.8M | 403.5 | 20.0 | 1.1 | +126.2% |
| Median | 20.6 | 13.7 | 0.8 | +7.1% |