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Gray Television GTN Q2 2026 earnings

Reported August 7, 2026 · Before market open

Revenue$839.0MBeat by $43.9M
EPS$0.21Beat by $0.31
Revenue estimate$795.1M
EPS estimate-$0.10
“Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1.”
Hilton Howell

Next report

Nov 6, 2026 (in 2 months)
Revenue estimate$951.9M
EPS estimate$0.81

Financials

Q2 2026

Income statement

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Revenue$839.0M+8.7%
Operating income$136.0M+65.9%
Net income$14.0M+125%
EPS (diluted)$0.21+130%

Balance sheet

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Cash & equivalents$176.0M-11.6%
Total debt$5.9B+4.0%
Total equity$2.1B-2.4%
Total assets$10.4B+0.8%

Cash flow

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Operating cash flow$123.0M+297%
CapEx$17.0M-32.0%
Free cash flow$106.0M+1,667%

Valuation & ratios

Valuation

as of 09/16/26
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Market cap$492.27M-13.9%
Enterprise value$6.2B+2.8%
P/S0.2×0.0×

Profitability

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Operating margin13.8%-7.3pp
Net margin-0.8%-6.5pp
FCF margin5%-15.0pp

Returns & leverage

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Return on equity-1.2%-10.6pp
Debt / equity2.8×+0.2×
Current ratio1×+0.1×

Segments

By product

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Retransmission Consent$359.0M-2.7%
Core Advertising$357.0M-1.1%
Political Advertising$83.0M+822%
Service Other$14.0M-6.7%

By segment

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Broadcasting$813.0M+7.8%
Production Companies$26.0M+44.4%
All Other Segments-—

FAQ

When did Gray Television report Q2 2026 earnings?
Gray Television (GTN) reported Q2 2026 earnings on August 7, 2026 before market open.
What were Gray Television's Q2 2026 revenue and EPS?
Gray Television reported revenue of $839.0M and eps of $0.21 for Q2 2026.
Did Gray Television beat estimates in Q2 2026?
Revenue beat the consensus estimate of $795.1M by $43.9M. EPS beat the consensus estimate of $-0.10 by $0.31.
How did Gray Television's Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 8.7% from $772.0M a year earlier.
Where can I find Gray Television's Q2 2026 SEC filings?
You can read the 8-K earnings release (0001437749-26-026422) and the 10-Q periodic report (0001437749-26-026498) directly on SEC EDGAR. The filing index links above go to sec.gov.