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Gray Television GTN Advertising — Revenue

Other product segments

Retransmission Consent
$359M-2.7%
Core Advertising
$357M-1.1%
Political Advertising
$83M+822%
Service Other
$14M-6.7%

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Other financials

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

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Market cap$551.71M-0.7%
Enterprise value$6.26B+4.1%
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 ratio+0.1×

Where this comes from

Reported directly by Gray Television in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Gray Television’s 10-Q, filed August 7, 2026.

Filed
Aug 7, 2026, 12:31 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001437749-26-026498
Line itemThree Months Ended / June 30, 2026Three Months Ended / June 30, 2025Six Months Ended / June 30, 2026Six Months Ended / June 30, 2025
Broadcast advertising:
Core advertising$357$361$709$705
Political83911322
Total advertising440370822727
Retransmission consent359369698748
Production companies26185545
Other14153234
Total revenue$839$772$1,607$1,554

Item 1. Financial Statements

FAQ

What is Gray Television's advertising — revenue?
Gray Television (GTN) reported advertising — revenue of $440M in Q2 2026.
How has Gray Television's advertising — revenue changed year-over-year?
Gray Television's advertising — revenue increased by 18.9% year-over-year, from $370M to $440M.
What is the long-term trend for Gray Television's advertising — revenue?
Over 4 years (2021 to 2025), Gray Television's advertising — revenue has grown at a 4.9% compound annual growth rate (CAGR), from $1.23B to $1.49B.
What does advertising — revenue mean?
This metric represents the total gross revenue generated from the sale of advertising airtime and digital inventory within the company's broadcasting segment, excluding any pass-through taxes. It serves as a primary indicator of the company's ability to monetize its local television station viewership and digital platforms through commercial partnerships. Tracking this figure helps investors assess the cyclical health of the local advertising market and the effectiveness of the company's sales strategy.

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