Gray Media Exceeds Expectations with Strong Second Quarter 2026 Performance
Gray Media, a leading media company, has reported strong financial results for the second quarter of 2026. In a recent conference call, President and CEO Hilton Howell Jr. highlighted the company's favorable performance, which exceeded expectations.
The company's total revenue for the quarter was $839 million, surpassing the high end of its adjusted guidance range by about $9 million. This represents a 9% increase on a year-over-year basis, with political revenue reaching $83 million, well above the guided range of $60 million to $70 million.
Notably, Gray Media's net retransmission revenue was $150 million for the quarter, landing above its guidance range. This growth in recurring revenue remains a foundational pillar in the company's deleveraging plan, according to Howell Jr. The company has also made significant progress on its leverage benefits, with Jeff Gignac providing additional color on this topic during the conference call.
The company's broadcast expenses before depreciation, amortization, and gain or loss on disposal of assets were $569 million in the second quarter of 2026, which is in the middle of its guidance range. Net income attributable to Gray Media's stockholders was $21 million for the quarter, with adjusted EBITDA for the second quarter reaching $214 million.
Howell Jr. expressed his pride in the company's team for remaining focused on their business, particularly during a time when integrating closed 2026 acquisitions and swap transactions. The company continues to invest in its stations, people, and communities to drive journalistic excellence, highlighting its commitment to quality reporting and community engagement.
The strong financial performance by Gray Media serves as a testament to the company's dedication to delivering high-quality content while navigating the complexities of the media industry. As the company looks ahead to the third quarter, it is well-positioned for continued growth and success.
