Gray delivered strong Q4 2025 results with revenue and Adjusted EBITDA exceeding consensus expectations, benefiting from better-than-expected MVPD subscriber trends that drove year-over-year growth in net retransmission revenue. The company is optimizing its broadcast business via AI-driven efficiency, workforce reductions, and a growing digital media segment, while political ad revenue is pacing above expectations in 2026.
Cyborg Score Rationale
Q4 2025 revenue and Adjusted EBITDA exceeded guidance, with core advertising and digital segments showing growth, net retransmission revenue returning to growth, and leverage ratios improving. Strong political advertising tailwinds in 2026 and successful debt refinancing provide stability, though market contraction and distribution disputes present headwinds.
Top Insights
2026 is expected to be strong in terms of political advertising as Gray Media remains well-positioned in an election year.
2025 debt refinancings extended the majority of debt maturities beyond the 2026 and 2028 political cycles, meaningfully enhancing financial flexibility.
Gray Media announced a multi-year agreement to simulcast 25 regular-season Braves games on Gray over-the-air stations across 24 markets in six states, beginning Opening Day March 27, 2026.
Gray Media closed a station swap transaction with E.W. Scripps in May 2026.
Named Competitors
Local Television Stations — Second-largest U.S. television station owner by market count
Local Television Stations — Largest television station owner by revenue; operates stations across U.S. markets
Recent Developments
(May 2026) Closed station swap transaction with E.W. Scripps
(May 2026) Announced quarterly cash dividend of $0.08 per share
(March 2026) Announced multi-year agreement with Atlanta Braves for 25 regular-season game simulcasts
(March 2026) Television stations dropped by Dish Network distribution dispute
(February 2026) Q4 2025 earnings exceeded guidance with strong retransmission and advertising revenue
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