Gray Media (GTN) investor relations material

Executive summary

• Q4 2025 revenue reached $792 million, exceeding guidance, with core advertising, retransmission, and total revenue all above expectations while operating expenses were below guidance.

• Adjusted EBITDA for Q4 2025 was $179 million, with a net loss attributable to common stockholders of $23 million; full-year 2025 Adjusted EBITDA was $670 million, down from $1,162 million in 2024.

• Achieved industry-leading revenue per gross TV household, with #1 or #2 stations in 97 of 113 Nielsen markets and 80% US TV household reach across 114 markets.

• Political advertising revenue of $12 million in Q4 2025 surpassed expectations for an off-cycle period, with strong positioning for 2026.

• Completed acquisition of WBBJ-TV for $25 million; further M&A transactions expected to close in early 2026.

Financial highlights

• Q4 2025 core advertising revenue was $392 million, up 3% year-over-year; retransmission revenue was $335 million, and total revenue was $792 million.

• Full-year 2025 total revenue was $3.4 billion; net loss for Q4 2025 was $(10) million, and full-year net loss was $(85) million.

• Broadcasting expenses declined by $41 million in Q4 2025 compared to Q4 2024; full-year broadcasting expenses down $78 million (3%).

• Digital revenue grew low double digits in Q4; local direct business up low single digits year-over-year.

• Adjusted EBITDA for Q4 2025 was $179 million, down 55% year-over-year; full-year Adjusted EBITDA was $670 million, down 42% from 2024.

Outlook and guidance

• Q1 2026 core ad revenue expected to be flat year-over-year; political ad revenue guidance is $25–$30 million, similar to Q1 2022.

• Super Bowl and Winter Olympics expected to boost Q1 2026 revenue by $11 million and $15 million, respectively.

• Net Retransmission Revenue expected to show modest growth in Q1 2026 and slightly for full year 2026.

• Q1 2026 broadcasting expenses guided to be down 3% versus Q1 2025.

• Full-year 2026 capital expenditures projected at $105–$140 million, higher due to political year investments and bonus depreciation.