Gray Media GAAP EPS of -$0.24 beats by $0.24, revenue of $749M beats by $3.95M

* Gray Media press release [https://seekingalpha.com/pr/20298555-gray-media-beats-guidance-with-strong-third-quarter-financial-results] (GTN [https://seekingalpha.com/symbol/GTN]): Q3 GAAP EPS of -$0.24 beats by $0.24.
* Revenue of $749M (-21.2% Y/Y) beats by $3.95M.
* Core advertising revenue in the third quarter of 2025 was $355 million, at the high end of our guidance and reflecting solid quarter-over-quarter performance considering the third quarter of 2024 included $16 million of core advertising revenue associated with the broadcast of the Summer Olympics.
* Q4 revenue consensus of $809.88M
* Guidance for the Three Months and Twelve Months Ending December 31, 2025

Click to enlarge

Quarter Ending

Year EndingDecember 31, 2025(Guidance)

December 31,2024

December 31, 2025(Guidance)

(Actual)

Low

High

Low

High

(in millions)

Revenue (less agency commissions):

Core advertising

$
380

$
380

$
390

$
1,440

$
1,450

Political

250

7

8

37

38

Retransmission consent

361

328

330

1,422

1,424

Other

17

15

16

64

65

Total broadcasting revenue

1,008

730

744

2,963

2,977

Production companies

37

37

38

107

108

Total revenue

$
1,045

$
767

$
782

$
3,070

$
3,085

Click to enlarge

MORE ON GRAY MEDIA

* Gray Media's Deleveraging Challenge [https://seekingalpha.com/article/4839121-gray-media-deleveraging-challenge]
* Gray Media Q3 2025 Earnings Preview [https://seekingalpha.com/news/4517502-gray-media-q3-2025-earnings-preview]
* TV viewing through cable, broadcast rose in August while streaming dipped - Nielsen [https://seekingalpha.com/news/4495266-tv-viewing-through-cable-broadcast-rose-in-august-while-streaming-dipped---nielsen]
* Seeking Alpha’s Quant Rating on Gray Media [https://seekingalpha.com/symbol/GTN/ratings/quant-ratings]
* Historical earnings data for Gray Media [https://seekingalpha.com/symbol/GTN/earnings]