Overview

* Gray Media Q3 2025 revenue beats analyst expectations

* Net loss for Q3 2025 beats analyst expectations

* Company announced acquisitions and refinancing to enhance financial flexibility

Outlook

* Gray Media ( GTN ) expects Q4 core advertising revenue between $380 mln and $390 mln

* Company anticipates Q4 retransmission consent revenue between $328 mln and $330 mln

* Gray Media ( GTN ) forecasts full-year revenue between $3.070 bln and $3.085 bln

Result Drivers

* STRONG REVENUE PERFORMANCE - Total revenue, core advertising, retransmission, and political advertising revenues met or exceeded guidance

* COST CONTAINMENT - Expenses were below guidance due to ongoing cost actions and focus on cost containment

* STRATEGIC INITIATIVES - Station acquisitions and refinancing activities enhanced financial flexibility and operational growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $749 mln $744.50

Revenue mln (6

Analysts

)

Q3 Net Beat -$10 mln -$32.80

Income mln (5

Analysts

)

Q3 Miss -$28 mln -$25.30

Pretax mln (5

Profit Analysts

)

Q3 $102 mln

Operatin

g income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the broadcasting peer group is "buy"

* Wall Street's median 12-month price target for Gray Media Inc ( GTN ) is $6.50, about 29.2% above its November 6 closing price of $4.60

* The stock recently traded at 2 times the next 12-month earnings vs. a P/E of 4 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)