Gray Media (GTN) Q3 FY2026 earnings: revenue $972 million, up 29.8% on the year

Gray Media, Inc. (GTN) reported revenue of $972 million for Q3 FY2026, the quarter ended 30 September 2026, up 29.8% on the same quarter a year earlier. Net income was $78 million, and diluted earnings per share $0.66. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$972 million

+29.8% on the year · +15.9% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

27.4%

13.6% a year earlier

Q4 FY2024Q3 FY2026

Net income

$78 million

+457.1% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.66

+214.3% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Revenue rose 30% to $972 million: Total revenue was $972 million, up 30% from $749 million. Nine-month total revenue was $2,579 million, up 12% from $2,303 million.
Adjusted EBITDA up 97% in quarter: Adjusted EBITDA was $319 million, up 97% from $162 million. Nine-month Adjusted EBITDA was $687 million, up 40% from $491 million.
Political revenue far above prior on-years: Political advertising was $198 million, against $8 million in the third quarter of 2025. Prior on-year third quarters were $173 million in 2024 and $144 million in 2022.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	972	839	749	+15.9%	+29.8%
Operating income	266	136	102	+95.6%	+160.8%
Operating margin	27.4%	16.2%	13.6%
Interest expense	118	117	120	+0.9%	-1.7%
Pre-tax income	108	19.0	-28.0	+468.4%
Income tax	30.0	5.0	-18.0	+500.0%
Effective tax rate	27.8%	26.3%	n/a
Net income	78.0	14.0	-10.0	+457.1%
Net margin	8.0%	1.7%	-1.3%
Diluted EPS	$0.66	$0.21	-$0.24	+214.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	134	123	14.0	+8.9%	+857.1%
Capital expenditure	35.0	17.0	25.0	+105.9%	+40.0%
Free cash flow	99.0	106	-11.0	-6.6%
Free cash flow margin	10.2%	12.6%	-1.5%
Cash from investing	-82.0	-213	-20.0
Cash from financing	-74.0	7.0	-11.0
Depreciation and amortisation	50.0	55.0	56.0	-9.1%	-10.7%
Share-based compensation	3.0	3.0	5.0	0.0%	-40.0%
Dividends paid	8.0	8.0	8.0	0.0%	0.0%
Dividend per share	$0.08	$0.08	$0.08	0.0%	0.0%
Diluted shares, weighted	100m	100m	97m	0.0%	+3.1%
Shares outstanding at period end	103m	103m	102m	0.0%	+0.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	2,189	2,128	2,158	+2.9%	+1.4%
Redeemable equity	600	600	650	0.0%	-7.7%
Debt	5,800	5,800	5,600	0.0%	+3.6%
Operating lease liabilities	75.0	68.0	61.0	+10.3%	+23.0%
Other liabilities	1,830	1,841	1,852	-0.6%	-1.2%
Total liabilities and equity	10,494	10,437	10,321	+0.5%	+1.7%
Fixed assets	1,530	1,522	1,532	+0.5%	-0.1%
Goodwill	2,699	2,693	2,642	+0.2%	+2.2%
Intangible assets	94.0	109	180	-13.8%	-47.8%
Cash and equivalents	154	176	182	-12.5%	-15.4%
Receivables	197	193	204	+2.1%	-3.4%
Other assets	5,820	5,744	5,581	+1.3%	+4.3%
Total assets	10,494	10,437	10,321	+0.5%	+1.7%

Questions

What was Gray Media's revenue in Q3 FY2026?

Gray Media (GTN) reported revenue of $972 million for Q3 FY2026, the quarter ended 30 September 2026, up 29.8% on the same quarter a year earlier.

How much did Gray Media earn in Q3 FY2026?

Net income for Q3 FY2026 was $78 million, and diluted earnings per share $0.66.

When did Gray Media report Q3 FY2026 results?

Gray Media filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	721	827	868	909	1,072	801	813	803	864	823	826	950	1,045	782	772	749	792	768	839	972
Operating income	105	164	218	245	363	67.0	119	84.0	113	124	152	250	325	92.0	82.0	102	116	81.0	136	266
Operating margin	15%	20%	25%	27%	34%	8%	15%	10%	13%	15%	18%	26%	31%	12%	11%	14%	15%	11%	16%	27%
Interest expense	62.0	79.0	81.0	94.0	100	104	109	111	116	115	118	130	122	118	117	120	119	117	117	118
Pre-tax income	42.0	83.0	137	150	244	-42.0	9.0	-37.0	-12.0	119	29.0	128	216	-24.0	-35.0	-28.0	-26.0	-28.0	19.0	108
Tax rate	31%	25%	28%	28%	24%	n/a	56%	n/a	n/a	26%	24%	25%	22%	n/a	n/a	n/a	n/a	n/a	26%	28%
Net income	29.0	62.0	99.0	108	186	-31.0	4.0	-40.0	-9.0	88.0	22.0	96.0	169	-9.0	-56.0	-10.0	-10.0	-20.0	14.0	78.0
Net margin	4%	7%	11%	12%	17%	-4%	0%	-5%	-1%	11%	3%	10%	16%	-1%	-7%	-1%	-1%	-3%	2%	8%
Diluted EPS	$0.18	$0.52	$0.91	$1.03	$1.88	-$0.48	-$0.10	-$0.57	-$0.24	$0.79	$0.09	$0.86	$1.59	-$0.23	-$0.71	-$0.24	-$0.24	-$0.34	$0.21	$0.66
Operating cash flow	17.0	141	189	266	233	412	47.0	106	83.0	68.0	18.0	297	368	132	31.0	14.0	112	1.0	123	134
Capital expenditure	53.0	47.0	112	139	138	110	103	75.0	60.0	34.0	29.0	40.0	40.0	15.0	25.0	25.0	43.0	19.0	17.0	35.0
Free cash flow	-36.0	94.0	77.0	127	95.0	302	-56.0	31.0	23.0	34.0	-11.0	257	328	117	6.0	-11.0	69.0	-18.0	106	99.0
Buybacks	30.0	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	8.0	8.0	8.0	7.0	7.0	7.0	7.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0	9.0	9.0	8.0	8.0
Shares outstanding	88m	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	102m	102m	102m	102m	104m	103m	103m	103m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.