Gray Media, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the SEC on November 6, 2026, reporting third-quarter net income of $78 million and a $40 million loss from early extinguishment of debt.

Key Highlights

  • Total revenue: Gray Media reported total revenue (less agency commissions) of $972 million for the three months ended September 30, 2026, compared with $749 million in the same period of 2025.
  • Net income: The company reported net income of $78 million for Q3 2026, compared with a net loss of $10 million in Q3 2025.
  • Early debt extinguishment loss: A loss from early extinguishment of debt of $40 million was recorded in the third quarter of 2026, compared with $7 million in Q3 2025.
  • Nine-month revenue: Total revenue for the nine months ended September 30, 2026 was $2,579 million, up from $2,303 million for the same period in 2025.
  • Long-term debt: Long-term debt, less current portion and deferred financing costs, stood at $5,764 million as of September 30, 2026, compared with $5,742 million at December 31, 2025.
  • Total assets: Total assets were $10,494 million as of September 30, 2026, versus $10,440 million at December 31, 2025.
  • Shares outstanding: As of October 30, 2026, common stock outstanding was 93,115,076 shares and Class A common stock outstanding was 9,869,307 shares.

Gray Media's Third-Quarter 2026 Financial Results and Balance Sheet Position

According to the filing, Gray Media (NYSE:GTN) posted total revenue (less agency commissions) of $972 million for the three months ended September 30, 2026, with broadcasting contributing $938 million and production companies contributing $34 million. This compares with broadcasting revenue of $724 million and production company revenue of $25 million in Q3 2025. For the nine months ended September 30, 2026, broadcasting revenue was $2,490 million and production company revenue was $89 million, the company disclosed.

The registrant reported operating income of $266 million for Q3 2026 against $102 million in Q3 2025. Interest expense for the quarter was $118 million, compared with $120 million a year earlier. The company recorded a $40 million loss from early extinguishment of debt in Q3 2026. After income tax expense of $30 million, net income reached $78 million. Net income attributable to common stockholders, after preferred stock dividends of $12 million, was $66 million, or $0.67 per basic share and $0.66 per diluted share, according to the filing.

On the balance sheet, total assets were $10,494 million as of September 30, 2026. Broadcast licenses were carried at $5,497 million and goodwill at $2,699 million. Cash declined to $154 million from $368 million at December 31, 2025. The company's Series A Perpetual Preferred Stock, with 600,000 shares issued and outstanding at September 30, 2026, carried an aggregate liquidation value of $600 million, down from $650 million at year-end 2025. The filing also noted a deemed contribution on repurchase of Series A Perpetual Preferred Stock of $20 million recorded in the nine-month period. Total stockholders' equity was $2,189 million at September 30, 2026, compared with $2,155 million at December 31, 2025.

What Was Disclosed

Gray Media filed its quarterly report covering the period ended September 30, 2026, disclosing revenue, net income, debt activity including a $40 million early extinguishment loss, balance sheet data, and share counts as of October 30, 2026.