Gray Media Q4 revenue $792M beats guidance; net loss $10M on political cycle comparison

GRAY MEDIA, INC

2025-FY EPS reported -$1.41 revenue$3,095,000,000

Total revenue $792M exceeded high-end guidance of $782M; net loss $10M vs income $169M in Q4 2024.
Core advertising $392M (+3% YoY) and net retrans $134M (+3%) both beat high-side guidance.
Q1 2026 guidance: revenue $755-770M, core advertising ~$344M flat; includes $11M Super Bowl and $15M Olympics revenue.
Completed WBBJ-TV acquisition for $25M on Feb 13, 2026; pending deals expected to close H1 2026 subject to approvals.

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