---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-031279"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2026-09-28T10:30:19+00:00"
generated_at: "2026-10-12T13:29:13.826111+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Gray Media raises Q3 2026 political ad guidance to $188-195M, lifts total revenue floor to $950M

## Summary
- Q3 2026 political advertising guidance raised to $188-195M from the $165-185M given Aug 7; includes about $9M from recent acquisitions.
- Total revenue guidance raised at the low end to $950-965M from $935-965M; core advertising now -1% to flat as reported vs. prior flat.
- Corporate and administrative expense outlook cut to $30-35M from $35-40M; Q3 2025 actuals: revenue $749M, political $8M, core ads $355M.
- Gray expects no outstanding borrowings under its Revolving Credit Facility as of Sept 30, 2026; AR securitization capacity ~$379M, down on prepaid political ads.
- Update issued alongside lender meetings to potentially refinance its credit facility; Q3 2026 results scheduled for Friday, Nov 6, 2026.

## SEC filing metadata
- accession: 0001437749-26-031279
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2026-09-28T10:30:19+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774926031279/0001437749-26-031279-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774926031279/gtn20260925_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-031279
- JSON: https://secwatch.observer/filing/0001437749-26-031279.json
- Plain text: https://secwatch.observer/filing/0001437749-26-031279.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.