Gray Media (GTN) Q4 2025 Earnings Call Transcript | The Motley Fool

"Total Revenue -- $792 million, exceeding the high end of previously issued guidance. Operating Expenses -- $618 million before depreciation, amortization, impairment, and asset gains/losses, which is $5 million below the low end of guidance. Broadcasting Expenses -- Declined by $78 million, or approximately 3%, for the full year compared to 2024."

"Political Advertising Revenue -- $12 million for an off-cycle period, exceeding guidance of $7 million to $8 million. Net Retransmission Revenue -- Stabilized at $547 million for the year, essentially flat to the previous year, with a $4 million growth in Q4 due to subscriber trends."

"Second Lien Notes Issuance -- $250 million add-on to 9.58% notes executed via private placement; a portion was used to call $125 million of 10.5% first lien notes at 103. Liquidity -- Over $1.1 billion in liquidity and $232 million available under the open market debt repurchase authorization at year-end."

A major broadcasting company delivered strong financial results for 2025, generating total revenue of $792 million that surpassed guidance expectations. Operating expenses came in $5 million below the low end of guidance at $618 million before depreciation and amortization. Broadcasting expenses declined by $78 million or 3% compared to 2024. The company reported adjusted EBITDA of $179 million and a net loss of $23 million. Political advertising revenue significantly exceeded expectations at $12 million versus guidance of $7-8 million. Net retransmission revenue stabilized at $547 million with modest Q4 growth. The company completed the WBBJ-TV acquisition in Jackson, Tennessee for $25 million and issued $250 million in second lien notes while refinancing debt. Year-end liquidity exceeded $1.1 billion with leverage ratios of 2.43x first lien, 3.65x secured, and 5.8x total leverage.

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