0001437749-26-015447
SEC filingQ1 revenue declined modestly while operating income fell amid higher production costs from Assembly Atlanta property taxes, driving a wider net loss and sharp drop in operating cash flow due to working capital changes.
Gray Media reported Q1 2026 results reflecting cyclical advertising pressures and operational cost increases. Revenue of $768 million declined 1.8% from $782 million in the prior-year quarter, consistent with typical off-peak patterns in broadcasting. Operating income decreased 12.0% to $81 million, representing a 10.5% margin on revenue. This contraction occurred despite primary broadcasting expenses centered on employee compensation, benefits, and programming costs, but was pressured by elevated production company operating expenses.
The net loss widened to $20 million from $9 million year-over-year, with diluted EPS at -$0.34 versus -$0.23. This deterioration reflects the combined impact of reduced operating profitability and fixed interest obligations inherent to our capital structure.