Gray Media raised its third-quarter 2026 political advertising revenue guidance to $188 million to $195 million from its previous range of $165 million to $185 million, while lifting the low end of its total revenue outlook to $950 million from $935 million. The company disclosed the updated estimates September 28 as it prepares to finalize its quarterly results and holds meetings with lenders about a potential refinancing of its credit facility.
The revised political advertising range represents an increase of $23 million at the low end and $10 million at the high end compared with the August 7 guidance. Gray said the updated estimate includes approximately $9 million of political advertising revenue from acquisitions completed or expected through September 30. The company said the midpoint of the new range, $191.5 million, is being used in its comparison of 2026 political advertising trends with previous election cycles.
Gray also raised its total third-quarter revenue guidance to $950 million to $965 million, compared with the previous range of $935 million to $965 million. The company lowered its core advertising outlook from flat year over year, as previously expected, to a range of down 1% to flat on a reported basis. Gray’s total corporate and administrative expense guidance was reduced to $30 million to $35 million from $35 million to $40 million.
The updated guidance remains preliminary because Gray has not yet completed its third-quarter financial reporting. The company said estimates not specifically changed in the September 28 update remain consistent with the guidance issued August 7. Gray cautioned that the estimates could change before the actual results are reported and that future results may differ from the current expectations.
Political advertising is an important source of revenue for Gray during U.S. election cycles because the company operates a large portfolio of local television stations in markets where candidates and political organizations purchase broadcast advertising. Gray said its stations serve 117 full-power television markets reaching approximately 37% of U.S. television households. The company also owns 46 Telemundo-affiliated markets and operates Gray Digital Media.
The company said strong political advertising receipts have also affected its financing position. Because political advertising revenue is generally paid in advance, Gray said lower core commercial receivables have reduced the amount available under its accounts receivable securitization facility. Current borrowing capacity under that facility is approximately $379 million.
Gray expects to have no outstanding borrowings under its revolving credit facility as of September 30, according to the updated guidance. The company is providing the new estimates in connection with meetings with lenders concerning a potential refinancing of its credit facility, adding a financing component to the latest operating update.
The revised political advertising outlook also reflects Gray’s exposure to the 2026 election cycle. In its investor materials, the company has highlighted its television stations’ presence in competitive federal, state and local political markets, with U.S. Senate, House and gubernatorial contests contributing to political advertising opportunities across its footprint.
Gray’s latest update does not constitute reported third-quarter results. The company expects to release its actual third-quarter 2026 financial results on November 6 and hold its quarterly earnings conference call at 11 a.m. Eastern time that day. Until those results are released, the September 28 figures remain company estimates rather than final reported financial results.
The company is also managing its broader advertising mix as political spending increases. While the political advertising outlook was raised substantially, Gray’s revised core advertising guidance indicates that conventional advertising revenue could decline as much as 1% year over year or remain flat. The contrasting trends show that the higher overall revenue outlook is being driven in part by the stronger political advertising environment rather than uniformly higher advertising demand across all categories.
