Group 1: Earnings Performance - Gray Media reported a quarterly loss of $0.24 per share, better than the Zacks Consensus Estimate of a loss of $0.41, and compared to earnings of $0.86 per share a year ago, indicating an earnings surprise of +41.46% [1] - The company posted revenues of $749 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.27%, but down from $950 million in the same quarter last year [2] - Over the last four quarters, Gray Media has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Group 2: Stock Performance and Outlook - Gray Media shares have increased by approximately 46% since the beginning of the year, outperforming the S&P 500's gain of 14.3% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at -$0.05 on $810 million in revenues for the coming quarter and -$1.40 on $3.11 billion in revenues for the current fiscal year [4][7] - The current Zacks Rank for Gray Media is 3 (Hold), indicating expected performance in line with the market in the near future [6] Group 3: Industry Context - The Broadcast Radio and Television industry, to which Gray Media belongs, is currently in the top 38% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]