What move does the options market price into Gray Media's report?

Implied ±11.3%, either direction.

How often does Gray Media move more than the options market prices?

3 of the last 7 reports moved at least as far as the implied move.

GTNNYSETelevision Broadcasting Stations

Gray Media, Inc (GTN) earnings date, market-implied expected move, and options open interest by expiry

4.99

+0.30 · +6.43%

Regular session10:54 ET

Open4.97Volume970,649Mkt cap$483.0MEPS-0.60Div yield6.82%

Day4.96 – 4.99100%52-wk3.49 – 6.2055%

GTN

Gray Media, Inc

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±11.3%implied · straddle

4.165.22

spot 4.69exp Nov 20ATM strike 5ATM straddle 0.63IV 68%

Nov 3 close

Expected move

Inputs

Next report

—

Calendar

Last report

+0.22%

shaded = implied · ▲▼ = realized

Sep 28 '26 · confirmed

Implied vs realized

Largest filed tie

filed ties

13F top-10 QoQ

+3.32%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

175 managers

Top fund weight

0.01%

GTN weight · IWM

N-PORTJun 30 '26

3 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Gray Media (GTN) reports on Nov 6 (confirmed date).

Implied vs realized

8 reports

3 of 7≥ implied

avg implied: ±21.6%
avg realized: ±13.1%

Feb 27 '25Feb 27 '25confirmed±37.6%▲+0.52%×0.01

May 8 '25May 8 '25confirmed±29.1%▲+16.94%×0.58

Aug 8 '25Aug 8 '25confirmed±21.6%▼−0.24%×0.01

Q3 FY25Nov 7 '25confirmed±15.9%▲+4.78%×0.30

Q1 FY26Feb 26 '26confirmed±15.9%▲+23.79%×1.50

May 7 '26May 7 '26confirmed±11.7%▼−20.07%×1.72

Q2 FY26Aug 7 '26confirmed±19.4%▲+25.47%×1.31

Sep 28 '26Sep 28 '26confirmed—▲+0.22%—

quarterimplied−40%0+40%realized×

Sep '26—▲+0.22%—

Q2 FY26±19.4%+25.47%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Oct 19 close

0.06OI · 3 expiries · Oct 19 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1010%Nov 2016d1,655+15%

2,9900%Dec 1844d1.392,155+2%1.39

520%Feb 19107d0.077040%0.07

ExpiryPutsCallsP/C

Nov 2016d1010%1,655+15%0.06

Dec 1844d2,9900%2,155+2%1.39

Feb 19107d520%7040%0.07

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±11.3%

Funds 3

IWM±0.0%

UWM±0.0%

VTI±0.0%

Dashed = straddleMethod Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

1.67%as filednet margin · revenue +9.24% QoQ · +8.68% YoY

Revenue

$839M+9.24% QoQ

Gross profit

$248M+34.05% QoQ

29.56% margin

Operating income

$136M+67.90% QoQ

16.21% margin

Pre-tax income

$19M+167.86% QoQ

Net income

$14M+170.00% QoQ

1.67% margin

Cost of revenue

$591M+1.37% QoQ

Operating expenses

$112M+7.69% QoQ

SG&A $37M

Depreciation $34M

Other operating $41M

Other expense

$117M

Tax

$5M+162.50% QoQ

Revenue$839M+9.24%

Gross profit

$248M+34.05%

29.56% margin

Operating income

$136M+67.90%

16.21% margin

Pre-tax income

$19M+167.86%

Net income

$14M+170.00%

1.67% margin

Cost of revenue

$591M+1.37%

Operating expenses

$112M+7.69%

SG&A $37M

Depreciation $34M

Other operating $41M

Other expense

$117M

Tax$5M+162.50%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 10:45 ET

Intraday

Event sensitivity

PPI ×1.51· ±4.3% vs ±2.9% · 10 releases

eventrelease day|move|up · n×base

PPIproducer prices±4.3%7 of 10×1.51

NFPjobs report±3.7%4 of 10×1.28

FOMCrate decision±2.8%9 of 24×0.99

GDPgross domestic product±2.5%8 of 19×0.87

CPROFcorporate profits±2.4%5 of 12×0.83

PCEpersonal income & outlays±2.3%6 of 19×0.78

CPIconsumer prices±2.2%3 of 10×0.76

Bar = avg |move| to ±5% · tick = ±2.9% avg day · ×base = |move| ÷ ±2.9% · min 6 releases

Earnings history

EPS 0.21 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 7 '26 · confirmed	0.21	—
Q1 FY26	Feb 26 '26 · confirmed	-0.34	—
Q3 FY25	Nov 7 '25 · confirmed	-0.24	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod