Industry disruption continues: GMA’s profit falls 98% in Q3, ABS-CBN still in red

Detailed summary

GMA cites the 'continued shift of audiences and advertising budgets from traditional media to digital platforms' and the 'challenging business environment' for its disappointing earnings

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MANILA, Philippines – The Philippines’ broadcast industry leader GMA Network (GMA) disclosed a steep 98% fall in net income in the third quarter of 2026, while its erstwhile competitor ABS-CBN reported it was still deep in the red.

In its earnings disclosure on Friday, November 13, publicly listed GMA saw its net income spiral down from P2 billion in Q3 2025 to only P32.85 million in Q3 2026. Revenues fell 31%, or by P4.3 billion, in the same period. EBITDA was also “significantly lower,” dropping 68% from P4.5 billion to P1.4 billion.

Advertising revenue was the main culprit, declining 33% or from P12.8 billion in Q3 2025 to P8.6 billion in Q3 2026, but GMA also cited the “continued shift of audiences and advertising budgets from traditional media to digital platforms” for the disappointing performance.

Aside from industry disruption, it also noted the “challenging business environment marked by elevated fuel prices, persistent inflation, supply chain disruptions, rising labor and utility costs, and ongoing geopolitical uncertainties stemming from the Middle East conflict.”

“These conditions drove up production and distribution costs, squeezed profit margins, and prompted businesses to exercise greater caution in their advertising expenditures,” the network said.

GMA’s poor earnings wouldn’t be a big surprise if it hadn’t kept its industry leadership. But, in fact, GMA was still the top television station in the whole country in the first three quarters, based on Nielsen TV Audience Measurement data.

Among its top TV programs were Kapuso Mo, Jessica Soho, and its flagship 24 Oras nightly news show. Its radio stations, Super Radyo DZBB and Barangay LS 97.1, are also ahead in ratings.

GMA’s digital business continues to be a key contributor to revenues, with digital advertising revenues providing the company’s “second largest revenue contributor,” signaling the continued rise of digital platforms.

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