The Philippines’ largest broadcast network is facing difficult times, as with the rest of the industry.
On Friday, November 13, media giant GMA Network, Inc. published its quarterly report for the months of July to September 2026.
During which, the network saw its consolidated net loss of PHP 77 million, a sharp decline from the PHP102 million net income it posted during the same period in 2025.
The said performance also weighed down the company’s net income for the first nine months of 2026, which was only a measly PHP33 million, compared to the PHP2.069 billion it logged from January to September 2025.
Although, during this period that ended September 30, 2026, GMA was able to register positive consolidated revnues of PHP9.668 billion.
However, compared with the robust revenue performance recorded during the same period last year, revenues declined by PHP4.319 billion year-on-year.
ADVERTISING SLOWDOWN
The Kapuso Network explained: “The downturn was attributable to the absence of political advocacies and advertisements in relation to the 2025 mid-term election as well as softening of recurring revenues year-on-year.”
It also noted that the contraction in regular sales reflects a “more subdued advertising environment” amid heightened and protracted geopolitical uncertainties, persistent macroeconomic pressures, and cautious business sentiment, which collectively dampened advertising spending and overall market activity during the period.
In terms of advertising revenues alone, which remains GMA’s largest source of revenue at 89% of it total consolidated revenue, they registered PHP8.64 billion in 9M2026, which is a 33% decline to the PHP12.816 billion it posted during the same period in 2025.
“Airtime sales from free-to-air TV and Radio broadcast continued to take up the lion’s share in the advertising revenue segment, which was likewise the hardest hit in terms of year-on-year revenue performance,” the media giant furthered.
Aside from private firms, such as Fast Moving Consumer Goods (FMCG) secror, government advertising spending likewise declined duriny this period as agencies adopted a more prudent approach to budget utilization and expenditure priorities.
“[I]nflationary pressures and economic uncertainty weighed on consumer spending, with households increasingly prioritizing essential goods and more affordable alternatives. Softer consumer
demand across various sectors affected advertisers’ sales prospects, leading to further reductions or delays in advertising placements,” GMA also disclosed as another factor in the constrained advertising spending across key industries that contributed to the
network’s weaker sales performance during the first nine months of 2026.
Over to their consumer sales, production services, and other ancillary revenues contributed a combined PHP1,028 million, which is a decline of PHP143 million (12%),
year-on-year.
While the revenues decided, the company also reduced its nine-month operating expenses by 13% to PHP9.93 billion, which it achieved through tighter production, talent, and administrative cost controls.
However, third-quarter expenses of PHP3.22 billion still outpaced the quarterly revenues of PHP3.06 billion.
PERFORMANCE OF CHANNELS, OTHER STREAMS
On a per channel level, the flagship TV network GMA continued to lead in terms of total revenues, “albeit also registering the biggest shortfall this period due to the aforementioned reasons,” the company said.
The TV network also maintained its leadership in the TV ratings game, continuing its rule as the No. 1 television station in both Total Philippines and Urban Philippines based on Nielsen TV Audience Measurement data.
“Despite the decline in overall TV viewing levels compared to the same period in 2025, GMA maintained a commanding lead over all competing channels, while GTV, the company’s second free-to-air channel, it logged “parity ratings with TV5,” the media company added.
Regarding GTV, it also continued to be a significant contributor to airtime revenues, although sales were slightly below the previous year’s level.
Similarly, Radio revenues declined during the first nine months of 2026, primarily due to the absence of election-related advertising
placements, with Super Radyo DZBB 594 kHz and Barangay LS 97.1 also continuing to dominate the Mega Manila AM and FM bands during the year.
Digital advertising revenues were also the company’s second-largest revenue contributor, with GMA being the leading media company in Southeast Asia for its digital performance on the Tubular Leadership Worldwide Ranking for August 2026.
For other revenue streams, comprising subscriptions, production services, and merchandise sales, consolidated revenues reached PHP1.28 billion during the first nine months of 2026, representing a 12%
decline year-on-year.
GMA’s international channels such as GMA Pinoy TV, GMA Life TV, and GMA News TV, all recorded a moderate increase in revenues during the nine-month period, which was partly driven by favorable foreign exchange movements that helped offset the impact of
subscriber churn.
Meanwhile, consolidated Production Services and other revenues declined by 22% year-
on-year, primarily due to lower revenues from collaborations with other production companies, portion buys, and sponsored production content.
Although, that was partially offset by higher revenues from over-the-top (OTT) licensing arrangements.
Merchandise sales, led by the digital TV box GMA Affordabox, saw a reduction of sales in this period.
