Nexstar Media Group Inc

Latest Results (06.01.2026):

Nexstar Media Group, Inc. — Third Quarter 2025: Nexstar reported Q3 2025 net revenue of $1.20 billion, driven by steady distribution but a large year‑over‑year drop in political advertising; the quarter produced net income of $65 million and Adjusted EBITDA of $358 million while the company announced a definitive agreement to acquire TEGNA Inc. for $6.2 billion.

Revenue performance

Q3 2025 net revenue was $1,198 million, down 12.3% year‑over‑year. Distribution revenue declined modestly to $709 million (‑1.4%), while advertising revenue fell to $476 million (‑23.5%), driven primarily by a $145 million drop in political advertising to $10 million.

Profitability and margins

Net income was $65 million (down 63.9% YoY) and net income margin fell to 5.4% from 13.2% a year earlier. Adjusted EBITDA was $358 million (‑29.8% YoY) with an Adjusted EBITDA margin of 29.9% versus 37.3% in Q3 2024; declines were largely due to lower political revenue and reduced equity investment income (notably from TVFN).

Cash flow and adjusted free cash flow

Net cash provided by operating activities was $117 million (‑69.8% YoY). Adjusted Free Cash Flow for the quarter was $166 million, down 49.2% year‑over‑year, mainly reflecting lower political advertising receipts partially offset by lower interest expense and reduced operating expenses.

TEGNA acquisition

Nexstar entered into a definitive agreement to acquire TEGNA Inc. for $6.2 billion in a transaction Nexstar expects to be accretive to standalone Adjusted Free Cash Flow; the deal is subject to regulatory approvals and is expected to close in the second half of 2026.

Operational and network highlights

Operationally, Nexstar cited continued strength in non‑political distribution and advertising, NewsNation as the fastest‑growing cable network year‑to‑date, and The CW delivering its sixth consecutive quarter of primetime ratings growth and a 24% reduction in losses year‑over‑year.

Balance sheet and leverage

Consolidated debt (including Mission Broadcasting) was $6.4 billion as of Sept. 30, 2025, with unrestricted cash of $236 million. Under its updated leverage definition, first‑lien net leverage was 1.73x (covenant 4.25x) and total net leverage was 3.09x.

Capital allocation in Q3

During Q3 2025 Nexstar repaid $25 million of debt and returned $56 million to shareholders in dividends. There were no Q3 share repurchases; year‑to‑date capital allocation included modest debt paydown and continued dividend payments.

Drivers and near‑term focus

The company attributes the quarter’s declines mainly to the election cycle timing (large drop in political ad revenue), one‑time corporate costs tied to the pending TEGNA deal and lower equity investment income. Management highlighted upcoming distribution renewals, closing the TEGNA acquisition, and the 2026 mid‑term election as near‑term value drivers.