Nexstar Media Group Inc

Latest Results (04.04.2026):

Nexstar Media Group Inc — fourth quarter 2025: Nexstar reported Q4 2025 net revenue of $1.289 billion (down 13.4% YoY) and a fourth‑quarter net loss of $170 million, driven largely by a $381 million impairment of its 31.3% investment in TV Food Network and a steep decline in political advertising. Adjusted EBITDA for Q4 was $433 million (down 31.1%), and the company provided standalone 2026 Adjusted EBITDA guidance of $1.95–$2.05 billion while progressing its proposed acquisition of TEGNA.

Revenue overview

Q4 2025 net revenue $1.289B, down 13.4% YoY. Distribution revenue was $720M (+0.8% YoY); advertising revenue was $549M (−27.6% YoY), primarily due to a $233M decline in political advertising to $21M.

Profitability

Net loss of ($170M) in Q4 2025 vs. net income $229M in Q4 2024. The swing was driven by the $381M equity investment impairment (TVFN), lower political ad revenue and one‑time corporate costs tied to the TEGNA transaction.

Adjusted EBITDA

Adjusted EBITDA of $433M in Q4 (margin 33.6%), down 31.1% YoY from $628M (42.2% margin) in Q4 2024.

Cash flow and free cash flow

Q4 net cash provided by operating activities $190M (−53.8% YoY). Adjusted free cash flow for Q4 was $214M (−47.9% YoY).

Balance sheet and leverage

Total consolidated debt $6.3B as of Dec 31, 2025 (senior secured $3.6B). Unrestricted cash $280M. First‑lien net leverage (new definition) 1.71x; total net leverage 3.09x (both well under covenant levels cited).

Capital allocation

In 2025 Nexstar returned $351M to shareholders (42% of Adjusted FCF), repaid $185M of debt, and used cash to fund a $22M station acquisition (WBNX-TV). In Q4 specifically, $28M of debt was repaid and $56M of dividends were paid.

The CW & programming

The CW exceeded expectations in 2025: 19% total audience growth year‑over‑year, ranked #10 and second fastest growing ad‑supported network, aided by NASCAR Xfinity and college sports; The CW’s 2025 losses were reduced by 32% YoY per the release.

Key one‑time items

Recorded a $381M other‑than‑temporary impairment on its TV Food Network equity stake in Q4 2025 and incurred one‑time legal/transaction costs tied to the proposed TEGNA acquisition, both affecting Q4 results.

Acquisition and outlook

Nexstar advanced its proposed $6.2B acquisition of TEGNA (HSR and FCC filings submitted; regulatory reviews ongoing) and expects closing in H2 2026 if approved. Standalone 2026 Adjusted EBITDA guidance: $1.95B–$2.05B, with outcomes dependent on advertising markets, distribution dynamics and TVFN performance.