TEGNA Inc

Latest Results (25.02.2026):

TEGNA Inc. reported results for the third quarter of 2025. Total revenue fell 19% year-over-year to $650.8 million, driven by a steep decline in political advertising and weaker advertising & marketing services (AMS); GAAP net income attributable to TEGNA was $37.1 million ($0.23 diluted EPS) and non‑GAAP net income was $53.2 million ($0.33 non‑GAAP diluted EPS).

Revenue drivers

Total company revenue was $650.8 million, down 19% YoY. The decline was primarily due to much lower political advertising and softer AMS performance; distribution revenue was relatively stable.

Distribution and AMS

Distribution revenue was $358.5 million, down 1% YoY (subscriber declines partially offset by contractual rate increases). AMS revenue fell 12% to $273.4 million, affected by macroeconomic headwinds, no Summer Olympics, and lower Premion-related revenue after a reseller exit.

Political advertising collapse

Political revenue plunged 92% to $9.9 million for the quarter (from $126.3 million a year ago), the single largest contributor to the revenue decline versus Q3 2024.

Profitability and expenses

GAAP operating expenses decreased 3% to $558.7 million (cost cutting in compensation and outside services), producing GAAP operating income of $92.1 million and non‑GAAP operating income of $106.8 million.

Net income and EPS

GAAP net income attributable to TEGNA Inc. was $37.1 million, or $0.23 diluted EPS. On a non‑GAAP basis (adjusting for special items), net income was $53.2 million, or $0.33 diluted EPS.

Adjusted EBITDA

Total company Adjusted EBITDA was $130.7 million for Q3, down 52% YoY, reflecting the drop in political and AMS revenue partially offset by cost savings.

Cash flow and shareholder returns

Net cash provided by operating activities was $59.1 million for the quarter and Adjusted Free Cash Flow was $64.3 million. TEGNA returned $20 million to shareholders through regular dividends in the quarter; share repurchases are suspended.

Debt, interest and liquidity

TEGNA called the full $550 million of its 4.75% senior notes due March 15, 2026 (partial calls in July and September). Interest expense decreased 8% to $39.0 million. Cash and cash equivalents were $232.8 million at quarter-end and net leverage stood at 2.9x.

Nexstar transaction and guidance

TEGNA reiterated the definitive agreement with Nexstar Media Group to be acquired for $22.00 per share in a cash deal valued at $6.2 billion; close is expected by the second half of 2026 subject to approvals. While the merger is pending, TEGNA suspended forward guidance and share repurchases but expects to continue paying its regular quarterly dividend through closing.

Operational highlights

TEGNA stations won six national Edward R. Murrow Awards (including KING/Seattle for Overall Excellence) and extended a local sports agreement to broadcast Nuggets and Avalanche games on KUSA/My20 in Denver.