NEXSTAR MEDIA GROUP (NXST) Company Report

Nexstar reported Q4 2025 net revenue of $1.29 billion, a 13.4% decrease year-over-year, primarily due to a $233 million reduction in political advertising, though non-political advertising grew 4.5%. Adjusted EBITDA was $433 million and adjusted free cash flow was $214 million.
For 2026, standalone Nexstar pre-TEGNA adjusted EBITDA is guided to be between $1.95 billion and $2.05 billion. The company expects low single-digit gross and mid-single-digit net distribution revenue growth, and anticipates digital revenue to surpass national advertising revenue.
The acquisition of TEGNA remains on track, with an expected closing by the end of Q2 2026. Nexstar also aims for The CW to achieve profitability by Q4 2026 and plans to capitalize on the midterm election political advertising opportunity.

1 day ago

Transcript

Nexstar Media Group Reports Q4 2025 Results and Provides 2026 Guidance

NXST

Earnings

Guidance Update

M&A

Nexstar Media Group reported Q4 2025 net revenue of $1.29 billion, a 13.4% decrease compared to the prior year, primarily due to a $233 million year-over-year reduction in political advertising to $21 million, though non-political advertising increased 4.5%. Adjusted EBITDA for the quarter was $433 million, and adjusted free cash flow was $214 million.
The company provided full-year 2026 Adjusted EBITDA guidance of $1.95 billion-$2.05 billion for standalone Nexstar. They project low to mid-single-digit growth in net distribution revenue and expect to capture a low double-digit share of total broadcast political advertising for the 2025-2026 election cycle.
Nexstar remains on track to close the TEGNA acquisition by the end of Q2 2026, with all regulatory filings submitted and inquiries responded to, and no conversations about divestitures to date.
The CW network is anticipated to achieve profitability by Q4 2026, with losses expected to reduce by 30% in 2026 from 2025 levels. NewsNation posted its strongest year ever in viewership in 2025 and was the fastest-growing cable news network in the adult 25-54 demographic.

1 day ago

Transcript

Nexstar Media Group Reports Q4 2025 Results and Provides 2026 Guidance

NXST

Earnings

Guidance Update

M&A

Nexstar Media Group reported Q4 2025 net revenue of $1.29 billion, a 13.4% decline year-over-year, primarily due to a $233 million decrease in political advertising, though non-political advertising was up 4.5%. Consolidated adjusted EBITDA was $433 million, and adjusted free cash flow was $214 million.
For 2026, standalone Nexstar pre-TEGNA adjusted EBITDA guidance is set between $1.95 billion-$2.05 billion. The company projects low single-digit gross and mid-single-digit net distribution revenue growth.
The CW network is expected to reduce its losses by another 30% in 2026 and achieve profitability by the fourth quarter of 2026. Digital revenue grew high single digits in 2025 and is expected to surpass national advertising revenue in 2026.
The proposed acquisition of TEGNA remains on track to close by the end of the second quarter of 2026. Nexstar returned $351 million to shareholders in 2025, comprising $226 million in dividends and $125 million in share repurchases, with total net leverage at 3.09 times as of December 31, 2025.

1 day ago

Transcript

Nexstar Media Group Reports Q4 2025 Results and Provides 2026 Guidance

NXST

Earnings

Guidance Update

M&A

Nexstar Media Group reported net revenue of $1.29 billion for Q4 2025, a 13.4% decrease compared to the prior year quarter, and a net loss of ($170) million, primarily due to an impairment of an equity investment and lower political advertising revenue.
Adjusted EBITDA for Q4 2025 was $433 million, a 31.1% decrease from the prior year quarter, while full year 2025 Adjusted EBITDA was $1.56 billion.
The company provided 2026 standalone Adjusted EBITDA guidance in a range of $1.95 billion to $2.05 billion.
As of December 31, 2025, Nexstar's consolidated debt was $6.3 billion.
Nexstar reduced 2025 year-over-year losses at The CW by 32%, exceeding financial expectations, and is progressing with its proposed acquisition of TEGNA Inc..

1 day ago

8-K

Nexstar Media Group Declares Quarterly Cash Dividend

NXST

Dividends

M&A

Nexstar Media Group, Inc. declared a quarterly cash dividend of $1.86 per share on its common stock.
The dividend is payable on February 27, 2026, to stockholders of record on February 13, 2026.
The Board of Directors maintained the current dividend rate, intending to use excess cash to finance the pending accretive acquisition of TEGNA, Inc. and/or repay debt.
Based on the January 29, 2026 closing stock price, Nexstar's current annualized dividend yield is 3.59%.

Feb 3, 2026, 12:32 AM

8-K

Nexstar Provides Update on Tegna Merger, 2026 Outlook, and Strategic Initiatives

NXST

M&A

Guidance Update

New Projects/Investments

Nexstar is actively progressing with the Tegna acquisition, with the FCC public comment phase concluding in December and reply comments in January, and DOJ compliance expected in Q1 2026. The merger is anticipated to generate $300 million in EBITDA synergies, with 45% from net retrans and 55% from operating expenses, mostly realized within the first 12 months post-transaction. Pro forma leverage is expected to be around 4x, with a target to delever to approximately 3.2x by 2028.
Nexstar anticipates positive momentum in non-political advertising for Q4 2025 and expects tailwinds in 2026 from political spending, FIFA, and the Olympics. They also project continued growth in both gross and net retransmission revenue in 2026 due to decent rate step-ups in renewals and increased bargaining power from the Tegna merger.
Strategic initiatives include the CW network's projection to achieve profitability at some point in 2026, driven by reduced programming costs and increased sports content. Additionally, Nexstar is pursuing ATSC 3.0 spectrum monetization, expecting to see real revenue starting in 2026 from non-video uses, with potential for significant acceleration and high EBITDA margins by the end of the decade.

Dec 8, 2025, 8:00 PM

Transcript

Nexstar Provides Update on Tegna Merger, Advertising Outlook, and Strategic Initiatives

NXST

M&A

Guidance Update

New Projects/Investments

The Tegna merger regulatory process is advancing, with the FCC in the public comment phase through January and DOJ compliance expected in Q1 2026. Nexstar anticipates $300 million in EBITDA synergies from the deal, mostly within the first 12 months, and expects pro forma leverage to be in the 4-ish range, aiming to delever by 2028.
The advertising market shows positive momentum, with Q4 non-political advertising now expected to be slightly up. Nexstar anticipates tailwinds in 2026 from political advertising (AdImpact projects the 2025/2026 cycle up 20% overall) , major sports events like FIFA and the Olympics, and increased sports on broadcast.
Nexstar projects continued growth in both gross and net retransmission revenue in 2026, driven by expected rate step-ups in renegotiated agreements.
The company sees significant long-term potential in ATSC 3.0 spectrum monetization, with non-video uses potentially generating substantial revenue (industry total of $14 billion) within 5-8 years at high EBITDA margins, with initial revenue expected in 2026.
The CW network is on track to achieve profitability at some point in 2026, having improved profit by approximately 25% in the current year.

Dec 8, 2025, 8:00 PM

Transcript

Nexstar Discusses TEGNA Acquisition Progress and Future Growth

NXST

M&A

New Projects/Investments

Proxy Vote Outcomes

TEGNA shareholders approved the transaction with a 98% affirmative vote, and Nexstar expects to complete FCC applications soon, with the DOJ process ongoing. The acquisition is projected to generate $300 million in EBITDA synergies, with 45% from net retrans and 55% from operating expense synergies, primarily realized within the first year.
Nexstar anticipates signing its first commercial customers for its ATSC 3.0 Spectrum toll road either before or right after the end of the calendar year, with significant revenue expected to flow in three to five years.
Nexstar expects continued opportunity for retransmission consent pricing growth, noting that subscriber churn is moderating and that the company is "undermonetized relative to the viewership" it brings to distributors.
Nexstar aims to be the "unicorn" in the local TV space, continuing to focus on local markets and potentially pursuing further acquisitions beyond TEGNA to leverage its scale and robust balance sheet.

Nov 18, 2025, 8:45 PM

Transcript

Nexstar Media Group Discusses TEGNA Acquisition, Synergies, and Future Growth Drivers at Wells Fargo Summit

NXST

M&A

New Projects/Investments

Guidance Update

Nexstar Media Group's acquisition of TEGNA was approved by shareholders with a 98% affirmative vote , and the company is proceeding with regulatory filings, expecting minimal divestitures.
The company anticipates $300 million in EBITDA synergies from the TEGNA acquisition, with 45% from net retrans and 55% from operating expense synergies, with the majority expected within the first year.
Nexstar sees continued opportunity to grow retransmission consent revenue despite subscriber churn, with over 50% of contracts up for renewal soon. Non-political advertising was flat in Q3 and guided to be down in the very low single digits in Q4 (2025), primarily due to national factors rather than market health.
The company is actively working to monetize its ATSC 3.0 spectrum through EdgeBeam, with $40 million in capital and expectations for first commercial customers by year-end or early next year , projecting significant revenue flow in three to five years.

Nov 18, 2025, 8:45 PM

Transcript

Nexstar Reports Q3 2025 Results and Provides Update on TEGNA Acquisition

NXST

Earnings

M&A

Guidance Update

Nexstar reported Q3 2025 net revenue of $1.2 billion, a 12.3% decline year-over-year, primarily due to a $145 million decrease in political advertising. Adjusted EBITDA for the quarter was $358 million, representing a 29.9% margin.
The company is proceeding with its definitive agreement to acquire TEGNA for $6.2 billion in cash, projecting the transaction to be more than 40% accretive to standalone adjusted free cash flow with $300 million in anticipated synergies, and expects to close by the second half of 2026.
In Q3 2025, Nexstar returned $56 million to shareholders in dividends and repaid $25 million in mandatory debt. The company paused share repurchases to conserve cash for the TEGNA acquisition.
Nexstar ended Q3 2025 with a cash balance of $236 million and a total net leverage of 3.09 times.
For Q4 2025, non-political advertising is forecast to decline in the very low single digits year-over-year. The company anticipates CapEx in the $32 million range and cash taxes in the $45 million range.