Executive Summary

Q4 2024 revenue rose 20% year over year to $870.5M, driven by $187.4M of political advertising; GAAP EPS was $1.11 and non-GAAP EPS was $1.21; Adjusted EBITDA increased 76% to $312.1M .
Management reaffirmed its two-year 2024/2025 Adjusted Free Cash Flow guidance of $900M–$1.1B and introduced FY25 guidance for corporate expense, D&A, interest, capex and tax; Q1 2025 revenue is guided down 4%–7% YoY with non-GAAP OpEx flat to up slightly .
Cost actions are tracking: $50M of annualized core non-programming savings achieved by year-end 2024 toward a $90–$100M run-rate target exiting 2025; programming costs rose on local sports rights, but management said these rights are profitable .
Capital allocation remained active: $70M repurchases and $21M dividends in Q3; Q4 returned $50M via repurchases and $20M via dividends; Board declared a $0.125 quarterly dividend payable Apr 1, 2025; net leverage improved to 2.7x with $693M cash at Q4-end .

What Went Well and What Went Wrong

What Went Well
- Political advertising strength drove top-line upside: Q4 political revenue reached $187.4M; full-year political was $373.2M, nearly matching 2020 excluding the GA Senate run-offs .
- Subscription revenue up 5% in Q4 to $357.3M as renewals and rate increases offset subscriber declines; ~20% of traditional subs renewed in Q4 with ~45% up for renewal in 2025 .
- Cost and cash discipline: Adjusted FCF of $246.8M in Q4; year-end cash of $693M; net leverage at 2.7x; CEO emphasized “reinventing how we create and monetize content” and deploying AI/automation to run a more efficient operation .
What Went Wrong
- AMS revenue fell 11% YoY in Q4 to $314.0M due to political displacement and continued softness from national accounts; auto remains challenged in Tier 1/2 despite sequential improvement into Q1 .
- Programming expenses increased (up 7% in Q4 within total OpEx up 2%) as local sports rights ramped, pressuring near-term expense growth; management expects this to moderate later in the year as seasons conclude .
- Q1 2025 outlook implies near-term revenue headwinds: total revenue guided down 4%–7% YoY as political cycles normalize; non-GAAP OpEx flat to up slightly on programming costs despite ongoing core cost reductions .

Financial Results

Trend across recent quarters (oldest → newest):

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$710.4	$806.8	$870.5
GAAP Diluted EPS ($)	$0.48	$0.89	$1.11
Non-GAAP Diluted EPS ($)	$0.50	$0.94	$1.21
GAAP Operating Income ($M)	$141.9	$229.9	$275.5
Adjusted EBITDA ($M)	$175.7	$269.5	$312.1

Year-over-year Q4 comparison:

Metric	Q4 2023	Q4 2024	YoY Change
Revenue ($USD Millions)	$725.9	$870.5	+20%
GAAP Diluted EPS ($)	$0.40	$1.11	n/m
Non-GAAP Diluted EPS ($)	$0.43	$1.21	n/m
Adjusted EBITDA ($M)	$177.1	$312.1	+76%

Revenue mix (oldest → newest):

Category ($USD Millions)	Q2 2024	Q3 2024	Q4 2024
Subscription	$367.0	$356.2	$357.3
AMS	$301.0	$313.0	$314.0
Political	$31.6	$126.3	$187.4
Other	$10.7	$11.3	$11.8
Total Revenue	$710.4	$806.8	$870.5

KPIs and balance sheet:

KPI	Q2 2024	Q3 2024	Q4 2024
Net Cash from Operating Activities ($M)	$124.8	$210.1	$249.8
Adjusted Free Cash Flow ($M)	$130.6	$211.4	$246.8
Interest Expense ($M)	$41.7	$42.3	$42.8
Cash & Cash Equivalents ($M)	$446.0	$536.3	$693.2
Net Leverage (x)	2.9x	2.8x	2.7x

Non-GAAP adjustments (Q4 2024): Non-GAAP EPS excludes earnout adjustments, retention costs, workforce restructuring and certain non-operating/tax items, per reconciliation (Table 3) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
2024/2025 Two-Year Adjusted FCF	FY24–FY25	$900M–$1.1B (reaffirmed in Q3’24)	$900M–$1.1B	Maintained
Corporate Expenses	FY 2025	n/a	$40–$45M	New
Depreciation	FY 2025	n/a	$60–$65M	New
Amortization	FY 2025	n/a	$33–$37M	New
Interest Expense	FY 2025	n/a	$165–$170M	New
Capital Expenditures	FY 2025	n/a	$50–$60M	New
Effective Tax Rate	FY 2025	n/a	22.5%–23.5%	New
Total Company GAAP Revenue (YoY)	Q1 2025	n/a	Down 4% to 7%	New
Total Non-GAAP Operating Expenses (YoY)	Q1 2025	n/a	Flat to up slightly	New
Dividend	Ongoing	$0.125/share (prior cadence)	$0.125/share declared for Apr 1, 2025	Maintained

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024, Q3 2024)	Current Period (Q4 2024)	Trend
AI/technology, “station of the future”	Targeting $90–$100M cost savings; deploying AI across stations with benefits expected into late 2025	Piloting cloud-based, AI-automated, virtual-set “TV station of the future” in two markets over coming quarters	Improving execution focus
Regulatory/M&A optionality	Anticipated more favorable FCC; optionality to allocate capital amid potential deregulation	CEO: if deregulation materializes, synergy “value unlock” substantial; disciplined on buy/sell decisions	Building optionality
Digital/CTV (Premion)	Local Premion up double-digits; national headwinds; Octillion integration to accelerate growth	Local Premion continues to grow; national remains challenged; emphasis on station sales force enablement and incentives	Mixed: local up, national soft
Sports rights	New NHL/WSL/WNBA deals; audience reach priority for teams	Programming costs up on NBA/NHL local rights; management states sports rights are profitable	Strategic investment
Macro/advertising	National weakness; auto turned down in Q2; Olympics aided Q3	Q1 AMS pacing started sluggish, improved to down low-single-digits; Super Bowl mix headwind; auto still challenged Tier 1/2	Gradual stabilization ex mix
Retrans/affiliate economics	Majority variable reverse comp; net retrans stabilizing; renewals expected	~20% traditional subs renewed in Q4; ~45% up in 2025, majority late-year	Supportive for 2025 rates

Management Commentary

“We are reinventing how we create and monetize content to capture the full opportunity in both linear TV and digital…well-positioned to seize transformative moments in media and build a sustainable future for local news.” – CEO Mike Steib (press release) .
“We spent this quarter designing… the TV station of the future, using modern cloud-based technology, AI automation, virtual sets… piloting this in 2 markets… expected to increase capabilities and operational savings across our station portfolio.” – CEO .
“We achieved approximately $50 million in annualized savings by the end of the year 2024… on track to generate $90–$100 million in core nonprogramming annualized savings as we exit 2025.” – CFO Julie Heskett .
“Programming [expense] was up 7%… driven by sports rights… that will not continue throughout the year… once we lap into the latter half.” – CFO .
“If this much overdue deregulation comes through, the value unlock through synergies for the industry broadly is really substantial.” – CEO .

Q&A Highlights

M&A posture: Company will be disciplined buyers/sellers to maximize shareholder value if deregulation enables consolidation; emphasis on optionality given balance sheet strength .
Expense outlook: Near-term programming costs elevated from sports rights; underlying core costs sequentially improving; expect programming pressure to ease later in 2025 .
Sports rights profitability: Management expects profitability in 2025; rights seen as valuable for audience engagement and advertising .
Q1 pacing and category color: AMS pacing improved through Q1 to down low-single digits; Super Bowl rotation from CBS to FOX a ~$10M mix headwind; auto remains challenged, especially Tier 1/2 .
Retrans renewals: ~45% of traditional subscribers up for renewal in 2025, mostly at year-end, offering opportunities for rate capture .
Capital structure: Company has cash to address 2026 bonds while preserving flexibility for strategic opportunities .

Estimates Context

Wall Street consensus (S&P Global) for Q4 2024 revenue/EPS/EBITDA could not be retrieved at this time due to an API daily request limit; therefore, we have not included versus-consensus comparisons in this recap. Where possible, we anchored to company guidance and prior periods .

Key Takeaways for Investors

2024 exit strength: Political-driven Q4 outperformance, subscription stabilization, and Adjusted EBITDA momentum position TGNA well entering 2025; balance sheet optionality (2.7x net leverage; $693M cash) supports both capital returns and strategic actions .
1H headwind then normalization: Q1 revenue guided down 4–7% YoY on political cycle; programming expense elevated early on sports rights but expected to normalize in 2H, while core cost reductions continue to accrue .
2025 catalysts: ~45% retrans renewals (mostly late-year) and continued rate capture could underpin subscription stability; two-year Adjusted FCF guidance reaffirmation ($900M–$1.1B) frames capital return capacity and debt preparedness .
Structural efficiency: Execution of $90–$100M core cost program and “station of the future” AI/automation pilots are tangible levers for operating leverage regardless of macro .
Sports rights strategy: Local sports enhances reach and advertiser access; management asserts profitability, with temporary programming cost inflation expected to ease as seasons roll off .
CTV/local digital mix: Premion/local digital remains a growth vector (local strong, national soft); enabling the salesforce to cross-sell across linear/CTV is a near-term execution focus .
Regulatory optionality: Potential FCC deregulation could unlock M&A synergies; TGNA’s disciplined approach and financial flexibility make it a credible consolidator or partner .

Supporting detail and source documents:

Q4 2024 earnings press release (furnished with 8-K):
Q4 2024 Form 8-K Item 2.02 and EX-99.1:
Q4 2024 earnings call transcript:
Q3 2024 press release/call for trend context:
Q2 2024 press release/call for trend context:
Dividend declaration (Feb 11, 2025):

TEGNA INC (TGNA)·Q4 2024 Earnings Summary