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Sep 30, 2025
Nexstar Q3 2025 Earnings Report
Nexstar Media Group reported Q3 results with significantly lower net income and EBITDA, mainly due to reduced political ad revenue.
Key Takeaways
Nexstar's Q3 2025 saw revenue fall due to a drop in political advertising, resulting in lower net income and adjusted EBITDA compared to the previous year. Despite that, the company maintained solid distribution revenue and announced its acquisition of TEGNA.
Q3 revenue was $1.198 billion, down 12.3% YoY due to lower political ad spend.
Adjusted EBITDA declined 29.8% YoY to $358 million.
Free Cash Flow stood at $166 million; net cash from operating activities was $117 million.
Announced a $6.2B definitive agreement to acquire TEGNA, expected to close in H2 2026.
Revenue by Segment
Forward Guidance
Nexstar plans to complete the TEGNA acquisition and capitalize on the 2026 political ad cycle while focusing on completing distribution renewals.
Positive Outlook
- Definitive agreement to acquire TEGNA for $6.2B
- Expected accretive impact on free cash flow
- Growth at The CW and NewsNation continues
- Improved operating cost controls and restructuring benefits
- Ongoing digital and network advertising stability
Challenges Ahead
- Political ad revenue declined by $145M YoY
- Net income dropped 63.9% YoY
- Adjusted EBITDA fell nearly 30% YoY
- Significant drop in cash from operations (−69.8%)
- Advertising revenue impacted by lack of election and Olympic cycles
Historical Earnings Impact
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Avg. Return Before/After Earnings
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