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Dec 31, 2025
Nexstar Q4 2025 Earnings Report
Nexstar reported lower fourth quarter 2025 revenue and a net loss driven by reduced political advertising and a significant equity investment impairment.
Key Takeaways
For Q4 2025, Nexstar generated net revenue of 1289000000, down 13.4% year-over-year, and reported a net loss of -170000000, impacted by a 381000000 impairment of an equity method investment, with Adjusted EBITDA of 433000000.
Net revenue declined 13.4% year-over-year to 1289000000 due to lower political advertising.
Advertising revenue fell 27.6% to 549000000, with political advertising of 21000000.
Recorded a 381000000 impairment of an equity method investment in Q4 2025.
Adjusted EBITDA was 433000000 with a 33.6% margin.
Revenue by Segment
Forward Guidance
For full year 2026 on a standalone basis, Nexstar expects Adjusted EBITDA in a range of 1950000000 to 2050000000.
Positive Outlook
- 2026 standalone Adjusted EBITDA guidance of 1950000000 to 2050000000.
- Renewed distribution agreements representing more than 60% of subscriber base.
- Non-political advertising increased 4.5% year-over-year.
- The CW reduced year-over-year losses by 32% in 2025.
- First lien net leverage ratio of 1.71x, well below covenant.
Challenges Ahead
- Q4 net revenue declined 13.4% year-over-year.
- Political advertising revenue decreased by 233000000 year-over-year.
- Net loss of -170000000 in Q4 2025.
- Adjusted EBITDA declined 31.1% year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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