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Jun 30, 2025
Sinclair Q2 2025 Earnings Report
Sinclair reported a decrease in total revenues and a net loss in the second quarter of 2025, with core advertising revenues showing growth.
Key Takeaways
Sinclair experienced a challenging second quarter in 2025, with total revenues decreasing by 5% year-over-year to $784 million and a net loss of $64 million, compared to a net income in the prior year. Despite the overall decline, core advertising revenues saw a 4% increase, and Adjusted EBITDA came in above the midpoint of guidance.
Total revenues decreased 5% to $784 million compared to $829 million in the prior year period.
The company reported a net loss attributable to Sinclair of $64 million, a significant decline from a net income of $17 million in the prior year period.
Core advertising revenues grew by 4% to $316 million, indicating strength in non-political advertising.
Diluted loss per common share was $0.91, contrasting with diluted earnings per common share of $0.27 in the same period last year.
Revenue by Segment
Forward Guidance
For the third quarter ending September 30, 2025, Sinclair anticipates total revenues between $752 million and $776 million, with core advertising revenue projected to be between $303 million and $314 million. Adjusted EBITDA is expected to range from $71 million to $93 million.
Positive Outlook
- Expected core advertising revenue growth for Q3 2025, ranging from $303 million to $314 million.
- Anticipated distribution revenue between $413 million and $425 million for Q3 2025.
- Projected positive operating income for Q3 2025, ranging from -$6 million to $17 million.
- Adjusted EBITDA for Q3 2025 is expected to be between $71 million and $93 million.
- Full-year 2025 capital expenditures are projected to be between $82 million and $85 million.
Challenges Ahead
- Political advertising revenue for Q3 2025 is projected to be relatively low, between $7 million and $8 million.
- Operating income for Q3 2025 could potentially be a loss, with a range of -$6 million to $17 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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