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Sep 30, 2025
Sinclair Q3 2025 Earnings Report
Sinclair reported its financial results for the third quarter ended September 30, 2025, meeting or exceeding guidance on all key financial metrics.
Key Takeaways
Sinclair delivered a strong third quarter, achieving the high end of guidance for advertising and distribution revenue, while media expenses and Adjusted EBITDA beat expectations. The company reported total revenue of $773 million and a net loss attributable to the company of $1 million. Adjusted EBITDA was $100 million.
Total revenue for the quarter was $773 million, a 16% decrease year-over-year.
Net loss attributable to the Company was $1 million, a significant decrease from a net income of $94 million in the prior year quarter.
Adjusted EBITDA reached $100 million, exceeding expectations despite a 60% year-over-year decline.
Core advertising revenue grew by $20 million year-over-year on an as reported basis, indicating positive trends.
Revenue by Segment
Forward Guidance
Sinclair expects continued improvement in core advertising trends and a sequential increase in distribution revenue for the fourth quarter of 2025. The company anticipates record mid-term political revenue in the upcoming cycle and plans to shift to an annual guidance framework in the fourth quarter 2025 earnings release.
Positive Outlook
- Expects core advertising revenue of $340 million to $360 million for Q4 2025.
- Anticipates distribution revenue of $429 million to $441 million for Q4 2025.
- Forecasts Adjusted EBITDA of $132 million to $154 million for Q4 2025.
- Expects record mid-term political advertising revenue in 2026, at least matching 2022 levels.
- Anticipates core advertising revenue of flat to low-single-digit growth versus 2025 for 2026.
Challenges Ahead
- Political advertising revenue for Q4 2025 is expected to be $18 million to $21 million, significantly lower than previous political cycles.
- Distribution revenue for 2026 is expected to be approximately flat to 2025, assuming stable subscriber churn levels.
Historical Earnings Impact
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