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Dec 31, 2025
Sinclair Q4 2025 Earnings Report
Sinclair Q4 2025 Earnings Report
Key Takeaways
Sinclair reported a strong fourth quarter that exceeded guidance on key metrics, driven by 14% growth in core advertising revenue. While total revenue declined year-over-year due to the absence of 2024's record political spending, the company successfully optimized its portfolio and strengthened its liquidity position to $1.5 billion.
Core advertising revenue grew 14% year-over-year to $354 million, reflecting strong demand for live sports.
The company met or exceeded guidance on all key financial metrics for the quarter and full year.
Sinclair Ventures received $86 million in cash distributions during Q4 as it pivots toward majority-controlled businesses.
Liquidity remains robust at $1.5 billion, including $866 million in cash and $612.5 million in revolver capacity.
Revenue by Segment
Forward Guidance
For the full year 2026, Sinclair expects total revenue between $3.4 billion and $3.54 billion, driven by a record mid-term political cycle.
Positive Outlook
- Expected record mid-term political advertising revenue of at least $333 million.
- Resilient distribution revenue projected between $1.72 billion and $1.79 billion.
- Core advertising revenue expected to reach up to $1.32 billion.
- Full year Adjusted EBITDA guidance of $700 million to $740 million.
- Anticipated completion of broadcast portfolio optimizations by mid-year.
Challenges Ahead
- Net interest expense projected to be between $300 million and $310 million.
- Capital expenditures expected to increase to $75 million - $80 million for the full year.
- Net cash tax payments estimated between $34 million and $45 million.
- Ongoing risks related to the decline in traditional MVPD subscribers.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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