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Sep 30, 2025
TEGNA Q3 2025 Earnings Report
TEGNA reported a 19% revenue decline in Q3 2025 driven by lower political and advertising revenue.
Key Takeaways
TEGNA posted a decline in revenue and net income in Q3 2025 due to the expected drop in political and advertising-related revenue. Despite the revenue dip, cost-cutting initiatives helped sustain profitability. Adjusted EBITDA and Free Cash Flow also saw significant declines, though within expectations.
Revenue fell to $650.8 million, primarily due to a steep drop in political ad revenue and weaker AMS revenue.
Net income dropped 75% year-over-year to $37.1 million.
Adjusted EBITDA fell 52% to $130.7 million, largely due to the cyclical ad revenue downturn.
The company maintained a solid cash position with $233 million in cash and equivalents.
Revenue by Segment
Forward Guidance
TEGNA did not issue forward guidance due to the pending Nexstar acquisition, which is expected to close in 2026.
Positive Outlook
- Continued cost discipline helped mitigate earnings declines.
- Cash and cash equivalents remained strong at $233 million.
- Dividends continued despite M&A transaction activity.
- Retained audience and digital growth amid market headwinds.
- Extended local sports broadcasting rights (e.g., Denver Nuggets and Avalanche).
Challenges Ahead
- Significant revenue decline from political ads in off-election year.
- AMS revenue dropped 12% due to macroeconomic pressures.
- Lower distribution revenue due to subscriber declines.
- Adjusted EBITDA fell sharply year-over-year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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