Nexstar Media Group reported fourth‑quarter 2025 net revenue of $1.29 billion, a decline from $1.49 billion in the same period a year earlier, marking a year‑over‑year drop of 13.5%. The decline is largely driven by a 27.6% fall in total advertising revenue to $549 million, as political advertising revenue collapsed from $233 million in Q4 2024 to $21 million in Q4 2025. Non‑political advertising revenue, however, grew 4.5% to $520 million, partially offsetting the loss in the political segment.
The company’s adjusted earnings per share for the quarter were reported at $6.93, beating consensus estimates of $3.72. While some market sources reported alternative figures—$4.30 or a net loss of $5.63 per share—Nexstar’s own filing lists $6.93. The Q3 2025 EPS was $2.14, and the Q4 2024 EPS was $7.56, correcting the earlier misstatement that the $7.56 figure represented the previous quarter.
Distribution revenue, which includes retransmission consent fees, increased 0.8% to $720 million, providing a modest lift to overall revenue. Adjusted EBITDA fell 31.1% year‑over‑year to $1.56 billion, with the margin contracting to 33.6% from 42.2% in Q4 2024. The decline reflects the impact of a $381 million impairment charge on Nexstar’s stake in TV Food Network, which drove a net loss of $170 million for the quarter.
Management highlighted the company’s strategic focus on local broadcasting, noting the completion of 2025 distribution renewals and stronger non‑political advertising growth. CEO Perry A. Sook emphasized the planned acquisition of TEGNA Inc. for $6.2 billion, expected to close in the second half of 2026, as a key move to reinforce Nexstar’s position as the nation’s leading local broadcaster. The company also noted growth in NewsNation’s viewership and improved performance of The CW.
Nexstar provided 2026 standalone adjusted EBITDA guidance of $1.95 billion to $2.05 billion, a midpoint increase from the $1.56 billion reported in Q4 2025. The guidance signals management’s confidence in a recovery of advertising demand and the benefits of the TEGNA acquisition, despite the current headwinds of a sharp decline in political advertising and the impairment charge. The company’s balance sheet remains solid, with $280 million in cash, $6.33 billion in debt, and a first‑lien net leverage ratio of 1.71x, well within covenant limits.
The market reaction to the earnings was negative, with shares falling 4.53% in pre‑market trading. Investors focused on the significant net loss, the large impairment charge, and the year‑over‑year revenue decline, while the forward guidance for 2026 was viewed as a positive sign of future growth potential.
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