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Nexstar Media Group (NXST) investor relations material
Nexstar Media Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Announced a definitive agreement to acquire TEGNA Inc. for $6.2 billion, expected to close by the second half of 2026, expanding scale and reach and anticipated to be accretive to adjusted free cash flow.
Q3 2025 net revenue was $1.2 billion, down 12.3% year-over-year, mainly due to lower political advertising; net income for the quarter was $65 million, a 63.9% decrease year-over-year.
CEO contract extended through March 2029, signaling long-term commitment.
Declared and paid $56 million in dividends in Q3 2025 and repaid $25 million in debt; $294 million returned to shareholders in the first nine months.
Acquired WBNX-TV in Cleveland for $22 million and refinanced senior secured credit facilities, reducing interest margin and extending maturities.
Financial highlights
Q3 2025 net revenue was $1.2 billion, down 12.3% year-over-year, with net income at $65 million, down 63.9%; adjusted EBITDA was $358 million (29.9% margin), down from $510 million in Q3 2024.
Distribution revenue declined 1.4% to $709 million, impacted by MVPD subscriber attrition and a non-recurring customer claim, partially offset by rate escalators and vMVPD growth.
Advertising revenue fell 23.5% to $476 million, mainly due to a $145 million drop in political advertising; non-political advertising remained flat.
Adjusted free cash flow was $166 million, down from $327 million in the prior year.
Cash flow from operations was $701 million for the nine months, down from $839 million year-over-year.
Outlook and guidance
The TEGNA acquisition is expected to be accretive to standalone adjusted free cash flow.
Non-political advertising in Q4 expected to decline in the very low single digits year-over-year.
CW losses projected to be 25% lower in 2025 versus 2024, with breakeven targeted in 2026.
CapEx for Q4 projected at $32 million, with $6 million in capitalized software payments and $88 million in interest expense.
Management expects continued softness in advertising revenue in non-election years and notes exposure to macroeconomic risks such as inflation and high interest rates.
TEGNA acquisition's expected 2026 FCF impact
Strategy to improve soft local advertising trends
Impact of new leverage ratio on debt capacity
What drives additional TEGNA synergies?
ATSC 3.0: Biggest value creation lever
2026 core ad growth vs political displacement
Break down TEGNA's $300M synergy components
Post-TEGNA, what are key strategic priorities?
NFL media rights negotiation impact on broadcast
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Next Nexstar Media Group earnings date
Wells Fargo's 9th Annual TMT Summit18 Nov, 2025
Next Nexstar Media Group earnings date
Wells Fargo's 9th Annual TMT Summit18 Nov, 2025
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Frequently asked questions
Nexstar Media Group Inc is a television broadcasting and digital media company that owns, operates, and provides services to television stations across the United States. The company also manages news programming and operates digital platforms and content networks. The company is headquartered in Irving, Texas, and its shares are listed on the NASDAQ.
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