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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Nexstar Media Group
Nexstar Media Group (NXST) investor relations material
Nexstar Media Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Record Q3 net revenue of $2.133B, Adjusted EBITDA of $756M and Adjusted Free Cash Flow of $443M; results reflected TEGNA, distribution and advertising strength.
Record Q3 political advertising revenue reached $317M; combined 2026-cycle political revenue was $1.1B, up 31% vs. 2022 and 29% vs. 2024.
Nine-month Adjusted Free Cash Flow was $1.101B; $171M was returned through dividends and debt reduction totaled $786M through September.
Financial highlights
Q3 revenue rose 78% to $2.133B, including $765M from TEGNA; distribution revenue increased 53.9% to $1.091B and advertising revenue rose 114.9% to $1.023B.
Q3 political advertising revenue was $317M versus $10M a year earlier; combined non-political advertising fell 5% amid political crowd-out and market softness.
Adjusted EBITDA rose 111.2% to $756M, with a 35.4% margin; Q3 Adjusted Free Cash Flow was $443M versus $166M.
Net income was $250M; net income attributable to shareholders was $255M, and diluted EPS was $7.92 versus $2.14.
Nine-month revenue was $5.522B, net income $523M, Adjusted EBITDA $1.860B and Adjusted Free Cash Flow $1.101B.
Outlook and guidance
Q4 combined non-political advertising is expected to decline high single digits, including political-ad crowd-out; 2026 legacy distribution guidance remains unchanged.
The CW is expected to deliver its first profitable quarter in Q4; full-year losses are expected to improve by roughly 30%.
Q4 CapEx and capitalized software are projected at $58M, cash taxes at $120M and interest expense at $183M; programming payments are expected to exceed amortization by $20M.
Available cash, positive working capital and revolver availability are expected to support operations, capital expenditures and debt service for at least 12 months; covenant compliance is also expected for at least 12 months.
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Latest events from Nexstar Media Group
- Political ad weakness pressured Q4, while FY2024 Adjusted EBITDA guidance stands at $2.085B–$2.195B.NXST
Q4 2023 - Record cash generation and wider reach, offset by leverage and shifting ad markets.NXSTQ4 2022
- Record revenue and strong cash returns, tempered by leverage and media disruption risks.NXSTQ4 2021
- Record FY20 cash generation powered debt reduction, shareholder returns and ~$1.27B annual FCF guidance.NXSTQ4 2020
- Tribune-fueled growth lifted revenue 9.9%, but $8.5B debt and COVID-19 cloud the outlook.NXSTQ4 2019
- Record FY18 cash generation met a major growth bet on Tribune amid leverage and regulatory risk.NXSTQ4 2018
- Acquisition-led growth lifted FY17 revenue to $2.432B; 2018/19 FCF target exceeds $600M annually.NXSTQ4 2017
- Record FY16 growth and a transformative merger came with a step-up in leverage.NXSTQ4 2016
- Record FY15 growth and cash flow supported expansion, despite high leverage and regulatory risks.NXSTQ4 2015
Next Nexstar Media Group earnings date
Q4 202626 Feb, 2027
Nexstar Media Group
Next Nexstar Media Group earnings date
Q4 202626 Feb, 2027
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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.