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Sinclair (SBGI) investor relations material
Sinclair Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Delivered strong Q3 2025 results, exceeding or meeting guidance on all key metrics, with total revenue of $773 million and adjusted EBITDA of $100 million, reflecting operational discipline and cost management.
Closed 11 partner station acquisitions, with more pending FCC approval, expected to generate at least $30 million in incremental annualized adjusted EBITDA by H2 2026.
Launched a comprehensive strategic review of the broadcast business and began work to separate the Ventures segment to optimize value creation.
Entered into a $375 million, three-year revolving accounts receivable securitization facility with Wells Fargo, enhancing liquidity and financial flexibility.
Regulatory changes and deregulatory environment are enabling a more constructive M&A landscape, supporting industry consolidation and value creation.
Financial highlights
Q3 2025 total revenue was $773 million, at the high end of guidance; adjusted EBITDA was $100 million, above guidance.
Core advertising revenue grew 7% year-over-year; distribution revenue reached $422 million, at the high end of guidance.
Capital expenditures were $22 million, below guidance midpoint due to project deferrals.
Net loss attributable to the company was $1 million, compared to net income of $94 million in Q3 2024.
Media expenses were $616 million, below guidance due to cost containment and expense deferrals.
Outlook and guidance
Q4 2025 media revenue expected between $809 million-$845 million; adjusted EBITDA guidance is $132 million-$154 million.
Full-year 2025 revenue expected between $3.15 billion and $3.18 billion; adjusted EBITDA between $447 million and $469 million.
For 2026, political advertising revenue expected to at least match 2022’s $333 million, with core advertising revenue flat to low single-digit growth and distribution revenue expected to be flat.
Capital expenditures for 2026 anticipated to remain consistent with 2025.
Guidance framework will shift to annual guidance starting with 2026.
What is the expected EBITDA contribution from pending station acquisitions?
What is the 2026 core advertising revenue growth expectation?
How does current liquidity support future consolidation plans?
Obstacles to broadcast industry consolidation?
Is Ventures separation contingent on M&A?
NFL media rights early renewal implications
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Frequently asked questions
Sinclair Inc., formerly Sinclair Broadcast Group, is a diversified media company that operates television stations, regional sports networks, and digital platforms across the United States. The company provides local news, sports, and entertainment content through its broadcast properties and streaming services. Sinclair also offers advertising solutions and content creation services. The company is headquartered in Hunt Valley, Maryland, and its shares are listed on the NASDAQ.
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