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Tegna (TGNA) investor relations material

Tegna Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary2 Mar, 2026

Executive summary

  • Achieved or exceeded all previously announced full-year 2025 guidance metrics.

  • On track to complete acquisition by Nexstar Media Group in the second half of 2026, pending regulatory approvals.

  • Shareholders approved the $6.2 billion Nexstar acquisition; closing expected by H2 2026.

Financial highlights

  • Q4 2025 revenue declined 19% year-over-year to $706 million, mainly due to lower political advertising.

  • Full-year 2025 revenue fell 13% to $2.71 billion, reflecting cyclical political ad declines and lower AMS revenue.

  • Q4 GAAP net income was $56 million; non-GAAP net income was $82 million.

  • Full-year GAAP net income was $220 million; non-GAAP net income was $267 million.

  • Adjusted EBITDA for Q4 dropped 48% to $161 million; full-year Adjusted EBITDA down 38% to $579 million.

  • Q4 Adjusted free cash flow was $93 million; full-year Adjusted free cash flow was $316 million.

  • Returned $20 million in Q4 and $80 million in 2025 to shareholders via dividends.

Outlook and guidance

  • No forward-looking financial guidance provided due to pending merger with Nexstar.

  • Regular quarterly dividends expected to continue until transaction close.

Premion revenue recovery post-reseller exit
Drivers of Corporate G&A expense increase?
Managing distribution subscriber declines pre-merger
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