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Investor Relations14 Oct 2025
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Tegna (TGNA) investor relations material
Tegna Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Q2 2025 revenue was $675M, down 5% year-over-year, with net income of $68M, a 17% decrease; adjusted EBITDA fell 14% to $151M, and diluted EPS was $0.42.
Key guidance metrics were met, and two-year adjusted free cash flow guidance for 2024–2025 was reaffirmed.
Major local news expansion added 100+ hours of daily streaming in 50+ markets, advancing digital and technology initiatives.
COO Lynn Beall announced retirement after 35+ years, recognized for industry leadership.
Declines were mainly due to lower political and AMS revenues, partially offset by local sports rights growth and cost reductions.
Financial highlights
Distribution revenue was flat at $370M; AMS revenue declined 4% to $288M; political revenue dropped 74% to $8.2M.
Adjusted EBITDA margin was 22% for Q2 2025.
Non-GAAP/operating expenses decreased 3% year-over-year, with 80% of targeted cost reductions achieved.
Net cash from operating activities was $159.5M for the first six months, down from $225.2M in 2024.
Cash and cash equivalents totaled $757M at quarter end.
Outlook and guidance
Reaffirmed adjusted free cash flow guidance of $900M–$1.1B for 2024–2025.
Q3 2025 revenue expected to decline 18–20% year-over-year due to political/Olympic ad cycle; non-GAAP operating expenses expected to decline 2–3%.
Lowered 2025 interest expense guidance to $160M–$165M after partial debt redemption.
Core advertising for Q3 projected to be down low double to mid-teens percent year-over-year.
Full-year 2025 guidance includes corporate expenses $40–45M, depreciation $60–65M, amortization $33–37M, capex $50–60M, effective tax rate 22.0–23.0%.
Explain the strategy behind 100+ hours of local programming.
How will content VP appointments enhance storytelling?
What drove the flat distribution revenue?
How will deregulation impact TEGNA's M&A strategy?
What are examples of AI cost-saving wins?
What is driving growth in digital revenue?
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Next Tegna earnings date
Q3 20256 Nov, 2025
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Frequently asked questions
Tegna Inc. is a media company that operates within the broadcast, digital media, and marketing services sectors. It was formed from the split of the Gannett Company in 2015, focusing on the more profitable broadcast television and digital media divisions. Tegna owns approximately 65 television stations and two radio stations across over 50 markets, reaching around 40% of US television households. Tegna is headquartered in Tysons, Virginia, and its shares are listed on the NYSE.
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