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Tegna (TGNA) investor relations material
Tegna Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Revenue for Q3 2025 was $650.8 million, down 19% year-over-year, and net income was $37.1 million, down 75% from Q3 2024, mainly due to the cyclical decline in political advertising and lower AMS revenue.
Nexstar Media Group agreed to acquire all outstanding shares for $22.00 per share in a $6.2 billion cash deal, expected to close by the second half of 2026, pending shareholder and regulatory approvals.
Regular quarterly dividends of $0.125 per share are planned to continue until the merger closes; share repurchases are suspended during the merger process.
No forward-looking financial guidance will be provided during the pending transaction period.
TEGNA stations received six national Edward R. Murrow Awards, with KING in Seattle recognized for Overall Excellence.
Financial highlights
Q3 2025 operating income was $92.1 million, down 60% year-over-year; net income attributable to shareholders was $37.1 million ($0.23 per diluted share).
Adjusted EBITDA for Q3 2025 was $130.7 million, down 52% year-over-year; margin was 20%.
For the first nine months of 2025, revenue was $2.01 billion (down 10%), net income was $163.7 million (down 61%), and adjusted EBITDA was $417.9 million (down 33%).
Cash flow from operations for the first nine months was $218.6 million, down from $435.2 million in the prior year; Q3 net cash flow from operations was $59 million.
Returned $20 million to shareholders via dividends in the quarter.
Outlook and guidance
No forward-looking guidance provided due to the pending merger with Nexstar.
Management expects to remain compliant with all debt covenants and believes cash, cash flow, and credit capacity are sufficient for ongoing needs.
Impact of regulatory approvals on merger timeline
Drivers of AMS revenue decline in Q3 2025
Capital allocation changes due to pending merger
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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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