Newsmax (NMAX) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 marked the first year as a public company, achieving record revenues of $189.3 million, up 10.7% year-over-year, at the high end of guidance despite industry normalization in a non-election year.

• Expanded domestic and international distribution, including new agreements in Europe, the Middle East, and a brand launch in Ukraine, led to Newsmax becoming the fourth highest rated cable news network and sixth among all cable channels in total day ratings, reaching over 58 million viewers.

• Multi-platform strategy integrating cable, streaming, digital, and international channels, including Newsmax2 and exclusive Newsmax+ content, drove audience and revenue growth.

• IPO completed, legal settlements resolved, and a debt-free balance sheet established, providing a foundation for accelerated growth in 2026.

Financial highlights

• Full-year 2025 revenue increased 10.7% year-over-year to $189.3 million; Q4 2025 revenues were $52.2 million, up 9.6% year-over-year.

• Broadcasting revenue grew 17.3% to $153.3 million, driven by advertising, affiliate fees, subscriptions, and licensing.

• Affiliate fees rose 14.9% to $30.6 million; advertising revenue up 10.2% to $120.3 million.

• Digital revenues declined 10.9% year-over-year to $35.9 million, with digital advertising and subscription both down.

• Net loss for 2025 was $99.5 million, primarily due to $79 million in legal settlement expenses and increased investments; adjusted EBITDA was a loss of $6.5 million.

• Ended 2025 with $131.3 million in cash and investments, up from $82.4 million in 2024.

Outlook and guidance

• 2026 revenue guidance is $212–$216 million, representing 13% year-over-year growth at the midpoint.

• Growth expected to be structural, driven by affiliate fee expansion and new distribution channels, not political advertising.

• Profitability anticipated to improve due to reduced legal and public company transition expenses.

• Management expects accelerated revenue growth in 2026, supported by strategic investments and a strong financial foundation.

• Continued investment in premium content and digital monetization initiatives planned.