Nexstar Media Group (NXST) Q3 2026 earnings summary

Executive summary

• Record Q3 net revenue of $2.133B, Adjusted EBITDA of $756M and Adjusted Free Cash Flow of $443M; results reflected TEGNA, distribution and advertising strength.

• Record Q3 political advertising revenue reached $317M; combined 2026-cycle political revenue was $1.1B, up 31% vs. 2022 and 29% vs. 2024.

• Nine-month Adjusted Free Cash Flow was $1.101B; $171M was returned through dividends and debt reduction totaled $786M through September.

Financial highlights

• Q3 revenue rose 78% to $2.133B, including $765M from TEGNA; distribution revenue increased 53.9% to $1.091B and advertising revenue rose 114.9% to $1.023B.

• Q3 political advertising revenue was $317M versus $10M a year earlier; combined non-political advertising fell 5% amid political crowd-out and market softness.

• Adjusted EBITDA rose 111.2% to $756M, with a 35.4% margin; Q3 Adjusted Free Cash Flow was $443M versus $166M.

• Net income was $250M; net income attributable to shareholders was $255M, and diluted EPS was $7.92 versus $2.14.

• Nine-month revenue was $5.522B, net income $523M, Adjusted EBITDA $1.860B and Adjusted Free Cash Flow $1.101B.

Outlook and guidance

• Q4 combined non-political advertising is expected to decline high single digits, including political-ad crowd-out; 2026 legacy distribution guidance remains unchanged.

• The CW is expected to deliver its first profitable quarter in Q4; full-year losses are expected to improve by roughly 30%.

• Q4 CapEx and capitalized software are projected at $58M, cash taxes at $120M and interest expense at $183M; programming payments are expected to exceed amortization by $20M.

• Available cash, positive working capital and revolver availability are expected to support operations, capital expenditures and debt service for at least 12 months; covenant compliance is also expected for at least 12 months.