Nexstar Media Group (NXST) Q4 2025 earnings summary

Executive summary

• Achieved strong operational execution in 2025, renewing key distribution and affiliation agreements and advancing the TEGNA acquisition, with all regulatory filings submitted and closing expected by end of Q2 or second half of 2026.

• The CW reduced year-over-year losses by 32%, achieved 19% total audience growth, and ranked as the 10th most-watched and 2nd fastest-growing ad-supported network; NewsNation posted record viewership and was the fastest-growing cable news network in the adult 25-54 demographic.

• Positioned for growth in 2026, driven by midterm election political advertising, digital optimization, and expense rationalization.

• Joint venture EdgeBeam Wireless formed for alternative spectrum uses, with early market activity underway; AI tools deployed in newsrooms and sales to improve workflow and efficiency.

• Nexstar journalists and staff won 532 awards in 2025, including major national honors.

Financial highlights

• Q4 2025 net revenue was $1.29 billion, down 13.4% year-over-year, mainly due to lower political advertising.

• Q4 2025 net loss was ($170) million, compared to net income of $229 million in Q4 2024, primarily due to a $381 million impairment on the TV Food Network investment and lower political advertising.

• Adjusted EBITDA for Q4 was $433 million (33.6% margin), down from $628 million in Q4 2024.

• Adjusted free cash flow for Q4 was $214 million, down 47.9% year-over-year.

• Net cash provided by operating activities was $190 million, down 53.8% year-over-year.

Outlook and guidance

• Standalone 2026 Adjusted EBITDA guidance is $1.95–$2.05 billion.

• Distribution revenue expected to grow low to mid-single digits in 2026, with improved subscriber attrition.

• Digital revenue projected to surpass national advertising revenue in 2026.

• The CW expected to achieve profitability by Q4 2026, with losses reduced by another 30% from 2025.

• Political advertising expected to represent a low double-digit share of total broadcast spend.