Sinclair (SBGI) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $893M, up 16% YoY, and Adjusted EBITDA was $213M, up 113%, driven by political advertising and disciplined expenses.

• FY2026 political revenue is expected to reach a record ~$455M, above the 2024 presidential and 2022 midterm cycles.

• Nine-month net loss narrowed to $13M from $221M; operating cash flow increased to $238M from $91M.

Financial highlights

• Q3 revenue was $893M versus $773M; operating income was $134M versus $58M, and net income attributable to shareholders was $43M versus a $1M loss.

• Q3 distribution revenue was $426M, up 1%; core advertising was $301M, down 4%; political advertising was $136M.

• Nine-month revenue rose 9% to $2.540B; Adjusted EBITDA increased 55% to $488M.

• Nine-month diluted EPS was a loss of $0.19 versus a loss of $3.20; nine-month operating income was $211M versus $93M.

• Cash and cash equivalents were $659M at September 30, 2026.

Outlook and guidance

• FY2026 revenue guidance increased to $3.53B–$3.60B; political advertising is projected at a record ~$455M.

• FY2026 Adjusted EBITDA guidance is $1.040B–$1.060B for total company and $825M–$835M for Local Media.

• FY2026 capital expenditures are projected at $75M–$80M, net interest expense at $290M–$295M, and net cash tax payments at ~$50M.

• 2027 core advertising faces tougher comparisons without Olympics or World Cup benefits, potential MLB labor disruption and off-cycle political revenue; digital, cross-platform and podcast growth are offsets.