Tegna (TGNA) Q4 2025 earnings summary

Executive summary

• Achieved or exceeded all previously announced full-year 2025 guidance metrics.

• On track to complete acquisition by Nexstar Media Group in the second half of 2026, pending regulatory approvals.

• Shareholders approved the $6.2 billion Nexstar acquisition; closing expected by H2 2026.

Financial highlights

• Q4 2025 revenue declined 19% year-over-year to $706 million, mainly due to lower political advertising.

• Full-year 2025 revenue fell 13% to $2.71 billion, reflecting cyclical political ad declines and lower AMS revenue.

• Q4 GAAP net income was $56 million; non-GAAP net income was $82 million.

• Full-year GAAP net income was $220 million; non-GAAP net income was $267 million.

• Adjusted EBITDA for Q4 dropped 48% to $161 million; full-year Adjusted EBITDA down 38% to $579 million.

• Q4 Adjusted free cash flow was $93 million; full-year Adjusted free cash flow was $316 million.

• Returned $20 million in Q4 and $80 million in 2025 to shareholders via dividends.

Outlook and guidance

• No forward-looking financial guidance provided due to pending merger with Nexstar.

• Regular quarterly dividends expected to continue until transaction close.