The E.W. Scripps Company (SSP) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $544.9M, up 3.6% YoY; net income was $37.7M and income attributable to shareholders was $20.7M, or $0.21 per diluted share.

• Record 2026 midterm political revenue reached $284M, 44% above 2022; proceeds are directed toward debt reduction.

• Transformation targets $125M–$150M of annualized enterprise EBITDA growth by 2028, including ~$100M in annual run-rate savings by year-end 2026.

• Political advertising lifted Local Media, while Networks revenue and profit faced advertising and ratings pressures despite connected-TV growth.

Financial highlights

• Q3 operating income was $67.3M versus $37.6M; adjusted EBITDA was $121.5M versus $80.4M in Q3 2025.

• Q3 diluted EPS was $0.21 versus a loss of $0.55; restructuring costs reduced current-quarter EPS by $0.14, and preferred dividends reduced shareholder income by $16.9M.

• Nine-month revenue was $1.552B, down 2.4%; a $1.136B non-cash impairment contributed to an operating loss of $1.065B and net loss of $1.115B.

• Nine-month operating cash flow was $148.9M; restructuring costs were $55.3M, including severance, exit costs and transformation consulting.

Outlook and guidance

• Q4 Local Media revenue is expected to rise in the low-to-mid-40% range YoY on an adjusted combined basis; core advertising is expected to decline high single digits.

• Q4 Local Media distribution revenue is expected to grow 4%; expenses are expected roughly flat, or down mid-to-high single digits excluding new Pistons and Predators contract costs.

• Q4 Networks revenue is expected to decline high single digits and expenses down low single digits; shared-services and corporate costs are expected at $27M.

• 2026 Networks CTV revenue is expected to reach at least $155M, up 36% from 2025; transformation targets ~$100M in annual run-rate savings by year-end 2026.

• The current business plan anticipates sufficient operating cash flow for operating needs over the next 12 months.