Nexstar Media Group (NXST) FY2025 results: revenue $4.9 billion, down 8.5% on the year
Nexstar Media Group, Inc. (NXST) reported revenue of $4.9 billion for fiscal 2025, the year ended 31 December 2025, down 8.5% on the year before. Net income was $109 million, down 84.9%, and diluted earnings per share $3.00. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 new.
- Q4 revenue fell on political advertising: Net revenue was $1,289 million, down $199 million or 13.4%, mainly from lower political advertising tied to the election cycle. Full-year net revenue was $4,949 million, down 8.5%.
- Q4 net loss after equity impairment: Net loss was $170 million, against net income of $229 million a year earlier. Management cites a $381 million impairment of the TV Food Network investment, lower political revenue and TEGNA-related corporate costs.
- Political advertising fell $233 million: Political advertising was $21 million in the quarter. Management attributes the 4.5% rise in non-political advertising to the absence of political crowd-out and digital growth.
- CW losses cut 32% year on year: Management says 2025 losses at The CW fell 32% from the prior year and exceeded financial expectations, which it credits to its sports programming strategy.
- Q4 Adjusted EBITDA fell 31.1%: Q4 Adjusted EBITDA was $433 million, with a 33.6% margin against 42.2%. Management cites lower political revenue and less income from equity investments, mainly TV Food Network.
From this 10-K
Nexstar Media Group produces and distributes local and national news, sports and entertainment programming across television and digital platforms, more than 317,000 hours of it a year. It has over 200 owned or partner television stations in 116 U.S. markets in 40 states and the District of Columbia, and the company states that it owns America's largest local television broadcasting group. It is a Delaware corporation formed in 1996 and is based in Irving, Texas.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 4,949 | 5,407 | 4,933 | -8.5% | |
| Selling, general and administrative | 1,063 | 1,088 | 1,096 | -2.3% | |
| Operating income | 849 | 1,268 | 708 | -33.0% | |
| Operating margin | 17.2% | 23.5% | 14.4% | ||
| Pre-tax income | 150 | 959 | 401 | -84.4% | |
| Income tax | 67.0 | 276 | 131 | -75.7% | |
| Effective tax rate | 44.7% | 28.8% | 32.7% | ||
| Net income | 109 | 722 | 346 | -84.9% | |
| Net margin | 2.2% | 13.4% | 7.0% | ||
| Diluted EPS | $3.00 | $21.41 | $9.64 | -86.0% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 891 | 1,250 | 999 | -28.7% | |
| Capital expenditure | 148 | 145 | 149 | +2.1% | |
| Free cash flow | 743 | 1,105 | 850 | -32.8% | |
| Free cash flow margin | 15.0% | 20.4% | 17.2% | ||
| Cash from investing | -173 | -102 | -173 | ||
| Cash from financing | -582 | -1,151 | -899 | ||
| Depreciation and amortisation | 471 | 484 | 488 | -2.7% | |
| Share-based compensation | 78.0 | 78.0 | 60.0 | 0.0% | |
| Buybacks | 125 | 601 | 605 | -79.2% | |
| Dividends paid | 226 | 219 | 191 | +3.2% | |
| Dividend per share | $7.44 | $6.76 | $5.40 | +10.1% | |
| Diluted shares, weighted | 31m | 33m | 36m | -6.4% | |
| Shares outstanding at period end | 30m | 31m | n/a | -1.0% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 2,064 | 2,257 | 2,299 | -8.6% | |
| Non-controlling interest | -21.0 | -15.0 | 14.0 | ||
| Redeemable equity | n/a | n/a | 0.0 | ||
| Debt | 6,333 | 6,523 | 6,837 | -2.9% | |
| Operating lease liabilities | 242 | 253 | 246 | -4.3% | |
| Other liabilities | 2,228 | 2,450 | 2,682 | -9.1% | |
| Total liabilities and equity | 10,846 | 11,468 | 12,078 | -5.4% | |
| Fixed assets | 1,158 | 1,207 | 1,269 | -4.1% | |
| Goodwill | 2,910 | 2,922 | 2,946 | -0.4% | |
| Intangible assets | 1,587 | 1,847 | 2,124 | -14.1% | |
| Investments | 396 | 877 | 958 | -54.8% | |
| Cash and equivalents | 280 | 144 | 135 | +94.4% | |
| Receivables | 1,075 | 1,028 | 1,095 | +4.6% | |
| Other assets | 3,440 | 3,443 | 3,551 | -0.1% | |
| Total assets | 10,846 | 11,468 | 12,078 | -5.4% |
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.