Sinclair, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 4 November 2026: press release. Guidance figures: 5 raised, 3 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 16% year over year: Total revenue was $893 million, up from $773 million a year earlier and $840 million in the second quarter. Political advertising added $130 million year over year, more than the $120 million total increase. Source
• Adjusted EBITDA more than doubled: Adjusted EBITDA was $213 million, up 113% from $100 million a year earlier and 43% from $149 million in the second quarter. The company reported net income of $43 million, against a net loss of $1 million a year earlier. Source
• Local Media carried most of EBITDA: Local Media had total revenue of $789 million and segment Adjusted EBITDA of $205 million, up from $92 million a year earlier. Its political advertising revenue was $135 million. Source
• Political revenue reached $136 million: Political advertising revenue was $136 million, up from $59 million in the second quarter and $6 million a year earlier. The release compares the figure with the third quarter of the 2022 mid-term cycle. Source
• Operating income more than doubled: Operating income was $134 million against $58 million a year earlier. Net income also reflected a $23 million income tax provision, against a $1 million benefit in the prior-year quarter. Source
• Total debt reduced to $4,035 million: Total company debt was $4,035 million, all of it STG indebtedness, down from $4,059 million at June 30. Source
• Broadcast transactions still under evaluation: Under the ongoing strategic review, management said it continues to evaluate various broadcast transactions and that some progress has been made so far. Source

“Sinclair delivered strong third quarter results, with record mid-term political advertising revenue in both third and fourth quarters, and disciplined execution across the business.”

CEO

Guidance

What changed from last quarter

• Guidance raised: Consolidated Adjusted EBITDA guidance raised to $825 to 835 million from $730 to 760 million. Source
• Guidance raised: Total company revenue guidance raised, with the release stating a $95 million increase at the mid-point. Source
• Guidance raised: Political advertising revenue guidance raised to approximately $455 million from at least $375 million. Source
• New: The company reached network affiliation agreements with ABC and CBS in recent weeks. The release gives no terms. Source
• Ended: The Ventures separation through a spin-off, split-off or other transaction was evaluated, and management decided not to separate Ventures in a standalone transaction at this time. Source
• New: The company retired $25 million of the B7 term loan at a discount and terminated the remainder of the B3 term loan. Source

Results and growth drivers

• Revenue rose 16% year over year: Total revenue was $893 million, up from $773 million a year earlier and $840 million in the second quarter. Political advertising added $130 million year over year, more than the $120 million total increase. Source
• Adjusted EBITDA more than doubled: Adjusted EBITDA was $213 million, up 113% from $100 million a year earlier and 43% from $149 million in the second quarter. The company reported net income of $43 million, against a net loss of $1 million a year earlier. Source
• Nine-month revenue and EBITDA rose: For the nine months, total revenue was $2,540 million, up 9%, and Adjusted EBITDA was $488 million, up 55%. The net loss attributable to the company narrowed to $13 million from $221 million. Source
• Diluted EPS turned positive in quarter: Diluted earnings per share were $0.60 for the quarter, against $(0.02) a year earlier. For the nine months, diluted EPS was $(0.19), against $(3.20). Source

Segments and regions

• Local Media carried most of EBITDA: Local Media had total revenue of $789 million and segment Adjusted EBITDA of $205 million, up from $92 million a year earlier. Its political advertising revenue was $135 million. Source
• Tennis revenue up, EBITDA slightly lower: Tennis total revenue rose to $71 million from $67 million, while segment Adjusted EBITDA was $15 million against $16 million. Tennis media programming and production expenses rose to $39 million from $35 million. Source
• Other segment income fell year over year: Other segment Adjusted EBITDA was $5 million against $6 million a year earlier. Its operating income was $1 million against $14 million, a figure that included an $11 million gain on asset dispositions in the prior-year quarter. Source

“Political advertising revenue is expected to exceed our prior record year of 2024 as battleground races and the overall political environment helped drive record demand across our footprint.”

CEO

Content and distribution

• World Cup and NFL audiences highlighted: Management cited record audiences for the 2026 FIFA World Cup, NFL and college football, presenting them as evidence of broadcast's position for appointment viewing. Source
• Tennis Channel grew across platforms: Tennis Channel grew engagement across linear, streaming and direct-to-consumer platforms. The release cites growth in DTC subscribers and in both distribution and core advertising revenue. Source
• Distribution revenue steady year over year: Distribution revenue was $426 million, up 1% from $422 million a year earlier and down 4% from $444 million in the second quarter. The release does not give subscriber counts. Source

Advertising and political demand

• Core advertising declined year over year: Core advertising revenue was $301 million, down 2% from $308 million in the second quarter and 4% from $315 million a year earlier. Source
• Political revenue reached $136 million: Political advertising revenue was $136 million, up from $59 million in the second quarter and $6 million a year earlier. The release compares the figure with the third quarter of the 2022 mid-term cycle. Source
• Nine-month political revenue rose sharply: Nine-month political advertising revenue was $213 million, against $18 million in the prior-year period, an increase of 1083%. Source

“which we note is higher than our 2024 Adjusted EBITDA of $816 million excluding the Diamond-related management fees received in that year.”

CEO

Costs and margins

• Operating income more than doubled: Operating income was $134 million against $58 million a year earlier. Net income also reflected a $23 million income tax provision, against a $1 million benefit in the prior-year quarter. Source
• Programming and SG&A costs rose modestly: Media programming and production expenses were $419 million against $413 million, and media selling, general and administrative expenses were $207 million against $203 million. Source
• Net interest expense declined: Net interest expense was $71 million, against $76 million a year earlier. Corporate general and administrative expenses were $38 million against $40 million. Source

Balance sheet, cash and dividend

• Total debt reduced to $4,035 million: Total company debt was $4,035 million, all of it STG indebtedness, down from $4,059 million at June 30. Source
• Leverage ratios within covenant levels: The First Out First Lien Leverage Ratio was 1.7x against a covenant below 3.5x, and the Total Leverage Ratio was 5.1x against a covenant below 7.0x. The first lien covenant applies only when more than 35% of the revolver is drawn. Source
• Liquidity about $1.4 billion: Undrawn revolver and accounts receivable facility capacity was $724 million, bringing available liquidity to $1.4 billion. Source
• Cash held across STG and Ventures: Cash and cash equivalents were $659 million at September 30, up from $604 million at June 30, with $170 million at STG and $489 million at Ventures. Source
• Quarterly dividend paid in September: A $0.25 quarterly cash dividend was paid in September. Common shares outstanding were 72,313,697 at quarter end, up from 72,263,077 at June 30. Source

Strategic review and Ventures

• Broadcast transactions still under evaluation: Under the ongoing strategic review, management said it continues to evaluate various broadcast transactions and that some progress has been made so far. Source
• Ventures assets held in separate entity: Tennis and Other assets are owned and operated by Sinclair Ventures, LLC, which the release refers to as Ventures. Source
• Local Media assets held in SBG: Local Media assets are owned and operated by Sinclair Broadcast Group, LLC, including its subsidiary Sinclair Television Group, Inc. Source

Coming up, as management said on 4 November 2026

• Strategic review continues: Management said it will keep evaluating all options that create value for stakeholders. Source

Figures management reported

Earlier plans management reported on

• Not stated: The release updates the 2026 full-year guidance that was announced in August. It does not state whether earlier targets were met. Source

Other quarters

• Q2 FY2026 earnings call
• Q1 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.