Key Financial Data
- Total revenue: $1.2 billion (-12.3% year-over)
- Advertising revenue: $476 million (-23.5%)
- Distribution revenue: $709 million (-1.4%)
- Other revenue: $13 million (-48%)
- Net income: $65 million (-63.9%)
- Adjusted EBITDA: $358 million (-29.8%)
- Read more Q3 2025 media earnings coverage
Television broadcaster Nexstar Media Group stretched to find bright spots for its third financial quarter (Q3) of the year after the company disclosed lower revenue across all parts of its business, which weighed on its overall revenue line item.
On Thursday, the largest independent owner of major network local broadcast stations said its overall revenue was $1.2 billion during Q3, down 12 percent on account of ongoing softness in the advertising market and lower distribution fee income due to higher cable and satellite churn.
On a comparative basis, advertising revenue was 23.5 percent lower than last year, when Nexstar benefitted from a windfall of political advertising revenue tied to the 2024 presidential election and key competitive local, state and Congressional races in many of the markets where it operates. Nexstar said a $145 million drop in political advertising revenue weighed on its overall ad earnings this time around, which clocked in at $476 million.
Distribution revenue earned from cable and satellite partners was $709 million, down 1.4 percent, the direct result of demanding higher fees from pay TV distributors for continued carriage of its CW Network, local TV stations and cable news outlet NewsNation. Those fee demands trickle down to customers in their bills, spurring more subscribers to cancel their packages and switch to lower-cost streaming options, where Nexstar makes less money.
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For this reason, Nexstar executives chose to focus on operational-related milestones, rather than anything to do with its financials. Nexstar reaffirmed its commitment to spend $6.2 billion to acquire peer broadcaster TEGNA — something that will require a restructuring of broadcast regulations, which it expects will occur — and noted audience growth at its CW Network and NewsNation during Q3.
“Operationally, our core business is performing well, with stable year-over-year distribution and non-political advertising revenue and strong expense management resulting in lower year-over-year operating expenses,” Perry Sook, Nexstar’s founder, Chairman and CEO, said in a prepared statement. “In addition, we continued to progress our network growth strategies as NewsNation was, once again, the fastest growing cable network in the quarter, and The CW generated its sixth consecutive quarter of prime-time ratings growth and reduced losses by 24 percent year-over-year.”
Moving forward, Sook said Nexstar was focused on completing its transaction to acquire TEGNA, capitalizing on higher interest in political advertising during the 2026 midterm election and finding ways to drive shareholder value.
TEGNA has not announced a date for its own Q3 earnings release, opting to wait instead for Nexstar’s earnings disclosure. A source familiar with the matter said the company’s Q3 earnings report is due by November 10.
