Key Financial Data
- Total revenue: $651 million (-19% year-over)
- Advertising revenue: $273 million (-12%)
- Political advertising revenue: $10 million (-92%)
- Distribution revenue: $358 million (-1%)
- Adjusted EBITDA: $131 million (-52%)
- Read more Q3 2025 media earnings coverage
TEGNA reported lower overall and advertising revenue during its third quarter (Q3) of the year, based largely on a predictable drop in political advertising during an off-election year.
The Virginia-based station owner reported total revenue of $651 million for the three months ending September 30, a 19 percent drop from $807 million during the same quarter last year. The decline was largely driven by lower political advertising and softer ad demand, the company said.
Distribution revenue — fees paid by cable, satellite and streaming distributors — slipped 1 percent to $358 million as subscriber erosion offset contractual rate hikes. Advertising and marketing services revenue fell 12 percent to $273 million, which TEGNA attributed to weaker macroeconomic conditions, the lack of Summer Olympics coverage and reduced Premion sales following the loss of a major reseller.
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Political ad sales totaled just $10 million for the quarter, down 92 percent from the prior year’s election cycle.
Operating expenses declined 3 percent to $559 million as the company continued cost-cutting initiatives, particularly in compensation and outside services. Operating income dropped 60 percent to $92 million. On a non-GAAP basis, operating income totaled $107 million.
Net income attributable to TEGNA was $37 million, or 23 cents per share, compared to $147 million, or 89 cents per share, a year earlier. On an adjusted basis, earnings per share were 33 cents.
Executives at TEGNA did not offer any prepared remarks. The company is in the process of being acquired by Nexstar Media Group, and said it would not commit to share repurchases or provide any forward-looking guidance on the near-term health of its business. TEGNA said the deal should close by the second half of next year, assuming both companies can convince federal regulators to amend certain ownership rules and otherwise secure needed regulatory approvals.
The company had no plans to hold a conference call with investors following the issuance of its Q3 report.
During the quarter, the broadcaster fully redeemed $550 million of 4.75 percent senior notes due 2026, helping reduce interest expense by 8 percent to $39 million.
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