Key Financial Data
- Q4 Total revenue: $560.3 million (-23.1% year-over)
- Q4 Operating income: $42.3 million (-77.9%)
- Q4 Net income: -$28.5 million
- Q4 Net income attributable to shareholders: $44.9 million
- Q4 Adjusted EBITDA: $86.4 million (-62.3%)
- Q4 Local media revenue: $360 million (-29.6%)
- Q4 Local core advertising revenue: $165.3 million (+12.2%)
- Q4 Local political advertising revenue: $9 million (-94.8%)
- Q4 Local media distribution revenue: $182.9 million (-1.6%)
- Q4 Scripps Networks revenue: $199.5 million (-7.7%)
- FY25 Total revenue: $2.15 billion (-14.3%)
- FY25 Operating income: $184 million (-55.4%)
- FY25 Net income: -$100.9 million
- FY25 Net income attributable to shareholders: -$164.5 million
- Read more Q4 2025 media earnings coverage
The E.W. Scripps Company reported sharply lower fourth-quarter (Q4) and full-year results for 2025, based largely on the absence of political advertising that provided a financial windfall one year ago and ongoing softness in the traditional TV advertising sector that has afflicted many of its peer broadcasters.
During Q4, Scripps logged revenue of $560 million, down 23 percent from the same period in 2024. The company reported a net loss attributable to shareholders of $44.9 million, or 51 cents per share, compared to net income of $80.3 million, or 92 cents per share, a year earlier.
Operating income declined to $42.3 million from $191.6 million in the prior-year quarter. Adjusted EBITDA fell to $86.4 million, compared to $229.3 million in the fourth quarter of 2024.
The year-over-year comparison was heavily impacted by political advertising. During the quarter, political revenue totaled $9 million, down nearly 95 percent from $174 million in the prior-year period, which coincided with a major election cycle.
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In the Local Media division, fourth-quarter revenue declined 29.6 percent to $360 million. Segment profit dropped 74.8 percent to $50 million. Core advertising revenue, however, increased 12.2 percent to $165.4 million, reflecting strength across key categories. Distribution revenue slipped 1.6 percent to $182.9 million.
Scripps Networks revenue decreased 7.7 percent to $199.5 million, while segment profit rose 4.6 percent to $63.5 million, aided by lower programming and operating expenses.
For the full year, Scripps generated revenue of $2.15 billion, down 14 percent from $2.51 billion in 2024. The company reported a net loss attributable to shareholders of $164.5 million, or $1.87 per share, compared to net income of $87.6 million, or $1.01 per share, in the prior year. Net loss attributable to Scripps was just north of $100 million, compared to a net income of $146.2 million in 2024. Adjusted EBITDA totaled $331.3 million, down from $598.0 million in 2024.
Local Media revenue for the year declined 19.6 percent to $1.35 billion, with political advertising falling more than 94 percent to $20 million. Core advertising rose 2.4 percent to $565.6 million, while distribution revenue declined 2 percent to $748.5 million. Segment profit decreased 62.3 percent to $193.6 million.
Scripps Networks revenue dipped 3.8 percent to $804.2 million for the year, while segment profit climbed 24.5 percent to $236.8 million.
Adam Symson, the CEO of Scripps whose contract was renewed by the Board of Directors this month, said the company ended 2025 with “strong financial results that met or exceeded expectations across the board” and entered 2026 with “significant momentum.” He pointed to record midterm election spending projections, local sports partnerships, national sports programming on Ion, and continued connected TV revenue growth as potential tailwinds.
Scripps also unveiled a transformation plan targeting $125 million to $150 million in annualized enterprise EBITDA growth by 2028 through cost savings and revenue initiatives leveraging AI and the tapping of certain automation tools and functions. The company expects early financial benefits from the plan in the second half of 2026.
Like other broadcasters, Scripps has taken advantage of the current political climate to restructure its business with the goal of acquiring, swapping or selling off certain assets.
Last summer, Scripps announced a plan to swap TV stations with Gray Media in a handful of states, including Colorado and Louisiana, which effectively create market duopolies in areas where both broadcasters already owned a station. Earlier this month, the company announced an agreement to sell its Court TV multicast network to Jellysmack, the owner of Law & Crime Network, through a deal that was largely predicated on Scripps’ desire to pay down its debt load.
Scripps is currently fending off an unsolicited offer by rival broadcaster Sinclair to acquire the company’s local TV stations and multicast business. Sinclair owns nearly 10 percent of Scripps through common stock purchases made last year; Scripps says its board of directors has rejected Sinclair’s advances so far, but continues to evaluate offers made by that company and others.
