Key Financial Data
- Q4 Total revenue: $836 million (-17% year-over)
- Q4 Distribution revenue: $438 million (-1%)
- Q4 Core advertising revenue: $354 million (+14%)
- Q4 Political advertising revenue: $14 million (-93%)
- Q4 Net income: $109 million (-38%)
- FY25 Total revenue: $3.17 billion (-11%)
- FY25 Distribution revenue: $1.75 billion (no change)
- FY25 Core advertising revenue: $1.28 billion (+6%)
- FY25 Political advertising revenue: $32 million (-92%)
- FY25 Net income: -$112 million
- Read more Q4 2025 media earnings coverage
Television broadcaster Sinclair, Inc. reported sharply lower fourth quarter and full-year earnings this week, as the broadcast television owner lapped a record 2024 political cycle and saw political advertising revenue return to more typical levels.
During the fourth quarter (Q4) of 2025, Sinclair earned $836 million in total revenue, down 17 percent from the same period a year ago. The decline was largely driven by a steep drop in political advertising revenue, which fell 93 percent to $14 million compared to $203 million in the fourth quarter of 2024.
Core advertising revenue provided a bright spot, increasing 14 percent year-over-year to $354 million. Distribution revenue was relatively stable, declining 1 percent to $438 million.
Net income attributable to Sinclair was $109 million, down 38 percent from $176 million in the year-ago quarter. Adjusted EBITDA totaled $168 million, a decrease of 49 percent compared to $330 million in the fourth quarter of 2024.
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For the full year, Sinclair reported total revenue of $3.169 billion, down 11 percent from $3.548 billion in 2024. Political advertising revenue fell 92 percent to $32 million, reflecting the off-cycle nature of 2025 compared to the presidential election year in 2024.
Distribution revenue for the year was essentially flat at $1.745 billion, while core advertising revenue rose 6 percent to $1.277 billion. Other media and non-media revenue declined 40 percent to $115 million.
Sinclair swung to a net loss attributable to the company of $112 million for 2025, compared to net income of $310 million in 2024. Adjusted EBITDA for the year was $483 million, down 45 percent from $876 million in the prior year.
Despite the year-over-year declines, Sinclair’s chief executive officer struck an optimistic tone about the company’s performance and outlook.
“Sinclair delivered a strong fourth quarter, with total revenue exceeding the midpoint of guidance and Adjusted EBITDA above expectations, driven by solid core advertising growth and disciplined expense management,” Sinclair CEO Chris Ripley said in a statement on Wednesday.
Ripley said the company’s full-year earnings report reflected “continued demand for live sports and a rebound from the economic uncertainty in the second and third quarters,” and he emphasized efforts to optimize the company’s portfolio, strengthen liquidity and extend debt maturities.
Looking ahead to 2026, Sinclair said it expects consolidated total revenue between $3.4 billion and $3.54 billion, with political advertising revenue of at least $333 million as the midterm election cycle ramps up. The company also projected Adjusted EBITDA in a range of $700 million to $740 million.
Sinclair owns, operates or provides services to 179 television stations across 81 markets and also owns the Tennis Channel and several multicast networks. The company is currently in the process of attempting to acquire peer broadcaster E. W. Scripps, an effort that has so far been rejected by that company’s board.
