Key Financial Data
- Q3 Total revenue: $2.13 billion (+78.0% year-over)
- Distribution revenue: $1.09 billion (+53.9%)
- Advertising revenue: $1.02 billion (+114.9%)
- Political advertising revenue: $317 million
- Non-political advertising revenue: $706 million
- TEGNA acquisition-related incremental revenue: $765 million
- Legacy Nexstar revenue excluding incremental TEGNA contribution: $1.37 billion
- TEGNA share of consolidated Q3 revenue: 35.9%
- Read more media earnings coverage
Local television broadcaster Nexstar Media Group saw a sizable increase in overall revenue during the third quarter (Q3) of the year as its acquisition of TEGNA and higher political advertising spend against its TV stations boosted all top-line financial metrics at the company.
Revenue increased from $1.2 billion during the three-month period that ended in September, with the TEGNA acquisition contributing approximately $765 million in additional revenue. The company also reported higher advertising and distribution revenue from its existing operations.
Net income rose to $250 million from $65 million, while operating income increased to $532 million from $175 million. Net income attributable to Nexstar reached $255 million, compared with $70 million a year earlier.
Stock Price
Advertising revenue reached $1.02 billion, up 114.9 percent, including $405 million contributed by TEGNA. Political advertising generated $317 million during the quarter, a third-quarter record for Nexstar. The company said political spending also contributed to lower nonpolitical advertising revenue at some of its existing stations as campaign advertising displaced commercial inventory.
Distribution revenue increased 53.9 percent to $1.09 billion, including $352 million from TEGNA. Nexstar attributed additional growth to higher distribution rates and streaming subscriber gains, partially offset by traditional pay television subscriber losses and changes to network affiliations. Nexstar also reported increased viewership at NewsNation, where total-day audiences grew 9 percent compared with the prior-year quarter.
The CW continued expanding its sports programming, including new college football events and a multiyear agreement to carry National Hot Rod Association races beginning in September 2027. The company also completed several network affiliation renewals, including agreements involving Fox in 41 markets and ABC at 13 TEGNA stations.
Nexstar repaid $350 million in debt during the quarter and distributed $58 million in dividends to shareholders. Through September, the company had repaid $786 million in debt and distributed $171 million in dividends.
The company reported $11.4 billion in consolidated debt at September 30, compared with $6.3 billion at the end of 2025. Cash and cash equivalents totaled $446 million.
An ongoing legal fight in California over its acquisition of TEGNA prevented the company from fully implementing various cost-savings measures at both companies, executives said in a press release on Thursday. Presumably, those cost-savings measures included job reductions and consolidation across operations — a few of the very elements that opponents of the merger were seeking to block through their courtroom challenge.
A trial on the matter is scheduled for next July, and a hearing on Nexstar’s appeal of an injunction that requires it to keep distance from TEGNA is expected to take place in Southern California later this month.
