Key Financial Data
- Q3 Total revenue: $893 million (+16% year-over)
- Distribution revenue: $426 million (+1%)
- Core advertising revenue: $301 million (-4%)
- Political advertising revenue: $136 million (+2,167%)
- Political advertising revenue compared to Q3 2022: +55%
- Total advertising revenue (core and political): $437 million (+36.1%)
- Total media revenue: $885 million (+15.7%)
- Non-media revenue: $8 million (unchanged)
- Operating income: $134 million (+131.0%)
- Net income: $43 million (compared to $1 million)
- Total operating expenses: $759 million (+6.2%)
- Local Media revenue: $789 million (+18.3%)
- Local Media distribution revenue: $373 million (+0.8%)
- Tennis segment revenue: $71 million (+6.0%)
- Tennis distribution revenue: $53 million (+1.9%)
- Tennis core advertising revenue: $17 million (+21.4%)
- Other segment revenue: $46 million (-4.2%)
- Read more Q3 2026 media earnings coverage
Local television broadcaster Sinclair, Inc. raised its full-year financial outlook after reporting significantly higher political advertising revenue that boosted top line earnings during the third quarter (Q3) of the year.
The company generated $893 million in overall revenue during the three months ending September 30, compared with $773 million during the same period last year. Of that, political advertising accounted for much of the growth, generating $136 million during the quarter, compared with $6 million during the same period last year. The figure was also 55 percent higher than the $88 million generated during the comparable quarter of the 2022 midterm election cycle.
Core advertising continued to dip, declining 4 percent to $301 million. Distribution revenue, which involves fees charged to cable and satellite companies for the redistribution of its local network-affiliated stations and multicast channels like Roar, Comet and Charge, increased 1 percent to $426 million.
Stock Price
Sinclair’s local broadcasting business earned $789 million in quarterly revenue, compared with $667 million a year earlier. Adjusted EBITDA for the division increased to $205 million from $92 million. Its Tennis business, which includes Tennis Channel and some related streaming platforms, reported revenue of $71 million, up from $67 million. The Tennis Channel and some of its streaming products are available in the United States and other countries.
Sinclair disclosed new agreements with ABC and CBS to keep programming from those networks on its local TV stations across the country, and said its Tennis Channel direct-to-consumer platforms grew subscribers, distribution revenue and advertising during the quarter.
The company raised its full-year adjusted EBITDA forecast to between $825 million and $835 million, up from its previous guidance of $730 million to $760 million. Full-year revenue is now expected to reach between $3.53 billion and $3.6 billion, compared with the previous forecast of $3.4 billion to $3.54 billion.
Sinclair also provided an update on its strategic review, saying it continues evaluating potential broadcast transactions and other opportunities to increase shareholder value. For now, the company has decided against separating its Ventures portfolio, which includes Tennis Channel and other non-broadcast investments, through a standalone spin-off or similar transaction at this time.
Sinclair is the first pure-play local media broadcaster to disclose its Q3 earnings report, offering a glimpse at the last full financial quarter during a supercharged midterm election cycle that saw billions of dollars spent against advertising and marketing by campaigns and causes.
The company’s Q3 earnings offer a peek at how some other broadcasters with stations in battleground states are likely to report their own advertising income over the next two weeks. Those other broadcasters include Nexstar Media Group and its TEGNA subsidiary, the E. W. Scripps Company and Gray Media.
Last-mile advertising spend during the October and early November period will be reflected in earnings reports that are expected in February.
