SINCLAIR REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Sinclair, Inc. (SBGI) filed an SEC Form 8-K — Results of Operations and Financial Condition. Press Release SINCLAIR REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS BALTIMORE (November 4, 2026) - Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2026. Highlights: • Total Revenue incr
How this was made
The 30-second read
Why it matters
The company posted 16% revenue growth, 113% YoY adjusted EBITDA increase, and record political ad revenue, prompting an upward revision of EBITDA guidance.
Market read
The earnings beat and raised guidance provide a fresh catalyst for SBGI and may influence the broader media sector.
What to watch
Potential regulatory scrutiny of political ad practices could temper upside.
SINCLAIR REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Third-quarter total revenue increased 16% year-over-year and Adjusted EBITDA increased 113%, driven by political advertising revenue of $136 million. The Company raised full-year 2026 Consolidated Adjusted EBITDA guidance to $825 to 835 million from $730 to 760 million.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| Full-year 2026 Political Advertising Revenue | At least $375 million | approximately $455 million | above |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026 total revenueGAAP | $893M | 6% | 16% |
| Three months ended September 30, 2026 media revenueGAAP | $885M | – | – |
| Three months ended September 30, 2026 non-media revenueGAAP | $8M | – | – |
| Three months ended September 30, 2026 distribution revenueGAAP | $426M | (4)% | 1% |
| Three months ended September 30, 2026 core advertising revenueGAAP | $301M | (2)% | (4)% |
| Three months ended September 30, 2026 political advertising revenueGAAP | $136M | 131% | 2167% |
| Three months ended September 30, 2026 other media and non-media revenueGAAP | $30M | 3% | —% |
| Three months ended September 30, 2026 total operating expensesGAAP | $759M | – | – |
| Three months ended September 30, 2026 operating incomeGAAP | $134M | – | – |
| Three months ended September 30, 2026 net incomeGAAP | $43M | – | – |
| Three months ended September 30, 2026 net income (loss) attributable to SinclairGAAP | $43M | n/m | n/m |
| Three months ended September 30, 2026 basic earnings per share attributable to SinclairGAAP | $0.60 | – | – |
| Three months ended September 30, 2026 diluted earnings per share attributable to SinclairGAAP | $0.60 | – | – |
| Three months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $213M | 43% | 113% |
| Three months ended September 30, 2026 capital expendituresGAAP | $20M | – | – |
| Nine months ended September 30, 2026 total revenueGAAP | $2.54B | – | 9% |
| Nine months ended September 30, 2026 media revenueGAAP | $2.52B | – | – |
| Nine months ended September 30, 2026 non-media revenueGAAP | $21M | – | – |
| Nine months ended September 30, 2026 distribution revenueGAAP | $1.33B | – | 2% |
| Nine months ended September 30, 2026 core advertising revenueGAAP | $914M | – | (1)% |
| Nine months ended September 30, 2026 political advertising revenueGAAP | $213M | – | 1083% |
| Nine months ended September 30, 2026 other media and non-media revenueGAAP | $85M | – | —% |
| Nine months ended September 30, 2026 operating incomeGAAP | $211M | – | – |
| Nine months ended September 30, 2026 net loss attributable to SinclairGAAP | −$13M | – | (94)% |
| Nine months ended September 30, 2026 basic earnings per share attributable to SinclairGAAP | $(0.19) | – | – |
| Nine months ended September 30, 2026 diluted earnings per share attributable to SinclairGAAP | $(0.19) | – | – |
| Nine months ended September 30, 2026 Adjusted EBITDAnon-GAAP | $488M | – | 55% |
| Nine months ended September 30, 2026 net cash flows from operating activitiesGAAP | $238M | – | – |
| Nine months ended September 30, 2026 acquisition of property and equipmentGAAP | −$55M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Local MediaThe segment consists primarily of broadcast television stations, multicast networks and original content. Political advertising revenue was $135 million. | $789M | – | – |
| TennisThe segment consists primarily of Tennis Channel, Tennis Channel International subscription and streaming service, Tennis Channel streaming service, TennisChannel 2 and Tennis.com. The Company reported growth in DTC subscribers, distribution revenue and core advertising revenue. | $71M | – | – |
| OtherThe segment includes non-broadcast digital solutions such as Digital Remedy, technical services and other non-media investments. | $46M | – | – |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
For the twelve months ending December 31, 2026 outlook
- RevenueConsolidated Total Revenue: $3,530 to 3,600 million
- NoteLocal Media Total Revenue: $3,110 to 3,160 million
- NoteConsolidated Distribution Revenue: $1,735 to 1,775 million
- NoteLocal Media Distribution Revenue: $1,525 to 1,555 million
- NoteConsolidated Core Advertising Revenue: $1,220 to 1,250 million
- NoteLocal Media Core Advertising Revenue: $1,040 to 1,060 million
- NoteConsolidated Political Advertising Revenue: Approx. $455 million
- NoteLocal Media Political Advertising Revenue: Approx. $455 million
- NoteConsolidated Adjusted EBITDA: $825 to 835 million
- NoteLocal Media Adjusted EBITDA: $805 to 815 million
- NoteCapital expenditures: $75 to 80 million
- NoteNet interest expense: $290 to 295 million
- NoteNet cash tax payments: Approx. $50 million
Capital returns
- In September, the Company paid a quarterly cash dividend of $0.25 per share.
- Dividends paid on Class A and Class B Common Stock were $(55) million for the nine months ended September 30, 2026.
- Retired $25 million of B7 term loan at a discount and terminated the remainder of the B3 term loan.
What drove it
- Political advertising revenue of $136 million was up 55% compared to the third quarter of the 2022 mid-term election cycle.
- The Company cited battleground races and the overall political environment as drivers of record political advertising demand across its footprint.
- The Company reached network affiliation agreements with both ABC and CBS in recent weeks.
- The Company cited record-setting 2026 FIFA World Cup, NFL and college football audiences.
- Tennis Channel reported growth in engagement across linear, streaming and DTC platforms, including DTC subscribers, distribution revenue and core advertising revenue.
Concerns
- Core advertising revenue was $301 million, down (4)% year-over-year, and $914 million for the nine months ended September 30, 2026, down (1)% year-over-year.
- Total Company debt was $4,035 million.
- Net loss attributable to Sinclair was $(13) million for the nine months ended September 30, 2026.
- The Company continues to evaluate various broadcast transactions as part of its strategic review, which may be suspended or modified at any time.
- The Company determined at this time not to separate Ventures in a standalone transaction.
What to watch
- Whether full-year political advertising revenue reaches approximately $455 million.
- Execution of the updated ABC and CBS network affiliation agreements.
- Distribution and core advertising revenue performance within the tightened full-year guidance ranges.
- Progress of the strategic review and any broadcast transactions.
- Capital expenditures of $75 to 80 million, net interest expense of $290 to 295 million and net cash tax payments of approximately $50 million in the full-year outlook.
Balance sheet and cash flow
- Total Company debt was $4,035 million, all of which is indebtedness of STG.
- Cash and cash equivalents were $659 million, of which $170 million was STG cash and $489 million was Ventures cash.
- The Company had $724 million of available borrowing capacity under its revolver and undrawn capacity in its accounts receivable facility, bringing available liquidity to $1.4 billion.
- First Out First Lien Leverage Ratio was 1.7x, with a Covenant <3.5x.
- Total Leverage Ratio was 5.1x, with a Covenant <7.0x.
- Net cash flows from operating activities were $238 million for the nine months ended September 30, 2026, compared with $91 million for the nine months ended September 30, 2025.
- Net cash flows used in investing activities were $(36) million for the nine months ended September 30, 2026, compared with $(93) million for the nine months ended September 30, 2025.
- Net cash flows used in financing activities were $(409) million for the nine months ended September 30, 2026, compared with $(169) million for the nine months ended September 30, 2025.
- Cash, cash equivalents, and restricted cash at September 30, 2026 were $659 million, compared with $866 million at the beginning of the period.
Analysis
Sinclair reported a sharply stronger third quarter, with total revenue of $893 million, up 16% year-over-year, and Adjusted EBITDA of $213 million, up 113%. The principal source of growth was political advertising revenue of $136 million, compared with $6 million in the prior-year quarter. Distribution revenue increased to $426 million from $422 million, while core advertising revenue declined to $301 million from $315 million. Net income attributable to Sinclair was $43 million, compared with a net loss attributable to Sinclair of $(1) million.
The revenue mix was heavily influenced by the midterm election cycle. Political advertising revenue increased 131% sequentially from $59 million and represented the key offset to a sequential decline in distribution revenue from $444 million and core advertising revenue from $308 million. Management cited battleground races and the overall political environment, and said full-year preliminary political advertising revenue of approximately $455 million would exceed the Company’s prior record of $405 million in 2024.
Local Media generated $789 million of third-quarter revenue and $205 million of Adjusted EBITDA. Tennis generated $71 million of revenue and $15 million of Adjusted EBITDA, while Other generated $46 million of revenue and $5 million of Adjusted EBITDA. The Company highlighted Tennis Channel growth in DTC subscribers, distribution revenue and core advertising revenue, as well as new network affiliation agreements with ABC and CBS.
Cash generation improved in the nine-month period, with net cash flows from operating activities of $238 million compared with $91 million a year earlier. Cash and cash equivalents were $659 million, and total liquidity was $1.4 billion. Total Company debt was $4,035 million, while the Total Leverage Ratio was 5.1x. The Company retired $25 million of B7 term loan at a discount, terminated the remainder of the B3 term loan, and paid a quarterly cash dividend of $0.25 per share in September.
The outlook was raised materially. Full-year Consolidated Adjusted EBITDA guidance moved to $825 to 835 million from $730 to 760 million, while Consolidated Total Revenue guidance moved to $3,530 to 3,600 million from $3,400 to 3,540 million. Consolidated Political Advertising Revenue guidance is approximately $455 million, compared with prior guidance of at least $375 million. Core advertising revenue remains an important operating measure because the Company maintained its Consolidated Core Advertising Revenue guidance range of $1,220 to 1,250 million despite the third-quarter and nine-month year-over-year declines.
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- Share repurchases were not reported.
- Non-GAAP earnings per share was not reported.
- A named executive was not provided for the CEO comment, so no named-executive quotes were included.
- A quantitative reconciliation of projected Adjusted EBITDA to net income was not provided.
- Prior-quarter operating income, earnings per share, cash flow and segment revenue comparisons were not reported.
- Year-over-year percentage changes for segment total revenue were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Sinclair, Inc. (Nasdaq: SBGI) filed a Form 8‑K reporting Q3 2026 results and updated full‑year guidance.
Ticker impact
Sinclair raised full-year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million.
likely upward pressure as market prices in higher earnings outlook
The updated EBITDA range exceeds prior guidance and reflects record political ad revenue, suggesting improved profitability.
Market effects
Boosts broadcast/media sector outlook as peers may be re‑rated higher.
US media stocks could see modest gains from Sinclair's strong guidance.
Limited to US media sector; no broad macro effect.
Counterpoint
Guidance may be optimistic given the cyclical nature of political advertising spend.
Key entities
- companySinclair, Inc.
US broadcast media company reporting Q3 results.
