THIRD QUARTER 2026 EARNINGS RELEASE NEXSTAR MEDIA GROUP REPORTS RECORD QUARTERLY NET REVENUE OF $2.1 BILLION
NEXSTAR MEDIA GROUP, INC. (NXST) filed an SEC Form 8-K — Results of Operations and Financial Condition. EXHIBIT 99.1 THIRD QUARTER 2026 EARNINGS RELEASE November 5, 2026 NEXSTAR MEDIA GROUP REPORTS RECORD QUARTERLY NET REVENUE OF $2.1 BILLION Q3 Net Revenue Drives Net Income of $250 Million, Adjusted EBITDA of $756 Million, Net Cash Provided by Operating Activities of $680 Million
How this was made
The 30-second read
Why it matters
The earnings beat and strong free cash flow are likely to attract buying, while the sizable debt repayment may be viewed as balance‑sheet strengthening.
Market read
First‑report earnings release with material financial improvements; high relevance for traders targeting media stocks.
What to watch
Integration risks from the TEGNA acquisition could affect future margins.
NEXSTAR MEDIA GROUP REPORTS RECORD QUARTERLY NET REVENUE OF $2.1 BILLION
Record quarterly net revenue, sharply higher advertising and distribution revenue, substantial Adjusted EBITDA and cash-flow growth, and debt repayment outweighed increased interest, income tax and one-time expenses related to the TEGNA transaction.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue, three months ended September 30GAAP | $2.13B | – | 78.0% |
| Distribution revenue, three months ended September 30GAAP | $1.09B | – | 53.9% |
| Advertising revenue, three months ended September 30GAAP | $1.02B | – | 114.9% |
| Other revenue, three months ended September 30GAAP | $19M | – | 46.2% |
| Direct operating expenses, three months ended September 30GAAP | $936M | – | – |
| Selling, general and administrative expenses, three months ended September 30GAAP | $316M | – | – |
| Corporate expenses, three months ended September 30GAAP | $105M | – | – |
| Amortization of broadcast rights, three months ended September 30GAAP | $87M | – | – |
| Depreciation and amortization of intangible assets, three months ended September 30GAAP | $155M | – | – |
| Total operating expenses, three months ended September 30GAAP | $1.60B | – | – |
| Income from operations, three months ended September 30GAAP | $532M | – | – |
| Interest expense, net, three months ended September 30GAAP | −$186M | – | – |
| Income before income taxes, three months ended September 30GAAP | $343M | – | – |
| Income tax expense, three months ended September 30GAAP | −$93M | – | – |
| Net income, three months ended September 30GAAP | $250M | – | 284.6% |
| Net income margin, three months ended September 30GAAP | 11.7% | – | 6.3 |
| Net income attributable to Nexstar Media Group, Inc., three months ended September 30GAAP | $255M | – | – |
| Diluted net income per share available to common stockholders, three months ended September 30GAAP | $7.92 | – | – |
| Basic net income per share available to common stockholders, three months ended September 30GAAP | $7.97 | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $756M | – | 111.2% |
| Adjusted EBITDA margin, three months ended September 30non-GAAP | 35.4% | – | 5.5 |
| Net cash provided by operating activities, three months ended September 30GAAP | $680M | – | 481.2% |
| Free Cash Flow, three months ended September 30non-GAAP | $634M | – | – |
| Adjusted Free Cash Flow, three months ended September 30non-GAAP | $443M | – | 166.9% |
| Net revenue, nine months ended September 30GAAP | $5.52B | – | 50.9% |
| Net income, nine months ended September 30GAAP | $523M | – | 106.7% |
| Adjusted EBITDA, nine months ended September 30non-GAAP | $1.86B | – | 64.9% |
| Net cash provided by operating activities, nine months ended September 30GAAP | $1.27B | – | 80.7% |
| Adjusted Free Cash Flow, nine months ended September 30non-GAAP | $1.10B | – | 79.0% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Distribution, three months ended September 30Incremental revenue from the acquisition of TEGNA, higher rates, the non-recurrence of a one-time charge in the third quarter of 2025, growth in vMVPD and other streaming subscribers, and the addition of CW affiliations on certain stations, partially offset by MVPD subscriber attrition and affiliation replacements on six stations previously affiliated with CBS. | $1.09B | – | 53.9% |
| Advertising, three months ended September 30Incremental revenue from the acquisition of TEGNA and a $163 million increase in political advertising at legacy business units, partially offset by lower non-political advertising due, in part, to crowd-out from political advertising. | $1.02B | – | 114.9% |
| Other, three months ended September 30 | $19M | – | 46.2% |
| Distribution, nine months ended September 30 | $3.04B | – | 38.1% |
| Advertising, nine months ended September 30 | $2.43B | – | 72.6% |
| Other, nine months ended September 30 | $45M | – | (2.2) |
Capital returns
- In the third quarter of 2026, the Company used cash on hand and cash flow from operations to repay $350 million of debt and pay $58 million in dividends.
- Cash used for debt repayment was $786 million for the nine months ended September 30, 2026.
- Common stock dividends were $171 million for the nine months ended September 30, 2026.
- Stock repurchases were - for the nine months ended September 30, 2026, compared with $125 million for the nine months ended September 30, 2025.
- Subsequent to September 30, through the date hereof, the Company repaid an additional $525 million of its secured credit facilities.
What drove it
- $765 million of incremental revenue from the acquisition of TEGNA and higher advertising and distribution revenue from legacy business units drove the year-over-year increase in quarterly net revenue.
- Q3 political advertising revenue was $317 million.
- The CW ranked as the #9 rated English-language ad-supported network in Q3 2026.
- NewsNation grew total day viewership 9% in the third quarter compared to the same quarter in 2025.
- Nexstar completed a multi-year affiliation agreement extending the FOX affiliation in 41 markets, while TEGNA extended the ABC affiliation in 13 markets.
Concerns
- Non-political advertising was lower due, in part, to crowd-out from political advertising.
- Interest expense, income tax and one-time expenses increased in connection with the TEGNA transaction.
- MVPD subscriber attrition partially offset distribution revenue growth.
- The Company is subject to a preliminary injunction that has impacted its ability to execute anticipated TEGNA synergies.
- The trial on the merits of the plaintiffs' claims is set for July 6, 2027, and projected anticipated synergies have been removed from the leverage calculation.
What to watch
- Political advertising revenue following Q3 political advertising revenue of $317 million.
- Non-political advertising performance following political-advertising crowd-out.
- TEGNA integration, the timing of synergy realization and the outcome of the trial set for July 6, 2027.
- Debt reduction following $350 million of third-quarter repayment and an additional $525 million repaid subsequent to September 30.
- Distribution revenue trends, including MVPD subscriber attrition, vMVPD and other streaming subscribers, affiliation changes and rate increases.
Balance sheet and cash flow
- Cash on Hand as of September 30, 2026 was $446 million, compared with $280 million as of December 31, 2025.
- Total Debt as of September 30, 2026 was $11,409 million, including Secured Credit Facilities of $4,849 million, Secured Notes of $3,797 million and Unsecured Notes of $2,763 million.
- The consolidated debt of Nexstar and Mission Broadcasting, Inc. was $11.4 billion as of September 30, 2026, including senior secured debt of $8.6 billion.
- Pro forma first lien net leverage ratio was 3.03x compared to a covenant ratio test of 4.75x, and total net leverage ratio was 4.04x.
- Purchases of property and equipment were $(113) million for the nine months ended September 30, 2026.
- Payments for acquisitions, net of cash acquired were $(3,341) million for the nine months ended September 30, 2026.
- Cash and cash equivalents at end of period were $446 million for the nine months ended September 30, 2026.
Analysis
Nexstar reported record third-quarter net revenue of $2,133 million, up 78.0% from $1,198 million. Distribution revenue rose 53.9% to $1,091 million and advertising revenue rose 114.9% to $1,023 million. The company attributed the revenue increase primarily to $765 million of incremental revenue from TEGNA, higher legacy distribution and advertising revenue, and $317 million of political advertising revenue. Advertising growth included a $163 million increase in political advertising at legacy business units, while non-political advertising declined partly because political advertising crowded it out.
Profitability expanded substantially. Net income was $250 million, up 284.6%, with net income margin increasing to 11.7% from 5.4%. Adjusted EBITDA was $756 million, up 111.2%, and Adjusted EBITDA margin increased to 35.4% from 29.9%. The release identified TEGNA as contributing $243 million of incremental Adjusted EBITDA. These gains came despite higher interest expense, income tax and one-time expenses related to the TEGNA transaction.
Cash generation was also materially higher. Net cash provided by operating activities was $680 million, up 481.2%, while Adjusted Free Cash Flow was $443 million, up 166.9%. For the first nine months, net cash provided by operating activities was $1,267 million and Adjusted Free Cash Flow was $1,101 million. The company cited increased Adjusted EBITDA as the principal Adjusted Free Cash Flow driver, partially offset by higher interest expense, capital expenditures and income-tax payments primarily related to TEGNA.
Capital allocation prioritized deleveraging and dividends. Nexstar repaid $350 million of debt and paid $58 million in dividends during the third quarter, then repaid an additional $525 million of secured credit facilities after September 30 through the release date. Total debt was $11,409 million and cash on hand was $446 million at September 30. Pro forma first lien net leverage was 3.03x against a 4.75x covenant ratio test, while total net leverage was 4.04x. The company has removed projected TEGNA synergies from its leverage calculation because a preliminary injunction has affected synergy execution and the trial is set for July 6, 2027.
There was no forward financial guidance in the release. The operating outlook instead rests on execution of the TEGNA integration, resolution of the litigation affecting anticipated synergies, distribution-rate and subscriber trends, and the durability of advertising revenue after the election-driven political advertising contribution. The CW and NewsNation audience developments, including NewsNation's 9% total-day viewership growth, provide reported operating indicators alongside the financial results.
Management, verbatim
Nexstar delivered the highest quarterly net revenue in the Company’s history, reflecting the acquisition of TEGNA, Inc. and strong distribution and advertising revenue performance, including all-time high third-quarter political advertising revenue.
Perry A. Sook, Founder, Chairman and CEO
Our strong operating performance for the first nine months of the year generated $1.1 billion in Adjusted Free Cash Flow, enabling us to reduce debt by $786 million and return $171 million to shareholders through dividends, while also funding ongoing investments in local news and sports programming.
Perry A. Sook, Founder, Chairman and CEO
Not in the filing
stated, not guessed- Forward financial guidance for revenue
- Forward gross margin guidance
- Forward operating expense guidance
- Forward tax rate guidance
- Prior-release outlook for comparison
- Gross profit and gross margin
- Non-GAAP earnings per share
- Quarterly operating cash flow reconciliation details beyond those presented for Free Cash Flow and Adjusted Free Cash Flow
- Prior-quarter comparisons for reported financial metrics
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
Nexstar's Q3 2026 earnings were filed via an SEC Form 8‑K, highlighting record revenue and cash flow after its TEGNA acquisition.
Ticker impact
Nexstar Media Group reported record Q3 2026 net revenue of $2.13B and net income of $250M, a 78% revenue jump and 285% earnings increase.
likely upward pressure as investors price in revenue beat and dividend payout
The earnings release is the first public disclosure of these results, showing material revenue growth and cash flow, which typically drives buying interest.
Market effects
Boosts outlook for the broadcast and local TV advertising sector as Nexstar's political ad surge signals demand.
Positive for U.S. media stocks, especially peers with similar ad exposure.
Limited to U.S. media sector; no broader macro impact.
Counterpoint
The high debt repayment and modest dividend may limit cash for future growth, tempering upside.
Key entities
- companyNexstar Media Group, Inc.
U.S. broadcast and digital media company reporting Q3 2026 results.
- companyTEGNA Inc.
Acquired by Nexstar, contributing incremental revenue and EBITDA.
