Scripps reports Q3 2026 financial results

Political advertising lifted quarterly results, while Scripps Networks revenue declined and the company targeted further debt repayment.

Rhea-AI Summary

E.W. Scripps (NASDAQ: SSP) reported third-quarter 2026 revenue of $545 million, with profit attributable to shareholders reversing a year-earlier loss. Revenue rose 3.6%; shareholder income was $20.7 million, or $0.21 per share, versus a $49 million loss. Political revenue reached $82.6 million, compared with $5.5 million.

Local Media revenue rose 19% on an adjusted combined basis, while Scripps Networks revenue fell 11%. Through Election Day, full-year Local Media political advertising reached $284 million, 44% above 2022. Scripps expects its transformation to generate $125–$150 million in enterprise EBITDA growth by 2028 through savings and revenue initiatives. It reduced its workforce about 20% in 2026. Debt totaled $2.5 billion at September 30; the company plans to repay at least $150 million in the fourth quarter. The nine-month shareholder loss was $1.2 billion, including a $1.1 billion non-cash impairment charge.

20 points · 1 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

3 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Transformation targets $125–$150 million in enterprise EBITDA growth by 2028 through savings and revenue initiatives.
• Moderate pointQ3 revenue rose 3.6% to $545 million from the prior-year quarter.
• Moderate pointQ3 shareholder income reached $20.7 million, or $0.21 per share, versus a $49 million, $0.55-per-share loss.
• Moderate pointQ3 political revenue reached $82.6 million, versus $5.5 million in the prior-year non-election quarter.
• Moderate pointFull-year Local Media political revenue reached $284 million through Election Day, 44% above the 2022 midterm cycle.
• Moderate pointLocal Media adjusted combined revenue rose 19% to $373 million in Q3.
• Moderate pointLocal Media adjusted combined segment profit reached $118 million, versus $49.8 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Connected TV revenue grew 37%; Scripps expects about $155 million for the full year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.At least $150 million of Q4 debt repayment is planned using cash and political advertising receipts. 55% of market cap
• Moderate pointTerm-loan principal prepayments totaled $60.6 million during the first nine months of 2026. 22% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 Local Media revenue is expected up in the low-to-mid 40% range versus adjusted combined Q4 2025.
• Moderate pointNine-month segment, shared services and corporate expenses fell to $1.3 billion from $1.4 billion.
• Moderate pointNine-month business-sale gains totaled $38.9 million from Court TV, station sales and a station swap.
• Moderate pointQ3 operating income rose to $67.290 million from $37.623 million a year earlier.

6 minor points

• Minor pointLocal Media adjusted combined expenses fell 3.1% to $255 million in Q3.
• Minor point. Forward-looking: it has not happened yet and may not happen.Annual run-rate savings of about $100 million are expected to be implemented by year-end.
• Minor pointMore than 70 revenue initiatives are in the pipeline across existing businesses and adjacent areas.
• Minor point. Forward-looking: it has not happened yet and may not happen.Connected local newsroom transformation is expected to be nearly completed by year-end.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 Scripps Networks expenses are expected down low single digits versus adjusted combined Q4 2025.
• Minor pointQ3 interest expense fell to $53.796 million from $59.219 million a year earlier.

Negative

• Major pointNine-month shareholder loss widened to $1.2 billion, or $12.73 per share, versus $120 million, or $1.36.
• Major pointTotal debt was $2.5 billion at September 30, against $83.4 million in cash and cash equivalents.
• Major pointUnpaid cumulative preferred dividends totaled $166 million; the 9% dividend rate compounds quarterly.
• Moderate pointNine-month revenue declined 2.4% to $1.6 billion from the prior-year period.
• Moderate pointQ3 Local Media core advertising fell 13% to $111 million on an adjusted combined basis, reflecting political displacement.
• Moderate pointQ3 Scripps Networks adjusted combined revenue fell 11% to $173 million, amid economic and direct-response advertising pressure.
• Moderate pointQ3 Scripps Networks adjusted combined profit fell to $33 million from $56 million.
• Moderate pointRestructuring costs totaled $18.8 million in Q3 and $55.3 million during the first nine months. 20% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 Scripps Networks revenue is expected down high single digits versus adjusted combined Q4 2025.

5 minor points

• Minor pointScripps Networks impairment totaled $1.1 billion for goodwill and other intangible assets during the first nine months.
• Minor pointCommon dividends and share repurchases are prohibited until all preferred shares are redeemed.
• Minor pointDirecTV service blackout reduced Q3 distribution revenue by $3.8 million during contract negotiations.
• Minor pointQ3 Scripps Networks adjusted combined expenses rose 0.9% to $140 million, driven by the new WNBA contract.
• Minor pointNine-month interest expense increased to $164.864 million from $161.622 million a year earlier.

News Explained

In 2026, Scripps paid no preferred-stock dividends; at September 30, cumulative unpaid dividends totaled $166 million, and the preferred rate was 9%, compounded quarterly, while the terms barred common dividends and repurchases until all preferred shares are redeemed.

Key Figures

Q3 revenue: $545 million Shareholder income: $20.7 million Diluted earnings per share: $0.21 per share +5 more

Q3 revenue

$545 million

Third quarter 2026; up 3.6% year over year

Shareholder income

$20.7 million

Third quarter 2026

Diluted earnings per share

$0.21 per share

Third quarter 2026

Political advertising revenue

$284 million; 44% above the 2022 midterm cycle

Full-year Local Media revenue through Election Day

Enterprise EBITDA growth target

$125-$150 million

Transformation plan target by 2028

Planned debt repayment

At least $150 million

Fourth quarter 2026

Scripps Networks adjusted combined revenue

Down 11%

Third quarter 2026 versus prior-year quarter

Unpaid cumulative preferred dividends

$166 million

At September 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 06

Same Type 2 events

1. Aug 06

   Q2 earnings

   24h Move

   +12.5%

   A $1.1 billion impairment contributed to a $1.17 billion shareholder loss.

2. Nov 06

   Q3 earnings

   24h Move

   +24.9%

   Shareholders recorded a $49 million loss as political advertising fell to $5.1 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitda, non-gaap, accounts receivable securitization facility, mvpd

4 terms

ebitda financial

"generate $125-$150 million of enterprise EBITDA growth by 2028"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"we are providing non-GAAP supplemental information"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

accounts receivable securitization facility financial

"$274 million under the accounts receivable securitization facility"

A accounts receivable securitization facility is a financing arrangement where a company converts its unpaid customer invoices into immediate cash by selling them or using them as collateral for a line of credit. Think of it like using a stack of IOUs as a short-term loan to smooth cash flow; it matters to investors because it changes a company’s liquidity, borrowing profile and risk exposure without necessarily showing up as traditional debt, affecting valuation and credit health.

mvpd technical

"satellite carriers and over-the-top virtual MVPDs"

A MVPD (multichannel video programming distributor) is a company or service that sells access to multiple television channels and related video content as a packaged offering—think cable, satellite, or a subscription streaming bundle that carries many channels. For investors, MVPDs matter because they control how widely programming reaches viewers and collect subscription and advertising revenue; changes in subscriber counts, carriage deals or pricing power can directly affect a media company's sales and profit, much like the size and loyalty of a store’s customer base affect a retailer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

CINCINNATI, Nov. 05, 2026 (GLOBE NEWSWIRE) -- The E.W. Scripps Company (NASDAQ: SSP) delivered $545 million in revenue for the third quarter of 2026. Income attributable to the shareholders of Scripps was $20.7 million or 21 cents per share.

Recent company events:

• Through Election Day on Tuesday, Scripps generated $284 million in full-year Local Media division political advertising revenue – 44% above the 2022 midterm election cycle.
• Scripps continues to make progress on its company transformation plan and expense reductions to generate $125-$150 million of enterprise EBITDA growth by 2028 through cost savings and revenue initiatives. The impact of the transformation work will be most evident beginning in the fourth-quarter results as the company will have implemented about $100 million in annual run-rate savings by year end. In 2026, we reduced our workforce by about 20%.
• On the revenue growth side of the transformation, more than 70 initiatives are in the pipeline, focused on yielding more revenue from businesses we own and creating new revenue from adjacent business areas.
• By the end of the year, Scripps will have nearly completed its connected local newsrooms transformation, positioning its news operations for the streaming world to meet consumers where they are watching. The connected newsrooms integrate AI and automation technology to adapt stories for all digital and broadcast platforms, putting the news teams’ work in front of new audiences and driving new streams of revenue with a more durable cost structure.
• The Scripps Networks division’s third-quarter revenue benefited from Nielsen’s Sept. 1 ratings methodology change to more accurately measure over-the-air households after negative impact from their changes earlier in the year. Connected TV revenue grew 37%, and Scripps now expects it to end the year at about $155 million. Despite those tailwinds, pressure from the economy and the impact of low consumer confidence on direct response advertising led to revenue down 11% on an adjusted combined basis.
• Scripps Networks division adjusted combined expenses were up 0.9%, driven by the new WNBA contract this year. For the fourth quarter, the company expects division expenses to begin a downward trend as transformation cost initiatives take effect.
• The company ended the third quarter with $83 million in cash and will use that and cash from Q4 political advertising revenue to pay down at least $150 million of debt in the fourth quarter.
  

From Scripps President and CEO Adam Symson:

“During this contentious 2026 midterm election cycle, broadcast television continued to prove itself to be the best vehicle for reaching voters because we provide a trustworthy platform in a politically polarizing climate. Local TV platforms took nearly half of the record $11.9 billion spent this year, according to AdImpact. Scripps’ strong political footprint drove our full-year political ad revenue 44% above our 2022 midterm results. Our performance benefited from our local sports strategy, strong connected TV business and dedicated political sales force.

“The companywide transformation we launched in February is well underway and on track to deliver both on our commitment to evolve the company’s products and the expected benefit to enterprise EBITDA next year. Our goal is to ensure Scripps remains a strong media company positioned to serve our communities and preserve local journalism by adapting to how Americans consume news and information. In part aided by technology, our teams are producing more reporting from the field, deepening our community news coverage and expanding our reach to audiences across broadcast, streaming, digital and social platforms while improving the segment profit of our business.

“In our Scripps Networks division, we saw a modest sequential recovery in our third-quarter revenue and profit margin, bolstered by the early impact of Nielsen’s updated ratings methodology and 37% growth in revenue from our connected TV/streaming platform distribution. Disciplined expense management drove a year-over-year decline in total adjusted combined expenses when you factor out the first-year impact of our new WNBA contract.

“The work underway reflects our priorities to improve our earnings trajectory, strengthen the balance sheet and best serve American media consumers. At the same time, we continue to evaluate accretive M&A opportunities with discipline, focusing on transactions that enhance our financial position and strategic flexibility within our current balance sheet.”

Operating results
Third-quarter company revenue was $545 million, an increase of 3.6% or $19 million from the prior-year quarter. Political revenue was $82.6 million, compared to $5.5 million in the prior-year quarter, a non-election year. Costs and expenses for segments, shared services and corporate were $427 million, down from $449 million in the year-ago quarter, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan.

Income attributable to the shareholders of Scripps was $20.7 million or 21 cents per share. The current-year quarter included $18.8 million in restructuring costs, which decreased the income attributable to shareholders by 14 cents per share. In the prior-year quarter, loss attributable to shareholders of Scripps was $49 million or 55 cents per share. The prior-year quarter included a $7.6 million loss on extinguishment of debt, $6.5 million of financing transaction costs, a $1.4 million write-off of deferred financing costs and $2.7 million in restructuring costs. When taken together, these items increased the loss attributable to shareholders by 15 cents per share.

Third-quarter 2026 segment results compared to prior-period amounts:

Local Media
Revenue was $373 million, up 15% from the prior-year quarter.

• Core advertising revenue decreased 16% to $111 million, reflecting displacement from political advertising.
• Political revenue was $80.6 million, compared to $5.1 million in the prior-year quarter, a non-election year.
• Distribution revenue decreased $7.8 million or 4.2% to $178 million. Distribution revenues in the third quarter of 2025 included $10.7 million of revenue from WRTV and WFTX that were sold in the first quarter of 2026. Additionally, a service blackout during the contract negotiations with DirecTV had a $3.8 million third-quarter 2026 impact.
  

Segment expenses decreased 6.4% to $255 million.

Segment profit was $118 million, up from $52.8 million a year-ago quarter.

Scripps Networks
Revenue was $173 million, down 14% from the prior-year quarter. Segment expenses were $140 million, down 5.2% from the prior-year quarter.

Segment profit was $33 million, compared to $53.3 million in the year-ago quarter.

Third-quarter 2026 segment results compared to prior-period adjusted combined amounts:
In order to provide more meaningful year-over-year comparisons, we are providing non-GAAP supplemental information for certain revenues and expenses for the prior-year periods on an adjusted combined basis.

The adjusted combined revenue and expense information illustrates what the historical results of Scripps would have been, given the assumptions outlined in the supplemental materials and had WFTX, WRTV and WTVQ (Local Media) and Court TV (Scripps Networks) transactions been effective at the beginning of 2025. Refer to the “Supplemental Information” section that begins on page E-8 of the attached tables.

Local Media – Adjusted combined basis
Revenue was $373 million, up 19% from the prior-year quarter.

• Core advertising revenue decreased 13% to $111 million, reflecting displacement from political advertising.
• Political revenue was $80.6 million, compared to $5.3 million in the prior-year quarter, a non-election year.
• Distribution revenue was $178 million, flat from the prior-year quarter.
  

Segment expenses decreased 3.1% to $255 million.

Segment profit was $118 million, compared to $49.8 million in the year-ago quarter.

Scripps Networks – Adjusted combined basis
Revenue was $173 million, down 11% from the prior-year quarter. Segment expenses were $140 million, up 0.9%.

Segment profit was $33 million, compared to $56 million in the year-ago quarter.

Financial condition
On Sept. 30, cash and cash equivalents totaled $83.4 million, and total debt was $2.5 billion.

At Sept. 30, long-term debt included $1.7 billion of senior notes outstanding, $558 million of term loans outstanding and $274 million under the accounts receivable securitization facility. During the first nine months of 2026, we made principal pre-payments totaling $60.6 million on our June 2028 and November 2029 term loans.

Scripps did not declare or provide payment for any of the quarterly preferred stock dividends in 2026. The 9% dividend rate on the preferred shares compounds quarterly. At Sept. 30, aggregated undeclared and unpaid cumulative dividends totaled $166 million. Under the terms of Berkshire Hathaway’s preferred equity investment in Scripps, the company is prohibited from paying dividends on or repurchasing common shares until all preferred shares are redeemed.

Year-to-date 2026 operating results:
The following comparisons are to the period ending Sept. 30, 2025:

Revenue was $1.6 billion, a decrease of 2.4% or $38.2 million from the prior year. Political revenue was $122 million, compared to $11.9 million in the prior year, a non-election year.

Costs and expenses for segments, shared services and corporate were $1.3 billion, down from $1.4 billion in the year-ago period, reflecting tight expense controls and savings achieved through our enterprise-wide transformation plan.

Loss attributable to the shareholders of Scripps was $1.2 billion or $12.73 per share. The 2026 period included a non-cash goodwill and other intangible assets impairment charge for Scripps Networks of $1.1 billion, $55.3 million in restructuring costs and a $38.9 million gain from the sale of Court TV and two television stations: WFTX in Fort Myers, Florida, and WRTV in Indianapolis, as well as our stations swap with Gray Media, Inc. When taken together, these items increased the loss attributable to shareholders by $11.82 per share. In the prior year, loss attributable to the shareholders of Scripps was $120 million or $1.36 per share. The 2025 period included $44.5 million of financing transaction costs, a $31.4 million gain on our West Palm television station building sale, a $10.6 million loss on extinguishment of debt, $7.5 million in restructuring costs and a $7 million write-off of deferred financing costs. When taken together, these items increased the loss attributable to shareholders by 33 cents per share.

Looking ahead
Comparisons for our segments are to the same adjusted combined period in 2025.

		Fourth-quarter 2026
Local Media revenue		Up low-to-mid 40% range
Local Media expense		About flat
Scripps Networks revenue		Down high single digits
Scripps Networks expense		Down low single digits
Shared services and corporate		About $27 million

Conference call
The company’s senior management team will hold a call to discuss third-quarter 2026 results at 9:30 a.m. Eastern time on Friday, Nov. 6.

The company’s protocol for joining its earnings calls is as follows:

• To access a live webcast of the call, participants will need to register by visiting http://ir.scripps.com/. The registration link can be found on that page under “upcoming events.”
• To dial in by phone, participants will first need to visit a website to receive the phone number. To receive a listen-only dial-in and PIN code, visit https://edge.media-server.com/mmc/p/32s8jqy4/.
• Analysts who will be asking questions should visit this webpage to receive a different dial-in and PIN, which will identify them by name on the call: https://register-conf.media-server.com/register/BI65e1d76cd29347e79d43d1608d1fc52d.
  

A replay of the conference call will be archived and available online for an extended period of time. To access the audio replay, visit http://ir.scripps.com/ approximately four hours after the call, and the link can be found on that page under “audio/video links.”

Forward-looking statements
This document contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “anticipate,” “intend,” “expect,” “estimate,” “could,” “should,” “outlook,” “guidance,” “target” and similar references to future periods. Examples of forward-looking statements include, among others, statements the company makes regarding expected operating results and future financial condition. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of the industry and the economy, the company’s plans and strategies, anticipated events and trends, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, and changes in circumstance that are difficult to predict and many of which are outside of the company’s control. The company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause the company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: change in advertising demand, fragmentation of audiences, loss of affiliation agreements, loss of distribution revenue, increase in programming costs, changes in law and regulation, the company’s ability to identify and consummate strategic transactions, the controlled ownership structure of the company, and the company’s ability to manage its outstanding debt obligations. A detailed discussion of such risks and uncertainties is included in the company’s Form 10-K, on file with the SEC, in the section titled “Risk Factors.” Any forward-looking statement made in this document is based only on currently available information and speaks only as of the date on which it is made. The company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.

Investor contact: Carolyn Micheli, The E.W. Scripps Company, (513) 313-5910, carolyn.micheli@scripps.com
Media contact: Becca McCarter, The E.W. Scripps Company, (513) 410-2425, rebecca.mccarter@scripps.com

About Scripps
The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating connection. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of about 60 stations in 40 markets. Scripps reaches households across the U.S. with national news outlet Scripps News and popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. Scripps is the nation’s largest holder of broadcast spectrum. Scripps Sports serves professional and college sports leagues, conferences and teams with local market depth and national broadcast reach of up to 100% of TV households. Founded in 1878, Scripps is the steward of the Scripps National Spelling Bee, and its longtime motto is: “Give light and the people will find their own way.”   

THE E.W. SCRIPPS COMPANY RESULTS OF OPERATIONS
		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except per share data)			2026				2025				2026				2025
Operating revenues		$	544,861			$	525,854			$	1,552,130			$	1,590,327
Segment, shared services and corporate expenses			(426,597	)			(448,739	)			(1,324,373	)			(1,360,206	)
Restructuring costs			(18,771	)			(2,718	)			(55,255	)			(7,475	)
Depreciation and amortization of intangible assets			(31,331	)			(37,208	)			(101,739	)			(112,866	)
Impairment of goodwill and other intangible assets			—				—				(1,135,825	)			—
Gains (losses), net on disposal of property and equipment			(872	)			434				(422	)			31,922
Operating expenses			(477,571	)			(488,231	)			(2,617,614	)			(1,448,625	)
Operating income (loss)			67,290				37,623				(1,065,484	)			141,702
Interest expense			(53,796	)			(59,219	)			(164,864	)			(161,622	)
Loss on extinguishment of debt			—				(7,622	)			(913	)			(10,594	)
Other financing transaction costs			—				(6,466	)			—				(44,537	)
Defined benefit pension plan expense			(733	)			(338	)			(2,200	)			(1,013	)
Gains (losses) from sale of business			—				—				38,881				—
Miscellaneous, net			(1,132	)			(1,165	)			(6,506	)			(2,692	)
Income (loss) from operations before income taxes			11,629				(37,187	)			(1,201,086	)			(78,756	)
Benefit for income taxes			26,030				4,228				85,705				6,380
Net income (loss)			37,659				(32,959	)			(1,115,381	)			(72,376	)
Preferred stock dividends			(16,927	)			(16,062	)			(49,673	)			(47,172	)
Net income (loss) attributable to the shareholders of The E.W. Scripps Company		$	20,732			$	(49,021	)		$	(1,165,054	)		$	(119,548	)
Net income (loss) per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company		$	0.21			$	(0.55	)		$	(12.73	)		$	(1.36	)
Weighted average diluted shares outstanding			98,092				88,461				91,527				87,773

See notes to results of operations.

Notes to Results of Operations

1. SEGMENT INFORMATION

We determine our operating segments based upon our management and internal reporting structure, as well as the basis that our chief operating decision maker makes resource-allocation decisions.

Our Local Media segment includes more than 60 local television stations and their related digital operations. It is comprised of 18 ABC affiliates, 12 NBC affiliates, 11 CBS affiliates and three FOX affiliates. We also have 13 independent stations and 10 additional low power stations. Our Local Media segment earns revenue primarily from the sale of advertising to local, national and political advertisers and retransmission fees received from cable operators, telecommunications companies, satellite carriers and over-the-top virtual MVPDs.

Our Scripps Networks segment includes national news outlet Scripps News as well as popular entertainment brands ION, Bounce, Grit, ION Mystery, ION Plus and Laff. The Scripps Networks reach nearly every U.S. television home through free over-the-air broadcast, cable/satellite, connected TV and/or digital distribution. These operations earn revenue primarily through the sale of advertising.

Our segment results reflect the impact of intercompany carriage agreements between our local broadcast television stations and our national networks. The intercompany carriage fee revenue earned by our local broadcast television stations is equal to the carriage fee expense incurred by our national networks. We also allocate a portion of certain corporate costs and expenses, including accounting, human resources, employee benefit and information technology to our segments. These intercompany agreements and allocations are generally amounts agreed upon by management, which may differ from an arms-length amount.

The other segment caption aggregates our operating segments that are too small to report separately. Costs for centrally provided services and certain corporate costs that are not allocated to the segments are included in shared services and corporate costs. These unallocated corporate costs would also include the costs associated with being a public company. Corporate assets are primarily cash and cash equivalents, property and equipment primarily used for corporate purposes and deferred income taxes.

Our chief operating decision maker evaluates operating performance and makes decisions about the allocation of resources to our segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan amounts, income taxes, depreciation and amortization, impairment charges, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America.

Information regarding our operating performance is as follows:

		Three Months Ended September 30,											Nine Months Ended September 30,
(in thousands)			2026				2025			Change				2026				2025			Change
Segment operating revenues:
Local Media		$	372,807			$	325,456			14.5	%		$	1,030,969			$	985,611			4.6	%
Scripps Networks			172,993				200,956			(13.9	)%			520,922				604,728			(13.9	)%
Other			3,047				4,262			(28.5	)%			12,568				14,185			(11.4	)%
Intersegment eliminations			(3,986	)			(4,820	)		(17.3	)%			(12,329	)			(14,197	)		(13.2	)%
Total operating revenues		$	544,861			$	525,854			3.6	%		$	1,552,130			$	1,590,327			(2.4	)%
Segment profit (loss):
Local Media		$	117,551			$	52,801						$	220,052			$	143,541			53.3	%
Scripps Networks			33,014				53,299			(38.1	)%			104,786				173,340			(39.5	)%
Other			(6,379	)			(7,598	)		(16.0	)%			(16,994	)			(20,982	)		(19.0	)%
Shared services and corporate			(25,922	)			(21,387	)		21.2	%			(80,087	)			(65,778	)		21.8	%
Restructuring costs			(18,771	)			(2,718	)						(55,255	)			(7,475	)
Depreciation and amortization of intangible assets			(31,331	)			(37,208	)						(101,739	)			(112,866	)
Impairment of goodwill and other intangible assets			—				—							(1,135,825	)			—
Gains (losses), net on disposal of property and equipment			(872	)			434							(422	)			31,922
Interest expense			(53,796	)			(59,219	)						(164,864	)			(161,622	)
Loss on extinguishment of debt			—				(7,622	)						(913	)			(10,594	)
Other financing transaction costs			—				(6,466	)						—				(44,537	)
Defined benefit pension plan expense			(733	)			(338	)						(2,200	)			(1,013	)
Gains (losses) from sale of business			—				—							38,881				—
Miscellaneous, net			(1,132	)			(1,165	)						(6,506	)			(2,692	)
Income (loss) from operations before income taxes		$	11,629			$	(37,187	)					$	(1,201,086	)		$	(78,756	)

Operating results for our Local Media segment were as follows:

		Three Months Ended September 30,									Nine Months Ended September 30,
(in thousands)			2026			2025		Change				2026			2025		Change
Segment operating revenues:
Core advertising		$	111,086		$	131,548		(15.6	)%		$	375,526		$	400,223		(6.2	)%
Political			80,588			5,141						117,669			11,028
Distribution			177,990			185,768		(4.2	)%			528,416			565,572		(6.6	)%
Other			3,143			2,999		4.8	%			9,358			8,788		6.5	%
Total operating revenues			372,807			325,456		14.5	%			1,030,969			985,611		4.6	%
Segment costs and expenses:
Employee compensation and benefits			99,046			105,115		(5.8	)%			304,209			314,599		(3.3	)%
Programming			110,637			124,659		(11.2	)%			369,580			393,509		(6.1	)%
Other expenses			45,573			42,881		6.3	%			137,128			133,962		2.4	%
Total costs and expenses			255,256			272,655		(6.4	)%			810,917			842,070		(3.7	)%
Segment profit		$	117,551		$	52,801					$	220,052		$	143,541		53.3	%

Operating results for our Scripps Networks segment were as follows:

		Three Months Ended September 30,									Nine Months Ended September 30,
(in thousands)			2026			2025		Change				2026			2025		Change
Total operating revenues		$	172,993		$	200,956		(13.9	)%		$	520,922		$	604,728		(13.9	)%
Segment costs and expenses:
Employee compensation and benefits			18,969			22,120		(14.2	)%			61,269			64,949		(5.7	)%
Programming			83,849			86,858		(3.5	)%			242,082			252,105		(4.0	)%
Other expenses			37,161			38,679		(3.9	)%			112,785			114,334		(1.4	)%
Total costs and expenses			139,979			147,657		(5.2	)%			416,136			431,388		(3.5	)%
Segment profit		$	33,014		$	53,299		(38.1	)%		$	104,786		$	173,340		(39.5	)%

2. CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)		As of September 30, 2026			As of December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	83,390		$	27,923
Other current assets			544,301			616,562
Assets held for sale			—			102,933
Total current assets			627,691			747,418
Investments			17,368			14,369
Property and equipment			421,944			407,966
Operating lease right-of-use assets			80,720			95,975
Goodwill			931,534			1,918,334
Other intangible assets			1,318,059			1,517,776
Programming			217,789			280,359
Miscellaneous			22,511			26,431
TOTAL ASSETS		$	3,637,616		$	5,008,628
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	65,518		$	63,420
Unearned revenue			52,488			22,166
Current portion of long-term debt			—			8,854
Accrued expenses and other current liabilities			326,790			352,098
Liabilities held for sale			—			7,063
Total current liabilities			444,796			453,601
Long-term debt (less current portion)			2,457,441			2,585,534
Other liabilities (less current portion)			592,752			723,401
Total equity			142,627			1,246,092
TOTAL LIABILITIES AND EQUITY		$	3,637,616		$	5,008,628

3. EARNINGS PER SHARE (“EPS”)

Unvested awards of share-based payments with non-forfeitable rights to receive dividends or dividend equivalents, such as certain of our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and, therefore, exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities.

The following table presents information about basic and diluted weighted-average shares outstanding:

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)			2026				2025				2026				2025
Numerator(for basic and diluted earnings per share)
Net income (loss)		$	37,659			$	(32,959	)		$	(1,115,381	)		$	(72,376	)
Less income allocated to RSUs			(40	)			—				—				—
Less preferred stock dividends			(16,927	)			(16,062	)			(49,673	)			(47,172	)
Numerator for basic and diluted earnings per share		$	20,692			$	(49,021	)		$	(1,165,054	)		$	(119,548	)
Denominator
Basic weighted-average shares outstanding			92,698				88,461				91,527				87,773
Effect of dilutive securities			5,394				—				—				—
Diluted weighted-average shares outstanding			98,092				88,461				91,527				87,773

4. NON-GAAP INFORMATION

In addition to results prepared in accordance with GAAP, this earnings release discusses adjusted EBITDA, a non-GAAP performance measure that management and the company’s Board of Directors uses to evaluate the performance of the business. We also believe that the non-GAAP measure provides useful information to investors by allowing them to view our business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of valuation for broadcast companies.

Adjusted EBITDA is calculated as income (loss) from continuing operations, net of tax, plus income tax expense
(benefit), interest expense, financing transaction costs, losses (gains) on extinguishment of debt, defined benefit pension plan expense (income), share-based compensation costs, depreciation, amortization of intangible assets, impairment of goodwill and other intangible assets, loss (gain) on business and asset disposals, acquisition and integration costs, restructuring charges and certain other miscellaneous items. We consider adjusted EBITDA to be an indicator of our operating performance.

A reconciliation of the adjusted EBITDA measure to the comparable financial measure in accordance with GAAP is as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)			2026				2025				2026				2025
Net income (loss)		$	37,659			$	(32,959	)		$	(1,115,381	)		$	(72,376	)
Benefit for income taxes			(26,030	)			(4,228	)			(85,705	)			(6,380	)
Interest expense			53,796				59,219				164,864				161,622
Loss on extinguishment of debt			—				7,622				913				10,594
Other financing transaction costs			—				6,466				—				44,537
Defined benefit pension plan expense			733				338				2,200				1,013
Share-based compensation costs			3,218				3,314				15,717				14,771
Depreciation			12,296				14,680				38,868				44,227
Amortization of intangible assets			19,035				22,528				62,871				68,639
Impairment of goodwill and other intangible assets			—				—				1,135,825				—
Losses (gains), net on disposal of property and equipment			872				(434	)			422				(31,922	)
Restructuring costs			18,771				2,718				55,255				7,475
Losses (gains) from sale of business			—				—				(38,881	)			—
Miscellaneous, net			1,132				1,165				6,506				2,692
Adjusted EBITDA		$	121,482			$	80,429			$	243,474			$	244,892

5. SUPPLEMENTAL CASH FLOW INFORMATION

The following table presents additional information on certain sources and uses of cash:

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)			2026				2025				2026				2025
Capital expenditures		$	(11,610	)		$	(15,068	)		$	(30,498	)		$	(29,564	)
Interest paid			(77,744	)			(63,345	)			(179,170	)			(145,251	)
Income taxes refunded (paid)			(852	)			359				3,906				(12,370	)
Mandatory contributions to defined retirement plans			(3,482	)			(490	)			(4,043	)			(1,046	)

ADJUSTED COMBINED SUPPLEMENTAL INFORMATION

Due to the effect that the WTVQ station inclusion, the WRTV and WFTX television station dispositions and the Court TV disposition have on our segment operating results, and to provide meaningful period over period comparisons, we are presenting supplemental non-GAAP (Generally Accepted Accounting Principles) information for certain financial results on an adjusted combined basis. The adjusted combined financial results have been compiled by adding, as of the earliest period presented, the impact from including the WTVQ television station's historical revenue, employee compensation and benefits, programming and other expenses to Scripps’ historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Local Media segment. Similarly, WRTV and WRTV television stations' historical revenue, employee compensation and benefits, programming and other expenses have been subtracted, as of the earliest period presented, from Scripps’ historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Local Media segment. Finally, Court TV's historical revenue, employee compensation and benefits, programming and other expenses have been subtracted, as of the earliest period presented, from Scripps’ historical revenue, employee compensation and benefits, programming and other expenses captions historically reported within our Scripps Networks segment. These historical results are adjusted for certain intercompany adjustments and other impacts that would result from the companies operating under the ownership of Scripps as of the earliest period presented.

Management uses the adjusted combined non-GAAP supplemental information for purposes of evaluating the Company’s segment results. The company therefore believes that the non-GAAP measure presented provides useful information to investors by allowing them to view the company’s businesses through the eyes of management, facilitating comparison of Local Media and Scripps Networks results across historical periods and providing a focus on the underlying ongoing operating performance of our segments.

The company uses the adjusted combined non-GAAP supplemental information to supplement the financial information presented on a GAAP historical basis. This non-GAAP supplemental information is not to be considered in isolation from, or as a substitute for, the related GAAP measures, and should be read only in conjunction with financial information presented on a GAAP basis.

The adjusted combined financial results contained in the following supplemental information is for informational purposes only. These results do not necessarily reflect what the historical results of Scripps would have been if the transactions had occurred on January 1, 2025. Nor is this information necessarily indicative of the future results of operations of the combined entities.

The adjusted combined financial information is not pro forma information prepared in accordance with Article 11 of SEC regulation S-X, and the preparation of information in accordance with Article 11 would result in a significantly different presentation.

Local Media adjusted combined segment profit

		Three Months Ended September 30,									Nine Months Ended September 30,
(in thousands)			2026			2025		Change				2026			2025		Change
Segment operating revenues:
Core advertising		$	111,086		$	127,529		(12.9	)%		$	372,340		$	386,132		(3.6	)%
Political			80,588			5,283						117,585			11,167
Distribution			177,990			177,470		0.3	%			520,625			539,980		(3.6	)%
Other			3,143			2,963		6.1	%			9,293			8,706		6.7	%
Total operating revenues			372,807			313,245		19.0	%			1,019,843			945,985		7.8	%
Segment costs and expenses:
Employee compensation and benefits			99,046			103,022		(3.9	)%			302,470			307,723		(1.7	)%
Programming			110,637			119,037		(7.1	)%			364,373			375,492		(3.0	)%
Other expenses			45,573			41,397		10.1	%			135,957			129,339		5.1	%
Total costs and expenses			255,256			263,456		(3.1	)%			802,800			812,554		(1.2	)%
Segment profit		$	117,551		$	49,789					$	217,043		$	133,431		62.7	%

Non-GAAP reconciliation

Below is a reconciliation of Scripps historical reported revenue and segment profit for its Local Media segment to the adjusted combined revenue and adjusted combined segment profit for the Local Media segment following the sales of WRTV and WFTX television stations, as well as the inclusion of the WTVQ television station.

		Three Months Ended September 30,							Nine Months Ended September 30,
(in thousands)			2026			2025				2026				2025
Local Media operating revenues, as reported		$	372,807		$	325,456			$	1,030,969			$	985,611
WRTV station disposition			—			(9,616	)			(9,136	)			(30,499	)
WFTX station disposition			—			(6,480	)			(4,588	)			(20,530	)
WTVQ station inclusion			—			3,885				2,598				11,403
Local Media adjusted combined operating revenues		$	372,807		$	313,245			$	1,019,843			$	945,985

		Three Months Ended September 30,							Nine Months Ended September 30,
(in thousands)			2026			2025				2026				2025
Local Media segment profit, as reported		$	117,551		$	52,801			$	220,052			$	143,541
WRTV station disposition			—			(2,214	)			(2,106	)			(8,096	)
WFTX station disposition			—			(914	)			(905	)			(2,384	)
WTVQ station inclusion			—			116				2				370
Local Media adjusted combined segment profit		$	117,551		$	49,789			$	217,043			$	133,431

Scripps Networks adjusted combined segment profit

		Three Months Ended September 30,									Nine Months Ended September 30,
(in thousands)			2026			2025		Change				2026			2025		Change
Total operating revenues		$	172,993		$	194,640		(11.1	)%		$	518,475		$	584,909		(11.4	)%
Segment costs and expenses:
Employee compensation and benefits			18,969			19,330		(1.9	)%			60,101			56,742		5.9	%
Programming			83,849			82,965		1.1	%			240,516			240,479		—	%
Other expenses			37,161			36,395		2.1	%			111,846			107,721		3.8	%
Total costs and expenses			139,979			138,690		0.9	%			412,463			404,942		1.9	%
Segment profit		$	33,014		$	55,950		(41.0	)%		$	106,012		$	179,967		(41.1	)%

Non-GAAP reconciliation

Below is a reconciliation of Scripps historical reported revenue and segment profit for its Scripps Networks segment to the adjusted combined revenue and adjusted combined segment profit for the Scripps Networks segment following the sale of Court TV.

		Three Months Ended September 30,							Nine Months Ended September 30,
(in thousands)			2026			2025				2026				2025
Scripps Networks operating revenues, as reported		$	172,993		$	200,956			$	520,922			$	604,728
Court TV disposition			—			(6,316	)			(2,447	)			(19,819	)
Scripps Networks adjusted combined operating revenues		$	172,993		$	194,640			$	518,475			$	584,909

		Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands)			2026			2025			2026			2025
Scripps Networks segment profit, as reported		$	33,014		$	53,299		$	104,786		$	173,340
Court TV disposition			—			2,651			1,226			6,627
Scripps Networks adjusted combined segment profit		$	33,014		$	55,950		$	106,012		$	179,967

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Scripps expect for fourth-quarter 2026 results?

Scripps expects Local Media revenue growth in the low-to-mid 40% range and Scripps Networks revenue to decline high single digits, compared with adjusted combined Q4 2025. Local Media expenses are expected to be about flat, Networks expenses down low single digits, and shared services and corporate costs about $27 million.

Why can Scripps SSP not pay common dividends or repurchase shares?

The terms of Berkshire Hathaway's preferred equity investment prohibit common dividends and share repurchases until all preferred shares are redeemed. Scripps did not declare or pay quarterly preferred dividends in 2026. Undeclared and unpaid cumulative dividends totaled $166 million at September 30, and the 9% preferred dividend rate compounds quarterly.