Scripps reports Q4 2025 financial results
Rhea-AI Summary
The E.W. Scripps Company (NASDAQ: SSP) reported Q4 2025 revenue of $560 million and a loss attributable to shareholders of $44.9 million (‑$0.51/share). The company launched a transformation plan targeting $125‑$150 million of annualized enterprise EBITDA improvement by 2028, with benefits beginning in H2 2026. Core advertising rose 12% in Q4; political revenue fell sharply to $9 million. Scripps plans M&A moves including re-acquiring 23 ION stations for about $54 million and expects $123 million of proceeds from two station sales. Cash was $27.9 million and total debt $2.6 billion at Dec. 31, 2025.
Positive
- Core advertising +12% in Q4 2025
- Transformation plan targeting $125–$150M annualized EBITDA by 2028
- Scripps Networks margin improved ~700 basis points year-over-year
- Planned re‑acquisition of 23 ION stations for ~ $54M (accretive to Networks)
- Proceeds of $123M expected from two station sales to support debt paydown
Negative
- Total company revenue down 23% in Q4 2025 versus prior year
- Political revenue collapsed to $9M in Q4 from $174M year‑ago (election year)
- Cash of $27.9M versus total debt of $2.6B at Dec. 31, 2025
- Loss attributable to shareholders of $44.9M in Q4 2025
- Undeclared cumulative preferred dividends of $117M restrict common dividends/repurchases
Key Figures
Market Reality Check
Peers on Argus
SSP was up 0.58% pre‑earnings with mixed peer moves: CURI up 3.83%, MDIA up 4.25%, IHRT down 8.55%, and SGA slightly negative. Momentum data flagged only IHRT moving up, so SSP’s action appears stock-specific rather than a broad broadcasting move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Negative | -2.8% | Revenue down 19% and net loss with weaker political advertising. |
| Aug 07 | Q2 2025 earnings | Negative | -10.3% | Revenue decline, net loss and higher-cost refinancing actions. |
| May 08 | Q1 2025 earnings | Negative | -10.4% | Lower revenue and net loss despite margin gains in Networks. |
| Mar 11 | Q4 2024 earnings | Positive | +43.4% | Strong political revenue drove higher sales and <b>$0.92</b> EPS. |
| Nov 04 | Earnings call change | Negative | -35.5% | Rescheduled Q3 2024 call due to conference line outage. |
Earnings-related headlines have typically led to aligned stock reactions, with negative quarters selling off and strong political/earnings beats seeing sharp gains.
Recent earnings history shows Scripps oscillating between strong political cycles and softer off-cycle quarters. Q4 2024 delivered higher revenue and $0.92 EPS with a large positive move, while Q1–Q3 2025 all reported year-over-year revenue declines and net losses, each followed by double‑digit or mid‑single‑digit pullbacks. A conference-call disruption in Nov 2024 also coincided with a steep drop. Today’s Q4 2025 results fit into this pattern of investors reacting decisively to earnings cadence and political comparables.
Historical Comparison
Over the past five earnings-related events, SSP averaged a -3.15% move, with reactions consistently aligned to the tone of results and operational updates.
Earnings updates track a shift from strong Q4 2024 political-driven profitability to 2025 quarters marked by revenue declines, net losses, refinancing activity and ongoing cost and margin initiatives.
Market Pulse Summary
This announcement highlights Q4 2025 results with lower revenue versus the prior political year but solid core advertising growth and a transformation plan targeting $125–$150 million in EBITDA gains by 2028. Investors may weigh these initiatives against a continued net loss, $2.6 billion in debt, and $117 million in unpaid preferred dividends. Historical earnings releases have moved the stock, so future updates on leverage, core ad trends, and execution against expense targets will be important to monitor.
Key Terms
ebitda financial
federal communications commission regulatory
senior notes financial
term loan financial
accounts receivable securitization facility financial
preferred stock dividends financial
revolving credit facilities financial
restructuring costs financial
AI-generated analysis. Not financial advice.
CINCINNATI, Feb. 25, 2026 (GLOBE NEWSWIRE) -- The E.W. Scripps Company (NASDAQ: SSP) delivered
Business notes:
- The company has launched a transformation plan that targets annualized enterprise EBITDA growth of
$125 -$150 million by 2028 through cost savings and revenue growth initiatives that will leverage technology including AI and automation to increase the yield on its existing businesses. - Financial benefits from the transformation initiatives will begin to flow in during the back half of 2026 and are expected to contribute to a significantly improved leverage ratio by year-end.
- In the Local Media division, core advertising revenue was up
12% in the fourth quarter. All five top core advertising categories saw significant growth, with the largest category, services, up20% . For first-quarter 2026, Scripps is expecting continued growth in core advertising because of its local Scripps Sports partnerships and strong sales execution. - The 2026 midterm election cycle is projected to garner record-setting spending, with total political advertising forecast at nearly
$11 billion and broadcast expected to account for roughly half of that. Scripps, which generated more than$200 million in the 2022 midterms, is well-positioned to capitalize on this spending, with competitive election outlooks in six states where it has a significant presence: Arizona, Colorado, Michigan, Nevada, Ohio and Wisconsin. - The company is exercising its option to re-acquire 23 ION-affiliated stations that it divested to INYO Broadcast Holdings simultaneously with its acquisition of ION in January 2021. The current aggregate purchase price is approximately
$54 million , pending timing of a deal close. The divestitures were required at the time to comply with Federal Communications Commission ownership rules, and any acquisition would be subject to FCC consent. Ownership of these INYO stations would be immediately accretive to Networks segment profit and margin. - Scripps expects to close on the sales of its Fox affiliate WFTX in Fort Myers, Florida, to Sun Broadcasting in early March and its ABC affiliate WRTV in Indianapolis to Circle City Broadcasting soon after, pending FCC approval. Proceeds from both sales are
$123 million . The company also has announced plans to swap stations across five markets in four states with Gray Media, which will close following the necessary regulatory approvals. These transactions support the company’s strategy to improve the operating performance of its local stations and pay down debt.
From Scripps President and CEO Adam Symson:
“We ended 2025 with strong financial results that met or exceeded expectations across the board and have entered 2026 with significant momentum. During the coming year, we expect to benefit from record mid-term election spending, our local sports partnerships that are driving industry-leading core advertising performance, national professional sports on ION as well as the Winter Olympics and the World Cup, continued revenue growth in connected TV that outpaces the market, and accretive M&A activity.
“The company transformation we announced on Feb. 11 targets annualized enterprise EBITDA growth of
“The transformation work is guided by our vision to create connection as we adapt to the changing ways our audiences engage with news, sports and entertainment programming and how our advertisers reach their customers. It is a proactive effort that comes on top of substantial progress we have made in recent years to improve our cost structure and margins. In the Scripps Networks division, we exceeded our full-year 2025 guidance by delivering a nearly 700-basis-point year-over-year margin improvement. This success was driven by our women’s sports strategy and our streaming revenue initiatives as well as disciplined expense management. Across our Local Media division, expenses remained about flat for the year, even as we invested in growth-driving local sports rights. Holding our network affiliate fees flat reflected a fundamental shift in the network-affiliate dynamic that we expect to continue working in our favor.
“Our success in 2025 now serves as a foundation for the greater work that lies ahead for us – to take our founder E.W. Scripps’ mission and entrepreneurial spirit for the enterprise, overlay our vision to create connection and apply the operating principles and cost structure E.W. would create were he to found this company today. I am confident this approach will translate directly into greater business results and meaningful new shareholder value.”
Operating results
Fourth-quarter company revenue was
Loss attributable to the shareholders of Scripps was
Fourth-quarter 2025 results by segment compared to prior-period amounts:
Local Media
Revenue was
- Core advertising revenue increased
12% to$165 million . - Political revenue was
$9 million , compared to$174 million in the prior-year quarter, an election year. - Distribution revenue decreased
1.6% to$183 million .
Segment expenses decreased
Segment profit was
Scripps Networks
Revenue was
Segment profit was
Financial condition
On Dec. 31, cash and cash equivalents totaled
At Dec. 31, long-term debt included
Scripps did not declare or provide payment for any of the 2025 quarterly preferred stock dividends. The
Year-to-date operating results
The following comparisons are to the period ending Dec. 31, 2024:
Revenue was
Loss attributable to the shareholders of Scripps was
Looking ahead
Comparisons for our segments are to the same period in 2025.
| First-quarter 2026 | ||
| Local Media revenue | Up low- to mid-single-digit percent range | |
| Local Media expense | Up low-single-digit percent range | |
| Scripps Networks revenue | Down high-single-digit percent range | |
| Scripps Networks expense | Down low-single-digit percent range | |
| Shared services and corporate | About | |
| Full-year 2026 | ||
| Interest paid | ||
| Required pension contribution | ||
| Capital expenditures | ||
| Taxes paid | ||
| Depreciation and amortization | ||
Conference call
The company’s senior management team will hold a call to discuss fourth-quarter 2025 results at 9 a.m. Eastern time on Thursday, Feb. 26.
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/ek7ncgyx.
- 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/BI03c06eb63a6946f28cdf3f4f02c19e7a.
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.”
Contact: Carolyn Micheli, The E.W. Scripps Company, (513) 977-3732, carolyn.micheli@scripps.com
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.
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 more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlet Scripps News and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit 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
THE E.W. SCRIPPS COMPANY
RESULTS OF OPERATIONS
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating revenues | $ | 560,258 | $ | 728,379 | $ | 2,150,585 | $ | 2,509,772 | ||||||||
| Segment, shared services and corporate expenses | (477,312 | ) | (501,820 | ) | (1,837,518 | ) | (1,926,952 | ) | ||||||||
| Restructuring costs | (2,353 | ) | (14,872 | ) | (9,828 | ) | (33,525 | ) | ||||||||
| Depreciation and amortization of intangible assets | (37,966 | ) | (39,211 | ) | (150,832 | ) | (155,228 | ) | ||||||||
| Gains (losses), net on disposal of property and equipment | (335 | ) | 19,141 | 31,587 | 18,424 | |||||||||||
| Operating expenses | (517,966 | ) | (536,762 | ) | (1,966,591 | ) | (2,097,281 | ) | ||||||||
| Operating income | 42,292 | 191,617 | 183,994 | 412,491 | ||||||||||||
| Interest expense | (59,346 | ) | (48,862 | ) | (220,968 | ) | (210,344 | ) | ||||||||
| Loss on extinguishment of debt | (2,404 | ) | — | (12,998 | ) | — | ||||||||||
| Other financing transaction costs | — | — | (44,537 | ) | — | |||||||||||
| Defined benefit pension plan income (expense) | (271 | ) | 168 | (1,284 | ) | 674 | ||||||||||
| Miscellaneous, net | (21,017 | ) | (9,689 | ) | (23,709 | ) | 7,160 | |||||||||
| Income (loss) from operations before income taxes | (40,746 | ) | 133,234 | (119,502 | ) | 209,981 | ||||||||||
| Benefit (provision) for income taxes | 12,245 | (37,847 | ) | 18,625 | (63,763 | ) | ||||||||||
| Net income (loss) | (28,501 | ) | 95,387 | (100,877 | ) | 146,218 | ||||||||||
| Preferred stock dividends | (16,411 | ) | (15,063 | ) | (63,583 | ) | (58,615 | ) | ||||||||
| Net income (loss) attributable to the shareholders of The E.W. Scripps Company | $ | (44,912 | ) | $ | 80,324 | $ | (164,460 | ) | $ | 87,603 | ||||||
| Net income (loss) per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company | $ | (0.51 | ) | $ | 0.92 | $ | (1.87 | ) | $ | 1.01 | ||||||
| Diluted weighted-average shares outstanding | 88,757 | 86,613 | 88,024 | 86,067 | ||||||||||||
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, 11 NBC affiliates, nine CBS affiliates and four FOX affiliates. We also have 12 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, telecommunication companies, satellite carriers and over-the-top virtual MVPDs.
Our Scripps Networks segment includes national news outlets Scripps News and Court TV 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 December 31, | Years Ended December 31, | |||||||||||||||||||||
| (in thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Segment operating revenues: | ||||||||||||||||||||||
| Local Media | $ | 359,952 | $ | 511,003 | (29.6 | )% | $ | 1,345,563 | $ | 1,674,318 | (19.6 | )% | ||||||||||
| Scripps Networks | 199,489 | 216,139 | (7.7 | )% | 804,217 | 835,809 | (3.8 | )% | ||||||||||||||
| Other | 5,688 | 6,004 | (5.3 | )% | 19,873 | 18,706 | 6.2 | % | ||||||||||||||
| Intersegment eliminations | (4,871 | ) | (4,767 | ) | 2.2 | % | (19,068 | ) | (19,061 | ) | — | % | ||||||||||
| Total operating revenues | $ | 560,258 | $ | 728,379 | (23.1 | )% | $ | 2,150,585 | $ | 2,509,772 | (14.3 | )% | ||||||||||
| Segment profit (loss): | ||||||||||||||||||||||
| Local Media | $ | 50,046 | $ | 198,847 | (74.8 | )% | $ | 193,587 | $ | 513,218 | (62.3 | )% | ||||||||||
| Scripps Networks | 63,504 | 60,713 | 4.6 | % | 236,844 | 190,175 | 24.5 | % | ||||||||||||||
| Other | (8,154 | ) | (8,255 | ) | (1.2 | )% | (29,136 | ) | (31,632 | ) | (7.9 | )% | ||||||||||
| Shared services and corporate | (22,450 | ) | (24,746 | ) | (9.3 | )% | (88,228 | ) | (88,941 | ) | (0.8 | )% | ||||||||||
| Restructuring costs | (2,353 | ) | (14,872 | ) | (9,828 | ) | (33,525 | ) | ||||||||||||||
| Depreciation and amortization of intangible assets | (37,966 | ) | (39,211 | ) | (150,832 | ) | (155,228 | ) | ||||||||||||||
| Gains (losses), net on disposal of property and equipment | (335 | ) | 19,141 | 31,587 | 18,424 | |||||||||||||||||
| Interest expense | (59,346 | ) | (48,862 | ) | (220,968 | ) | (210,344 | ) | ||||||||||||||
| Loss on extinguishment of debt | (2,404 | ) | — | (12,998 | ) | — | ||||||||||||||||
| Other financing transaction costs | — | — | (44,537 | ) | — | |||||||||||||||||
| Defined benefit pension plan income (expense) | (271 | ) | 168 | (1,284 | ) | 674 | ||||||||||||||||
| Miscellaneous, net | (21,017 | ) | (9,689 | ) | (23,709 | ) | 7,160 | |||||||||||||||
| Income (loss) from operations before income taxes | $ | (40,746 | ) | $ | 133,234 | $ | (119,502 | ) | $ | 209,981 | ||||||||||||
Operating results for our Local Media segment were as follows:
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||
| (in thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Segment operating revenues: | ||||||||||||||||||||||
| Core advertising | $ | 165,371 | $ | 147,448 | 12.2 | % | $ | 565,594 | $ | 552,253 | 2.4 | % | ||||||||||
| Political | 9,009 | 174,359 | (94.8 | )% | 20,037 | 342,889 | (94.2 | )% | ||||||||||||||
| Distribution | 182,920 | 185,913 | (1.6 | )% | 748,492 | 764,083 | (2.0 | )% | ||||||||||||||
| Other | 2,652 | 3,283 | (19.2 | )% | 11,440 | 15,093 | (24.2 | )% | ||||||||||||||
| Total operating revenues | 359,952 | 511,003 | (29.6 | )% | 1,345,563 | 1,674,318 | (19.6 | )% | ||||||||||||||
| Segment costs and expenses: | ||||||||||||||||||||||
| Employee compensation and benefits | 106,129 | 113,283 | (6.3 | )% | 420,728 | 437,345 | (3.8 | )% | ||||||||||||||
| Programming | 152,343 | 143,012 | 6.5 | % | 545,852 | 521,615 | 4.6 | % | ||||||||||||||
| Other expenses | 51,434 | 55,861 | (7.9 | )% | 185,396 | 202,140 | (8.3 | )% | ||||||||||||||
| Total costs and expenses | 309,906 | 312,156 | (0.7 | )% | 1,151,976 | 1,161,100 | (0.8 | )% | ||||||||||||||
| Segment profit | $ | 50,046 | $ | 198,847 | (74.8 | )% | $ | 193,587 | $ | 513,218 | (62.3 | )% | ||||||||||
Operating results for Scripps Networks segment were as follows:
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||
| (in thousands) | 2025 | 2024 | Change | 2025 | 2024 | Change | ||||||||||||||||
| Total operating revenues | $ | 199,489 | $ | 216,139 | (7.7 | )% | $ | 804,217 | $ | 835,809 | (3.8 | )% | ||||||||||
| Segment costs and expenses: | ||||||||||||||||||||||
| Employee compensation and benefits | 21,807 | 29,736 | (26.7 | )% | 86,756 | 120,862 | (28.2 | )% | ||||||||||||||
| Programming | 75,607 | 78,952 | (4.2 | )% | 327,712 | 354,281 | (7.5 | )% | ||||||||||||||
| Other expenses | 38,571 | 46,738 | (17.5 | )% | 152,905 | 170,491 | (10.3 | )% | ||||||||||||||
| Total costs and expenses | 135,985 | 155,426 | (12.5 | )% | 567,373 | 645,634 | (12.1 | )% | ||||||||||||||
| Segment profit | $ | 63,504 | $ | 60,713 | 4.6 | % | $ | 236,844 | $ | 190,175 | 24.5 | % | ||||||||||
2. CONDENSED CONSOLIDATED BALANCE SHEETS
| As of December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 27,923 | $ | 23,852 | ||||
| Other current assets | 616,562 | 606,163 | ||||||
| Assets held for sale | 102,933 | — | ||||||
| Total current assets | 747,418 | 630,015 | ||||||
| Investments | 14,369 | 8,884 | ||||||
| Property and equipment | 407,966 | 453,900 | ||||||
| Operating lease right-of-use assets | 95,975 | 90,136 | ||||||
| Goodwill | 1,918,334 | 1,968,574 | ||||||
| Other intangible assets | 1,517,776 | 1,635,488 | ||||||
| Programming | 280,359 | 402,459 | ||||||
| Miscellaneous | 26,431 | 9,119 | ||||||
| TOTAL ASSETS | $ | 5,008,628 | $ | 5,198,575 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 63,420 | $ | 100,669 | ||||
| Unearned revenue | 22,166 | 18,159 | ||||||
| Current portion of long-term debt | 8,854 | 15,612 | ||||||
| Accrued expenses and other current liabilities | 352,098 | 347,954 | ||||||
| Liabilities held for sale | 7,063 | — | ||||||
| Total current liabilities | 453,601 | 482,394 | ||||||
| Long-term debt (less current portion) | 2,585,534 | 2,560,560 | ||||||
| Other liabilities (less current portion) | 723,401 | 837,607 | ||||||
| Total equity | 1,246,092 | 1,318,014 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 5,008,628 | $ | 5,198,575 | ||||
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 December 31, | Years Ended December 31, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Numerator (for basic and diluted earnings per share) | ||||||||||||||||
| Net income (loss) | $ | (28,501 | ) | $ | 95,387 | $ | (100,877 | ) | $ | 146,218 | ||||||
| Less income allocated to RSUs | — | (534 | ) | — | (709 | ) | ||||||||||
| Less preferred stock dividends | (16,411 | ) | (15,063 | ) | (63,583 | ) | (58,615 | ) | ||||||||
| Numerator for basic and diluted earnings per share | $ | (44,912 | ) | $ | 79,790 | $ | (164,460 | ) | $ | 86,894 | ||||||
| Denominator | ||||||||||||||||
| Basic weighted-average shares outstanding | 88,757 | 86,312 | 88,024 | 85,738 | ||||||||||||
| Effect of dilutive securities | — | 301 | — | 329 | ||||||||||||
| Diluted weighted-average shares outstanding | 88,757 | 86,613 | 88,024 | 86,067 | ||||||||||||
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, 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 December 31, | Years Ended December 31, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net income (loss) | $ | (28,501 | ) | $ | 95,387 | $ | (100,877 | ) | $ | 146,218 | ||||||
| Provision (benefit) for income taxes | (12,245 | ) | 37,847 | (18,625 | ) | 63,763 | ||||||||||
| Interest expense | 59,346 | 48,862 | 220,968 | 210,344 | ||||||||||||
| Loss on extinguishment of debt | 2,404 | — | 12,998 | — | ||||||||||||
| Other financing transaction costs | — | — | 44,537 | — | ||||||||||||
| Defined benefit pension plan expense (income) | 271 | (168 | ) | 1,284 | (674 | ) | ||||||||||
| Share-based compensation costs | 3,428 | 2,788 | 18,199 | 15,177 | ||||||||||||
| Depreciation | 14,623 | 15,911 | 58,850 | 61,992 | ||||||||||||
| Amortization of intangible assets | 23,343 | 23,300 | 91,982 | 93,236 | ||||||||||||
| Losses (gains), net on disposal of property and equipment | 335 | (19,141 | ) | (31,587 | ) | (18,424 | ) | |||||||||
| Restructuring costs | 2,353 | 14,872 | 9,828 | 33,525 | ||||||||||||
| Miscellaneous, net | 21,017 | 9,689 | 23,709 | (7,160 | ) | |||||||||||
| Adjusted EBITDA | $ | 86,374 | $ | 229,347 | $ | 331,266 | $ | 597,997 | ||||||||
5. SUPPLEMENTAL CASH FLOW INFORMATION
The following table presents additional information on certain sources and uses of cash:
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
| (in thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Capital expenditures | $ | (13,748 | ) | $ | (10,980 | ) | $ | (43,312 | ) | $ | (65,477 | ) | ||||
| Interest paid | (23,160 | ) | (26,733 | ) | (168,411 | ) | (195,856 | ) | ||||||||
| Income taxes paid | (953 | ) | (20,509 | ) | (13,323 | ) | (71,811 | ) | ||||||||
| Mandatory contributions to defined retirement plans | (365 | ) | (263 | ) | (1,411 | ) | (1,131 | ) | ||||||||
FAQ
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