Nexstar Q3 2026 revenue jumps 78% to $2.13B

Nexstar reported $1.3 billion of year-to-date debt repayments and $171 million in dividends paid during the first nine months.

Available on EDGAR 11/05/2026 - 07:07 AM EST Accepted by SEC EDGAR 11/05/2026 - 07:03 AM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Nexstar Media Group reported record third-quarter 2026 net revenue of $2.133 billion, up 78.0% from $1.198 billion a year earlier. Net income was $250 million, compared with $65 million, while Adjusted EBITDA reached $756 million, up 111.2%. Revenue growth reflected $765 million of incremental revenue from the TEGNA acquisition and higher advertising and distribution revenue in legacy businesses; political advertising revenue was a record $317 million.

Net cash from operating activities was $680 million and Adjusted Free Cash Flow was $443 million. For the first nine months, Adjusted Free Cash Flow was $1.101 billion; Nexstar repaid $786 million of debt and paid $171 million in dividends. Consolidated debt of Nexstar and Mission Broadcasting, an independently owned variable interest entity, was $11.409 billion as of September 30, 2026, including $8.6 billion of senior secured debt. Nexstar said it is subject to a preliminary injunction affecting its ability to execute anticipated TEGNA synergies.

3 points · 0 major

PositiveiHow 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

0 major · 0 points

How the balance works

Positive

• Moderate pointQ3 revenue reached $2.133 billion, up 78.0% year over year.
• Moderate pointQ3 net income was $250 million, up 284.6% year over year.
• Moderate pointQ3 operating cash flow reached $680 million, up 481.2% year over year.

Negative

• None.

Filing Explained

After September 30, 2026, Nexstar reports repaying another $525 million of its secured credit facilities through November 5, 2026, reducing secured borrowing outstanding; total debt repayments year-to-date through that date were $1.3 billion.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net revenue: $2.133 billion Net income: $250 million Adjusted EBITDA: $756 million +5 more

8 metrics

Net revenue $2.133 billion Three months ended September 30, 2026; up 78.0% year over year

Net income $250 million Three months ended September 30, 2026; up 284.6% year over year

Adjusted EBITDA $756 million Three months ended September 30, 2026; up 111.2% year over year

Net cash provided by operating activities $680 million Three months ended September 30, 2026; up 481.2% year over year

Adjusted Free Cash Flow $443 million Three months ended September 30, 2026; up 166.9% year over year

Political advertising revenue $317 million Third quarter of 2026; record third-quarter revenue

Consolidated debt $11.409 billion Nexstar and Mission Broadcasting as of September 30, 2026

First lien net leverage ratio 3.03x Pro forma as of September 30, 2026; covenant ratio test was 4.75x

Key Terms

Adjusted EBITDA, Adjusted Free Cash Flow, vMVPD, first lien net leverage ratio

4 terms

Adjusted EBITDA financial

"Third quarter Adjusted EBITDA of $756 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Adjusted Free Cash Flow financial

"Adjusted Free Cash Flow of $443 million"

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

vMVPD technical

"growth in vMVPD and other streaming subscribers"

first lien net leverage ratio financial

"pro forma first lien net leverage ratio was 3.03x"

First lien net leverage ratio measures how much of a company’s top-priority secured debt remains after using available cash, compared with the company’s recurring cash earnings. Think of it like the size of a primary mortgage relative to your annual take-home pay after you count money in your savings account. Investors use it to judge credit risk and borrowing capacity: a higher ratio suggests greater default risk, tighter financing terms, or covenant pressure.

Earnings Snapshot

Net revenue: $2.133 billion

Three months ended September 30, 2026

Net revenue $2.133 billion 78.0% year over year

Net income $250 million 284.6% year over year

Adjusted EBITDA $756 million 111.2% year over year

Net cash provided by operating activities $680 million 481.2% year over year

Adjusted Free Cash Flow $443 million 166.9% year over year

FAQ

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

What were NXST's Q3 2026 revenue, net income and EBITDA?

Nexstar reported $2.133 billion in net revenue, $250 million in net income and $756 million in Adjusted EBITDA for the three months ended September 30, 2026. Revenue was up 78.0%, net income 284.6% and Adjusted EBITDA 111.2% versus the prior-year quarter.

What drove NXST's Q3 advertising revenue?

Advertising revenue was $1.023 billion, up $547 million, or 114.9%, year over year. The increase primarily reflected $405 million in incremental revenue from TEGNA and a $163 million increase in political advertising at legacy businesses, partly offset by lower non-political advertising, due in part to political-ad crowd-out. Q3 political advertising revenue was $317 million.

What are Nexstar's leverage ratios?

As of September 30, 2026, Nexstar's pro forma first lien net leverage ratio was 3.03x versus a 4.75x covenant ratio test, and its total net leverage ratio was 4.04x. The calculations excluded anticipated TEGNA synergies beginning in the second quarter of 2026 under the credit agreements.

What did Nexstar disclose about the TEGNA injunction?

Nexstar said it is subject to a preliminary injunction that has impacted its ability to execute anticipated synergies in connection with the TEGNA acquisition. The trial on the merits of the plaintiffs' claims is set for July 6, 2027.

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

Understanding 8-K Material Events →

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

Add on Google Not now

false000114241700011424172026-11-052026-11-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 5, 2026

NEXSTAR MEDIA GROUP, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware			000-50478	23-3083125
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
545 E. John Carpenter Freeway Suite 700
Irving, Texas				75062
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 972 373-8800

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		NXST		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On November 5, 2026, Nexstar Media Group, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release of Nexstar Media Group, Inc. dated November 5, 2026.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			NEXSTAR MEDIA GROUP, INC.
Date:	November 5, 2026	By:	/s/ Lee Ann Gliha
		Name:	Lee Ann Gliha
		Title:	Chief Financial Officer (Principal Financial Officer)

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 and Adjusted Free Cash Flow of $443 Million

Delivered Record Q3 Political Advertising Revenue of $317 Million

Repaid $1.3 Billion of Debt Year-to-Date through Today and Returned $58 Million to Shareholders in Dividends in Q3

			STATEMENT FROM PERRY A. SOOK, FOUNDER, CHAIRMAN AND CEO
		“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. The CW set a network record with its most-watched sports broadcast ever, as August’s New Mexico State – Florida State football game outperformed three of the major broadcast networks in primetime among Adults 25–54. NewsNation continues its momentum, growing total day viewership 9% year-over-year for the third quarter. 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 $171 million to shareholders through dividends, while also funding ongoing investments in local news and sports programming. Looking ahead, we will continue to execute our playbook to drive long-term shareholder value while enhancing the programming, products and services that make Nexstar a leading choice for audiences and advertisers and an essential partner to networks and distributors.”
																		2026 Third Quarter Financial Summary
		($ in millions)			Three Months Ended September 30,							Nine Months Ended September 30,
					2026		2025		% Change			2026		2025		% Change
		Distribution			$1,091		$709		53.9			$3,044		$2,204		38.1
		Advertising			1,023		476		114.9			2,433		1,410		72.6
		Other			19		13		46.2			45		46		(2.2)
		Net Revenue			$2,133		$1,198		78.0			$5,522		$3,660		50.9
		Net Income			$250		$65		284.6			$523		$253		106.7
		% Margin(1)			11.7%		5.4%		6.3			9.5%		6.9%		2.6
		Adjusted EBITDA(2)			$756		$358		111.2			$1,860		$1,128		64.9
		% Margin(1)			35.4%		29.9%		5.5			33.7%		30.8%		2.9
		Net Cash Provided by Operating Activities			$680		$117		481.2			$1,267		$701		80.7
		Adjusted Free Cash Flow(2)			$443		$166		166.9			$1,101		$615		79.0

(1)Net Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.

(2)Please refer to the “Definitions and Disclosures Regarding Non-GAAP Financial Information” section herein and the reconciliations at the end of this press release.

1 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Company and Business Highlights

•Completed a multi-year affiliation agreement extending the FOX affiliation in 41 markets. (August 2026)

•TEGNA completed a multi-year agreement extending the ABC affiliation in 13 markets. (October 2026)

•Nexstar and TEGNA each completed multi-year affiliation agreements extending CW affiliations in 66 and 8 markets, respectively. (August 2026)

•TEGNA CEO Patrick Paolini appointed new operating and sales executives to the Company’s leadership team. (October 2026)

•Ahead of the midterm elections, Nexstar’s local television stations produced 88 candidate debates and forums, connecting communities with candidates to discuss the issues that matter most, while providing candidates with an unmatched platform to reach voters.

•Continued to advance The CW's strategy to expand its audience and programming.

– The CW ranked as the #9 rated English-language ad-supported network in Q3 2026. (September 2026)

– Expanded The CW’s college football lineup with the addition of the San Diego County Credit Union Poinsettia Bowl and the Annual Holiday Bowl games. (August 2026)

– Reached an exclusive multi-year media rights agreement with the National Hot Rod Association (NHRA) for The CW to broadcast the final seven races of the Mission Foods Drag Racing Series beginning in September 2027. (September 2026)

•NewsNation momentum continued, growing total day viewership 9% in the third quarter compared to the same quarter in 2025. (September 2026)

2 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Financial Results

•Net Revenue. Record quarterly net revenue of $2.13 billion, increased $935 million year-over-year, or 78.0%, primarily due to $765 million of incremental revenue from our acquisition of TEGNA and higher advertising and distribution revenue from our legacy business units.

•Distribution Revenue. Third quarter distribution revenue of $1,091 million, increased $382 million, or 53.9%, versus the comparable prior year quarter, primarily reflecting $352 million of incremental revenue from the acquisition of TEGNA and higher revenue from our legacy business units due to increased rates, the impact of a one-time charge in the third quarter of 2025 which did not recur in the 2026 period, growth in vMVPD and other streaming subscribers, and the addition of CW affiliations on certain of our stations, partially offset by MVPD subscriber attrition and affiliation replacements on six stations previously affiliated with CBS.

•Advertising Revenue. Third quarter advertising revenue of $1,023 million, increased $547 million, or 114.9%, from the comparable prior year quarter, primarily reflecting $405 million of incremental revenue from the acquisition of TEGNA and a $163 million increase in political advertising at our legacy business units, partially offset by lower non-political advertising due, in part, to crowd-out from political advertising. In total, Q3 political advertising revenue was $317 million, as 2026 is an election year.

•Net Income. Third quarter net income of $250 million increased $185 million, or 284.6%, compared to the prior year quarter, primarily due to increased operating income from the acquisition of TEGNA and increased political advertising revenue generated at our legacy business units, partially offset by increased interest, income tax and one-time expenses, all in connection with the TEGNA transaction. Net income margin increased to 11.7% from 5.4% in the comparable prior year period.

•Adjusted EBITDA. Third quarter Adjusted EBITDA of $756 million, increased $398 million, or 111.2%, compared to the prior year quarter reflecting $243 million of incremental Adjusted EBITDA from the acquisition of TEGNA and increased revenue at our legacy business units. Adjusted EBITDA margin was 35.4% compared to 29.9% in the comparable prior year period.

•Net Cash Provided by Operating Activities. Third quarter Net Cash Provided by Operating Activities of $680 million, increased $563 million, or 481.2%, compared to the comparable prior year quarter, due primarily to an increase in net income and the impact of changes in operating assets and liabilities reflecting the timing of receipts and payments.

•Adjusted Free Cash Flow. Third quarter Adjusted Free Cash Flow of $443 million, increased $277 million, or 166.9%, compared to the prior year quarter, due primarily to increased Adjusted EBITDA, partially offset by an increase in interest expense, capital expenditures and income tax payments, all primarily related to the acquisition of TEGNA.

3 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Capital Allocation

•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.

($ in millions, shares in thousands)		Three Months Ended September 30,					Nine Months Ended September 30,
		2026		2025			2026		2025
Cash Used For
Debt repayment		$350		$25			$786		$157
Acquisitions		-		-			3,657		22
Stockholder return		58		56			171		294
Common stock dividends		58		56			171		169
Stock repurchases		-		-			-		125
Shares Outstanding
End of period		30,818		30,324			30,818		30,324
Less: Beginning of period		30,806		30,315			30,328		30,621
Change in shares outstanding		12		9			490		(297)
% Change		0.0%		0.0%			1.6%		(1.0%)

4 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Debt, Cash and Leverage

•As of September 30, 2026, the consolidated debt of Nexstar and Mission Broadcasting, Inc., an independently owned variable interest entity, was $11.4 billion, including senior secured debt of $8.6 billion.

•As of September 30, 2026, the Company’s pro forma first lien net leverage ratio was 3.03x compared to a covenant ratio test of 4.75x and its total net leverage ratio was 4.04x, both calculated in accordance with the terms of its credit agreements which - beginning in the second quarter 2026 - exclude the synergies expected in connection with the acquisition of TEGNA(1).

•Subsequent to September 30, through the date hereof, the Company repaid an additional $525 million of its secured credit facilities.

•The table below summarizes the Company’s cash balances and debt obligations (net of financing costs, discounts and/or premiums) as of September 30, 2026 and December 31, 2025.

($ in millions)			September 30, 2026		December 31, 2025
Cash on Hand			$446		$280
Secured Credit Facilities			$4,849		$3,622
Secured Notes			3,797		-
Unsecured Notes			2,763		2,711
Total Debt			$11,409		$6,333

(1)We are currently subject to a preliminary injunction that has impacted our ability to execute on synergies anticipated in connection with the acquisition of TEGNA. The trial on the merits of the plaintiffs’ claims is set for July 6, 2027. For synergies to be recognized for our covenant ratio test, they must be anticipated to be realized within 18 months from the date of the transaction, which date would be September 19, 2027 (the “Outside Synergies Date”). Given the limited time between the resolution of the trial and the Outside Synergies Date, we have removed the projected anticipated synergies from the leverage calculation. If conditions change, we will revisit this assessment and calculation.

5 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Third Quarter Conference Call

Nexstar will host a conference call at 10:00 a.m. ET today. Senior management will discuss the financial results and host a question-and-answer session. The dial in number for the audio conference call is 1-877-407-9208 or 1-201-493-6784, conference ID 13762965 (domestic and international callers). Participants can also listen to a live webcast of the call through the “Events and Presentations” section under “Investor Relations” on Nexstar’s website at nexstar.tv. A webcast replay will be available for 90 days following the live event at nexstar.tv.

Forward-Looking Statements

This communication includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. Forward-looking statements include information preceded by, followed by, or that includes the words “guidance,” “believes,” “expects,” “anticipates,” “could,” or similar expressions. For these statements, Nexstar claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this communication, concerning, among other things, future financial performance, including changes in net revenue, operating expenses and cash flow and the Company’s ability to integrate TEGNA and realize anticipated synergies, involve risks and uncertainties, and are subject to change based on various important factors, including the impact of changes in national and regional economies, the ability to service and refinance our outstanding debt, successful integration of business acquisitions (including achievement of synergies and cost reductions), the outcome of the pending litigations related to the TEGNA acquisition, pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events. Nexstar undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this communication might not occur. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see Nexstar’s other filings with the Securities and Exchange Commission.

6 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Definitions and Disclosures Regarding Non-GAAP Financial Information

Adjusted EBITDA is calculated as net income, plus or (minus): transaction, other one-time and restructuring expenses, stock-based compensation expense, depreciation and amortization of intangible assets (excluding amortization of broadcast rights), amortization of basis difference of equity method investments, (gain) loss on asset disposal, impairment charges, interest expense, net, loss on extinguishment of debt, pension and other postretirement plans costs (credit), income tax expense (benefit) and other operating and non-operating expense (income). We consider Adjusted EBITDA to be an indicator of our assets’ operating performance.

Free Cash Flow is calculated as net cash provided by operating activities less capital expenditures.

Adjusted Free Cash Flow is calculated as Free Cash Flow plus or (minus): transaction, other one-time and restructuring expenses, changes in operating assets and liabilities, net of acquisitions (excluding changes in income tax payable), taxes paid on sale of assets, pension and other postretirement plans costs (credit) and other items. We consider Adjusted Free Cash Flow to be an indicator of our liquidity. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can be available for use in ongoing operations, debt payments, pension contributions, dividends, share repurchases, acquisitions and other items. Adjusted Free Cash Flow is not intended to represent the amount of cash flow available for discretionary expenditures as certain items and non-discretionary expenditures, such as changes in working capital, mandatory debt service requirements and pension contributions, are not deducted from this measure.

For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release.

7 • • • • • • • • • • • • • • • • • • • • • • • • • •

Investor Contacts:	Media Contact:
Lee Ann Gliha EVP and Chief Financial Officer Nexstar Media Group, Inc. 972/373-8800	Gary Weitman EVP and Chief Communications Officer Nexstar Media Group, Inc. 972/373-8800 or gweitman@nexstar.tv
Joe Jaffoni, Jennifer Neuman
JCIR
212/835-8500 or nxst@jcir.com

8 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Nexstar Media Group, Inc.

Condensed Consolidated Statements of Operations

(in millions, except for share and per share amounts, unaudited)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Net revenue		$2,133		$1,198		$5,522		$3,660
Operating expenses:
Direct operating		936		562		2,477		1,670
Selling, general and administrative		316		202		862		607
Corporate		105		68		342		183
Amortization of broadcast rights		87		72		246		239
Depreciation and amortization of intangible assets		155		118		434		353
Other		2		1		2		1
Total operating expenses		1,601		1,023		4,363		3,053
Income from operations		532		175		1,159		607
Income from equity method investments, net		-		5		7		24
Interest expense, net		(186)		(94)		(495)		(288)
Pension and other postretirement plans credit, net		7		7		22		23
Loss on extinguishment of debt		(11)		-		(21)		(5)
Other income, net		1		3		1		3
Income before income taxes		343		96		673		364
Income tax expense		(93)		(31)		(150)		(111)
Net income		250		65		523		253
Net loss attributable to noncontrolling interests		5		5		16		22
Net income attributable to Nexstar Media Group, Inc.		$255		$70		$539		$275
Net income per share available to common stockholders:
Basic		$7.97		$2.16		$16.86		$8.66
Diluted		$7.92		$2.14		$16.62		$8.57
Weighted average number of common shares outstanding:
Basic (in thousands)		30,812		30,319		30,601		30,357
Diluted (in thousands)		31,013		30,649		31,030		30,696

9 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Nexstar Media Group, Inc.

Condensed Consolidated Statements of Cash Flows

($ in millions, unaudited)

		Nine Months Ended September 30,
		2026		2025
Cash flows from operating activities:
Net income		$523		$253
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of broadcast rights		246		239
Depreciation and amortization of intangible assets		434		353
Stock-based compensation expense		80		58
Amortization of debt financing costs, debt discounts and premium		8		6
Loss on extinguishment of debt		21		5
Deferred income taxes		(56)		(20)
Payments for broadcast rights		(246)		(249)
Income from equity method investments, net		(7)		(24)
Distribution from equity method investments – return on capital		100		131
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable		128		15
Prepaid and other current assets		26		6
Other noncurrent assets		8		3
Accounts payable		(12)		(30)
Accrued expenses and other current liabilities		89		44
Income tax payable		(14)		(45)
Other noncurrent liabilities		(62)		(50)
Other		1		6
Net cash provided by operating activities		1,267		701
Cash flows from investing activities:
Purchases of property and equipment		(113)		(94)
Payments for acquisitions, net of cash acquired		(3,341)		(22)
Proceeds received from life insurance policies		55		1
Proceeds from disposal of property and equipment		12		1
Other investing activities, net		(5)		(4)
Net cash used in investing activities		(3,392)		(118)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts		11,106		3,393
Repayments of long-term debt		(8,498)		(3,568)
Payments for debt financing costs		(107)		(2)
Premium paid on debt extinguishment		(13)		-
Purchase of treasury stock		-		(125)
Common stock dividends paid		(171)		(169)
Payments for capitalized software obligations		(7)		(14)
Cash paid for shares withheld for taxes		(18)		-
Other financing activities, net		(1)		(6)
Net cash provided by (used in) financing activities		2,291		(491)
Net increase in cash and cash equivalents		166		92
Cash and cash equivalents at beginning of period		280		144
Cash and cash equivalents at end of period		$446		$236

10 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Nexstar Media Group, Inc.

Reconciliation of Adjusted EBITDA (Non-GAAP Measure)

($ in millions, unaudited)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Net income		$250		$65		$523		$253
Add (Less):
Transaction, other one-time and restructuring expenses(1)		30		23		125		33
Stock-based compensation expense(2)		20		19		80		58
Depreciation and amortization of intangible assets		155		118		434		353
Amortization of basis difference of equity method investments		18		18		53		53
Interest expense, net		186		94		495		288
Loss on extinguishment of debt		11		-		21		5
Pension and other postretirement plans credit, net		(7)		(7)		(22)		(23)
Income tax expense		93		31		150		111
Other		-		(3)		1		(3)
Adjusted EBITDA		$756		$358		$1,860		$1,128

(1)Primarily includes legal and other direct expenses associated with our acquisition of TEGNA, direct expenses associated with financing transactions, severance and other direct expenses associated with restructuring activities.

(2)Includes $18 million of accelerated stock-based compensation related to TEGNA acquisition restructuring activities in Q2 2026.

11 • • • • • • • • • • • • • • • • • • • • • • • • • •

THIRD QUARTER 2026 EARNINGS RELEASE

Nexstar Media Group, Inc.

Reconciliation of Free Cash Flow and Adjusted Free Cash Flow (Non-GAAP Measure)

($ in millions, unaudited)

		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Net cash provided by operating activities		$680		$117		$1,267		$701
Add (Less):
Capital expenditures		(46)		(30)		(113)		(94)
Free Cash Flow		$634		$87		$1,154		$607
Add (Less):
Transaction, other one-time and restructuring expenses(1)		30		23		147		33
Changes in operating assets and liabilities(2)		(258)		75		(163)		57
Changes in income tax payable(3)		36		(7)		(14)		(45)
Pension and other postretirement plans credit, net		(7)		(7)		(22)		(23)
Other(4)		8		(5)		(1)		(14)
Adjusted Free Cash Flow		$443		$166		$1,101		$615

(1)Primarily includes legal and other direct expenses associated with our acquisition of TEGNA, direct expenses associated with financing transactions, severance and other direct expenses associated with restructuring activities.

(2)Removes the impact of changes in operating assets and liabilities (including changes in income tax payable), net of acquisitions.

(3)Includes changes in income tax payable to reflect all tax payments.

(4)Primarily include payments for capitalized software obligations, proceeds from disposal of assets and insurance recoveries (excluding $11 million proceeds from sale of certain real estate property in Q2 2026), and $3 million of tax payments in Q3 2026 related to the sale of such real estate asset.

12 • • • • • • • • • • • • • • • • • • • • • • • • • •

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 623.0 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 26.6 KB