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  4. [8-K] Sinclair, Inc. Reports Material Event

Sinclair raises 2026 adjusted EBITDA view to $825M–$835M

Sinclair's preliminary full-year political advertising revenue is approximately $455 million, alongside its increased 2026 Adjusted EBITDA outlook.

Available on EDGAR Accepted by SEC EDGAR
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Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Sinclair, Inc. reported third-quarter 2026 total revenue of $893 million, up 16% year over year, and Adjusted EBITDA of $213 million, up 113%. Net income attributable to the Company was $43 million, compared with a $1 million loss in the prior-year quarter. For the nine months ended September 30, 2026, revenue was $2.54 billion, up 9%, and Adjusted EBITDA was $488 million, up 55%; net loss was $13 million versus $221 million.

Sinclair raised full-year 2026 Adjusted EBITDA guidance to $825 million to $835 million from $730 million to $760 million; consolidated revenue guidance increased by $95 million at the midpoint. Quarterly political advertising revenue was $136 million, up 55% versus the third quarter of 2022, and preliminary full-year political advertising revenue is approximately $455 million.

At quarter-end, total liquidity was approximately $1.4 billion, including $659 million of cash and cash equivalents plus undrawn revolver and accounts receivable facility capacity. Sinclair retired $25 million of B7 term loan at a discount and terminated the remainder of the B3 term loan. It reached network affiliation agreements with ABC and CBS, continues evaluating broadcast transactions, and determined not to separate Ventures in a standalone transaction at this time.

4 points · 1 major

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

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0 major · 0 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.Full-year Adjusted EBITDA guidance increased to $825 million to $835 million.
  • Moderate pointThird-quarter revenue increased 16% year over year.
  • Moderate pointThird-quarter Adjusted EBITDA increased 113% year over year.
  • Moderate pointNine-month net loss narrowed to $13 million from $221 million.

Negative

  • None.

Filing Explained

This 8-K furnishes Sinclair’s third-quarter results under Item 2.02: the release is not deemed filed for Section 18 purposes and is not incorporated into other company filings unless expressly incorporated by specific reference.

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.
Total revenue $893 million Three months ended September 30, 2026; up 16% year over year
Adjusted EBITDA $213 million Three months ended September 30, 2026; up 113% year over year
Net income attributable to the Company $43 million Three months ended September 30, 2026; compared with a $1 million loss in the prior-year quarter
Political advertising revenue $136 million Three months ended September 30, 2026; up 55% versus the third quarter of 2022
Total revenue $2.54 billion Nine months ended September 30, 2026; up 9% year over year
Adjusted EBITDA $488 million Nine months ended September 30, 2026; up 55% year over year
Full-year Adjusted EBITDA guidance $825 million to $835 million Twelve months ending December 31, 2026
Total liquidity Approximately $1.4 billion At the end of the third quarter of 2026
Adjusted EBITDA financial
"Total Adjusted EBITDA increased by 113% year-over-year"
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.
undrawn revolver financial
"cash and cash equivalents of $659 million plus undrawn revolver"
An undrawn revolver is the unused portion of a company's revolving credit facility — like the available balance on a corporate credit card that the company can borrow from at any time. It matters to investors because it represents ready access to cash for operations, acquisitions, or emergencies without issuing new debt or equity, and it affects a firm's short-term liquidity, covenant headroom, and financial flexibility.
multicast networks technical
"includes multicast networks and original content"
A multicast network is a way of sending the same piece of data from one source to many recipients at once, like broadcasting a TV show so one transmission reaches many viewers simultaneously. For investors, multicast matters because it can cut bandwidth costs and improve scalability for businesses that distribute large amounts of identical data (live market feeds, video, software updates), which affects the profitability and infrastructure needs of telecom, cloud and content-delivery companies.
Total revenue $893 million +16% year over year
Adjusted EBITDA $213 million +113% year over year
Net income attributable to the Company $43 million Compared with a $1 million loss in the prior-year quarter
Political advertising revenue $136 million +55% versus the third quarter of 2022
Guidance

Full-year 2026 Adjusted EBITDA guidance: $825 million to $835 million.

FAQ

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

What was SBGI's third-quarter 2026 revenue?
Sinclair reported total revenue of $893 million for the three months ended September 30, 2026, up 16% year over year. Adjusted EBITDA was $213 million, up 113% year over year.

What is SBGI's 2026 Adjusted EBITDA guidance?
Sinclair's full-year 2026 Adjusted EBITDA guidance is $825 million to $835 million, increased from $730 million to $760 million. Consolidated total revenue guidance also increased by $95 million at the midpoint of the new range.

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

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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
 
November 4, 2026
Date of Report (Date of earliest event reported)
 
Sinclair, Inc.
(Exact name of registrant as specified in its charter)
Maryland333-27107292-1076143
(State or other jurisdiction of incorporation)(Commission File Number)(I.R.S. Employer Identification Number)
 
10706 Beaver Dam Road Hunt Valley, MD  21030
(Address of principal executive offices and zip code)
 
(410) 568-1500
(Registrants' telephone number, including area code)
 
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 classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $ 0.01 per shareSBGIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). ☐
 
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 4, 2026, Sinclair, Inc. (the "Company") announced via press release the Company’s financial results for the third quarter ended September 30, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1. The information contained herein and the attached exhibit are furnished under this Item 2.02 of Form 8-K and are furnished to, but for purposes of Section 18 of the Securities Exchange Act of 1934 shall not be deemed filed with, the Securities and Exchange Commission. The information contained herein and in the accompanying exhibit shall not be incorporated by reference to any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit related to Item 2.02 shall be deemed to be furnished and not filed.
Exhibit No.Description
99.1
Press Release (dated November 4, 2026).
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE


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 hereunto duly authorized.

SINCLAIR, INC.


By: /s/ David R. Bochenek
        
Name:    David R. Bochenek
Title:    Senior Vice President / Chief Accounting Officer
Dated: November 4, 2026



Press Release
        
SINCLAIR REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS

BALTIMORE (November 4, 2026) - Sinclair, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and nine months ended September 30, 2026.

Highlights:
•Total Revenue increased by 16% and Total Adjusted EBITDA increased by 113% year-over-year
•Total Adjusted EBITDA of $213 million
•Political Advertising Revenue of $136 million, an increase of 55% versus 3Q22
•Full-year preliminary Political Advertising Revenue of approximately $455 million, an increase of $50 million above our prior political revenue record of $405 million in 2024 and $122 million above our prior mid-term political revenue record of $333 million in 2022
•As an update to our ongoing strategic review, we continue to evaluate various broadcast transactions and while pleased with some of the progress we have made so far, we believe opportunities still remain. We have also evaluated the separation of the Ventures portfolio through a spin-off, split-off, or other transaction, and have determined at this time not to separate Ventures in a standalone transaction. We will continue to evaluate all options that provide value creation for the Company’s stakeholders
•Increased Full Year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million

CEO Comment:
"Sinclair delivered strong third quarter results, with record mid-term political advertising revenue in both third and fourth quarters, and disciplined execution across the business. Political advertising revenue is expected to exceed our prior record year of 2024 as battleground races and the overall political environment helped drive record demand across our footprint. In addition, we have reached new network affiliation agreements with both ABC and CBS in recent weeks. Lastly, we are increasing our full year 2026 Adjusted EBITDA guidance to a range of $825 million to $835 million, which we note is higher than our 2024 Adjusted EBITDA of $816 million excluding the Diamond-related management fees received in that year."

Recent Developments:
Updated Full Year 2026 Guidance
•Increasing Total Company Adjusted EBITDA from a range of $730 million to $760 million to a range of $825 million to $835 million
•Total Company Revenue guidance increasing by $95 million at the mid-point of our new range
•Distribution and Core Advertising Revenue ranges tightened

2026 Midterm Election
•Political revenue of $136 million in the quarter is up 55% compared to the third quarter of the 2022 mid-term election cycle
•Full-year political revenue of approximately $455 million represents a record political year for Sinclair, besting the $405 million in political revenue in 2024

Balance Sheet
•Retired $25 million of B7 term loan at a discount and terminated the remainder of the B3 term loan
•Ended the third quarter with total liquidity of ~$1.4 billion consisting of cash and cash equivalents of $659 million plus undrawn revolver and accounts receivable facility capacity

1

Content and Distribution
•Reached network affiliation agreements with both ABC and CBS in recent weeks
•Record setting 2026 FIFA World Cup, NFL and college football audiences highlight broadcast's lynchpin position for appointment viewing
•Tennis Channel continued to grow engagement across linear, streaming, and direct-to-consumer (DTC) platforms with growth seen in DTC subscribers, as well as both distribution and core advertising revenue

Financial Results:
Consolidated Financial Results

($ in millions)Three Months EndedPercent Change
September 30, 2026June 30, 2026September 30, 2025QTQYOY
Total revenue$893 $840 $773 6%16%
Distribution revenue426 444 422 (4)%1%
Core advertising revenue301 308 315 (2)%(4)%
Political advertising revenue136 59 6 131%2167%
Other media and non-media revenue30 29 30 3%—%
Net income (loss) attributable to the Company$43 $(76)$(1)n/mn/m
Adjusted EBITDA(a)
$213 $149 $100 43%113%
Nine Months EndedPercent Change
September 30, 2026September 30, 2025YOY
Total revenue$2,540 $2,333 9%
Distribution revenue1,328 1,307 2%
Core advertising revenue914 923 (1)%
Political advertising revenue213 18 1083%
Other media and non-media revenue85 85 —%
Net loss attributable to the Company$(13)$(221)(94)%
Adjusted EBITDA(a)
$488 $315 55%
n/m - not meaningful
(a)Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. Refer to the reconciliation at the end of this press release and the Company’s website.
2

Segment Financial Results

Segment financial information is included in the following tables for the periods presented. The Local Media segment consists primarily of broadcast television stations, which the Company owns, operates or to which the Company provides services, and includes multicast networks and original content. The Local Media segment assets are owned and operated by Sinclair Broadcast Group, LLC (SBG), including its wholly-owned subsidiary, Sinclair Television Group, Inc. (STG). The Tennis segment consists primarily of Tennis Channel, a cable network which includes coverage of most of tennis' top tournaments and original professional sport and tennis lifestyle shows; the Tennis Channel International subscription and streaming service; Tennis Channel streaming service; TennisChannel 2, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Other includes non-broadcast digital solutions such as Digital Remedy, technical services, and other non-media investments. The assets of the Tennis segment and Other are owned and operated by Sinclair Ventures, LLC (Ventures).

Three months ended September 30, 2026Local MediaTennisOtherCorporate and EliminationsConsolidated
($ in millions)
Distribution revenue$373 $53 $— $— $426 
Core advertising revenue258 17 37 (11)301 
Political advertising revenue135 — 1 — 136 
Other media revenue22 1 — (1)22 
Media revenue$789 $71 $38 $(12)$885 
Non-media revenue— — 8 (1)8 
Total revenue$789 $71 $46 $(13)$893 
Media programming and production expenses$381 $39 $— $— $419 
Media selling, general and administrative expenses174 16 29 (13)207 
Non-media expenses2 — 14 — 15 
Amortization of program costs16 — — — 16 
Corporate general and administrative expenses24 1 1 13 38 
Stock-based compensation8 — 1 (1)7 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
5 (1)2 1 7 
Interest expense (net)(a)
75 — (4)— 71 
Capital expenditures16 3 2 — 20 
Distributions to (contributions from) the noncontrolling interests2 — — — 2 
Cash distributions from investments— — — — — 
Net cash taxes received(1)
Net income43 
Operating income (loss)135 10 1 (13)134 
Adjusted EBITDA(b)
205 15 5 (12)213 

Note: Certain amounts may not summarize to totals due to rounding differences.
(a)Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b)Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.
3


Three months ended September 30, 2025Local MediaTennisOtherCorporate and EliminationsConsolidated
($ in millions)
Distribution revenue$370 $52 $— $— $422 
Core advertising revenue269 14 38 (6)315 
Political advertising revenue6 — — — 6 
Other media revenue22 1 — (1)22 
Media revenue$667 $67 $38 $(7)$765 
Non-media revenue— — 10 (2)8 
Total revenue$667 $67 $48 $(9)$773 
Media programming and production expenses$378 $35 $— $— $413 
Media selling, general and administrative expenses165 15 30 (7)203 
Non-media expenses2 — 12 (2)12 
Amortization of program costs21 — — — 21 
Corporate general and administrative expenses21 1 2 16 40 
Stock-based compensation9 — — 2 11 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
3 — 2 — 5 
Interest expense (net)(a)
81 — (5)— 76 
Capital expenditures21 1 — — 22 
Distributions to the noncontrolling interests3 — — — 3 
Cash distributions from investments— — 2 — 2 
Net cash taxes paid3 
Net income1 
Operating income27 11 14 6 58 
Adjusted EBITDA(b)
92 16 6 (14)100 

Note: Certain amounts may not summarize to totals due to rounding differences.
(a)Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense, and is net of interest income.
(b)Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.

4

Consolidated Balance Sheet and Cash Flow Highlights:
•Total Company debt was $4,035 million, all of which is indebtedness of STG.
•Cash and cash equivalents were $659 million, of which $170 million was STG cash and $489 million was Ventures cash. In addition, the Company had $724 million of available borrowing capacity under its revolver and undrawn capacity in our accounts receivable facility, bringing available liquidity to $1.4 billion. Leverage Metrics1 were:
◦First Out First Lien Leverage Ratio – 1.7x (Covenant <3.5x2)
◦Total Leverage Ratio – 5.1x (Covenant <7.0x)
•48,558,461 Class A common shares and 23,755,236 Class B common shares were outstanding, for a total of 72,313,697 common shares.
•In September, the Company paid a quarterly cash dividend of $0.25 per share.
•Capital expenditures for the third quarter of 2026 were $20 million.


1 Ratios as calculated and defined in STG’s bank credit agreement dated February 12, 2025.
2 The First-Out First Lien Leverage Ratio covenant in the STG Credit Agreement is only applicable if more than 35% of the first lien revolving credit facility is drawn and outstanding as of the end of the respective quarter. As of September 30, 2026, STG had no amounts outstanding under its first lien revolving credit facility.
5

Outlook:
The Company is updating its 2026 full year financial guidance that was announced in August in conjunction with the Company's second quarter earnings release.

Updated Guidance
For the twelve months ending December 31, 2026 ($ in millions)Local MediaConsolidated
Total Revenue
$3,110 to 3,160$3,530 to 3,600
Distribution Revenue
$1,525 to 1,555$1,735 to 1,775
Core Advertising Revenue
$1,040 to 1,060$1,220 to 1,250
Political Advertising Revenue
Approx. $455Approx. $455
Adjusted EBITDA(a)
$805 to 815$825 to 835
Capital expenditures$75 to 80
Net interest expense(b)
$290 to 295
Net cash tax paymentsApprox. $50
Previous Guidance as announced in August 2026
For the twelve months ending December 31, 2026 ($ in millions)Local MediaConsolidated
Total Revenue
$3,000 to 3,120
$3,400 to 3,540
Distribution Revenue
$1,510 to 1,570
$1,720 to 1,790
Core Advertising Revenue
$1,040 to 1,090$1,220 to 1,280
Political Advertising Revenue
At least $375At least $375
Adjusted EBITDA(a)
$710 to 740$730 to 760
Capital expenditures
$75 to 80
Net interest expense(b)
$290 to 295
Net cash tax paymentsApprox. $50

Note: Certain amounts may not summarize to totals due to rounding differences.
(a)Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs.
(b)Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense and is net of interest income.

Conference Call:
The senior management of Sinclair will hold a conference call to discuss the Company's third quarter 2026 results on Wednesday, November 4, 2026, at 4:30 p.m. ET. The call will be webcast live and can be accessed at www.sbgi.net under "Investor Relations/Events and Presentations." After the call, an audio replay will remain available at www.sbgi.net. The press and the public will be welcome on the call in a listen-only mode. The dial-in number is (877) 545-0523, with entry code 437861.

6

Sinclair, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
(In millions, except share and per share data)
As of September 30,
2026		As of December 31,
2025
ASSETS
Current assets:
Cash and cash equivalents$659 $866 
Accounts receivable, net of allowance for doubtful accounts of $8 and $5, respectively
604 687 
Prepaid expenses and other current assets168 147 
Total current assets1,431 1,700 
Property and equipment, net637 655 
Operating lease assets110 110 
Goodwill2,083 2,085 
Indefinite-lived intangible assets24 149 
Customer relationships, net234 269 
Other definite-lived intangible assets, net324 264 
Other assets667 717 
Total assets$5,510 $5,949 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities$482 $496 
Income taxes payable31 21 
Current portion of notes payable, finance leases, and commercial bank financing22 25 
Current portion of operating lease liabilities26 24 
Current portion of program contracts payable70 70 
Other current liabilities96 67 
Total current liabilities727 703 
Notes payable, finance leases, and commercial bank financing, less current portion4,013 4,358 
Operating lease liabilities, less current portion108 112 
Program contracts payable, less current portion6 13 
Deferred tax liabilities159 213 
Other long-term liabilities164 180 
Total liabilities5,177 5,579 
Commitments and contingencies
Shareholders’ equity:
Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 48,558,461 and 45,979,350 shares issued and outstanding, respectively
1 1 
Class B Common Stock, $.01 par value, 140,000,000 shares authorized, 23,755,236 and 23,755,236 shares issued and outstanding, respectively, convertible into Class A Common Stock
— — 
Additional paid-in capital648 613 
Accumulated deficit(239)(171)
Total Sinclair shareholders’ equity410 443 
Noncontrolling interests(77)(73)
Total equity333 370 
Total liabilities and equity$5,510 $5,949 

7

Sinclair, Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(In millions, except share and per share data)
Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2026202520262025
REVENUE:
Media revenue$885 $765 $2,519 $2,312 
Non-media revenue8 8 21 21 
Total revenue893 773 2,540 2,333 
OPERATING EXPENSES:
Media programming and production expenses419 413 1,255 1,251 
Media selling, general and administrative expenses207 203 638 595 
Amortization of program costs16 21 52 57 
Non-media expenses15 12 43 36 
Depreciation of property and equipment28 25 80 75 
Corporate general and administrative expenses38 40 132 137 
Amortization of definite-lived intangible assets38 37 119 108 
(Gain) loss on asset dispositions and other, net(2)(36)10 (19)
Total operating expenses759 715 2,329 2,240 
Operating income134 58 211 93 
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs(79)(85)(244)(311)
Gain on extinguishment of debt4 — 17 6 
Loss from equity method investments(1)(2)(5)(9)
Other income (expense), net8 29 (15)(55)
Total other expense, net(68)(58)(247)(369)
Income (loss) before income taxes66 — (36)(276)
INCOME TAX (PROVISION) BENEFIT(23)1 23 61 
NET INCOME (LOSS)43 1 (13)(215)
Net income attributable to the noncontrolling interests— (2)— (6)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR$43 $(1)$(13)$(221)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:
Basic earnings per share$0.60 $(0.02)$(0.19)$(3.20)
Diluted earnings per share$0.60 $(0.02)$(0.19)$(3.20)
Basic weighted average common shares outstanding (in thousands)72,321 69,660 71,687 68,921 
Diluted weighted average common and common equivalent shares outstanding (in thousands)72,462 69,660 71,687 68,921 

8

Sinclair, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
($ in millions)
Nine Months Ended September 30,
20262025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(13)$(215)
Adjustments to reconcile net loss to net cash flows from operating activities:
Amortization of definite-lived intangible and other assets119 108 
Depreciation of property and equipment80 75 
Amortization of program costs52 57 
Stock-based compensation43 42 
Deferred tax benefit(54)(98)
Loss on asset dispositions and other, net10 26 
Loss from equity method investments5 9 
Loss from investments40 83 
Distributions from investments1 4 
Gain on extinguishment of debt(17)(6)
Debt issuance costs— 68 
Change in assets and liabilities, net of acquisitions:
Decrease in accounts receivable77 12 
Increase in prepaid expenses and other current assets(47)(18)
(Decrease) increase in accounts payable and accrued and other current liabilities(4)12 
Net change in net income taxes payable/receivable6 1 
Decrease in program contracts payable(56)(55)
Other, net(4)(14)
Net cash flows from operating activities238 91 
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of property and equipment(55)(55)
Acquisition of businesses, net of cash acquired(15)(25)
Purchases of investments(24)(26)
Distributions and proceeds from investments45 13 
Other, net13 — 
Net cash flows used in investing activities(36)(93)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing— 1,430 
Repayments of notes payable, commercial bank financing, and finance leases(344)(1,420)
Dividends paid on Class A and Class B Common Stock(55)(52)
Debt issuance costs— (110)
Distributions to noncontrolling interests(4)(8)
Other, net(6)(9)
Net cash flows used in financing activities(409)(169)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(207)(171)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period866 697 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$659 $526 

9

Adjusted EBITDA is a non-GAAP operating performance measure that management and the Company’s Board of Directors use to evaluate the Company’s operating performance and for executive compensation purposes. The Company believes that Adjusted EBITDA provides useful information to investors by allowing them to view the Company’s business through the eyes of management and is a measure that is frequently used by industry analysts, investors and lenders as a measure of relative operating performance.

Adjusted EBITDA is provided on a forward-looking basis under the section entitled “Outlook” above. The Company has not included a reconciliation of projected Adjusted EBITDA to net income, which is the most directly comparable GAAP measure, for the periods presented in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company’s projected Adjusted EBITDA excludes certain items that are inherently uncertain and difficult to predict including, but not limited to, income taxes. Due to the variability, complexity and limited visibility of the adjusting items that would be excluded from projected Adjusted EBITDA in future periods, management does not rely upon them for internal use or measurement of operating performance, and therefore cannot create a quantitative projected Adjusted EBITDA to net income reconciliation for the periods presented without unreasonable efforts. A quantitative reconciliation of projected Adjusted EBITDA to net income for the periods presented would imply a degree of precision and certainty as to these future items that does not exist and could be confusing to investors. From a qualitative perspective, it is anticipated that the differences between projected Adjusted EBITDA to net income for the periods presented will consist of items similar to those described in the reconciliation of historical results below. The timing and amount of any of these excluded items could significantly impact the Company’s net income for a particular period. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis.

In addition to the reconciliation of Adjusted EBITDA to its most directly comparable GAAP measure, net income, the Company also discloses a reconciliation of the Adjusted EBITDA of its segments to its more directly comparable GAAP measure, segment operating income.

Non-GAAP measures are not formulated in accordance with GAAP, are not meant to replace GAAP financial measures and may differ from other companies’ uses or formulations. Further discussions and reconciliations of the Company’s non-GAAP financial measures to their most directly comparable GAAP financial measures can be found on its website www.sbgi.net.

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Sinclair, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited
($ in millions)

Reconciliation of Consolidated Sinclair, Inc. Net Income (Loss) to Consolidated Adjusted EBITDA

Three Months Ended 
 September 30,		Nine Months Ended 
 September 30,
2026202520262025
Reconciliation of Consolidated Sinclair, Inc. Net Income (Loss) to Consolidated Adjusted EBITDA
Net income (loss)$43 $1 $(13)$(215)
Add: Income tax provision (benefit)23 (1)(23)(61)
Add: Other expense (income), net1 (1)(5)(4)
Add: Loss from equity method investments1 2 5 9 
Add: (Income) loss from other investments and impairments(3)(21)40 82 
Add: Gain from extinguishment of debt/insurance proceeds(3)— (16)(7)
Add: Interest expense79 85 244 311 
Less: Interest income(6)(7)(20)(22)
Less: (Gain) loss on asset dispositions and other, net(2)(36)10 (19)
Add: Amortization of intangible assets & other assets38 37 119 108 
Add: Depreciation of property & equipment28 25 80 75 
Add: Stock-based compensation7 11 46 47 
Add: Non-recurring and unusual transaction, implementation, legal, regulatory and other costs7 5 21 11 
Adjusted EBITDA$213 $100 $488 $315 


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Sinclair, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited
($ in millions)

Reconciliation of Segment Operating Income to Segment Adjusted EBITDA

Three months ended September 30, 2026Local MediaTennisOther
Total revenue$789 $71 $46 
Media programming and production expenses381 39 — 
Media selling, general and administrative expenses174 16 29 
Depreciation and intangible amortization expenses59 5 1 
Amortization of program costs16 — — 
Corporate general and administrative expenses24 1 1 
Non-media expenses2 — 14 
Gain on asset dispositions and other, net(2)— — 
Segment operating income$135 $10 $1 
Reconciliation of Segment GAAP Operating Income to Segment Adjusted EBITDA:
Segment operating income$135 $10 $1 
Depreciation and intangible amortization expenses59 5 1 
Gain on asset dispositions and other, net(2)— — 
Stock-based compensation8 — 1 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs5 (1)2 
Segment Adjusted EBITDA
$205 $15 $5 

Three months ended September 30, 2025Local MediaTennisOther
Total revenue$667 $67 $48 
Media programming and production expenses378 35 — 
Media selling, general and administrative expenses165 15 30 
Depreciation and intangible amortization expenses
56 5 1 
Amortization of program costs
21 — — 
Corporate general and administrative expenses21 1 2 
Non-media expenses2 — 12 
Gain on asset dispositions and other, net(3)— (11)
Segment operating income$27 $11 $14 
Reconciliation of Segment GAAP Operating Income to Segment Adjusted EBITDA:
Segment operating income$27 $11 $14 
Depreciation and intangible amortization expenses56 5 1 
Gain on asset dispositions and other, net(3)— (11)
Stock-based compensation9 — — 
Non-recurring and unusual transaction, implementation, legal, regulatory and other costs
3 — 2 
Segment Adjusted EBITDA
$92 $16 $6 

Note: Certain amounts may not summarize to totals due to rounding differences.

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Forward-Looking Statements:
The matters discussed in this news release, particularly those in the section labeled “Outlook,” include forward-looking statements regarding, among other things, future operating results. When used in this news release, the words “outlook,” “intends to,” “believes,” “anticipates,” “expects,” “achieves,” “estimates,” and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the rate of decline in the number of subscribers to services provided by traditional and virtual multi-channel video programming distributors (“Distributors”); the Company’s ability to generate cash to service its substantial indebtedness; the successful execution of outsourcing agreements; the successful execution of retransmission consent agreements; the successful execution of network and Distributor affiliation agreements; the Company’s ability to identify and consummate acquisitions and investments, to manage increased financial leverage resulting from acquisitions and investments, and to achieve anticipated returns on those investments once consummated; the Company’s ability to compete for viewers and advertisers; pricing and demand fluctuations in local and national advertising; the appeal of the Company’s programming and volatility in programming costs; material legal, financial and reputational risks and operational disruptions resulting from a breach of the Company’s information systems; the impact of FCC and other regulatory proceedings against the Company; compliance with laws and uncertainties associated with potential changes in the regulatory environment affecting the Company’s business and growth strategy; the impact of pending and future litigation claims against the Company; the Company’s limited experience in operating or investing in non-broadcast related businesses; the outcome and timing of the strategic review process, which may be suspended or modified at any time; the possibility that the Company may decide not to undertake any transactions following the Board’s strategic review process; the Company’s inability to consummate any proposed transactions resulting from the strategic review; the potential for disruption to the Company’s business resulting from the strategic review process; potential adverse effects on the Company’s stock price from the announcement, suspension or consummation of the strategic review process and the results thereof; and any risk factors set forth in the Company’s recent reports on Form 10-Q and/or Form 10-K, as filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.

Category: Financial

About Sinclair:
Sinclair, Inc. is a diversified media company and a leading provider of local news and sports. The Company owns, operates and/or provides services to 178 television stations in 79 markets affiliated with all major broadcast networks; and owns Tennis Channel, the premium destination for tennis enthusiasts, and multicast networks CHARGE, Comet, ROAR and The Nest. Sinclair’s AMP Media produces a growing portfolio of digital content and original podcasts. Additional information about Sinclair can be found at www.sbgi.net.

Investor Contact:
Christopher C. King, VP, Investor Relations
(410) 568-1500

Media Contact:
Jessica Bellucci
jbellucci-c@sbgtv.com

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