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Nexstar Media Group — Third Quarter 2026 Earnings Summary

  • Net revenue reached a record $2.13 billion (up 78.0% YoY) and Adjusted EBITDA rose 111.2% to $756 million, driven by $765 million in incremental revenue from the TEGNA acquisition and strong legacy performance.
  • Net income surged 284.6% to $250 million with margins expanding to 11.7%, while Adjusted free cash flow increased 166.9% to $443 million.
  • Management repaid $1.3 billion of debt year-to-date and returned $171 million to shareholders via dividends, though no stock repurchases occurred in the quarter.
  • Strategic progress includes new NHRA media rights and extended FOX, ABC, and CW affiliations, though a preliminary injunction regarding the TEGNA acquisition remains pending with a trial set for July 6, 2027.
  • Synergies from the TEGNA deal are excluded from leverage covenant tests due to the injunction and the 18-month realization deadline of September 19, 2027.
Company
NEXSTAR MEDIA GROUP INC
Sector
Communication Services
Industry
Entertainment