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Nexstar Media Group (NXST)
NASDAQ:NXST
Earnings Data
Report Date
May 07, 2026Before Open (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
4.37Last Year’s EPS
3.37Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a balanced picture: material near‑term revenue and cash‑flow pressure driven by the absence of 2024 election‑period political advertising led to significant YoY declines in Q4 advertising revenue, adjusted EBITDA and adjusted free cash flow. Offsetting these short‑term headwinds are several strategic and operational positives — strong audience growth at The CW and NewsNation, continued digital revenue acceleration (expected to exceed national ad revenue in 2026), successful distribution and affiliation renewals, disciplined cost‑reduction initiatives, and a constructive guidance range for 2026 adjusted EBITDA ($1.95B–$2.05B). The company is also actively progressing the TEGNA transaction (submitted HSR and FCC filings) which management views as transformational but that brings one‑time costs and near‑term cash deployment. Overall, the narrative is one of strategic execution and positioning for growth amid temporary cyclical weakness tied to the election advertising timing.Company Guidance
2026 Stand‑alone Adjusted EBITDA Guidance
Nexstar provided stand-alone pre‑TEGNA full‑year adjusted EBITDA guidance of $1.95 billion to $2.05 billion, signaling management confidence in near‑term profitability and cash generation assuming current assumptions.
Digital Revenue Momentum
Digital revenue grew high single digits in 2025 (double digits in local business); management expects digital revenue to surpass national advertising revenue in 2026, marking a strategic shift toward higher‑growth, nonpolitical revenue streams.
The CW Viewership and Cash‑Flow Improvement
The CW delivered a 19% year‑over‑year increase in viewership in 2025, finished as the 10th most‑watched ad‑supported network and the second fastest‑growing network; cash flow improved by ~32% in 2025 and management expects The CW to reduce losses ~30% in 2026 with profitability targeted in Q4 2026.
NewsNation Ratings Strength
NewsNation posted its strongest year ever across total day, primetime and daytime and was the fastest‑growing cable news network in the adult 25–54 demo in 2025; consumer awareness rose to >40% (and >50% among news viewers), indicating improved audience traction.
Distribution and Affiliation Renewals
Renewed distribution agreements covering >60% of Nexstar’s subscriber base in 2025; extended ABC and MyNetworkTV affiliations to 2027 and renegotiated CW carriage covering ~2/3 of its subscribers, supporting low/mid single‑digit distribution revenue growth guidance for 2026.
Q4 Distribution Revenue Growth
Q4 2025 distribution revenue was $720 million, up $6 million or 0.8% year‑over‑year, driven by higher rates, vMVPD subscriber growth and added CW affiliations (partially offset by MVPD attrition).
Operational Expense Management
Recurring cash operating expenses decreased 1.6% in 2025; combined Q4 direct operating and SG&A expenses (ex D&A & corporate) declined $7 million or 0.9%, and management expects additional cash operating expense savings in 2026 through centralization, automation and incentive alignment.
Balance Sheet and Leverage Position
Total outstanding debt was $6.3 billion at 12/31/25 with Nexstar total net leverage of 3.09x and a first‑lien covenant ratio of 1.71x (well below the 4.25x covenant), indicating covenant headroom while preparing to fund the TEGNA acquisition.
Sporting Content Driving Audience Gains
Nexstar highlighted strong sports performance: NFL viewership +7% YoY industry‑wide (broadcast led), NBA regular season viewership +16% YoY (broadcast return), and The CW sports: NASCAR +10% YoY, ACC football +26%, ACC basketball +35% early season—supporting network monetization.
Capital Return and Share Reduction
Returned $56 million to shareholders in Q4 and $351 million for the full year (42% of adjusted free cash flow) via $226 million dividends and $125 million buybacks, reducing shares outstanding by ~1% to 30.3 million while conserving cash for the TEGNA acquisition.
NXST Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NXST Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 26, 2026 | $232.54 | $246.16 | +5.86% |
Nov 06, 2025 | $192.91 | $186.01 | -3.58% |
Aug 07, 2025 | $182.12 | $179.72 | -1.32% |
May 08, 2025 | $150.23 | $158.35 | +5.40% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Nexstar Media Group (NXST) report earnings?
Nexstar Media Group (NXST) is schdueled to report earning on May 07, 2026, Before Open (Confirmed).
What is Nexstar Media Group (NXST) earnings time?
Nexstar Media Group (NXST) earnings time is at May 07, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NXST EPS forecast?
NXST EPS forecast for the fiscal quarter 2026 (Q1) is 4.37.