Nexstar Q4 Revenue Drops 13.4% on $233M Political Ad Decline
Nexstar’s Q4 net revenue fell 13.4% to $1.29B due to a $233M political advertising drop, offset by 4.5% growth in non‐political ads and a slight rise in distribution revenue to $720M. Adjusted EBITDA totaled $433M, and the company set 2026 pre-TEGNA EBITDA guidance at $1.95B–$2.05B.
1. Q4 Financial Results
Nexstar reported fourth-quarter net revenue of $1.29 billion, down 13.4% year over year, primarily reflecting a $233 million decline in political advertising. The company delivered adjusted EBITDA of $433 million (33.6% margin) and generated $214 million in adjusted free cash flow.
2. Advertising and Distribution Breakdown
Advertising revenue fell 27.6% to $549 million, but non-political ad sales grew 4.5%, outperforming expectations. Distribution revenue edged up 0.8% to $720 million on rate increases, vMVPD subscriber gains, and new CW affiliations.
3. Balance Sheet and 2026 Guidance
Year-end debt stood at $6.3 billion with $280 million in cash, producing net leverage of 3.09x against a 4.25x covenant threshold. Management issued standalone 2026 adjusted EBITDA guidance of $1.95 billion to $2.05 billion pre-TEGNA.
4. TEGNA Acquisition Progress
Nexstar has filed HSR and FCC applications for the TEGNA deal and responded to DOJ, FCC, and state inquiries. The company expects to close by end of Q2 2026, with any required divestitures described as minimal to deal value.