Business Description
Nexstar Media Group, Inc. is an American media company and the largest owner of local television stations in the United States. The company operates over 200 broadcast stations across 116 markets, reaching approximately 70% of U.S. television households. In addition to its local affiliates, Nexstar owns national properties including The CW Network, the cable news channel NewsNation, and digital media assets such as The Hill.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 4,949,000 | 5,407,000 | 4,933,000 | 5,211,000 |
| Cost of Sales | 2,235,000 | 2,221,000 | 2,153,000 | 2,005,000 |
| Gross Profit | 2,714,000 | 3,186,000 | 2,780,000 | 3,206,000 |
| Selling, General & Administrative Expenses | 1,063,000 | 1,088,000 | 1,098,000 | 1,098,000 |
| Depreciation & Amortization Expenses | 471,000 | 484,000 | 488,000 | 662,000 |
| Other Operating Expenses | 331,000 | 346,000 | 486,000 | 134,000 |
| Operating Profit | 849,000 | 1,268,000 | 708,000 | 1,312,000 |
| Interest and Investment Income | 30,000 | 70,000 | 104,000 | 153,000 |
| Interest Expense | (379,000) | (444,000) | (447,000) | (337,000) |
| Non-Operating Income | (350,000) | 65,000 | 36,000 | 89,000 |
| Total Non-Operating Income | (699,000) | (309,000) | (307,000) | (95,000) |
| Income Before Provision for Income Taxes | 150,000 | 959,000 | 401,000 | 1,217,000 |
| Provision for Income Taxes | (67,000) | (276,000) | (131,000) | (274,000) |
| Consolidated Net Income | 83,000 | 683,000 | 270,000 | 943,000 |
| Net Income Attributable to Minority Interests and Other | 26,000 | 39,000 | 76,000 | 28,000 |
| Net Income Attributable to Common Shareholders | 109,000 | 722,000 | 346,000 | 971,000 |
| Basic EPS | 3.04 | 21.73 | 9.78 | 24.68 |
| Diluted EPS | 3.00 | 21.41 | 9.64 | 24.16 |
| Basic Weighted Average Shares Outstanding | 30,349 | 32,311 | 35,317 | 39,349 |
| Diluted Weighted Average Shares Outstanding | 30,707 | 32,796 | 35,834 | 40,187 |
| Shares Outstanding | 30,328 | 30,621 | 33,601 | 36,810 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 280,000 | 144,000 | 12,000 | 16,000 |
| Total Cash and Cash Equivalents | 280,000 | 144,000 | 12,000 | 16,000 |
| Accounts Receivable | 1,075,000 | 1,028,000 | 1,095,000 | 1,080,000 |
| Total Trade Receivables | 1,075,000 | 1,028,000 | 1,095,000 | 1,080,000 |
| Other Current Assets | 61,000 | 84,000 | 136,000 | 194,000 |
| Total Current Assets | 1,473,000 | 1,297,000 | 1,466,000 | 1,615,000 |
| Net Property, Plant & Equipment | 1,158,000 | 1,207,000 | 1,269,000 | 1,262,000 |
| Net Intangible Assets | 4,536,000 | 4,776,000 | 5,053,000 | 5,344,000 |
| Goodwill | 2,910,000 | 2,922,000 | 2,946,000 | 2,961,000 |
| Long-Term Investments | 396,000 | 877,000 | 958,000 | 1,119,000 |
| Other Long-Term Assets | 373,000 | 389,000 | 386,000 | 378,000 |
| Total Assets | 10,846,000 | 11,468,000 | 12,078,000 | 12,679,000 |
| Accounts Payable | 133,000 | 133,000 | 235,000 | 198,000 |
| Accrued Expenses | 314,000 | 314,000 | 350,000 | 319,000 |
| Current Portion of Long-Term Debt | 111,000 | 124,000 | 124,000 | 124,000 |
| Current Portion of Leases | 41,000 | 37,000 | — | 50,000 |
| Other Current Liabilities | 112,000 | 175,000 | 252,000 | 202,000 |
| Total Current Liabilities | 711,000 | 783,000 | 961,000 | 893,000 |
| Long-Term Debt | 6,222,000 | 6,399,000 | 6,713,000 | 6,827,000 |
| Other Long-Term Liabilities | 1,354,000 | 1,487,000 | 1,520,000 | 1,606,000 |
| Total Long-Term Liabilities | 7,576,000 | 7,886,000 | 8,233,000 | 8,433,000 |
| Total Liabilities | 8,784,000 | 9,200,000 | 9,765,000 | 9,910,000 |
| Treasury Stock | (2,789,000) | (2,717,000) | (2,173,000) | (1,607,000) |
| Additional Paid-in Capital | 1,331,000 | 1,304,000 | 1,283,000 | 1,288,000 |
| Accumulated Other Comprehensive Income | (15,000) | (1,000) | 1,000 | 27,000 |
| Retained Earnings | 3,537,000 | 3,671,000 | 3,188,000 | 3,033,000 |
| Total Common Shareholders' Equity | 2,064,000 | 2,257,000 | 2,299,000 | 2,741,000 |
| Minority Interests and Other | 19,000 | 26,000 | 14,000 | 28,000 |
| Total Shareholders' Equity | 2,083,000 | 2,283,000 | 2,313,000 | 2,769,000 |
| Total Liabilities and Shareholders' Equity | 10,846,000 | 11,468,000 | 12,078,000 | 12,679,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 83,000 | 683,000 | 270,000 | 943,000 |
| Depreciation & Amortization | 785,000 | 808,000 | 941,000 | 662,000 |
| Share-Based Compensation Expense | 78,000 | 78,000 | 60,000 | 62,000 |
| Other Adjustments | 38,000 | (278,000) | (282,000) | (160,000) |
| Changes in Trade Receivables | (47,000) | 68,000 | (13,000) | (12,000) |
| Changes in Accounts Payable | 4,000 | (98,000) | 32,000 | (50,000) |
| Changes in Accrued Expenses | — | (26,000) | 29,000 | (19,000) |
| Changes in Income Taxes Payable | (14,000) | 52,000 | 37,000 | 10,000 |
| Changes in Other Operating Activities | (36,000) | (37,000) | (75,000) | (33,000) |
| Cash from Operating Activities | 891,000 | 1,250,000 | 999,000 | 1,403,000 |
| Capital Expenditure | (148,000) | (145,000) | (149,000) | (157,000) |
| Proceeds from Sale of Property, Plant & Equipment | — | — | — | 241,000 |
| Proceeds from Sale of Investments | — | 40,000 | — | — |
| Payments for Business Acquisitions | (22,000) | — | (38,000) | — |
| Other Investing Activities | (3,000) | 3,000 | 14,000 | 41,000 |
| Cash from Investing Activities | (173,000) | (102,000) | (173,000) | 125,000 |
| Issuance of Long-Term Debt | 3,393,000 | 55,000 | 20,000 | 2,480,000 |
| Repayments of Long-Term Debt | (3,595,000) | (382,000) | (145,000) | (2,960,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (202,000) | (327,000) | (125,000) | (480,000) |
| Issuance of Common Shares | — | 10,000 | 4,000 | 8,000 |
| Repurchases of Common Shares | (125,000) | (601,000) | (605,000) | (881,000) |
| Net Issuance / (Repurchases) of Common Shares | (125,000) | (591,000) | (601,000) | (873,000) |
| Common Share Dividends Paid | (226,000) | (219,000) | (191,000) | (142,000) |
| Other Financing Activities | (29,000) | (14,000) | 18,000 | (20,000) |
| Cash from Financing Activities | (582,000) | (1,151,000) | (899,000) | (1,515,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 136,000 | (3,000) | (73,000) | 13,000 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $6.16B |
| P/E | 67.68x |
| P/S | 1.24x |
| EV/EBITDA | 7.51x |
| Return on Equity | 3.8% |
| Return on Invested Capital | 11.7% |
| Current Ratio | 2.07x |
| Dividend Yield | 3.7% |
| Free Cash Flow Margin | 15.0% |
Margins
Gross margin
100.0%
Operating margin
17.2%
Net margin
2.2%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $1.40B | +13.1% | 19.0% | $265M |
| Q4 2025 | $1.29B | -13.3% | 18.8% | $242M |
| Q3 2025 | $1.20B | -12.3% | 14.6% | $175M |
| Q2 2025 | $1.23B | -3.2% | 17.3% | $213M |
| Q1 2025 | $1.23B | — | 17.8% | $220M |
| Q4 2024 | $1.49B | — | 28.0% | $417M |
| Q3 2024 | $1.37B | — | 24.5% | $335M |
| Q2 2024 | $1.27B | — | 18.9% | $240M |
More on Nexstar Media Group, Inc.
Figures compiled from public company filings.
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