Nexstar misses Q3 profit estimates as TEGNA lifts revenue

Shares rose 1.6% at 3:59 p.m. ET, from a $185.12 close.

Nexstar (NXST) reported third-quarter net revenue of $2.13 billion, above the $2.11 billion consensus estimate.

Revenue rose mainly because of the TEGNA acquisition.

Here's how the company did:

• Net revenue: $2.13 billion vs. $1.20 billion a year earlier
• Diluted EPS: $7.92 vs. $2.14 a year earlier, against $8.33 expected
• Net income: $250 million vs. $65 million a year earlier
• Adjusted EBITDA: $756 million vs. $358 million a year earlier

Net revenue grew 78.0%, or $935 million, with TEGNA contributing $765 million of incremental revenue.

Segment results

Distribution revenue was $1.09 billion, up 53.9% from a year earlier, including $352 million from TEGNA. Advertising revenue was $1.02 billion, up 114.9%, with $405 million from TEGNA.

Political advertising revenue reached $317 million, an all-time high for a third quarter.

Revenue has risen in each of the last three quarters, from $1.20 billion in the third quarter of 2025 to $1.99 billion in the second quarter of 2026.

Founder, Chairman and CEO Perry A. Sook said, "We will continue to execute our playbook to drive long-term shareholder value."

Cash and debt

Operating cash flow was $680 million, up from $117 million a year earlier. Adjusted free cash flow was $443 million, up 166.9%.

The company repaid $350 million of debt in the quarter and paid $58 million in dividends. It repaid another $525 million of secured credit facilities after the quarter ended.

Transaction, one-time and restructuring expenses were $30 million, mostly TEGNA acquisition costs.

Total debt was $11.4 billion on Sept. 30, 2026, with $8.6 billion senior secured. Cash on hand was $446 million.