NXST · Nexstar Media Group, Inc.
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AI Brief
Q2 FY26 earnings call · Jul 7, 2026TL;DR. Nexstar reported record Q2 2026 net revenue of $1.99 billion (+62.2% YoY) and adjusted EBITDA of $633 million, driven by the Tegna acquisition and strong political advertising, while repaying $409 million of debt. However, non-political advertising declined 5.8% on a combined basis and Tegna-related synergies were removed from the leverage calculation due to ongoing litigation, with a July 2027 trial date set.
- + Record Q2 net revenue of $1.99 billion, up 62.2% YoY, driven by Tegna and political advertising.
- + Adjusted EBITDA of $633 million more than doubled YoY, with margin expanding to 31.8%.
- + Adjusted free cash flow more than doubled to $238 million, up 135.6% YoY.
- + Repaid $409 million of debt in Q2, with plans to repay over $1 billion total from acquisition close through year-end.
- + NewsNation and The CW growth accelerating with new ESPN and Roku distribution partnerships.
- − Non-political advertising declined 5.8% on a combined basis due to political crowd-out and economic softness.
- − Tegna acquisition synergies removed from leverage calculation due to July 2027 trial date.
- − Interest expense nearly doubled YoY to $190 million due to Tegna acquisition debt.
- − Total debt rose to $11.7 billion from $6.3 billion at year-end 2025, with total net leverage at 4.22x.
- − Net income margin declined to 5.7% from 7.4% YoY due to Tegna-related costs and higher interest expense.
- − Tegna antitrust trial scheduled for July 6, 2027, with preliminary injunction preventing full integration.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders Strong SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Broadcasting — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
NXST
this stock
Nexstar Media Group, Inc.
|
$4.82B | -22.9% | -8.5% | 29.7 | 7.2% |
|
SKPJF
SKY Perfect JSAT Holdings Inc
|
$6.34B | — | — | — | 0.1% |
|
SGBAF
Ses S.A.
|
$2.28B | -15.8% | — | — | 0.0% |
|
NMAX
Newsmax Inc.
|
$1.33B | +33.5% | +10.7% | — | 4.0% |
|
FUBO
FuboTV Inc.
|
$1.08B | — | +10317.1% | — | 6.2% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| NXST | -7.4% | -16.4% | -26.6% | -14.1% | -22.9% |
| SPY | -0.3% | -0.1% | +20.1% | -0.7% | +11.7% |
| vs SPY | -7.1% | -16.3% | -46.7% | -13.4% | -34.6% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.