Nexstar Media Group reported record second quarter net revenue of $1.99 billion, a 62.2% year-over-year increase, driven largely by the acquisition of TEGNA. However, diluted earnings per share of $3.61 came in well below analyst expectations, impacted by one-time transaction expenses.
Key Highlights
- Second quarter political advertising revenue came in at $147 million, slightly ahead of the $145 million consensus estimate, benefiting from the 2026 election cycle.
- The company generated $238 million in adjusted free cash flow, an increase of 135.6% compared to the prior-year period.
- Advertising revenue surged 81.5% to $862 million, while distribution revenue grew 52.3% to $1.12 billion, with both segments boosted by the TEGNA acquisition.
- During the quarter, Nexstar repaid $409 million of debt and returned $57 million to shareholders through dividends.