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NXST

Nexstar Media Group, Inc.

NXST

Nexstar Media Group, Inc. • NASDAQ
$192.14 ▲ 0.59% (+1.12)
Market Cap $5.83 B
52w High $223.36
52w Low $141.66
Dividend Yield 7.44%
P/E 11.99
Volume 110.34K
Outstanding Shares 30.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.198B ▼ $271M ▼ $70M ▼ 5.843% ▼ $2.16 ▼ $752M ▲
Q2-2025 $1.229B ▼ $459M ▼ $97M ▼ 7.893% ▼ $3.09 ▼ $424M ▼
Q1-2025 $1.234B ▼ $463M ▼ $108M ▼ 8.752% ▼ $3.41 ▼ $440M ▼
Q4-2024 $1.487B ▲ $512M ▲ $242M ▲ 16.274% ▲ $7.68 ▲ $661M ▲
Q3-2024 $1.366B $468M $187M 13.69% $5.34 $547M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $236M ▲ $11.249B ▼ $8.965B ▼ $2.286B ▲
Q2-2025 $234M ▼ $11.328B ▼ $9.072B ▼ $2.256B ▲
Q1-2025 $253M ▲ $11.414B ▼ $9.164B ▼ $2.247B ▼
Q4-2024 $144M ▼ $11.468B ▼ $9.2B ▼ $2.257B ▲
Q3-2024 $181M $11.693B $9.452B $2.219B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $65M ▼ $117M ▼ $-29M ▼ $-86M ▲ $2M ▲ $87M ▼
Q2-2025 $91M ▼ $247M ▼ $-28M ▲ $-238M ▼ $-19M ▼ $218M ▼
Q1-2025 $97M ▼ $337M ▼ $-61M ▼ $-167M ▲ $109M ▲ $302M ▼
Q4-2024 $230M ▲ $411M ▲ $-34M ▼ $-414M ▼ $-37M ▼ $376M ▲
Q3-2024 $180M $387M $-29M $-323M $35M $358M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Advertising
Advertising
 $1.28Bn ▲$460.00M ▼$470.00M ▲$480.00M ▲
Distribution Service
Distribution Service
 $1.45Bn ▲$760.00M ▼$730.00M ▼$710.00M ▼
Other
Other
 $30.00M ▲$10.00M ▼$20.00M ▲$10.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Nexstar’s income statement shows a business that is profitable, but naturally bumpy from year to year. Revenue has trended upward over the past five years, helped by its large station base, political advertising cycles, and added assets like The CW and digital properties. Profitability is solid, but earnings swing with election years, advertising trends, and investments in newer networks and content. Operating profit and EBITDA have generally stayed healthy, suggesting the core business model is sound and fairly efficient. The brief dip in earnings in the middle of the period looks more like a cyclical and investment-related soft patch than a structural breakdown. Overall, Nexstar looks like a mature, cash‑generating media company with cyclical, not linear, earnings growth.

Balance Sheet

Balance Sheet The balance sheet reflects a scaled media company that uses a meaningful amount of debt but is gradually working it down. Total assets have edged slightly lower, which often happens after large acquisition waves settle and the company focuses more on optimization than expansion. Debt remains high relative to equity, which is typical for traditional media and broadcast groups, but the debt load has been nudging down over time. Equity is stable to slightly improving, indicating the business is still building value despite leverage. Cash on hand is modest, so Nexstar relies more on ongoing cash generation and access to capital markets than on large cash reserves. This structure amplifies both the benefits of stable cash flow and the risks of higher interest rates or sudden revenue shocks.

Cash Flow

Cash Flow Nexstar’s cash flow profile is a key strength. Operating cash flow has consistently been strong, showing that accounting profits are largely backed by real cash coming in the door. Free cash flow, after spending on equipment and technology, has been robust and fairly stable. Capital spending is relatively modest given the size of the company, and it has not been rising aggressively, which helps support steady free cash generation. This cash flow supports debt reduction, ongoing investments in content and technology, and returns of capital to shareholders. The business looks designed to be a cash engine, even though reported earnings can be noisy year to year.

Competitive Edge

Competitive Edge Nexstar has a powerful competitive position anchored in scale and local presence. It is the largest local TV station owner in the U.S., which gives it real bargaining power with cable, satellite, and streaming distributors, as well as with advertisers. Its portfolio of local stations provides must‑have content, especially local news, sports, and community programming that are hard for national or purely digital platforms to replicate. A major advantage is its retransmission fee business: Nexstar has been very effective at negotiating to get paid for the right to carry its stations, creating a recurring, relatively resilient revenue stream. On top of that, it owns national brands like NewsNation, The CW Network, and The Hill, which broaden its reach beyond pure local TV and help diversify revenue. The combination of local dominance, national brands, digital properties, and strong relationships with distributors forms a meaningful moat. Risks remain from cord‑cutting, shifts in ad spending to big tech platforms, and regulatory changes, but Nexstar starts from a position of strength within traditional and hybrid broadcast ecosystems.

Innovation and R&D

Innovation and R&D In media, “R&D” is less about labs and more about technology adoption, content strategy, and data. Nexstar is leaning into all three. Technologically, it is a leader in rolling out the NextGen TV standard (ATSC 3.0). This upgrade can enable higher‑quality video, interactive services, and, importantly, more targeted and data‑driven advertising and data services. If broadly adopted and well‑monetized, this could become a meaningful future growth driver beyond classic TV spots. On the content side, Nexstar is repositioning The CW to be more financially disciplined, with more reality, sports, and broader‑appeal programming rather than niche scripted shows. It is also building out NewsNation as a differentiated national news brand and expanding digital journalism through The Hill and local digital platforms. In advertising technology, Nexstar is integrating data and programmatic tools so advertisers can better target audiences across TV and digital. This is crucial as marketers demand measurable, cross‑platform campaigns. Future innovation will likely center on better data use, ATSC 3.0 applications, and selective acquisitions that enhance technology, content, or reach, but execution risk around these shifts remains meaningful.

Summary

Overall, Nexstar looks like a scaled, cash‑rich broadcast and media platform with meaningful leverage, cyclical earnings, and a credible innovation agenda. Its income statement shows solid profitability with ups and downs tied to politics, advertising cycles, and investments in new networks. The balance sheet carries significant debt, but leverage has been trending in the right direction and is supported by strong, recurring cash flows. Cash generation is a clear highlight and underpins the company’s ability to service debt, invest in technology and content, and potentially return capital. Strategically, Nexstar’s moat rests on its unrivaled local station footprint, strong retransmission relationships, and a growing mix of national and digital brands. Its push into NextGen TV, data‑driven advertising, and the repositioning of The CW and NewsNation show a company actively trying to adapt rather than stand still. Key watch points include how well it monetizes ATSC 3.0, whether The CW’s turnaround gains traction, how it navigates ongoing cord‑cutting and ad spending shifts, and its discipline around leverage and future acquisitions. Nexstar appears well‑positioned within traditional and hybrid TV, but its long‑term success will depend on executing these transitions in a rapidly changing media landscape.

NEWS

November 18, 2025 · 4:00 PM UTC

Nexstar Seeks Approval of TEGNA Acquisition From Federal Communications Commission

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November 6, 2025 · 7:00 AM UTC

Nexstar Media Group Reports Third Quarter Net Revenue of $1.20 Billion

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November 5, 2025 · 11:45 AM UTC

Nexstar Media Group to Participate in Three Upcoming Investor Conferences

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October 30, 2025 · 7:00 AM UTC

Nexstar Media Group Extends Employment Agreement of Chairman and Chief Executive Officer, Perry A. Sook, Through March 2029

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October 29, 2025 · 7:04 AM UTC

Nexstar Media Group Declares Quarterly Cash Dividend of $1.86 Per Share

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