Nexstar's Third-Quarter Revenue Growth Accelerates After TEGNA

The Tip Desk · November 7, 2026 · 3 min read

Net revenue reached a record $2.13 billion, up 78.0% from a year earlier, as political advertising hit a record $317 million in the third quarter.

Nexstar Media Group (NXST) reported record quarterly net revenue of $2.13 billion for the three months ended September 30, 2026, up 78.0% from a year earlier, after a 62.2% year-over-year increase in the second quarter. The company said $765 million of the year-over-year increase came from the TEGNA acquisition, with the remainder from higher advertising and distribution at legacy units.

Advertising was the larger swing. Third-quarter advertising revenue was $1,023 million, up 114.9% from a year earlier, after an 81.5% year-over-year increase in the second quarter. Nexstar attributed $405 million of that increase to TEGNA and a $163 million rise in political advertising at legacy units. Political advertising reached a record $317 million in the election-year quarter. Non-political advertising declined, in part because of crowd-out from political spots.

Distribution revenue was $1,091 million, up 53.9% year-over-year, versus a 52.3% year-over-year increase in the prior quarter. The company said $352 million of the distribution increase came from TEGNA. Legacy distribution rose on higher rates, the non-recurrence of a third-quarter 2025 one-time charge, growth in vMVPD and other streaming subscribers, and CW affiliations on certain stations, partly offset by MVPD subscriber attrition and affiliation replacements on six stations previously affiliated with CBS.

Net income was $250 million, up 284.6% from a year earlier, after a 24.2% year-over-year increase in the second quarter. Net income margin was 11.7%, compared with 5.4% a year earlier and 5.7% in the second quarter. Nexstar said the profit increase reflected higher operating income from TEGNA and political advertising at legacy units, partly offset by higher interest, income tax and one-time expenses tied to the TEGNA transaction. Diluted earnings were $7.92 a share.

Adjusted EBITDA was $756 million, up 111.2% year-over-year, after a 62.7% year-over-year increase in the second quarter. The company said $243 million of the Adjusted EBITDA increase came from TEGNA. Adjusted EBITDA margin was 35.4%, versus 29.9% a year earlier and 31.8% in the second quarter.

Net cash provided by operating activities was $680 million, up 481.2% year-over-year, after a 20.6% year-over-year increase in the second quarter. Adjusted free cash flow was $443 million, up 166.9% year-over-year, after a 135.6% year-over-year increase in the second quarter. Nexstar said operating cash flow increased primarily because of higher net income and changes in operating assets and liabilities reflecting the timing of receipts and payments. The increase in Adjusted Free Cash Flow primarily reflected higher Adjusted EBITDA, partly offset by higher interest expense, capital expenditures and income tax payments, all primarily related to the TEGNA acquisition.

In the third quarter the company repaid $350 million of debt and paid $58 million in dividends. Year-to-date through the November 5 release date it had repaid $1.3 billion of debt. Consolidated debt was $11.4 billion as of September 30, including $8.6 billion of senior secured debt. Pro forma first lien net leverage was 3.03x and total net leverage 4.04x. Beginning in the second quarter, those ratios excluded TEGNA synergies because of a preliminary injunction affecting the company’s ability to execute on anticipated synergies; the trial on the merits is set for July 6, 2027. Subsequent to quarter-end, Nexstar repaid an additional $525 million of secured credit facilities.

NewsNation total day viewership grew 9% year-over-year in the third quarter. The CW ranked as the No. 9 rated English-language ad-supported network in the quarter. Nexstar completed multi-year FOX, ABC and CW affiliation extensions, and local stations produced 88 candidate debates and forums ahead of the midterms.