Nexstar Broadcasting Group Stock Earnings Reports

Nexstar Media Group reported strong Q1 2026 results that include 13 days of TEGNA operations following the March 19 close of that landmark acquisition. Consolidated net revenue was a record $1.4 billion, adjusted EBITDA was $470 million (33.7% margin) and adjusted free cash flow was $420 million. Management emphasized progress on strategic priorities: integrating and deleveraging from the TEGNA acquisition, driving The CW toward profitability (targeting Q4 2026), growing NewsNation viewership, and expanding digital distribution via partnerships with ESPN (CW Sports streaming) and Roku (next-day CW entertainment). The company repaid $182 million of debt through April 30, returned $56 million to shareholders as dividends, and maintained a conservative covenant profile (first-lien covenant 2.94x, total net leverage 3.84x as of 3/31/26 with covenant cushion).

However, the TEGNA acquisition faces litigation (DIRECTV and several state AGs), and a court-ordered hold-separate arrangement currently requires TEGNA to operate largely independently until appeals/trial are resolved. Management says they own TEGNA and can access excess cash flow for debt repayment, but day-to-day integration is restricted, and forward-looking guidance is limited while litigation proceeds. The company expects a mid-single-digit decline in combined non-political advertising in Q2, strong political ad revenues this cycle, Q2 CapEx around $45 million, Q2 cash taxes ~ $152 million, and a run-rate quarterly interest expense (as of 4/30) of roughly $187.5 million. Management reiterated focus on deleveraging first, then dividends/optional debt paydown, and on achieving synergies once the legal path clears.