Nexstar Reports Q4 2025 Net Loss of $170M Driven by TVFN Impairment, Issues 2026 EBITDA Guidance
Summary
Nexstar reported a Q4 2025 net loss of $170 million, impacted by a $381 million impairment on its TV Food Network investment and lower political advertising revenue, while providing 2026 Adjusted EBITDA guidance.
Key Events
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Q4 2025 Financial Results
Reported net revenue of $1.29 billion (down 13.4% YoY), a net loss of $170 million (down 174.2% YoY), and Adjusted EBITDA of $433 million (down 31.1% YoY). Net cash provided by operating activities decreased by 53.8% to $190 million.
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Significant Impairment Charge
Recorded a $381 million other-than-temporary impairment on its 31.3% equity investment in TV Food Network, a primary driver of the net loss.
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2026 Adjusted EBITDA Guidance
Provided full-year 2026 standalone Adjusted EBITDA guidance in the range of $1.95 billion to $2.05 billion.
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TEGNA Acquisition Update
Advanced the proposed $6.2 billion acquisition of TEGNA Inc., which is anticipated to close by the second half of 2026, subject to regulatory approvals.
Analysis
Nexstar Media Group reported a significant net loss for Q4 2025, primarily due to a substantial $381 million impairment charge on its investment in TV Food Network. While the quarter also saw a decline in overall revenue and Adjusted EBITDA, largely attributable to the absence of political advertising revenue compared to the prior election year, non-political advertising showed growth. The company provided its full-year 2026 standalone Adjusted EBITDA guidance, which will be a key focus for investors. The ongoing $6.2 billion TEGNA acquisition remains a strategic priority, with the company conserving cash for its completion.
At the time of this filing, NXST was trading at $232.54 on NASDAQ in the Technology sector, with a market capitalization of approximately $7.1B. The 52-week trading range was $141.66 to $254.30. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.