Nexstar Reports Q4 2025 Net Loss of $170M Driven by TVFN Impairment, Issues 2026 EBITDA Guidance

summarizeSummary

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.

check_boxKey Events

• 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.

• 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.

• 2026 Adjusted EBITDA Guidance

  Provided full-year 2026 standalone Adjusted EBITDA guidance in the range of $1.95 billion to $2.05 billion.

• 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.

auto_awesomeAnalysis

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.