Business Description

Nexstar Media Group, Inc. is an American media company and the largest owner of local television stations in the United States. The company operates over 200 broadcast stations across 116 markets, reaching approximately 70% of U.S. television households. In addition to its local affiliates, Nexstar owns national properties including The CW Network, the cable news channel NewsNation, and digital media assets such as The Hill.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues4,949,0005,407,0004,933,0005,211,000
Cost of Sales2,235,0002,221,0002,153,0002,005,000
Gross Profit4,949,0005,407,0004,933,0005,211,000
Selling, General & Administrative Expenses1,063,0001,088,0001,098,0001,098,000
Depreciation & Amortization Expenses471,000484,000488,000662,000
Other Operating Expenses331,000346,000486,000134,000
Operating Profit849,0001,268,000708,0001,312,000
Interest and Investment Income30,00070,000104,000153,000
Interest Expense(379,000)(444,000)(447,000)(337,000)
Non-Operating Income(350,000)65,00036,00089,000
Total Non-Operating Income(699,000)(309,000)(307,000)(95,000)
Income Before Provision for Income Taxes150,000959,000401,0001,217,000
Provision for Income Taxes(67,000)(276,000)(131,000)(274,000)
Consolidated Net Income83,000683,000270,000943,000
Net Income Attributable to Minority Interests and Other26,00039,00076,00028,000
Net Income Attributable to Common Shareholders109,000722,000346,000971,000
Basic EPS3.0421.739.7824.68
Diluted EPS3.0021.419.6424.16
Basic Weighted Average Shares Outstanding30,34932,31135,31739,349
Diluted Weighted Average Shares Outstanding30,70732,79635,83440,187
Shares Outstanding30,32830,62133,60136,810
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents280,000144,00012,00016,000
Total Cash and Cash Equivalents280,000144,00012,00016,000
Accounts Receivable1,075,0001,028,0001,095,0001,080,000
Total Trade Receivables1,075,0001,028,0001,095,0001,080,000
Other Current Assets61,00084,000136,000194,000
Total Current Assets1,473,0001,297,0001,466,0001,615,000
Net Property, Plant & Equipment1,158,0001,207,0001,269,0001,262,000
Net Intangible Assets4,536,0004,776,0005,053,0005,344,000
Goodwill2,910,0002,922,0002,946,0002,961,000
Long-Term Investments396,000877,000958,0001,119,000
Other Long-Term Assets373,000389,000386,000378,000
Total Assets10,846,00011,468,00012,078,00012,679,000
Accounts Payable133,000133,000235,000198,000
Accrued Expenses314,000314,000350,000319,000
Current Portion of Long-Term Debt111,000124,000124,000124,000
Current Portion of Leases41,00037,00050,000
Other Current Liabilities112,000175,000252,000202,000
Total Current Liabilities711,000783,000961,000893,000
Long-Term Debt6,222,0006,399,0006,713,0006,827,000
Other Long-Term Liabilities1,354,0001,487,0001,520,0001,606,000
Total Long-Term Liabilities7,576,0007,886,0008,233,0008,433,000
Total Liabilities8,784,0009,200,0009,765,0009,910,000
Treasury Stock(2,789,000)(2,717,000)(2,173,000)(1,607,000)
Additional Paid-in Capital1,331,0001,304,0001,283,0001,288,000
Accumulated Other Comprehensive Income(15,000)(1,000)1,00027,000
Retained Earnings3,537,0003,671,0003,188,0003,033,000
Total Common Shareholders' Equity2,064,0002,257,0002,299,0002,741,000
Minority Interests and Other19,00026,00014,00028,000
Total Shareholders' Equity2,083,0002,283,0002,313,0002,769,000
Total Liabilities and Shareholders' Equity10,846,00011,468,00012,078,00012,679,000
FY 2025FY 2024FY 2023FY 2022
Net Income83,000683,000270,000943,000
Depreciation & Amortization785,000808,000941,000662,000
Share-Based Compensation Expense78,00078,00060,00062,000
Other Adjustments38,000(278,000)(282,000)(160,000)
Changes in Trade Receivables(47,000)68,000(13,000)(12,000)
Changes in Accounts Payable4,000(98,000)32,000(50,000)
Changes in Accrued Expenses(26,000)29,000(19,000)
Changes in Income Taxes Payable(14,000)52,00037,00010,000
Changes in Other Operating Activities(36,000)(37,000)(75,000)(33,000)
Cash from Operating Activities891,0001,250,000999,0001,403,000
Capital Expenditure(148,000)(145,000)(149,000)(157,000)
Proceeds from Sale of Property, Plant & Equipment241,000
Proceeds from Sale of Investments40,000
Payments for Business Acquisitions(22,000)(38,000)
Other Investing Activities(3,000)3,00014,00041,000
Cash from Investing Activities(173,000)(102,000)(173,000)125,000
Issuance of Long-Term Debt3,393,00055,00020,0002,480,000
Repayments of Long-Term Debt(3,595,000)(382,000)(145,000)(2,960,000)
Net Issuance / (Repayments) of Long-Term Debt(202,000)(327,000)(125,000)(480,000)
Issuance of Common Shares10,0004,0008,000
Repurchases of Common Shares(125,000)(601,000)(605,000)(881,000)
Net Issuance / (Repurchases) of Common Shares(125,000)(591,000)(601,000)(873,000)
Common Share Dividends Paid(226,000)(219,000)(191,000)(142,000)
Other Financing Activities(29,000)(14,000)18,000(20,000)
Cash from Financing Activities(582,000)(1,151,000)(899,000)(1,515,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash136,000(3,000)(73,000)13,000

Key Metrics & Ratios

MetricValue
Market Cap$6.16B
P/E67.68x
P/S1.24x
EV/EBITDA7.51x
Return on Equity3.8%
Return on Invested Capital11.7%
Current Ratio2.07x
Dividend Yield3.7%
Free Cash Flow Margin15.0%

Margins

Gross margin
100.0%
Operating margin
17.2%
Net margin
1.7%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026 $1.40B +13.1% 19.0% $265M
Q4 2025 $1.29B +-13.3% 18.8% $242M
Q3 2025 $1.20B +-12.3% 14.6% $175M
Q2 2025 $1.23B +-3.2% 17.3% $213M
Q1 2025 $1.23B 17.8% $220M
Q4 2024 $1.49B 28.0% $417M
Q3 2024 $1.37B 24.5% $335M
Q2 2024 $1.27B 18.9% $240M

More on Nexstar Media Group, Inc.

Financial data last updated 2026-07-07. Figures compiled from public company filings.

See how VectorShift works for your firm

Request Demo