Nexstar Media Group
NXST Nasdaq Broadcasting Financials FY2016–FY2025
Nexstar Media Group's revenue fell 8.5% to $4.9 billion in fiscal 2025. Its operating margin was 17.1%, down from 23.4% a year earlier. Free cash flow was $743 million, down 32.8%. It paid out $351 million in dividends and buybacks, 47% of free cash flow. The diluted share count fell 6.4%.
What Nexstar Media Group does
Nexstar owns and operates local television stations and national networks, and produces news, sports and entertainment programming. It says it is the largest local television broadcasting company in the United States, with over 200 owned or partner stations in 116 local markets. Its stations are affiliates of CBS, FOX, NBC and ABC, and also of The CW and MyNetworkTV. It owns 80.8% of The CW and runs NewsNation, a national news network, plus the Antenna TV and REWIND TV channels. It also has a stake in TV Food Network.
Nexstar earns money mainly from distribution revenue and advertising revenue. Distribution revenue is the fees that cable, satellite and online TV distributors pay, generally per subscriber, to carry its stations' signals and its networks. Advertising revenue comes from selling airtime and digital ads to local and national businesses and, in election years, to political candidates and groups. It generated $4.9 billion of revenue in 2025. About 68% of its advertising revenue came from local programming, excluding its owned network assets.
In August 2025 Nexstar agreed to buy TEGNA, which owns 64 television stations and two radio stations. It expects the deal to close by the second half of 2026. The company employs about 6,000 journalists and 1,600 salespeople.
- Legal name
- NEXSTAR MEDIA GROUP, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001193125-26-078361
0001142417
Revenue and margins
Nexstar Media Group had $4.9B of revenue in fiscal 2025, down 8.5% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 0.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $743M in fiscal 2025, 15.0% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Nexstar Media Group returned $351M to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count fell 6.4%.
Value Nexstar Media Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.1B and divides by 30.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 31.8x · peers 14.2x · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Nexstar Media Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $191M | $204M | $135M | $144M | $280M |
| Debt incl. finance leases | $7.4B | $7.0B | $6.8B | $6.5B | $6.3B |
| Net debt / EBITDA | 4.1x | 3.4x | 5.6x | 3.6x | 4.6x |
| Debt / equity | 2.6x | 2.5x | 3.0x | 2.9x | 3.1x |
| Interest coverage | 4.3x | 4.0x | 1.6x | 2.9x | 2.3x |
| Current ratio | 1.8x | 1.8x | 1.5x | 1.7x | 2.1x |
| Quick ratio | 1.8x | 1.8x | 1.5x | 1.7x | 2.1x |
| Total assets | $13.3B | $12.7B | $12.1B | $11.5B | $10.8B |
| Total liabilities | $10.4B | $9.9B | $9.8B | $9.2B | $8.8B |
| Shareholders' equity | $2.9B | $2.7B | $2.3B | $2.3B | $2.1B |
| Net debt (− = net cash) | $7.2B | $6.7B | $6.7B | $6.4B | $6.1B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$2.0M
1 insider
Sold, 12 months
$2.3M
9 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 23, 2026 | Andrew AlfordPresident, Broadcasting | Sold | 2,823 | $165.69 | $0.5M | Form 4 |
| Aug 24, 2026 | Bernadette S. AulestiaDirector | Sold | 300 | $186.80 | $0.1M | Form 4 |
| Aug 24, 2026 | Michael BiardPresident & COO | Sold | 2,465 | $185.82 | $0.5M | Form 4 |
| Aug 14, 2026 | Dana ZimmerSee Remarks | Sold | 4,008 | $187.46 | $0.8M | Form 4 |
| Jun 26, 2026 | Perry A SookChief Executive Officer, Director | Bought | 12,235 | $162.26 | $2.0M | Form 4 |
| Jun 16, 2026 | Andrew AlfordPresident, Broadcasting | Sold | 746 | $170.81 | $0.1M | Form 4 |
| Jun 16, 2026 | Blake RussellEVP, Operations | Sold | 261 | $170.81 | $0.0M | Form 4 |
| Jun 16, 2026 | Brett JenkinsSee Remarks | Sold | 301 | $170.81 | $0.1M | Form 4 |
| Jun 16, 2026 | Dana ZimmerSee Remarks | Sold | 876 | $170.81 | $0.1M | Form 4 |
| Jun 16, 2026 | Lee Ann GlihaEVP, Chief Financial Officer | Sold | 373 | $170.81 | $0.1M | Form 4 |
| Jun 16, 2026 | Lindsey KnappEVP, Human Resources | Sold | 93 | $170.81 | $0.0M | Form 4 |
| Jun 16, 2026 | Sean ComptonPresident, Networks | Sold | 840 | $170.81 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 4 / 8 | 7 / 8 | 5 / 8 |
| Accruals ratio | −5.3% | −4.5% | −7.0% |
| Altman Z'' | 1.78 | 2.34 | 2.29 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Nexstar Media Group NXST | $5.2B | −8.5% | 17.2% | 15.0% | 5.6% | 31.8x | 5 | |
| SiriusXM SIRI | $9.4B | −1.6% | 17.2% | 14.6% | 5.3% | 11.1x | 6 | Compare → |
| Fox FOXA | $29.2B | 5.1% | — | 8.6% | 14.8% | 17.3x | 6 | Compare → |
| Warner Bros. Discovery WBD | $79.7B | −5.2% | 2.0% | 8.3% | 0.6% | — | 7 | Compare → |
| Roblox RBLX | $37.9B | 35.8% | −25.2% | 27.7% | — | — | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1B | $2.4B | $2.8B | $3.0B | $4.5B | $4.6B | $5.2B | $4.9B | $5.4B | $4.9B |
| Operating income | $287M | $506M | $758M | $655M | $1.4B | $1.2B | $1.3B | $708M | $1.3B | $849M |
| Interest expense | $117M | $240M | $219M | $251M | $324M | $273M | $330M | $437M | $431M | $372M |
| Pretax income | $171M | $241M | $533M | $373M | $1.1B | $1.1B | $1.2B | $401M | $959M | $150M |
| Income tax | $77.6M | −$234M | $145M | $137M | $297M | $263M | $274M | $131M | $276M | $67.0M |
| Net income | $91.5M | $475M | $390M | $230M | $812M | $834M | $971M | $346M | $722M | $109M |
| Diluted EPS | $2.89 | $10.07 | $8.21 | $4.80 | $17.37 | $18.98 | $24.16 | $9.64 | $21.41 | $3.00 |
| Diluted shares | 0.03B | 0.05B | 0.05B | 0.05B | 0.05B | 0.04B | 0.04B | 0.04B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $284M | $109M | $737M | $418M | $1.3B | $1.2B | $1.4B | $999M | $1.3B | $891M |
| Capital expenditure | $31.9M | $72.5M | $106M | $198M | $217M | $151M | $157M | $149M | $145M | $148M |
| Free cash flow | $252M | $36.6M | $631M | $220M | $1.0B | $1.1B | $1.2B | $850M | $1.1B | $743M |
| Depreciation and amortization | $97.9M | $260M | $259M | $324M | $565M | $589M | $662M | $488M | $484M | $471M |
| Stock-based compensation | $11.4M | $24.1M | $31.3M | $38.6M | $48.3M | $47.0M | $62.0M | $60.0M | $78.0M | $78.0M |
| Acquisitions | $104M | $3.0B | $104M | $5.9B | $386M | $138M | $0.0M | $38.0M | $0.0M | $22.0M |
| Share buybacks | $0.0M | $99.0M | $50.5M | $45.1M | $282M | $537M | $881M | $605M | $601M | $125M |
| Dividends paid | $29.4M | $55.9M | $68.6M | $82.8M | $101M | $118M | $142M | $191M | $219M | $226M |
| Dividends and buybacks | $29.5M | $155M | $119M | $128M | $383M | $655M | $1.0B | $796M | $820M | $351M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $87.7M | $116M | $145M | $232M | $153M | $191M | $204M | $135M | $144M | $280M |
| Total debt | $2.3B | $4.4B | $4.0B | $8.5B | $7.7B | $7.4B | $7.0B | $6.8B | $6.5B | $6.3B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $16.1M | $15.2M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $363M | $1.1B | $767M | $1.4B | $1.2B | $1.4B | $1.6B | $1.5B | $1.3B | $1.5B |
| Current liabilities | $190M | $671M | $404M | $948M | $731M | $787M | $893M | $961M | $783M | $711M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $276M | $734M | $732M | $1.3B | $1.6B | $1.5B | $1.3B | $1.3B | $1.2B | $1.2B |
| Total assets | $3.0B | $7.5B | $7.1B | $14.0B | $13.4B | $13.3B | $12.7B | $12.1B | $11.5B | $10.8B |
| Total liabilities | $2.7B | $5.9B | $5.2B | $11.9B | $10.9B | $10.4B | $9.9B | $9.8B | $9.2B | $8.8B |
| Shareholders' equity | $169M | $1.6B | $1.9B | $2.0B | $2.5B | $2.9B | $2.7B | $2.3B | $2.3B | $2.1B |
| Margins | ||||||||||
| Operating margin | 26.0% | 20.8% | 27.4% | 21.6% | 30.6% | 25.3% | 25.2% | 14.4% | 23.5% | 17.2% |
| EBITDA margin | 34.9% | 31.5% | 36.8% | 32.2% | 43.1% | 38.0% | 37.9% | 24.2% | 32.4% | 26.7% |
| Net margin | 8.3% | 19.5% | 14.1% | 7.6% | 18.0% | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% |
| FCF margin | 22.9% | 1.5% | 22.8% | 7.2% | 23.0% | 22.9% | 23.9% | 17.2% | 20.4% | 15.0% |
| Returns | ||||||||||
| Return on capital | 7.7% | 12.1% | 9.6% | 5.2% | 9.9% | 8.9% | 10.4% | 5.1% | 10.2% | 5.6% |
| Return on capital employed | 12.9% | 10.6% | 11.3% | 6.7% | 10.7% | 9.3% | 10.8% | 6.2% | 11.6% | 8.2% |
| Return on equity | 73.3% | 54.6% | 22.8% | 11.9% | 35.7% | 31.1% | 34.7% | 13.7% | 31.7% | 5.1% |
| Return on assets | 3.8% | 9.1% | 5.4% | 2.2% | 5.9% | 6.3% | 7.5% | 2.8% | 6.1% | 1.0% |
| Growth | ||||||||||
| Revenue growth | 23.1% | 120.5% | 13.8% | 9.9% | 48.1% | 3.3% | 12.1% | −5.3% | 9.6% | −8.5% |
| Net income growth | 17.8% | 418.9% | −18.0% | −40.9% | 252.4% | 2.8% | 16.4% | −64.4% | 108.7% | −84.9% |
| EPS growth | 19.4% | 248.4% | −18.5% | −41.5% | 261.9% | 9.3% | 27.3% | −60.1% | 122.1% | −86.0% |
| FCF growth | 43.2% | −85.5% | 1,621.6% | −65.1% | 371.6% | 2.6% | 17.1% | −31.8% | 30.0% | −32.8% |
| Share count change | −1.3% | 48.9% | 0.6% | 1.1% | −2.5% | −5.9% | −8.6% | −10.8% | −8.5% | −6.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.9x | 5.6x | 3.8x | 8.5x | 3.9x | 4.1x | 3.4x | 5.6x | 3.6x | 4.6x |
| Debt / equity | 13.9x | 2.8x | 2.2x | 4.2x | 3.1x | 2.6x | 2.5x | 3.0x | 2.9x | 3.1x |
| Interest coverage | 2.5x | 2.1x | 3.5x | 2.6x | 4.2x | 4.3x | 4.0x | 1.6x | 2.9x | 2.3x |
| Current ratio | 1.9x | 1.6x | 1.9x | 1.4x | 1.7x | 1.8x | 1.8x | 1.5x | 1.7x | 2.1x |
| Quick ratio | 1.9x | 1.6x | 1.9x | 1.4x | 1.7x | 1.8x | 1.8x | 1.5x | 1.7x | 2.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.9% | 3.0% | 3.8% | 6.5% | 4.8% | 3.3% | 3.0% | 3.0% | 2.7% | 3.0% |
| Stock comp / revenue | 1.0% | 1.0% | 1.1% | 1.3% | 1.1% | 1.0% | 1.2% | 1.2% | 1.4% | 1.6% |
| Payouts / FCF | 11.7% | 422.9% | 18.9% | 58.2% | 36.9% | 61.6% | 82.1% | 93.7% | 74.2% | 47.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 5.0 | 5.0 | 4.0 | 7.0 | 8.0 | 8.0 | 4.0 | 7.0 | 5.0 |
| Altman Z'' | 1.0 | 1.2 | 1.7 | 0.9 | 1.5 | 1.7 | 2.1 | 1.8 | 2.3 | 2.3 |
| Accruals ratio | −8.0% | 7.0% | −4.8% | −1.8% | −3.2% | −2.9% | −3.3% | −5.3% | −4.5% | −7.0% |
Source: SEC EDGAR XBRL filings (CIK 0001142417). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.