Nexstar Reports 13% Revenue Drop in Q4 2025 Amid TEGNA Acquisition Push — Nexstar Media Group, Inc.

Event summary

Nexstar reported Q4 2025 net revenue of $1.29 billion, down 13.4% YoY due to lower political advertising.
The company recorded a net loss of $170 million in Q4 2025, compared to a profit of $229 million in Q4 2024.
Nexstar's proposed $6.2 billion acquisition of TEGNA Inc. remains pending regulatory approvals, expected to close by H2 2026.
The CW achieved 19% total audience growth, ranking as the 10th largest ad-supported network overall.
Nexstar returned $351 million to shareholders in 2025, representing 42% of Adjusted Free Cash Flow.

The big picture

Nexstar's Q4 2025 results highlight the challenges of navigating post-election advertising cycles and the strategic importance of its proposed TEGNA acquisition. The deal, valued at $6.2 billion, aims to reinforce Nexstar's position as the nation's leading local broadcasting company amid increasing competition from big tech and big media. The company's focus on sports programming and news programming viewership growth underscores its efforts to diversify revenue streams and adapt to changing market dynamics.

What we're watching

Regulatory Approval: Whether Nexstar can secure regulatory approvals for the TEGNA acquisition by H2 2026, given inquiries from the DOJ and state Attorney Generals.
Political Advertising: How Nexstar will capitalize on political advertising opportunities during the mid-term elections in 2026 to offset the significant decline in Q4 2025.
Operational Efficiency: The pace at which Nexstar can optimize its business operations to improve profitability, following a net loss in Q4 2025.