Nexstar Media Group, Inc. (NXST) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$7.47	$4.98	-33.3%	—	$2B	—
Q1 26	$4.39	$6.61	+50.6%	—	$1.4B	—
Q4 25	$3.55	$5.48	+54.4%	—	$1.3B	—
Q2 25	$2.68	$3.22	+20.1%	—	$1.2B	—
Q1 25	$3	$3.31	+10.3%	—	$1.2B	—
Q4 24	$8.02	$5.63	-29.8%	—	$1.5B	—
Q3 24	$5.02	$4.04	-19.5%	—	$1.4B	—
Q2 24	$4.24	$3.03	-28.5%	—	$1.3B	—
Q1 24	$3.72	$3.74	+0.5%	—	$1.3B	—
Q4 23	$3.71	$4.15	+11.9%	—	$1.3B	—
Q3 23	$0.15	$0.79	+426.7%	—	$1.1B	—
Q2 23	$2.36	$2.61	+10.6%	—	$1.2B	—
Q1 23	$2.47	$3.07	+24.3%	—	$1.3B	—
Q4 22	$8.15	$8.53	+4.7%	—	$1.5B	—
Q3 22	$5.69	$6.27	+10.2%	—	$1.3B	—
Q2 22	$4.9	$5.61	+14.5%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.04	—	—	$4.9B	—
FY24	—	$21.7	—	—	$5.4B	—
FY23	—	$9.78	—	—	$4.9B	—
FY22	—	$24.7	—	—	$5.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.1B	$2.4B	$2.8B	$3B	$4.5B	$4.6B	$5.2B	$4.9B	$5.4B	$4.9B
YoY change	+23.1%	+120.4%	+13.8%	+9.85%	+48.1%	+3.26%	+12.1%	-5.33%	+9.61%	-8.47%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.1B	2.4B	2.8B	3B	4.5B	4.6B	5.2B	4.9B	5.4B	4.9B
Cost of revenue	382M	993.4M	1.1B	1.3B	1.7B	1.9B	2B	2.2B	2.2B	2.2B
Gross profit	721.2M	1.4B	1.6B	1.7B	2.8B	2.8B	3.2B	2.8B	3.2B	2.7B
Gross margin	65.4%	59.2%	59.6%	55.6%	61.8%	59.9%	61.5%	56.4%	58.9%	54.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	263.6M	605.1M	579.9M	730M	912.1M	1B	1.1B	1.1B	1.1B	1.1B
Operating expenses	263.6M	605.1M	579.9M	730M	851.3M	999M	1.1B	1.1B	1.1B	1.1B
Operating income	302.6M	467.9M	748.3M	552M	1.4B	1.2B	1.4B	743M	1.3B	863M
Operating margin	27.4%	19.2%	27%	18.2%	30.3%	25.8%	27.7%	15.1%	23.9%	17.4%
Non-operating income, net	-15.8M	14.7M	5.6M	125.7M	75.3M	178M	109M	105M	111M	-334M
Pretax income	170.7M	241.4M	532.9M	373.3M	1.1B	1.1B	1.2B	401M	959M	150M
Income tax	77.6M	-233.9M	144.7M	137M	296.5M	263M	274M	131M	276M	67M
Net income	93.1M	475.3M	388.3M	236.3M	808.1M	830M	943M	270M	683M	83M
Net margin	8.44%	19.5%	14%	7.77%	18%	17.9%	18.1%	5.47%	12.6%	1.68%
EBITDA	457M	845.3M	1.1B	1.1B	2B	2B	2.3B	1.8B	2.2B	1.7B
EPS	2.98	10.4	8.52	5.01	18.1	19.8	24.7	9.78	21.7	3.04
Diluted EPS	2.89	10.1	8.21	4.8	17.4	19	24.2	9.64	21.4	3

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.3B	1.3B	1.3B	1.4B	1.5B	1.2B	1.2B	1.2B	1.3B	1.4B	2B
Cost of revenue	537M	540M	548M	552M	563M	558M	551M	—	—	—	—	929M
Gross profit	595M	764M	736M	717M	803M	929M	683M	672M	636M	724M	785M	1.1B
Gross margin	52.6%	58.6%	57.3%	56.5%	58.8%	62.5%	55.3%	54.7%	53.1%	56.2%	56.2%	53.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	272M	315M	264M	269M	278M	270M	257M	262M	270M	273M	327M	457M
Operating expenses	272M	315M	264M	269M	278M	270M	258M	262M	271M	275M	327M	457M
Operating income	103M	239M	282M	240M	335M	441M	220M	213M	175M	256M	265M	362M
Operating margin	9.1%	18.3%	22%	18.9%	24.5%	29.7%	17.8%	17.3%	14.6%	19.9%	19%	18.2%
Non-operating income, net	24M	23M	60M	22M	22M	0	15M	14M	15M	-379M	8M	5M
Pretax income	14M	147M	228M	149M	244M	337M	138M	130M	96M	-214M	153M	177M
Income tax	6M	48M	61M	43M	64M	107M	41M	39M	31M	-44M	-7M	64M
Net income	8M	99M	167M	106M	180M	230M	97M	91M	65M	-170M	160M	113M
Net margin	0.71%	7.59%	13%	8.35%	13.2%	15.5%	7.86%	7.4%	5.43%	-13.2%	11.5%	5.67%
EBITDA	347M	507M	492M	470M	547M	685M	440M	424M	380M	70M	466M	620M
EPS	0.71	—	5.25	3.59	5.34	7.68	3.41	3.09	2.16	-5.63	5.22	3.65
Diluted EPS	0.7	—	5.16	3.54	5.27	7.56	3.37	3.06	2.14	-5.63	5.09	3.61

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.9B	—	3.6B	5.4B	4.9B	6.4B	6.9B	—	5.1B	6.2B	5B
Enterprise value	4.2B	—	7.4B	13.7B	12.5B	13.6B	13.7B	—	11.5B	12.3B	16.9B
Shares outstanding	30.7M	45.8M	45.7M	46M	44.9M	42.1M	39.3M	35.3M	32.3M	30.3M	30.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	20.9	—	9.26	22.8	6.07	7.66	7.3	—	7.47	74.2	30.7
P/S	1.76	—	1.3	1.77	1.09	1.37	1.32	—	0.94	1.25	0.85
P/B	6.83	—	1.92	2.63	1.93	2.23	2.49	—	2.25	2.99	2.2
EV/EBITDA	9.18	—	6.72	12.8	6.09	6.84	5.96	—	5.23	7.17	9.92
EV/Sales	3.8	—	2.69	4.49	2.77	2.93	2.63	—	2.12	2.48	2.87
Earnings yield	4.79%	—	10.8%	4.38%	16.5%	13%	13.7%	—	13.4%	1.35%	3.26%
FCF yield	13%	—	17.5%	4.08%	21.1%	16.7%	18.1%	—	21.6%	12.1%	16.1%
PEG	—	—	—	—	—	—	—	—	—	—	1.69

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	65.4%	59.2%	59.6%	55.6%	61.8%	59.9%	61.5%	56.4%	58.9%	54.8%	53.4%
Operating margin	27.4%	19.2%	27%	18.2%	30.3%	25.8%	27.7%	15.1%	23.9%	17.4%	21.2%
Net margin	8.44%	19.5%	14%	7.77%	18%	17.9%	18.1%	5.47%	12.6%	1.68%	3.2%
ROE	32.7%	30.1%	20.8%	11.5%	31.9%	29%	34.1%	11.7%	30.1%	4.03%	7.43%
ROA	3.14%	6.35%	5.5%	1.69%	6.03%	6.26%	7.44%	2.24%	5.96%	0.77%	5.09%
ROIC	6.5%	8.03%	9.56%	3.39%	9.9%	8.99%	11.7%	5.52%	10.6%	5.85%	6.06%
Return on tangible assets	32.7%	-13.6%	-10.2%	-5.41%	-19%	-20.3%	-24%	-6.89%	-17.4%	-2.05%	-2.01%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.92	1.57	1.9	1.43	1.66	1.79	1.81	1.53	1.66	2.07	1.56
Quick ratio	1.92	1.57	1.9	1.43	1.66	1.79	1.81	1.53	1.66	2.07	1.56
Debt / equity	8.24	2.76	2.13	4.14	3.04	2.61	2.53	2.98	2.88	3.09	5.34
Debt / assets	0.79	0.58	0.56	0.61	0.57	0.56	0.55	0.57	0.57	0.59	0.67
Net debt / EBITDA	4.93	5.02	3.47	7.76	3.69	3.65	2.96	3.7	2.91	3.57	7.54
Interest coverage	2.47	2	3.41	2.23	4.29	4.86	4.61	1.9	3.16	1.4	1.43
Effective tax rate	45.5%	0%	27.1%	36.7%	26.8%	24.1%	22.5%	32.7%	28.8%	44.7%	20.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	35.9	53.2	60.5	66.1	100.2	110.3	132.4	139.7	167.3	163.1	193.2
EPS (basic)	2.98	10.4	8.52	5.01	18.1	19.8	24.7	9.78	21.7	3.04	3.04
EPS (diluted)	2.89	10.1	8.21	4.8	17.4	19	24.2	9.64	21.4	3	5.28
Book value per share	9.27	34.6	40.9	44.7	56.5	67.8	70.4	65.5	70.2	67.9	73.5
FCF per share	8.22	0.8	13.8	4.78	23.1	25.3	31.7	24.1	34.2	24.5	24
Cash per share	2.86	2.53	3.17	5.05	3.4	4.53	5.18	3.82	4.46	9.23	7.08
Capex per share	1.02	1.15	2.23	4.3	4.83	3.58	3.99	4.22	4.49	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.82%	2.16%	3.68%	6.5%	4.82%	3.25%	3.01%	3.02%	2.68%	—	—
Capex / operating cash flow	13.1%	39%	15%	37.6%	20.1%	13.4%	13.4%	20.2%	12.5%	—	—
Payout ratio	31.6%	11.8%	17.7%	35.1%	12.5%	14.2%	15.1%	70.7%	32.1%	272.3%	140.9%
Dividend yield	1.52%	—	1.91%	1.54%	2.06%	1.85%	2.06%	—	4.29%	3.67%	4.6%

Yield

4.6%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.86

ex-dividend Aug 14, 2026

Payout ratio

141%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$1.86
May 15, 2026	$1.86
Feb 13, 2026	$1.86
Nov 12, 2025	$1.86
Aug 15, 2025	$1.86

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1.3B	$1.3B	$1.3B	$1.4B	$1.5B	$1.2B	$1.2B	$1.2B	$1.3B	$1.4B	$2B
YoY change	-10.8%	-12.3%	+2.15%	+2.34%	+20.7%	+14%	-3.89%	-3.15%	-12.3%	-13.3%	+13.1%	+62.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	87.7M	115.7M	145.1M	232.1M	152.7M	190.9M	204M	135M	144M	280M
Receivables	218.1M	562.9M	547.3M	883.9M	904.8M	1B	1.1B	1.1B	1B	1.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	363.2M	1.1B	767.1M	1.4B	1.2B	1.4B	1.6B	1.5B	1.3B	1.5B
Property, plant & equipment	194.8M	509M	500.3M	936.4M	1.2B	1.1B	869M	860M	777M	694M
Goodwill & intangibles	2.7B	11B	10.9B	18.4B	17.7B	17.4B	16.6B	16B	15.4B	14.9B
Total assets	3B	7.5B	7.1B	14B	13.4B	13.3B	12.7B	12.1B	11.5B	10.8B
Accounts payable	19.8M	31.1M	67.8M	157.4M	218.4M	248.2M	198M	235M	133M	133M
Short-term debt	28.1M	92.8M	96.1M	109.3M	57.3M	90M	174M	171M	124M	152M
Total current liabilities	189.6M	670.7M	404.2M	947.6M	730.9M	787.3M	893M	961M	783M	711M
Long-term debt	2.3B	4.3B	3.9B	8.4B	7.6B	7.4B	6.8B	6.7B	6.4B	6.2B
Total liabilities	2.7B	5.9B	5.2B	11.9B	10.9B	10.4B	9.9B	9.8B	9.2B	8.8B
Shareholders' equity	284.4M	1.6B	1.9B	2.1B	2.5B	2.9B	2.8B	2.3B	2.3B	2.1B
Total debt	2.3B	4.4B	4B	8.5B	7.7B	7.5B	7B	6.9B	6.5B	6.4B
Net debt	2.3B	4.2B	3.8B	8.3B	7.6B	7.3B	6.8B	6.7B	6.4B	6.1B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	236M	280M	379M	218M
Receivables	—	—	—	—	—	—	—	—	1B	1.1B	1.7B	1.6B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	1.4B	1.5B	2.3B	2B
Property, plant & equipment	—	—	—	—	—	—	—	—	—	694M	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	15.1B	14.9B	26.3B	26.1B
Total assets	—	—	—	—	—	—	—	—	11.2B	10.8B	18.1B	17.7B
Accounts payable	—	—	—	—	—	—	—	—	100M	133M	200M	162M
Short-term debt	—	—	—	—	—	—	—	—	152M	152M	326M	385M
Total current liabilities	—	—	—	—	—	—	—	—	745M	711M	1.3B	1.3B
Long-term debt	—	—	—	—	—	—	—	—	6.2B	6.2B	11.9B	11.4B
Total liabilities	—	—	—	—	—	—	—	—	9B	8.8B	15.9B	15.5B
Shareholders' equity	—	—	—	—	—	—	—	—	2.3B	2.1B	2.2B	2.3B
Total debt	—	—	—	—	—	—	—	—	6.4B	6.4B	12.2B	11.8B
Net debt	—	—	—	—	—	—	—	—	6.2B	6.1B	11.8B	11.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	93.1M	475.3M	388.3M	236.3M	808.1M	830M	943M	270M	683M	83M
Depreciation & amortization	120.3M	323.1M	320.5M	408.7M	564.9M	589M	662M	941M	808M	784M
Stock-based compensation	11.4M	24.1M	31.3M	38.6M	48.3M	47M	62M	60M	78M	78M
Change in working capital	-27M	-165.1M	11.5M	5.3M	-51.7M	-164M	-115M	-53M	-76M	-91M
Operating cash flow	237.5M	134.6M	679.9M	525.1M	1.1B	1.1B	1.2B	736M	1.2B	891M
Capital expenditure	-31.2M	-52.4M	-101.9M	-197.5M	-217M	-151M	-157M	-149M	-145M	—
Investing cash flow	-140.2M	-2.1B	-175.5M	-4.7B	-46.8M	-245M	115M	-183M	-102M	-25M
Dividends paid	-29.4M	-55.9M	-68.6M	-82.8M	-101M	-118M	-142M	-191M	-219M	-226M
Share repurchases	0	-99M	-50.5M	-45.1M	-281.9M	-537M	-881M	-605M	-601M	-125M
Financing cash flow	821.7M	1B	-537.9M	4.4B	-1.3B	-945M	-1.5B	-899M	-1.2B	-582M
Net change in cash	919M	-882.5M	-33.5M	206.6M	-260.3M	-63M	-228M	-346M	-106M	284M
Free cash flow	252.4M	36.6M	630.6M	220M	1B	1.1B	1.2B	850M	1.1B	743M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	8M	99M	167M	106M	180M	230M	97M	91M	65M	-170M	160M	113M
Depreciation & amortization	220M	210M	190M	208M	190M	220M	205M	197M	190M	192M	193M	245M
Stock-based compensation	17M	16M	18M	20M	19M	21M	18M	21M	19M	20M	20M	40M
Change in working capital	56M	-133M	-90M	12M	22M	-20M	-28M	70M	-104M	-29M	-15M	24M
Operating cash flow	189M	62M	200M	260M	332M	365M	206M	247M	117M	190M	289M	298M
Capital expenditure	-36M	-36M	-44M	-37M	-29M	-35M	-35M	—	—	—	—	—
Investing cash flow	-36M	-36M	-4M	-37M	-29M	-34M	-61M	1M	2M	-1M	-3.3B	3M
Dividends paid	-47M	-46M	-57M	-55M	-55M	-52M	-57M	-56M	-56M	-57M	-56M	-57M
Share repurchases	-194M	-96M	-111M	-135M	-177M	-178M	-75M	-50M	0	0	0	0
Financing cash flow	-270M	-163M	-182M	-232M	-323M	-424M	-167M	-238M	-86M	-91M	3.2B	-486M
Net change in cash	-117M	-137M	14M	-9M	-20M	-93M	-22M	10M	33M	98M	178M	-185M
Free cash flow	102M	146M	232M	139M	358M	376M	302M	218M	87M	136M	267M	253M

Nexstar Media Group, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement