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Broadcasting · Communication Services · Fiscal year ends Dec 31
Nexstar Media reported revenue of $4.9B in the fiscal year ended Dec 2025, down 8.5% from the year before. Operating income was $849M, an operating margin of 17.2%, and net income was $109M. Operating cash flow of $891M less capital expenditure of $148M left free cash flow of $743M. Net debt was $6.1B.
Ranks among the 7 broadcasting companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 4,648 | 5,211 | 4,933 | 5,407 | 4,949 |
| Selling, general & admin | 1,024 | 1,098 | 1,098 | 1,088 | 1,063 |
| Operating income | 1,175 | 1,312 | 708 | 1,268 | 849 |
| Net interest incomeBanks | −283 | −337 | −447 | −444 | – |
| Interest expense | – | – | 447 | 444 | 379 |
| Pre-tax income | 1,093 | 1,217 | 401 | 959 | 150 |
| Income tax | 263 | 274 | 131 | 276 | 67.0 |
| Net income | 834 | 971 | 346 | 722 | 109 |
| Diluted EPS | 18.98 | 24.16 | 9.64 | 21.41 | 3.00 |
| Diluted shares | 44.0 | 40.2 | 35.8 | 32.8 | 30.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 191 | 204 | 135 | 144 | 280 |
| Receivables | 1,021 | 1,080 | 1,095 | 1,028 | 1,075 |
| Current assets | 1,413 | 1,615 | 1,466 | 1,297 | 1,473 |
| Net PP&E | 1,513 | 1,262 | 1,269 | 1,207 | 1,158 |
| Goodwill | 3,052 | 2,961 | 2,946 | 2,922 | 2,910 |
| Total assets | 13,265 | 12,679 | 12,078 | 11,468 | 10,846 |
| Payables | 248 | 198 | 235 | 133 | 133 |
| Deferred revenue | 22.6 | – | – | – | – |
| Current liabilities | 787 | 893 | 961 | 783 | 711 |
| Short-term debt | 47.2 | 124 | 124 | 124 | 111 |
| Long-term debt | 7,368 | 6,827 | 6,713 | 6,399 | 6,222 |
| Total liabilities | 10,407 | 9,910 | 9,765 | 9,200 | 8,784 |
| Shareholders' equity | 2,850 | 2,741 | 2,299 | 2,257 | 2,064 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,215 | 1,403 | 999 | 1,250 | 891 |
| Capital expenditure | 151 | 157 | 149 | 145 | 148 |
| Free cash flow | 1,064 | 1,246 | 850 | 1,105 | 743 |
| Depreciation & amortisation | 589 | 662 | 488 | 484 | 471 |
| Stock-based compensation | 47.0 | 62.0 | 60.0 | 78.0 | 78.0 |
| Acquisitions | 138 | – | 38.0 | – | 22.0 |
| Share buybacks | 537 | 881 | 605 | 601 | 125 |
| Dividends paid | 118 | 142 | 191 | 219 | 226 |
| Dividend per share | 2.80 | 3.60 | 5.40 | 6.76 | 7.44 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.1% | −5.3% | 9.6% | −8.5% |
| Operating income growth (YoY) | – | 11.7% | −46.0% | 79.1% | −33.0% |
| EPS growth (YoY) | – | 27.3% | −60.1% | 122.1% | −86.0% |
| Operating margin | 25.3% | 25.2% | 14.4% | 23.5% | 17.2% |
| Net margin | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% |
| Return on equityBlank when equity is negative | 29.3% | 35.4% | 15.1% | 32.0% | 5.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.4% | 11.1% | 6.4% | 11.9% | 8.4% |
| Free cash flow margin | 22.9% | 23.9% | 17.2% | 20.4% | 15.0% |
| Cash conversion (CFO ÷ net income) | 1.46x | 1.44x | 2.89x | 1.73x | 8.17x |
| Receivable days | 80 | 76 | 81 | 69 | 79 |
| Interest cover | – | – | 1.58x | 2.86x | 2.24x |
| Debt ÷ equity | 2.60x | 2.54x | 2.97x | 2.89x | 3.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 7,224 | 6,747 | 6,702 | 6,379 | 6,053 |
| Current ratio | 1.79x | 1.81x | 1.53x | 1.66x | 2.07x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.