Nexstar's third quarter 2026 revenue of $2.13B beat estimates despite missing political advertising targets

Nexstar reported record quarterly net revenue of $2.13 billion, representing 78% year-over-year growth primarily driven by the TEGNA acquisition. While revenue exceeded expectations, diluted EPS of $7.92 and political advertising revenue of $317 million both fell short of analyst consensus.

Key Highlights

• Total net revenue reached $2.13 billion, including $765 million in incremental contribution from TEGNA and strong distribution performance.
• Political advertising revenue hit a Q3 record of $317 million, though this was significantly below the $412 million projected by the market.
• Adjusted EBITDA grew 111.2% to $756 million, with margins expanding to 35.4% from 29.9% in the prior year period.
• Management has excluded projected TEGNA synergies from its leverage calculations due to a preliminary legal injunction, with a trial on the merits set for July 2027.
• The company prioritized debt reduction, repaying $350 million during the quarter and reaching $1.3 billion in total repayments year-to-date through November 5.