NEXSTAR MEDIA GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NEXSTAR MEDIA GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,103	2,432	2,767	3,039	4,501	4,648	5,211	4,933	5,407	4,949
Selling, general and administrative	264	605	580	730	912	1,024	1,098	1,098	1,088	1,063
Operating expenses	816	1,926	2,009
Operating income	287	506	758	655	1,375	1,175	1,312	708	1,268	849
Interest expense	117
Other non-operating income	-0.56	-0.02	-0.04	-0.68	-1	-2	-10		-2
Pre-tax income	171	241	533	373	1,105	1,093	1,217	401	959	150
Income tax	77.6	-234	145	137	297	263	274	131	276	67
Net income to minority interests	1.56	0.33	-1.21	6.04	-3.4	-4	-28	-76	-39	-26
Net income	91.5	475	389	230	812	834	971	346	722	109
EBITDA	339	606	868	979	1,940	1,764	1,974	1,196	1,752	1,320
EPS, basic	2.98	10.38	8.52	5.01	18.06	19.81	24.68	9.78	21.73	3.04
EPS, diluted	2.89	10.07	8.21	4.80	17.37	18.98	24.16	9.64	21.41	3.00
Shares, basic (weighted)	30.7	45.8	45.7	46	44.9	42.1	39.3	35.3	32.3	30.3
Shares, diluted (weighted)	31.7	47.1	47.4	47.9	46.7	44	40.2	35.8	32.8	30.7
Dividend per share	0.96	1.20	1.50	1.80	2.24	2.80	3.60	5.40	6.76	7.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,015	116	145	232	153	191	204	135	144	280
Receivables	218	563	547	884	905	1,021	1,080	1,095	1,028	1,075
Other current assets	57.5	71.9	22.7	152	136	139	121	88	41	57
Total current assets	363	1,056	767	1,352	1,210	1,413	1,615	1,466	1,297	1,473
Property, plant and equipment	276	734	732	1,290	1,605	1,513	1,262	1,269	1,207	1,158
Lease right-of-use assets				235	283	288	288	290	276	265
Goodwill	473	2,143	2,168	2,997	2,961	3,052	2,961	2,946	2,922	2,910
Intangible assets	325	1,582	1,492	3,260	2,939	2,717	2,434	2,124	1,847	1,587
Long-term investments			14	1,477	1,334	1,219	1,119	958	877	396
Other non-current assets	85.1	199	107	452	418	396	378	386	389	373
Total assets	2,966	7,482	7,062	13,990	13,404	13,265	12,679	12,078	11,468	10,846
Accounts payable	19.8	31.1	67.8	157	218	248	198	235	133	133
Accrued liabilities	71.3	176	176	423	307	316	319	350	314	314
Deferred revenue				18.7		22.6
Short-term debt	28.1	92.8	96.1	109	21.4	47.2	124	124	124	111
Total current liabilities	190	671	404	948	731	787	893	961	783	711
Long-term debt	2,314	4,270	3,885	8,383	7,647	7,368	6,827	6,713	6,399	6,222
Lease liabilities				186	234	238	238	246	253	242
Other non-current liabilities	45.8	341	270	895	816	523	584	571	531	497
Total liabilities	2,682	5,900	5,193	11,936	10,867	10,407	9,910	9,765	9,200	8,784
Total debt	2,342	4,362	3,981	8,493	7,668	7,415	6,951	6,837	6,523	6,333
Paid-in capital	387	1,343	1,352	1,354	1,363	1,311	1,288	1,283	1,304	1,331
Retained earnings	-177	300	620	779	1,488	2,204	3,033	3,188	3,671	3,537
Treasury stock	-41.5	-78.1	-106	-121	-367	-807	-1,607	-2,173	-2,717	-2,789
Other comprehensive income		6.14	-14.3	19.9	34.5	142	27	1	-1	-15
Shareholders' equity	169	1,571	1,853	2,031	2,518	2,850	2,741	2,299	2,257	2,064
Minority interests				22	18.5	7.1	28	14	-15	-21
Total equity	284	1,581	1,869	2,054	2,537	2,857	2,769	2,313	2,242	2,043
Total liabilities and equity	2,966	7,482	7,062	13,990	13,404	13,265	12,679	12,078	11,468	10,846
Shares outstanding									30.6	30.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	93.1	475	388	236	808	830	943	270	683	83
Depreciation and amortization	51.3	101	110	324	565	589	662	488	484	471
Stock-based compensation	11.4	24.1	31.3	38.6	48.3	47	62	60	78	78
Deferred income tax	54.6	-463	12.4	-3.42	-41.7	6	-102	-76	-33	-129
Change in receivables	-27.3	-56.7	30.9	2.18	14	-109	-12	-13	68	-47
Change in payables		-62.5	16.5	49.9	53.7	28	-50	32	-98	4
Cash from operations	284	109	737	417	1,254	1,215	1,403	999	1,250	891
Capital expenditures	-31.9	-72.5	-106	-198	-217	-151	-157	-149	-145	-148
Acquisitions	-104	-2,975	-104	-5,881	-386	-138		-38		-22
Purchases of investments					-7
Cash from investing	-135	-2,066	-176	-4,702	-39.8	-232	125	-173	-102	-173
Debt issued	958	3,534	251	5,523	1,327	321	2,480	20	55	3,393
Debt repaid	-80.1	-1,922	-653	-902	-2,184	-590	-2,960	-145	-382	-3,595
Stock issued	1.23	8.16	5.97	2.4	4.82	8.25	8	4	10
Share buybacks		-99	-50.5	-45.1	-282	-537	-881	-605	-601	-125
Dividends paid	-29.4	-55.9	-68.6	-82.8	-101	-118	-142	-191	-219	-226
Cash from financing	823	1,057	-532	4,388	-1,294	-945	-1,515	-899	-1,151	-582
Net change in cash	44.3	28	29.5	104	-79.4	38	13	-73	-3	136
Free cash flow	252	36.6	631	220	1,037	1,064	1,246	850	1,105	743
Interest paid	78.3	240	219	251	324	273	330	437	431	372
Income taxes paid	29.4	273	90.7	315	352	320	370	169	254	208

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $162.10 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	17.8%	Operating income / revenue.
EBITDA margin	23.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.6%	Pre-tax income / revenue.
Net margin	3.2%	Net income / revenue.
FCF margin	12.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.2%	Cash from operations / revenue.
Effective tax rate	20.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	6.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.6%	Capital expenditures / revenue.
D&A / revenue	5.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-33.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-9.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-24.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-7.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-84.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-51.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-33.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-86.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-50.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-29.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-28.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-32.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-15.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-6.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	27.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	27.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-8.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-8.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-8.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.56x	Current assets / current liabilities.
Quick ratio	1.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	5.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	66.3%	Total debt / total assets.
Liabilities / assets	87.2%	Total liabilities / total assets.
Net debt	$11.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.29x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$721.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	44.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$5.66B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.33x	Revenue / average total assets.
Fixed asset turnover	3.18x	Revenue / average property, plant and equipment.
Receivables turnover	3.71x	Revenue / average receivables.
Days sales outstanding	98 days	365 x average receivables / revenue.
FCF conversion	395.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	16.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.08	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$190.08	Revenue / diluted weighted shares.
FCF per share	$24.04	Free cash flow / diluted weighted shares.
Operating cash flow per share	$28.92	Cash from operations / diluted weighted shares.
Book value per share	$73.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$183.57	Tangible book value / shares outstanding.
Cash per share	$7.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	120.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.99B	Share price x shares outstanding.
Enterprise value	$16.52B	Market cap + total debt - cash - short-term investments.
P/E	26.6x	Market cap / net income. Only when net income is positive.
P/S	0.85x	Market cap / revenue.
P/B	2.20x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	6.72x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.59x	Market cap / cash from operations, when positive.
EV/Sales	2.81x	Enterprise value / revenue.
EV/EBIT	15.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	14.9%	Free cash flow / market cap.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	4.5%	(Dividends paid + share buybacks) / market cap.

What was NEXSTAR MEDIA GROUP, INC.'s revenue in fiscal 2025?

NEXSTAR MEDIA GROUP, INC. reported revenue of $4.95B for fiscal 2025, 8.5% lower than the year before.

Was NEXSTAR MEDIA GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $109.0M, a net margin of 2.2%.

How much free cash flow did NEXSTAR MEDIA GROUP, INC. generate in fiscal 2025?

Cash from operations of $891.0M minus capital expenditures of $148.0M left free cash flow of $743.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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