Sinclair, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data Sinclair, 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

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	6,134	3,928	3,134	3,548	3,169
Selling, general and administrative	908	812	747	794	806
General and administrative	170	160	694	185	185
Operating expenses	6,039	-52	3,465	2,997	2,996
Operating income	95	3,980	-331	551	173
Interest expense	618	296	305	304	395
Other non-operating income	-594	-366	-306	-156	-326
Pre-tax income	-499	3,614	-637	395	-153
Income tax	-173	913	-358	76	-54
Net income	-414	2,652	-291	310	-112
EBITDA	686	4,301	-60	801	422
EPS, basic	-5.51	37.54	-4.46	4.72	-1.61
EPS, diluted	-5.51	37.54	-4.46	4.69	-1.61
Shares, basic (weighted)	75.1	70.7	65.1	65.8	69.1
Shares, diluted (weighted)	75.1	70.7	65.1	66.1	69.1

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	819	884	662	697	866
Receivables		612	616	637	687
Other current assets		182	189	146	147
Total current assets		1,683	1,475	1,485	1,700
Property, plant and equipment		728	715	705	655
Lease right-of-use assets		145	142	123	110
Goodwill	2,088	2,088	2,082	2,082	2,085
Intangible assets		946	779	630	533
Other non-current assets		964	742	710	717
Total assets		6,704	6,085	5,885	5,949
Accounts payable		397	913	416	496
Accrued liabilities		397	913	416	496
Short-term debt		38	36	38	25
Total current liabilities		608	1,103	605	703
Long-term debt		4,227	4,139	4,091	4,358
Lease liabilities		154	152	130	112
Other non-current liabilities		220	204	195	180
Total liabilities		5,829	5,864	5,369	5,579
Total debt		35	4,148	4,087	4,350
Paid-in capital		624	517	570	613
Retained earnings		122	-234	10	-171
Other comprehensive income		1	1	2	0
Shareholders' equity		748	285	583	443
Minority interests		-67	-64	-67	-73
Total equity	-1,706	681	221	516	370
Total liabilities and equity		6,704	6,085	5,885	5,949

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	-326	2,701	-279	319	-99
Depreciation and amortization	591	321	271	250	249
Stock-based compensation	60	50	45	51	51
Deferred income tax	-97	904	-358	82	-121
Change in receivables	-187	20	-8	-28	-47
Change in payables	113	-14	512	-495	43
Cash from operations	327	799	235	98	189
Capital expenditures	-80	-105	-92	-84	-74
Acquisitions	-10		0	0	-29
Purchases of investments	-256	-75	-72	-50	-51
Sales and maturities of investments	26	99	206	203	30
Cash from investing	-246	-381	52	77	-120
Debt issued	357	728	0	0	1,805
Share buybacks	-61	-120	-153	0	0
Dividends paid	-60	-70	-65	-66	-69
Cash from financing	-524	-353	-509	-140	100
Net change in cash	-443	65	-222	35	169
Free cash flow	247	694	143	14	115
Interest paid	583	387	294	296	324
Income taxes paid	16	18	4	3	45

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 $12.78 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	6.6%	Operating income / revenue.
EBITDA margin	14.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.6%	Pre-tax income / revenue.
Net margin	1.6%	Net income / revenue.
FCF margin	2.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.3%	Cash from operations / revenue.
Effective tax rate	-190.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Return on invested capital (ROIC)	4.5%	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	26.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	8.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-10.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-6.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-68.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-64.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-47.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-53.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-136.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-134.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	92.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-38.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	721.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-45.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-24.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	1.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	4.6%	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	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.94x	Current assets / current liabilities.
Quick ratio	1.75x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.85x	(Cash + short-term investments) / current liabilities.
Debt / equity	10.6x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	73.6%	Total debt / total assets.
Liabilities / assets	94.5%	Total liabilities / total assets.
Net debt	$3.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.21x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.64x	Operating income / interest expense.
Working capital	$674.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	38.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.70B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	5.14x	Revenue / average property, plant and equipment.
Receivables turnover	5.03x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
FCF conversion	182.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	44.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.72	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	$45.12	Revenue / diluted weighted shares.
FCF per share	$1.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.37	Cash from operations / diluted weighted shares.
Book value per share	$5.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$23.60	Tangible book value / shares outstanding.
Cash per share	$8.37	(Cash + short-term investments) / shares outstanding.
Payout ratio	136.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	74.7%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$924.2M	Share price x shares outstanding.
Enterprise value	$4.36B	Market cap + total debt - cash - short-term investments.
P/E	17.8x	Market cap / net income. Only when net income is positive.
P/S	0.28x	Market cap / revenue.
P/B	2.43x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	9.73x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.40x	Market cap / cash from operations, when positive.
EV/Sales	1.34x	Enterprise value / revenue.
EV/EBIT	20.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.15x	Enterprise value / EBITDA, when both are positive.
EV/FCF	45.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.3%	Free cash flow / market cap.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	7.7%	Dividends paid over the period / market cap.
Shareholder yield	7.7%	(Dividends paid + share buybacks) / market cap.

What was Sinclair, Inc.'s revenue in fiscal 2025?

Sinclair, Inc. reported revenue of $3.17B for fiscal 2025, 10.7% lower than the year before.

Was Sinclair, Inc. profitable in fiscal 2025?

No. It reported a net loss of $112.0M.

How much free cash flow did Sinclair, Inc. generate in fiscal 2025?

Cash from operations of $189.0M minus capital expenditures of $74.0M left free cash flow of $115.0M.

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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