Nexstar Media Group, Inc. (NXST) Earnings
Nexstar Media Group, Inc. is expected to report next earnings on August 6, 2026 (in NaN days), with a consensus EPS estimate of $6.54. NXST has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -54.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $4.43 | $6.15 | +38.8% | $1.4B | +9.1% |
| Feb 26, 2026 | $4.01 | $-5.63 | -240.4% | $1.3B | +3.1% |
| Nov 6, 2025 | $2.62 | $2.14 | -18.3% | $1.2B | -4.2% |
| Aug 7, 2025 | $2.95 | $3.06 | +3.7% | $1.2B | +1.4% |
| May 8, 2025 | $3.26 | $3.37 | +3.4% | $1.2B | +0.6% |
| Feb 27, 2025 | $9.22 | $7.56 | -18.0% | $1.5B | +19.1% |
| Nov 7, 2024 | $5.41 | $5.27 | -2.6% | $1.4B | -7.5% |
| Aug 8, 2024 | $4.17 | $3.54 | -15.1% | $1.3B | -2.1% |
| May 9, 2024 | $3.97 | $5.16 | +30.0% | $1.3B | -0.4% |
| Feb 28, 2024 | $4.15 | $3.32 | -20.0% | $1.3B | -0.8% |
| Feb 28, 2023 | $7.57 | $8.04 | +6.2% | $1.5B | -0.3% |
| Aug 4, 2022 | $5.06 | $5.56 | +9.9% | $1.2B | +1.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Nexstar closed the landmark acquisition of Tegna following FCC and DOJ approval, but faced lawsuits from DirectPB and some state AGs. - Engaged with FCC and DOJ, made concessions like increasing local news programming in nine markets, divesting stations in six markets within two years, and extending retransmission agreements. - First quarter had 13 days of Tegna results, with record net revenue, strong adjusted EBITDA and adjusted free cash flow. - Legacy Nexstar business units made progress on operating expense savings. - CW network improved profitability and has sports programming partnerships. - NewsNation was a top - growing primetime network. - Returned $56 million to shareholders in dividends and repaid $182 million in debt through April 30th.
Guidance
- For the second quarter, including Tegna on an as - combined basis, non - political advertising is expected to decline mid - single digits due to a weaker advertising environment. - Anticipate a favorable 2026 political season consistent with combined historical track records. - Forward - looking guidance is limited due to court cases and uncertainty, but expect to execute on original plan if litigation is resolved.
Segment performance
In the first quarter of 2026, Nexstar delivered record net revenue of $1.4 billion. At legacy Nexstar business units, they made progress towards achieving additional operating expense savings, driven by cost reductions at the CW and broader core operating efficiencies. The CW network improved year - over - year profitability in the first quarter and is on track to be profitable by the fourth quarter of 2026. NewsNation was the number one fastest - growing network in primetime across all major broadcasts and cable networks in March 2026, ranking 35th in total household viewing for all of primetime ad - supported cable networks in the first quarter. Distribution revenue was $837 million, up $75 million or 9.8% compared to the prior year quarter, with $106 million from Tegna. Advertising revenue was $548 million, up $88 million or 19.1% over the comparable prior year, with $51 million incremental Tegna advertising revenue.
Risks & headwinds
- DirectPB along with a number of state AGs filed suits seeking to block the Tegna transaction. - Uncertainty from legal proceedings related to the Tegna acquisition. - Weaker advertising environment in the second quarter. - Potential impact of market uncertainties on operations and financials.
Analyst Q&A
Q: Dan Kernos asked about other rulings, CapEx impact and guidance clarity.
A: Perry said all known threatened and pending litigation was listed, Leanne said CapEx delay will catch up and no longer - term guidance on companies at present.
Q: Patrick Scholl asked about M&A litigation impact on operating together and tariff impact.
A: Perry said there are guardrails with Tegna operating under interim covenants, and no particular tariff impact on advertising.
Q: Aaron Watts asked about ad softness and capital allocation.
A: Mike said no major ad category differential, Leanne said focus on deleveraging and historical track record of deleveraging.
Q: Stephen Cahal asked about arm's length collaborations and access to Tegna's excess free cash flow.
A: Leanne said access to excess free cash flow subject to operating minimums, Perry said there are arm's length commercial agreements possible.
Q: Craig Hubber asked about 39% ownership cap.
A: Perry said Chairman Carr wants to eliminate the national ownership cap, it's a process.
Q: Benjamin Soft asked about digital strategy partnerships and divestitures impact.
A: Mike said partnerships are evolution, divestiture impact is premature to determine.
Q: Jason Bazanay asked about guardrails and Tegna sales force risk.
A: Perry said there are interim operating covenants, Tegna had stellar first quarter performance.