TEGNA Inc.
- Open
- 20.08
- Day high
- 20.15
- Day low
- 19.91
- Prev close
- 20.03
- Volume
- 5.8M
- Mkt cap
- $3.2B
- P/E (TTM)
- 14.7
- EPS (TTM)
- $1.36
- P/B
- 1.0
- P/S
- 1.2
- Yield
- 0.62%
- Per share
- $0.13
TEGNA Inc. (TGNA) is a Communication Services company listed on NYSE. The stock is up 7% over the past year. Drillr has 1 published research article covering TGNA.
TEGNA Inc. (TGNA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TGNA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2025 | $0.38 | $0.44 | +15.8% | $675M | +1.6% |
| May 8, 2025 | $0.34 | $0.37 | +8.8% | $680M | +1.3% |
| Feb 27, 2025 | $1.25 | $1.21 | -3.2% | $871M | +28.1% |
| Nov 7, 2024 | $0.86 | $0.94 | +9.3% | $807M | -7.3% |
| Feb 29, 2024 | $0.47 | $0.43 | -8.5% | $726M | -3.3% |
| Aug 3, 2023 | $0.42 | $0.44 | +4.8% | $732M | +0.5% |
| Feb 27, 2023 | $1.11 | $0.98 | -11.7% | $917M | -3.9% |
| Nov 9, 2022 | $0.73 | $0.65 | -11.0% | $803M | -3.9% |
| Feb 28, 2022 | $0.55 | $0.57 | +3.6% | $775M | +0.0% |
| Nov 4, 2021 | $0.49 | $0.55 | +12.2% | $756M | +1.3% |
| Mar 1, 2021 | $1.12 | $1.16 | +3.6% | $938M | — |
| May 7, 2020 | $0.38 | $0.43 | +13.2% | $684M | +13.2% |
TGNA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 12, 2026 | Cox Thomas R.officer: SVP and Chief Growth Officer | Grant | 51,794 | — |
| Mar 12, 2026 | McClelland Clifton A. IIIofficer: SVP, Cntlr and Prin. Acc. Off. | Grant | 12,870 | — |
| Mar 12, 2026 | Steib Michael Fdirector, officer: President and CEO | Grant | 157,571 | — |
| Mar 12, 2026 | Heskett Julieofficer: SVP and CFO | Grant | 51,470 | — |
| Mar 3, 2026 | Cox Thomas R.officer: SVP and Chief Growth Officer | Option | 16,611 | — |
| Mar 3, 2026 | Cox Thomas R.officer: SVP and Chief Growth Officer | Grant | 88,563 | — |
| Mar 3, 2026 | McClelland Clifton A. IIIofficer: SVP, Cntlr and Prin. Acc. Off. | Option | 4,753 | — |
| Mar 3, 2026 | McClelland Clifton A. IIIofficer: SVP, Cntlr and Prin. Acc. Off. | Option | 3,635 | — |
| Mar 3, 2026 | Heskett Julieofficer: SVP and CFO | Tax | 3,883 | $20.95 |
| Mar 3, 2026 | McClelland Clifton A. IIIofficer: SVP, Cntlr and Prin. Acc. Off. | Option | 8,054 | — |
| Mar 3, 2026 | Steib Michael Fdirector, officer: President and CEO | Grant | 354,252 | — |
| Mar 3, 2026 | McClelland Clifton A. IIIofficer: SVP, Cntlr and Prin. Acc. Off. | Tax | 7,165 | $20.95 |
| Mar 3, 2026 | McClelland Clifton A. IIIofficer: SVP, Cntlr and Prin. Acc. Off. | Option | 3,614 | — |
| Mar 3, 2026 | Heskett Julieofficer: SVP and CFO | Grant | 75,911 | — |
| Mar 3, 2026 | Heskett Julieofficer: SVP and CFO | Option | 12,081 | — |
Source: TGNA SEC Form 4 filings, latest Mar 12, 2026. For informational purposes only — not investment advice.
See the full TGNA insider & 13F page →TEGNA Inc. company profile
Overview
TEGNA Inc. (NYSE:TGNA) is a leading American television broadcasting company that operates 64 television stations across 51 markets in the United States. Founded in 1906 as part of the Gannett Company, TEGNA became an independent publicly traded entity in June 2015 when it spun off from Gannett's newspaper operations. The company is headquartered in Tysons, Virginia, and has evolved from traditional broadcast television into a multi-platform media organization that delivers news and entertainment content across television, digital, and streaming platforms. TEGNA serves approximately 39% of all U.S. television households and reaches around 100 million people monthly across its various platforms.
Business
TEGNA operates in the television broadcasting industry, which involves the transmission of video and audio content to viewers through over-the-air signals, cable systems, and streaming platforms. The company's core business revolves around operating local television stations that serve as affiliates for major broadcast networks like ABC, CBS, NBC, FOX, and The CW. The company's primary offerings include several key components. Local news programming forms the backbone of TEGNA's content strategy, with stations producing multiple daily newscasts that cover local events, weather, sports, and investigative journalism. This local news content is distributed not only through traditional television broadcasts but also across digital platforms including websites, mobile apps, and social media channels. Network programming distribution represents another major service, where TEGNA's stations serve as local affiliates for national broadcast networks, airing popular primetime shows, sports events, and special programming like the Olympics and Super Bowl. The company also operates multicast networks including True Crime Network, Quest, and Twist, which offer specialized content and additional programming options on digital subchannels. On the digital front, TEGNA operates Premion, an over-the-top (OTT) advertising platform that helps advertisers reach audiences through connected TV and streaming services. The company also runs VAULT Studios, which produces true crime and investigative content in podcast and television formats, and has invested in 6AM City, a digital local media brand. TEGNA's revenue streams can be broadly categorized into three segments: Advertising and Marketing Services (approximately 42% of total revenue), which includes traditional television advertising and digital advertising through Premion; Subscription/Distribution revenue (approximately 55% of total revenue), which comes from fees paid by cable and satellite providers to carry TEGNA's stations; and Political advertising, which provides significant revenue during election cycles, contributing $373 million in 2024.
Revenue model
TEGNA generates revenue through multiple interconnected business models that capitalize on its role as a local media gateway. The company's subscription revenue model represents its largest income source, generating approximately 55% of total revenue through retransmission consent fees. These are payments made by cable, satellite, and streaming service providers to carry TEGNA's local television stations. This revenue stream has grown consistently as cord-cutting has been offset by rising per-subscriber rates, with most agreements now structured as variable-rate contracts that adjust based on subscriber counts. Advertising revenue constitutes approximately 42% of total income and operates on multiple levels. Traditional television advertising sells commercial time to local and national advertisers during news programming and network shows. The company's Premion platform extends this model into the digital realm, offering programmatic advertising solutions for connected TV and over-the-top streaming services. Local advertisers typically pay premium rates for targeted geographic reach, while national advertisers provide broader market exposure. Political advertising creates significant cyclical revenue spikes, particularly during presidential election years. In 2024, TEGNA generated $373 million from political advertising, demonstrating the substantial impact of election cycles on profitability. This revenue comes from campaigns, political action committees, and advocacy groups purchasing airtime for advertisements. Several factors influence TEGNA's profit margins. Positive margin drivers include the company's market-leading positions in local news, which command premium advertising rates, and the relative stability of retransmission fees, which provide predictable revenue growth. The company's cost reduction initiatives, targeting $90-100 million in annualized savings, also support margin expansion. Negative margin pressures include cord-cutting trends that reduce subscriber bases, increased competition from digital platforms for advertising dollars, rising programming costs for sports and network content, and the cyclical nature of political advertising that creates revenue volatility. Economic downturns particularly impact local advertising spending, as seen in recent quarters where automotive and other key advertising categories have declined.
Risks & safety
TEGNA demonstrates a moderate margin of safety with solid financial fundamentals but faces industry headwinds that create uncertainty. Liquidity and Solvency: • Strong cash position of $693 million with minimal near-term debt maturities • Current ratio of 2.92 indicates solid short-term liquidity • Debt-to-equity ratio of 1.04 shows manageable leverage levels • Free cash flow generation of $633 million in 2024 provides financial flexibility • Net leverage maintained below 3x management target Valuation Metrics: • Trading at 5.1x forward P/E ratio, indicating potential value opportunity • EV/EBITDA of 5.2x appears reasonable for a mature media company • Price-to-book ratio of 1.03 suggests shares trade near tangible book value • Graham number of $37.81 significantly exceeds current share price • Political advertising cycles create earnings volatility that may distort traditional metrics Other Considerations: • Predictable retransmission revenue provides earnings stability • Industry-wide secular decline in traditional television viewership creates long-term risk • Regulatory changes could impact retransmission negotiating power • Cost reduction initiatives of $90-100 million may improve margins but signal underlying pressure
Recent development
Over the past few years, TEGNA has undergone significant strategic transformation under new leadership, with Mike Steib joining as CEO in 2024, replacing Dave Lougee who retired after seven years. The company has pivoted toward becoming a more technology-driven, efficient media organization while maintaining its core local news focus. Operational efficiency initiatives have become a central theme, with TEGNA targeting $90-100 million in annualized cost savings by the end of 2025. These efforts include workforce restructuring, vendor contract renegotiation, office space reduction, and corporate oversight streamlining. The company has successfully achieved $50 million in annualized savings and is implementing AI technology across newsrooms to improve operational efficiency. Digital transformation efforts have accelerated, with TEGNA designing what it calls the "TV station of the future" using cloud-based technology and artificial intelligence. The company has centralized marketing operations, launched digital engagement pilots, and developed proprietary AI systems for newsroom operations. These initiatives aim to leverage TEGNA's content across multiple platforms more effectively. Strategic acquisitions have focused on enhancing digital capabilities, most notably the acquisition of Octillion Media to bolster the Premion connected TV advertising platform. The company also invested in 6AM City, a local digital media brand, and has been expanding local sports content through agreements with professional teams including the San Antonio Spurs, Dallas Mavericks, and Milwaukee Bucks. Capital allocation strategy has emphasized shareholder returns, with TEGNA committing to return 40-60% of adjusted free cash flow to shareholders through dividends and share repurchases. The company authorized a $650 million share repurchase program and has returned $286 million to shareholders year-to-date in 2025. Management has also expressed openness to both strategic acquisitions and potential asset sales, maintaining financial flexibility in anticipation of possible regulatory changes that could enable industry consolidation.
TGNA company profile · for informational purposes only — not investment advice.
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