Nexstar Media Group

NXST · Nasdaq · Communication Services · Financials, fiscal 2016 to 2025

NXST · Last close · October 26, 2026

$164.75

Nexstar Media Group's revenue fell 8.5% to $4.9 billion in fiscal 2025. Its operating margin was 17.1%, down from 23.4% a year earlier. Free cash flow was $743 million, down 32.8%. It paid out $351 million in dividends and buybacks, 47% of free cash flow. The diluted share count fell 6.4%.

NEXSTAR MEDIA GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001193125-26-078361 Updated October 9, 2026

Revenue

$4.9B

8.5%

Operating margin

17.1%

6.3 pts

Net income

$109M

84.9%

Free cash flow

$743M

32.8%

Return on capital

5.6%

4.6 pts

Market cap

$5.1B

Oct 26 close

P/E

31.3x

On $5.27 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Nexstar Media Group does

Nexstar owns and operates local television stations and national networks, and produces news, sports and entertainment programming. It says it is the largest local television broadcasting company in the United States, with over 200 owned or partner stations in 116 local markets. Its stations are affiliates of CBS, FOX, NBC and ABC, and also of The CW and MyNetworkTV. It owns 80.8% of The CW and runs NewsNation, a national news network, plus the Antenna TV and REWIND TV channels. It also has a stake in TV Food Network.

Nexstar earns money mainly from distribution revenue and advertising revenue. Distribution revenue is the fees that cable, satellite and online TV distributors pay, generally per subscriber, to carry its stations' signals and its networks. Advertising revenue comes from selling airtime and digital ads to local and national businesses and, in election years, to political candidates and groups. It generated $4.9 billion of revenue in 2025. About 68% of its advertising revenue came from local programming, excluding its owned network assets.

In August 2025 Nexstar agreed to buy TEGNA, which owns 64 television stations and two radio stations. It expects the deal to close by the second half of 2026. The company employs about 6,000 journalists and 1,600 salespeople.

Its biggest risks, as it describes them

The planned TEGNA merger may not close on time, or its benefits may take longer to arrive than expected.
Fewer cable and satellite subscribers, or failing to renew deals with distributors on good terms.
Failing to renew its network affiliation agreements with the major networks.
Advertising pressure from big technology companies and economic downturns, and loss of its largest advertisers.
A large amount of debt and mostly fixed costs, so a small revenue drop can hurt results.

From Nexstar Media Group's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 0.4% a year and net income 2.0% a year, as buybacks cut the share count by 3%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Nexstar Media Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Nexstar Media Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Nexstar Media Group's fiscal 2025 free cash flow of $743M, net cash of −$6.1B at December 31, 2025 and 31 million diluted shares, from its filings. The scenarios are fitted to Nexstar Media Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Broadcasting), plus 1 point as a smaller company, worth $5.1B, plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Nexstar Media Group's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 12% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $164.75
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Nexstar Media Group's earnings per share of $5.27 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17×, the middle of Nexstar Media Group's own P/E today, its peers' median and its sector's median (the Communication Services median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: SiriusXM, Fox.

Earnings growth in the years ahead (% a year) Starts at Nexstar Media Group's revenue growth over the last 3 years, -1.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $164.75
Value at this multiple, against the last close: —
Nexstar Media Group's P/E at the last close: 31.3×

Company	Last close	Earnings per share	P/E today
Nexstar Media GroupNXST	$164.75	$5.27	31.3×
FoxFOXA	$65.33	$3.84	17.0×
SiriusXMSIRI	$27.41	$2.50	11.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	191	204	135	144	280
Debt incl. finance leases	7,415	6,951	6,837	6,523	6,333
Net debt (negative means net cash)	7,224	6,747	6,702	6,379	6,053
Net debt to EBITDA	4.1x	3.4x	5.6x	3.6x	4.6x
Debt to equity	2.6x	2.5x	3.0x	2.9x	3.1x
Interest coverage	4.3x	4.0x	1.6x	2.9x	2.3x
Current ratio	1.8x	1.8x	1.5x	1.7x	2.1x
Quick ratio	1.8x	1.8x	1.5x	1.7x	2.1x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $2.0 million of Nexstar Media Group shares on the open market, and 16 insiders sold $11.0 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 23, 2026	Andrew AlfordPresident, Broadcasting	Sold	2,823	$165.69	$467,743	Form 4
Aug 24, 2026	Michael BiardPresident & COO	Sold	2,465	$185.82	$458,046	Form 4
Aug 24, 2026	Bernadette S. AulestiaDirector	Sold	300	$186.80	$56,040	Form 4
Aug 14, 2026	Dana ZimmerSee Remarks	Sold	4,008	$187.46	$751,340	Form 4
Jun 26, 2026	Perry A SookChief Executive Officer, Director	Bought	12,235	$162.26	$2.0 million	Form 4
Jun 16, 2026	Dana ZimmerSee Remarks	Sold	876	$170.81	$149,630	Form 4
Jun 16, 2026	Sean ComptonPresident, Networks	Sold	840	$170.81	$143,480	Form 4
Jun 16, 2026	Andrew AlfordPresident, Broadcasting	Sold	746	$170.81	$127,424	Form 4
Jun 16, 2026	Lee Ann GlihaEVP, Chief Financial Officer	Sold	373	$170.81	$63,712	Form 4
Jun 16, 2026	Brett JenkinsSee Remarks	Sold	301	$170.81	$51,414	Form 4
Jun 16, 2026	Blake RussellEVP, Operations	Sold	261	$170.81	$44,581	Form 4
Jun 16, 2026	Lindsey KnappEVP, Human Resources	Sold	93	$170.81	$15,885	Form 4

The latest 12 of 57 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	4 of 8	7 of 8	5 of 8
Accruals ratio	−5.3%	−4.5%	−7.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Nexstar Media Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Nexstar Media Group	FY25	−8.5%	17.1%	15.0%	5.6%	4.6x	5
SiriusXM	FY25	−1.6%	17.2%	14.6%	5.3%	5.1x	6	Compare
Fox	FY26	5.1%	—	8.6%	14.8%	0.8x	6	Compare
Warner Bros. Discovery	FY25	−5.2%	2.0%	8.3%	0.6%	4.5x	7	Compare
Roblox	FY25	35.8%	−25.2%	27.7%	—	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,103	2,432	2,767	3,039	4,501	4,648	5,211	4,933	5,407	4,949
Revenue growth	23.1%	120.5%	13.8%	9.8%	48.1%	3.3%	12.1%	−5.3%	9.6%	−8.5%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	287	506	758	655	1,375	1,175	1,312	708	1,268	849
Net income	92	475	390	230	812	834	971	346	722	109
Diluted EPS (US$)	2.89	10.07	8.21	4.80	17.37	18.98	24.16	9.64	21.41	3.00
Diluted shares (millions)	32	47	47	48	47	44	40	36	33	31
Cash flow
Cash from operations	284	109	737	418	1,254	1,215	1,403	999	1,250	891
Capital expenditure	32	72	106	198	217	151	157	149	145	148
Free cash flow	252	37	631	220	1,037	1,064	1,246	850	1,105	743
Dividends paid	29	56	69	83	101	118	142	191	219	226
Share buybacks	0	99	50	45	282	537	881	605	601	125
Acquisitions	104	2,975	104	5,881	386	138	0	38	0	22
Stock-based compensation	11	24	31	39	48	47	62	60	78	78
Balance sheet at fiscal year end
Cash and short-term investments	88	116	145	232	153	191	204	135	144	280
Debt incl. finance leases	2,342	4,362	3,981	8,509	7,683	7,415	6,951	6,837	6,523	6,333
Total assets	2,966	7,482	7,062	13,990	13,404	13,264	12,679	12,078	11,468	10,846
Total liabilities	2,682	5,900	5,193	11,936	10,867	10,407	9,910	9,765	9,200	8,784
Shareholders' equity	169	1,571	1,853	2,032	2,518	2,850	2,741	2,299	2,257	2,064
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	26.0%	20.8%	27.4%	21.6%	30.6%	25.3%	25.2%	14.3%	23.4%	17.1%
Net margin	8.3%	19.5%	14.1%	7.6%	18.0%	17.9%	18.6%	7.0%	13.3%	2.2%
Free cash flow margin	22.9%	1.5%	22.8%	7.2%	23.0%	22.9%	23.9%	17.2%	20.4%	15.0%
Return on capital	7.7%	12.1%	9.6%	5.2%	9.9%	8.9%	10.4%	5.1%	10.2%	5.6%
Return on equity	73.3%	54.6%	22.8%	11.9%	35.7%	31.1%	34.7%	13.7%	31.7%	5.0%
Return on assets	3.8%	9.1%	5.4%	2.2%	5.9%	6.2%	7.5%	2.8%	6.1%	1.0%
Net debt to EBITDA	5.8x	5.5x	3.8x	8.5x	3.9x	4.1x	3.4x	5.6x	3.6x	4.6x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Nexstar Media Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Nexstar Media Group.