NEXSTAR MEDIA GROUP, INC. NXST
We are a leading diversified media company that produces and distributes engaging local and national news, sports and entertainment content across our television and digital platforms, including more than 317,000 hours of programming produced annually by our business units. Nexstar owns America's largest local television broadcasting group comprised of top network affiliates, with over 200 owned or partner stations in 116 U.S. markets in 40 states and the District of Columbia reaching over 225 million people. Nexstar's national television properties include an 80.8% interest in The CW Network, LLC ("The CW"), the fifth major broadcast network in the U.S., NewsNation, a national news network providing "News for All Americans," two popular entertainment multicast networks, Antenna TV and REWIND TV, and a 31.3% ownership stake in Television Food Network, G.P. ("TV Food Network"). The Company's portfolio of digital assets, including its local TV station apps and websites, The Hill and NewsNationNow.com, is collectively a Top 10 U.S. digital news and information property, attracting over 90 million monthly unique users on average during 2025 according to Comscore.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.95B | $5.41B | $4.93B | $5.21B | $4.65B | $4.50B | $3.04B | $2.77B | $2.43B | $1.10B |
| SG&A | $1.06B | $1.09B | $1.10B | $1.10B | $1.02B | $912.1M | $730.0M | $579.9M | $605.1M | $263.6M |
| Total operating expenses | $4.10B | $4.14B | $4.22B | $3.90B | $3.47B | $3.13B | $2.38B | $2.01B | $1.93B | $815.9M |
| Operating income | $849.0M | $1.27B | $708.0M | $1.31B | $1.18B | $1.38B | $655.1M | $757.8M | $505.6M | $287.3M |
| Interest expense | — | $444.0M | $447.0M | $337.0M | $283.0M | $335.3M | $304.4M | $221.0M | $241.2M | $116.1M |
| Pre-tax income | $150.0M | $959.0M | $401.0M | $1.22B | $1.09B | $1.10B | $373.3M | $532.9M | $241.4M | $170.7M |
| Income tax | $67.0M | $276.0M | $131.0M | $274.0M | $263.0M | $296.5M | $137.0M | $144.7M | $233.9M | $77.6M |
| Net income | $83.0M | $683.0M | $270.0M | $944.0M | $830.0M | $811.5M | $230.3M | $389.5M | $475.0M | $91.5M |
| EPS, basic | 3.04 | 21.73 | 9.78 | 24.68 | 19.81 | 18.06 | 5.01 | 8.52 | 10.38 | 2.98 |
| EPS, diluted | 3.00 | 21.41 | 9.64 | 24.16 | 18.98 | 17.37 | 4.80 | 8.21 | 10.07 | 2.89 |
| Shares, diluted (wtd. avg.) | $30.7M | $32.8M | $35.8M | $40.2M | $44.0M | $46.7M | $47.9M | $47.4M | $47.1M | $31.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $280.0M | $144.0M | $147.0M | $220.0M | $207.0M | $169.0M | $248.7M | $145.1M | $115.7M | $1.02B |
| Receivables | $1.07B | $1.03B | $1.09B | $1.08B | $1.02B | $904.8M | $883.9M | $547.3M | $562.9M | $218.1M |
| Total current assets | $1.47B | $1.30B | $1.47B | $1.61B | $1.41B | $1.21B | $1.35B | $767.1M | $1.06B | $363.2M |
| Property, plant and equipment | $1.16B | $1.21B | $1.27B | $1.26B | $1.51B | $1.60B | $1.29B | $731.5M | $734.1M | $276.2M |
| Goodwill | $2.91B | $2.92B | $2.95B | $2.96B | $3.05B | $2.96B | $3.00B | $2.17B | $2.14B | $473.3M |
| Other intangibles | $1.59B | $1.85B | $2.12B | $2.43B | $2.72B | $2.94B | $3.26B | $1.49B | $1.58B | $324.7M |
| Total assets | $10.85B | $11.47B | $12.08B | $12.68B | $13.26B | $13.40B | $13.99B | $7.06B | $7.48B | $2.97B |
| Accounts payable | $133.0M | $133.0M | $235.0M | $198.0M | $248.2M | $218.4M | $157.4M | $67.8M | $31.1M | $19.8M |
| Short-term debt | $111.0M | $124.0M | $124.0M | $124.0M | $47.2M | $21.4M | $109.3M | $96.1M | $92.8M | $28.1M |
| Total current liabilities | $711.0M | $783.0M | $961.0M | $893.0M | $787.3M | $730.9M | $947.6M | $404.2M | $670.7M | $189.6M |
| Long-term debt | $6.22B | $6.40B | $6.71B | $6.83B | $7.37B | $7.65B | $8.38B | $3.88B | $4.27B | $2.31B |
| Total liabilities | $8.78B | $9.20B | $9.77B | $9.91B | $10.41B | $10.87B | $11.94B | $5.19B | $5.90B | $2.68B |
| Retained earnings | $3.54B | $3.67B | $3.19B | $3.03B | $2.20B | $1.49B | $778.8M | $620.4M | $299.5M | -$176.6M |
| Total equity | $2.06B | $2.26B | $2.31B | $2.77B | $2.86B | $2.54B | $2.05B | $1.87B | $1.58B | $284.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $891.0M | $1.25B | $999.0M | $1.40B | $1.22B | $1.25B | $417.5M | $736.9M | $109.1M | $284.3M |
| Depreciation and amortisation | $471.0M | $484.0M | $488.0M | $662.0M | $589.0M | $564.9M | $123.4M | $109.8M | $100.7M | $51.3M |
| Stock-based compensation | $78.0M | $78.0M | $60.0M | $62.0M | $47.0M | $48.3M | $38.6M | $31.3M | $24.1M | $11.4M |
| Capital expenditure | $148.0M | $145.0M | $149.0M | $157.0M | $151.0M | $217.0M | $197.5M | $106.2M | $72.5M | $31.9M |
| Investing cash flow | -$173.0M | -$102.0M | -$173.0M | $125.0M | -$232.0M | -$39.8M | -$4.70B | -$175.5M | -$2.07B | -$135.1M |
| Financing cash flow | -$582.0M | -$1.15B | -$899.0M | -$1.51B | -$945.0M | -$1.29B | $4.39B | -$531.9M | $1.06B | $822.9M |
| Dividends paid | $226.0M | $219.0M | $191.0M | $142.0M | $118.0M | $101.0M | $82.8M | $68.6M | $55.9M | $29.4M |
| Buybacks | $125.0M | $601.0M | $605.0M | $881.0M | $537.0M | $281.9M | $45.1M | $50.5M | $99.0M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001142417-26-000016.
Others in SIC 4833
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| FOXA | Fox Corp | $27.74B | 17.0x | 5.1% |
| VSNT | Versant Media Group, Inc. | $5.43B | — | -5.3% |
| NMAX | Newsmax Inc. | $1.37B | — | 10.7% |
| SBGI | Sinclair, Inc. | $996.5M | — | -10.7% |
| EVC | ENTRAVISION COMMUNICATIONS CORP | $775.6M | — | 22.6% |
| GTN | GRAY MEDIA, INC | $485.1M | — | -15.1% |
| SSP | E.W. SCRIPPS Co | $303.9M | — | -14.3% |
| PSKY | Paramount Skydance Corp | $10.9K | — | — |