Nexstar Media Group, the largest owner of ABC, CBS, FOX, & NBC stations, reported its financial results for the first quarter ended March 31, 2026. The company achieved record net revenue for the period and completed the acquisition of TEGNA Inc. during the quarter.
Nexstar closed the acquisition of TEGNA on March 19, 2026, after receiving approvals from the Federal Communications Commission and the Department of Justice. The transaction included TEGNA results from the closing date through the end of the quarter. As part of the deal, Nexstar has been operating under a hold-separate order amid ongoing legal proceedings challenging the acquisition.
For the first quarter, Nexstar posted net revenue of $1.396 billion, an increase of 13.1 percent from $1.234 billion in the first quarter of 2025. The growth reflected $106 million in incremental revenue from TEGNA as well as higher advertising and distribution revenue from the company’s legacy operations.
Distribution revenue reached $837 million, up 9.8 percent from $762 million a year earlier. The increase came from TEGNA contributions and higher rates, growth in virtual multichannel video programming distributor subscribers, and additions of CW affiliations, though these gains were partly offset by subscriber losses at multichannel video programming distributors.
Advertising revenue totaled $548 million, rising 19.1 percent from $460 million in the prior-year period. The gain included $51 million from TEGNA and a $35 million increase in political advertising at legacy stations to $41 million, consistent with the 2026 election cycle. Non-political advertising at legacy units edged up 0.4 percent, with digital growth balancing declines in traditional television advertising.
Net income for the quarter amounted to $160 million, compared with $97 million in the first quarter of 2025, representing a 64.9 percent increase. The improvement stemmed from higher operating income tied to the TEGNA acquisition, a tax benefit of approximately $47 million related to deferred tax liabilities, and elevated political advertising. These factors were partially offset by one-time expenses and higher interest costs associated with the transaction. The net income margin rose to 11.5 percent from 7.9 percent.
Adjusted EBITDA increased to $470 million from $381 million, a gain of 23.4 percent. The margin expanded to 33.7 percent from 30.9 percent, driven by TEGNA contributions, legacy revenue growth, and lower amortization of broadcast rights at The CW.
Net cash provided by operating activities declined to $289 million from $337 million, primarily due to timing of receipts and payments along with reduced distributions from the company’s stake in Television Food Network. Adjusted free cash flow, however, rose to $420 million from $348 million, supported by higher adjusted EBITDA, reduced broadcast rights payments, and lower capital expenditures.
In terms of capital allocation, Nexstar repaid $28 million of debt in the first quarter and used funds for the TEGNA acquisition and $56 million in dividend payments to shareholders. Through April 30, 2026, the company had repaid an additional amount bringing total debt repayment to $182 million since the start of the year. As of March 31, 2026, consolidated debt stood at $12.2 billion, with cash on hand at $379 million. The pro forma first lien net leverage ratio was 2.94 times, below the applicable covenant level.
Operationally, NewsNation advanced in viewership rankings. The network was the fastest-growing in primetime among major broadcast and cable news outlets in March and ranked 35th in primetime household viewership among ad-supported cable networks for the quarter. The CW Network expanded its sports programming through a multi-year partnership with the Mountain West Conference, set to begin in the 2026-27 season.
Nexstar also continued community initiatives, including the Remarkable Woman of the Year program, which awarded a total of $937,500 across local, regional, and national winners. The company has increased local programming hours at stations by 18 percent since 2020, excluding TEGNA. Independent evaluations from groups such as Ad Fontes Media, AllSides, and NewsGuard have assessed its news operations and NewsNation as maintaining middle or balanced bias with reliable fact-based reporting.
The media sector continues to face pressures from shifting viewer habits, digital competition, and regulatory considerations. Nexstar’s acquisition of TEGNA positions the company with a larger footprint in local television markets. Management has emphasized operational execution and integration efforts while addressing legal matters related to the transaction.
The first-quarter results reflect both the impact of the recent acquisition and underlying performance in core broadcasting and network businesses amid an election-year advertising environment. Full integration of TEGNA and resolution of associated legal proceedings are expected to influence future operations and financial outcomes.
Please add Cord Cutters News as a source for your Google News feed HERE. You can watch today’s top cord cutting stories on our YouTube channel HERE. Please follow us on Facebook and X for more news, tips, and reviews. Need cord cutting tech support? Join our Cord Cutting Tech Support Facebook Group for help.