NXST earnings analysis
What we found in NXST's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Nexstar’s Q2 revenue increased to $1.993 billion, up 42.4% sequentially and 62.0% year over year, primarily reflecting the TEGNA merger. However, diluted EPS of $3.61 declined sequentially and missed the $7.28 consensus estimate by 50.4%. The filing adds material merger-specific risks, including ongoing antitrust litigation, FCC compliance requirements involving six station divestitures, and exposure to floating-rate debt; no quantitative financial guidance was provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue surged after TEGNA merger
- Q2 revenue was $1.993 billion, up approximately 42.4% from $1.4 billion in Q1 2026 and 62.0% from $1.23 billion in Q2 2025, reflecting the impact of the TEGNA merger.
- EPS missed consensus materially
- Diluted EPS was $3.61, down from $5.09 in Q1 2026 but up from $3.06 in Q2 2025. EPS was 50.4% below the $7.28 consensus estimate.
- TEGNA integration expanded scale
- The company completed the TEGNA merger on March 19, 2026, making TEGNA a wholly owned subsidiary and materially expanding the reported revenue base to $1.993 billion in Q2.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Merger litigation remains unresolved
- The merger faces ongoing antitrust litigation brought by state attorneys general and DIRECTV. The district court has set a trial date of July 6, 2027, while briefing on Nexstar’s appeal was completed on July 8, 2026 without an appellate decision; an adverse outcome could require divestitures or impair anticipated synergies.
- FCC conditions may force divestitures
- FCC merger approval requires divestiture of six television stations within two years if a waiver of the local television ownership rule remains necessary. Failure to satisfy the approval conditions could result in FCC penalties and negatively affect operations.
- Floating-rate debt creates exposure
- Term loans bear interest at rates ranging from 5.40% to 6.40% as of June 30, 2026, and a 100-basis-point increase in SOFR would increase annual interest expense and reduce operating cash flow by $53 million. The company had no hedges against benchmark-rate changes.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.61
What they said about what is next.
No quantitative revenue or EPS outlook was provided in the extracted 10-Q discussion; outlook may be addressed separately in the earnings release or conference call.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 7, 2026
- Nexstar Media Group's Q1 2026 results showed a 13.1% increase in net revenue to $1.4 billion and a significant EPS of $5.09, exceeding estimates. This was significantly aided by the recent TEGNA acquisition, which…
- 10-K · February 27, 2026
- Nexstar positions itself as the largest U.S. local broadcaster with broad local and national reach and is pursuing scale-driven growth (notably the pending TEGNA acquisition). Financially, revenue and operating cash…
- 10-Q · August 8, 2025
- Nexstar reported Q2 net revenue of $1,229 million (down $40 million vs. Q2 2024) and diluted EPS of $3.06. Operating income declined to $213 million (17.3% operating margin) while operating cash flow for the six months…
- 10-Q · May 8, 2025
- Nexstar reported Q1 2025 net revenue of $1,234 million and diluted EPS of $3.37, modestly beating consensus but down year‑over‑year. Operating income fell to $220 million while operating cash flow was strong at $337…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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