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…
Earnings analysis · 10-Q
NXST earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.61
What stood out
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.