10-K · February 27, 2026
Sinclair’s 2025 10-K emphasizes a strategic review of the local media business (including a potential separation of Ventures) and highlights scale in local TV (179 stations, 656 channels) and national content reach…
Earnings analysis · 10-Q
SBGI earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Sinclair reported strong Q1 2026 results with revenue of $807 million, surpassing expectations, and an EPS of $0.28 against a estimates of a loss of $0.71. Key growth drivers included digital advertising and political…
Read full summary
Sinclair reported strong Q1 2026 results with revenue of $807 million, surpassing expectations, and an EPS of $0.28 against a estimates of a loss of $0.71. Key growth drivers included digital advertising and political revenues from the midterm elections. Despite improvements, core advertising saw a slight decline, indicating potential volatility ahead.
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
- $0.28
- Segment
- Local Media
- Segment
- Tennis
What stood out
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Revenue Exceeds Expectations
Q1 2026 revenue reached $807 million, beating the estimated $792.7 million.
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Positive EPS Surprise
Reported EPS of $0.28 compared to an estimated loss of $0.71.
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Political Advertising Boost
Political advertising revenue increased to $18 million, reflecting the midterm election cycle.
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Improved Operating Income
Operating income increased to $27 million, up from $14 million in Q1 2025.
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Reduced Interest Expense
Interest expense decreased by $59 million to $85 million due to prior one-time costs.
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Solid Cash Position
As of March 31, 2026, SBG reported $392 million in cash and cash equivalents.
What to watch
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Core Advertising Decline
Core advertising revenue fell to $261 million, down 4% from $271 million in Q1 2025.
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High Debt Levels
As of Q1 2026, SBG faced interest expenses of $85 million with significant total debt obligations.
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Geopolitical Risks
Management noted potential liquidity effects from geopolitical tensions impacting advertisers and subscribers.
Management's outlook
Management reaffirmed full-year guidance for 2026, citing continued digital growth.
Earlier filings 4
10-Q · November 7, 2025
Sinclair reported Q3 2025 revenue of $773 million and diluted EPS of $(0.02). Revenue declined versus Q3 2024 ($917 million) driven primarily by a collapse in political advertising ($6 million in Q3 2025 vs $138 million…
10-K · February 26, 2025
Sinclair (SBGI) presents a large local-broadcast footprint (185 stations / 641 channels) and a strategy focused on local news, network affiliations and owned networks (e.g., The Nest, Comet). Results improved through…
10-Q · November 8, 2024
Sinclair reported Q3 revenue of $917 million and operating income of $179 million, driving diluted EPS of $1.43 for the quarter ended September 30, 2024. Results reflect a strong rebound versus the prior-year quarter…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.