The strong operational quarter is overshadowed by the TEGNA litigation risk. The removal of synergies from the leverage calculation and the July 2027 trial date create uncertainty. Monitor the Q4 2026 Ninth Circuit oral argument on the preliminary injunction for potential catalysts. The stock may trade on the resolution of the legal overhang rather than near-term financial performance.
Price Chart
Executive Summary
Nexstar Media Group reported record Q2 2026 net revenue of $1.993B, up 62.2% YoY, driven by the TEGNA acquisition and strong political advertising. GAAP diluted EPS was $3.61, a beat vs the $3.06 reported in Q2 2025, but the company faces a significant overhang from ongoing litigation challenging the TEGNA acquisition, which has delayed synergy realization and pushed the trial to July 2027. The company repaid $409M in debt and paid $57M in dividends during the quarter.
Key Financial Metrics
Key Facts
- Record Q2 net revenue of $1.993B, up 62.2% YoY.
- GAAP diluted EPS of $3.61, up from $3.06 in Q2 2025.
- Adjusted EBITDA of $633M, up 62.7% YoY.
- Repaid $409M of debt and paid $57M in dividends in Q2.
- Total debt of $11.7B as of June 30, 2026, with total net leverage of 4.22x.
- TEGNA acquisition trial scheduled for July 6, 2027; synergies removed from leverage calculation.
- D.C. Circuit rejected challenges to the FCC's approval of the TEGNA acquisition on July 9, 2026.
- Political advertising revenue was $147M in Q2, as 2026 is an election year.
Financial Impact
Record quarterly revenue of $1.993B, net income of $113M, and Adjusted EBITDA of $633M. Debt repayment of $409M reduced total debt to $11.7B.
Risk Factors
- Adverse outcome in TEGNA litigation could force asset divestitures or limit synergy realization.
- High leverage of 4.22x total net leverage, with limited covenant headroom if synergies are delayed.
- Interest expense increased significantly to $190M in Q2 from $97M in Q2 2025 due to acquisition-related debt.
- Preliminary injunction prevents full integration of TEGNA, delaying expected cost savings.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-336678 |
| Document: nxst-20260806.htm | 0001193125-26-336678 |
| Document: 0001193125-26-336678-index-headers.html | 0001193125-26-336678 |
| Document: 0001193125-26-336678-index.html | 0001193125-26-336678 |
| Document: 0001193125-26-336678.txt | 0001193125-26-336678 |
| 8-K Data (Synthetic) | 0001193125-26-336678 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $167.34 | awaiting T+20 | — | $167.34 (−0.00%) |
Oct 13, 2026 13d ago | Press Release | $160.56 | awaiting T+20 | — | $167.34 (+4.22%) |
Aug 24, 2026 9w ago | Insider Cluster | $189.39 $165.57 | ▼ −12.58% | ▼ −12.83% | $167.34 (−11.64%) |
Aug 17, 2026 10w ago | Court Ruling | $182.57 $163.67 | ▼ −10.35% | ▼ −8.61% | $167.34 (−8.34%) |
Aug 6, 2026 11w ago | 8-K | $187.97 $177.67 | ▼ −5.48% | ▼ −6.08% | $167.34 (−10.98%) |
Aug 3, 2026 12w ago | 8-K | $192.49 $181.14 | ▼ −5.90% | ▼ −7.14% | $167.34 (−13.07%) |
Jun 30, 2026 17w ago | Court Ruling | $178.59 $185.80 | ▲ +4.04% | ▲ +5.07% | $167.34 (−6.30%) |
Jun 29, 2026 17w ago | Insider Buy | $170.73 $183.31 | ▲ +7.37% | ▲ +7.65% | $167.34 (−1.99%) |
Jun 16, 2026 18w ago | 8-K | $172.11 $175.56 | ▲ +2.00% | ▲ +1.80% | $167.34 (−2.77%) |
Jun 15, 2026 19w ago | Insider Cluster | $172.29 $175.46 | ▲ +1.84% | ▲ +2.59% | $167.34 (−2.87%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers