The raised EBITDA guidance and strong political advertising momentum are the primary catalysts. Monitor the Q3 earnings call for updates on core advertising trends and the pace of political spend realization ahead of the midterms. The GAAP loss is largely non-cash and should be discounted.
Price Chart
Executive Summary
Sinclair reported Q2 2026 revenue of $840M (+7% YoY) and Adjusted EBITDA of $149M (+45% YoY), driven by a surge in political advertising revenue to $59M (up 883% YoY). The company raised its full-year 2026 Adjusted EBITDA guidance to $730M-$760M from $700M-$740M, while core advertising revenue guidance was lowered due to political crowding out. GAAP net loss attributable to Sinclair was $76M (EPS -$1.06), a significant miss vs consensus of -$0.30, driven by a $112M income tax provision and other non-cash charges, but the market focus is on the strong operational cash flow and raised EBITDA guidance.
Key Financial Metrics
Key Facts
- Total revenue increased 7% YoY to $840M.
- Adjusted EBITDA increased 45% YoY to $149M.
- Political advertising revenue surged to $59M, up 883% YoY.
- Full-year 2026 Adjusted EBITDA guidance raised to $730M-$760M.
- Core advertising revenue guidance lowered to $1,220M-$1,280M from $1,260M-$1,320M.
- Reduced debt by $320M in the quarter; total debt at $4,059M.
- GAAP net loss attributable to Sinclair was $76M (EPS -$1.06), vs consensus of -$0.30.
Financial Impact
Adjusted EBITDA guidance raised by $30M at the midpoint; political revenue guidance increased 13% to at least $375M.
Risk Factors
- Core advertising revenue is declining (-3% YoY) and guidance was lowered, indicating structural headwinds from cord-cutting and advertiser caution.
- High leverage (Total Leverage Ratio 5.2x) and a large net loss attributable to Sinclair ($76M) remain credit concerns.
- Political advertising revenue is cyclical and may not sustain at current levels post-midterms.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001971213-26-000037 |
| Document: sbgi-20260805.htm | 0001971213-26-000037 |
| Document: 0001971213-26-000037-index-headers.html | 0001971213-26-000037 |
| Document: 0001971213-26-000037-index.html | 0001971213-26-000037 |
| Document: 0001971213-26-000037.txt | 0001971213-26-000037 |
| 8-K Data (Synthetic) | 0001971213-26-000037 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | Press Release | $12.64 $12.96 | ▲ +2.53% | ▲ +1.98% | $11.97 (−5.30%) |
Sep 25, 2026 4w ago | 144 | $12.78 $12.81 | ▲ +0.23% | ▲ +0.98% | $11.97 (−6.34%) |
Sep 16, 2026 5w ago | Press Release | $14.03 $13.61 | ▼ −2.99% | ▼ −4.13% | $11.97 (−14.68%) |
Aug 28, 2026 8w ago | 8-K | $14.10 $13.86 | ▼ −1.70% | ▼ −1.02% | $11.97 (−15.11%) |
Aug 10, 2026 11w ago | 144 | $13.67 $13.88 | ▲ +1.54% | ▲ +1.29% | $11.97 (−12.44%) |
Aug 10, 2026 11w ago | 144 | $13.76 $13.67 | ▲ +0.65% | ▲ +0.33% | $11.97 (+13.01%) |
Aug 5, 2026 11w ago | 8-K | $14.76 $14.20 | ▼ −3.79% | ▼ −4.41% | $11.97 (−18.90%) |
Aug 5, 2026 11w ago | Press Release | $14.76 $14.20 | ▼ −3.79% | ▼ −4.41% | $11.97 (−18.90%) |
Jul 2, 2026 16w ago | Court Ruling | $15.42 $15.14 | ▼ −1.82% | ▼ −2.69% | $11.97 (−22.37%) |
May 4, 2026 25w ago | 144 | $14.78 $14.83 | ▲ +0.34% | ▼ −1.05% | $11.97 (−19.01%) |
US Market Status
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