The significant decline in revenue and EBITDA is primarily due to the cyclical nature of political advertising, which dropped from $203M in Q4 2024 to $14M in Q4 2025. The 2026 guidance projecting at least $333M in political advertising suggests a strong rebound is expected. Traders should monitor the execution of this guidance, particularly political ad sales, which could drive a significant recovery in 2026 financial performance.
Price Chart
Executive Summary
Sinclair, Inc. reported Q4 2025 financial results showing a 17% year-over-year decline in total revenue to $836 million and a 49% drop in Adjusted EBITDA to $168 million, primarily due to a significant decline in political advertising. However, core advertising revenue grew 14% YoY. The company provided 2026 guidance projecting at least $333 million in political advertising revenue and Adjusted EBITDA of $700-740 million, indicating a strong recovery expected in the upcoming political cycle.
Key Financial Metrics
Key Facts
- Q4 2025 total revenue was $836 million, down 17% YoY from $1,004 million
- Full-year 2025 revenue was $3.169 billion, down 11% from 2024
- Q4 Adjusted EBITDA was $168 million, down 49% YoY from $330 million
- Full-year 2025 Adjusted EBITDA was $483 million, down 45% from 2024
- Core advertising revenue grew 14% YoY in Q4 to $354 million
- Political advertising revenue dropped 93% YoY in Q4 to $14 million
- 2026 guidance includes at least $333 million in political advertising revenue and $700-740 million in Adjusted EBITDA
- Total company debt was $4.383 billion with $866 million in cash and equivalents
Financial Impact
Revenue declined 17% YoY in Q4 and 11% for full-year 2025, while Adjusted EBITDA fell 49% in Q4 and 45% for the full year, but guidance suggests a strong rebound in 2026 with political ad revenue expected to increase from $14M to at least $333M
Segment Breakdown
| Segment | Revenue |
|---|---|
| Local Media | $734.0M |
| Tennis | $62.0M |
| Other | $51.0M |
Risk Factors
- Execution risk in achieving the optimistic 2026 guidance, particularly the political advertising revenue target
- High leverage with $4.383 billion in debt could constrain flexibility
- Continued secular decline in traditional TV viewership and advertising
- Dependence on cyclical political advertising creates revenue volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001971213-26-000009 |
| Document: sbgi-20260225.htm | 0001971213-26-000009 |
| Document: 0001971213-26-000009-index-headers.html | 0001971213-26-000009 |
| Document: 0001971213-26-000009-index.html | 0001971213-26-000009 |
| Document: 0001971213-26-000009.txt | 0001971213-26-000009 |
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 10w 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
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