The stock is likely pricing in the $22.00 acquisition offer. With fundamentals weakening and no share buybacks, upside is limited unless a competing bid emerges. Monitor regulatory approval progress for the Nexstar deal as the primary catalyst.
Price Chart
Executive Summary
TEGNA reported full-year 2025 revenue of $2.71 billion, down 13% year-over-year, driven by a 90% decline in political advertising and a 4% drop in Advertising & Marketing Services (AMS) revenue. Non-GAAP EPS was $1.63, down from $3.07 in 2024. The company achieved its two-year Adjusted Free Cash Flow guidance of $1.0 billion and remains on track for acquisition by Nexstar at $22.00 per share, valued at $6.2 billion, expected to close in the second half of 2026.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue was $2.712 billion, down 13% YoY, primarily due to 90% drop in political ad revenue and 4% decline in AMS.
- Non-GAAP EPS was $1.63 in 2025, down from $3.07 in 2024.
- Adjusted EBITDA fell 38% to $579 million.
- Achieved two-year Adjusted Free Cash Flow of $1.0 billion, within the $900M–$1.1B guidance range.
- Nexstar acquisition remains on track for H2 2026 close at $22.00/share, $6.2 billion total value.
- Company suspended share repurchases and will not provide forward guidance due to pending merger.
Financial Impact
Revenue down $390 million YoY; Adjusted EBITDA down $352 million; non-GAAP EPS down $1.44.
Risk Factors
- Regulatory delays or rejection of the Nexstar acquisition.
- Continued secular decline in linear TV and advertising revenue.
- Integration risks if the Nexstar deal closes, though minimal execution risk given cash nature.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3247276 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 19w ago | Institutional Cluster | — | awaiting T+5 | — | — |
Jun 11, 2026 19w ago | Institutional Cluster | — | awaiting T+5 | — | — |
Jun 1, 2026 21w ago | Press Release | — | awaiting T+5 | — | — |
Apr 8, 2026 28w ago | 15-12G | — | awaiting T+5 | — | — |
Mar 24, 2026 31w ago | EFFECT | $20.03 | awaiting T+5 | — | — |
Mar 2, 2026 34w ago | Press Release | $20.74 $20.79 | ▼ −0.24% | ▼ −1.45% | — |
US Market Status
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