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Why Is TEGNA (TGNA) Down 3.2% Since Last Earnings Report?
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It has been about a month since the last earnings report for TEGNA Inc. (TGNA - Free Report) . Shares have lost about 3.2% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is TEGNA due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
TEGNA Misses Q3 Estimates as Earnings & Revenues Decline Y/Y
TEGNA reported third-quarter 2025 non-GAAP earnings of 33 cents per share, which missed the Zacks Consensus Estimate by 5.71% and decreased 64.9% on a year-over-year basis.
Revenues decreased 19.3% year over year to $650.8 million, missing the Zacks Consensus Estimate by 1.35%. The decrease was primarily due to lower political advertising and reduced advertising and marketing services (AMS) revenue.
TGNA’s Q3 in Detail
AMS revenues decreased 11.7% year over year to $273.4 million, pressured by weak macro conditions, the absence of the summer Olympic games and lower Premion revenues due to the loss of a major reseller partner. However, local sports and digital growth provided some offset.
Distribution revenues decreased 0.9% on a year-over-year basis to $358.5 million due to subscriber declines, offset by contractual rate increases.
Political revenues were $9.9 million, down 92.2% year over year. Other revenues were $9.1 million, down 2% year over year.
Non-GAAP adjusted EBITDA fell 52% year over year to $131 million, mainly due to lower political advertising and AMS revenues, partially offset by continued cost benefits from core operational cost-cutting initiatives.
Non-GAAP operating expenses decreased 4% year over year to $544 million.
Non-GAAP operating income decreased 55.6% year over year to $106.8 million.
Balance Sheet & Cash Flow
As of Sept. 30, 2025, total cash and cash equivalents were $233 million, compared with $757 million as of June 30, 2025.
Net leverage finished the third quarter at 2.9 times.
During the quarter, TEGNA redeemed the entire $550 million of its 4.75% senior notes due March 15, 2026. TEGNA returned $20 million to its shareholders through dividends during the third quarter.
Adjusted free cash flow in the third quarter was $64 million compared with $96 million reported in the previous quarter.
Additional Information
In view of the pending merger with Nexstar, TEGNA will refrain from issuing forward-looking financial guidance. The company also does not plan to update or reaffirm any previously issued outlooks while the transaction remains pending. The proposed transaction is expected to close by the second half of 2026.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
VGM Scores
At this time, TEGNA has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
TEGNA has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
TEGNA is part of the Zacks Broadcast Radio and Television industry. Over the past month, Sirius XM (SIRI - Free Report) , a stock from the same industry, has gained 0.9%. The company reported its results for the quarter ended September 2025 more than a month ago.
Sirius XM reported revenues of $2.16 billion in the last reported quarter, representing a year-over-year change of -0.6%. EPS of $0.84 for the same period compares with -$0.84 a year ago.
Sirius XM is expected to post earnings of $0.77 per share for the current quarter, representing a year-over-year change of -7.2%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Sirius XM. Also, the stock has a VGM Score of B.
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Why Is TEGNA (TGNA) Down 3.2% Since Last Earnings Report?
It has been about a month since the last earnings report for TEGNA Inc. (TGNA - Free Report) . Shares have lost about 3.2% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is TEGNA due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important drivers.
TEGNA Misses Q3 Estimates as Earnings & Revenues Decline Y/Y
TEGNA reported third-quarter 2025 non-GAAP earnings of 33 cents per share, which missed the Zacks Consensus Estimate by 5.71% and decreased 64.9% on a year-over-year basis.
Revenues decreased 19.3% year over year to $650.8 million, missing the Zacks Consensus Estimate by 1.35%. The decrease was primarily due to lower political advertising and reduced advertising and marketing services (AMS) revenue.
TGNA’s Q3 in Detail
AMS revenues decreased 11.7% year over year to $273.4 million, pressured by weak macro conditions, the absence of the summer Olympic games and lower Premion revenues due to the loss of a major reseller partner. However, local sports and digital growth provided some offset.
Distribution revenues decreased 0.9% on a year-over-year basis to $358.5 million due to subscriber declines, offset by contractual rate increases.
Political revenues were $9.9 million, down 92.2% year over year. Other revenues were $9.1 million, down 2% year over year.
Non-GAAP adjusted EBITDA fell 52% year over year to $131 million, mainly due to lower political advertising and AMS revenues, partially offset by continued cost benefits from core operational cost-cutting initiatives.
Non-GAAP operating expenses decreased 4% year over year to $544 million.
Non-GAAP operating income decreased 55.6% year over year to $106.8 million.
Balance Sheet & Cash Flow
As of Sept. 30, 2025, total cash and cash equivalents were $233 million, compared with $757 million as of June 30, 2025.
Net leverage finished the third quarter at 2.9 times.
During the quarter, TEGNA redeemed the entire $550 million of its 4.75% senior notes due March 15, 2026. TEGNA returned $20 million to its shareholders through dividends during the third quarter.
Adjusted free cash flow in the third quarter was $64 million compared with $96 million reported in the previous quarter.
Additional Information
In view of the pending merger with Nexstar, TEGNA will refrain from issuing forward-looking financial guidance. The company also does not plan to update or reaffirm any previously issued outlooks while the transaction remains pending. The proposed transaction is expected to close by the second half of 2026.
How Have Estimates Been Moving Since Then?
Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.
VGM Scores
At this time, TEGNA has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. Charting a somewhat similar path, the stock was allocated a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
TEGNA has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry Player
TEGNA is part of the Zacks Broadcast Radio and Television industry. Over the past month, Sirius XM (SIRI - Free Report) , a stock from the same industry, has gained 0.9%. The company reported its results for the quarter ended September 2025 more than a month ago.
Sirius XM reported revenues of $2.16 billion in the last reported quarter, representing a year-over-year change of -0.6%. EPS of $0.84 for the same period compares with -$0.84 a year ago.
Sirius XM is expected to post earnings of $0.77 per share for the current quarter, representing a year-over-year change of -7.2%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Sirius XM. Also, the stock has a VGM Score of B.