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The company reported fourth-quarter 2025 non-GAAP earnings of 50 cents per share, which beat the Zacks Consensus Estimate by 11.11% and decreased 58.7% on a year-over-year basis.
Revenues decreased 18.9% year over year to $706.1 million, surpassing the Zacks Consensus Estimate by 1.23%. The decline was largely due to lower political advertising revenues, a result of the usual even-to-odd year cycle, partly offset by growth in Advertising and Marketing Services (“AMS”) revenues.
TGNA’s Quarter in Detail
AMS revenues increased 3.6% year over year to $321.5 million, driven by growth in linear and local digital advertising, though gains were partly offset by challenges in the TV advertising market and lower Premion revenues following the exit of a major exclusive reseller partner disclosed last quarter.
Distribution revenues decreased 1.3% on a year-over-year basis to $358 million due to subscriber declines, partially offset by contractual rate increases and distribution renewals.
Political revenues were $17.1 million, down 90.9% year over year. Other revenues were $9.5 million, down 5.1% year over year.
Non-GAAP adjusted EBITDA fell 48.4% year over year to $161.1 million, primarily due to lower political advertising revenues, partially offset by continued cost-cutting initiatives.
Non-GAAP operating expenses decreased 3% year over year to $569 million.
Non-GAAP operating income decreased 51.9% year over year to $136.9 million.
Balance Sheet & Cash Flow
As of Dec. 31, 2025, total cash and cash equivalents were $291 million compared with $233 million as of Sept. 30, 2025.
Net leverage finished the fourth quarter at 2.8 times.
TEGNA returned $20 million to shareholders through dividends in the fourth quarter, bringing total dividend payouts to $80 million in 2025. This reflects its continued commitment to delivering consistent shareholder returns.
TGNA generated $107 million in cash from operations in the fourth quarter, up from $59 million in the previous quarter. Adjusted free cash flow in the fourth quarter was $93 million compared with $64 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.
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TEGNA Q4 Earnings & Revenues Beat Estimates, Both Down Y/Y, Stock Up
Key Takeaways
TEGNA (TGNA - Free Report) stock gained 0.4% following its March 2, 2026, earnings release, modestly ahead of the Zacks Broadcast Radio and Television industry’s 0.3% rise.
The company reported fourth-quarter 2025 non-GAAP earnings of 50 cents per share, which beat the Zacks Consensus Estimate by 11.11% and decreased 58.7% on a year-over-year basis.
Revenues decreased 18.9% year over year to $706.1 million, surpassing the Zacks Consensus Estimate by 1.23%. The decline was largely due to lower political advertising revenues, a result of the usual even-to-odd year cycle, partly offset by growth in Advertising and Marketing Services (“AMS”) revenues.
TGNA’s Quarter in Detail
AMS revenues increased 3.6% year over year to $321.5 million, driven by growth in linear and local digital advertising, though gains were partly offset by challenges in the TV advertising market and lower Premion revenues following the exit of a major exclusive reseller partner disclosed last quarter.
TEGNA Inc. Price, Consensus and EPS Surprise
TEGNA Inc. price-consensus-eps-surprise-chart | TEGNA Inc. Quote
Distribution revenues decreased 1.3% on a year-over-year basis to $358 million due to subscriber declines, partially offset by contractual rate increases and distribution renewals.
Political revenues were $17.1 million, down 90.9% year over year. Other revenues were $9.5 million, down 5.1% year over year.
Non-GAAP adjusted EBITDA fell 48.4% year over year to $161.1 million, primarily due to lower political advertising revenues, partially offset by continued cost-cutting initiatives.
Non-GAAP operating expenses decreased 3% year over year to $569 million.
Non-GAAP operating income decreased 51.9% year over year to $136.9 million.
Balance Sheet & Cash Flow
As of Dec. 31, 2025, total cash and cash equivalents were $291 million compared with $233 million as of Sept. 30, 2025.
Net leverage finished the fourth quarter at 2.8 times.
TEGNA returned $20 million to shareholders through dividends in the fourth quarter, bringing total dividend payouts to $80 million in 2025. This reflects its continued commitment to delivering consistent shareholder returns.
TGNA generated $107 million in cash from operations in the fourth quarter, up from $59 million in the previous quarter. Adjusted free cash flow in the fourth quarter was $93 million compared with $64 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.
Zacks Rank & Stocks to Consider
TEGNA currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Consumer Discretionary sector are Expedia, Inc. (EXPE - Free Report) , Amer Sports, Inc. (AS - Free Report) and Crocs, Inc. (CROX - Free Report) . While Expedia currently sports a Zacks Rank #1 (Strong Buy), Amer Sports and Crocs carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Expedia’s shares have returned 20.4% over the past year. EXPE’s long-term earnings growth rate is projected at 19.63%.
Amer Sports’ shares have appreciated 31% over the past year. AS’ long-term earnings growth rate is projected at 25.11%.
Crocs’ shares have declined 17.1% over the past year. CROX’s long-term earnings growth rate is projected at 6.43%.