Nexstar Media Group

Nexstar Media Group owns and operates local television stations across the United States, most of them affiliated with the big networks, such as CBS, FOX, NBC and ABC. It also owns The CW network and the cable news network NewsNation, and it runs digital and streaming businesses. Nexstar earns money in two main ways. Cable, satellite and streaming TV providers pay distribution fees to carry its stations, and advertisers buy time on its stations and networks.

Political advertising adds much revenue in even years with elections. On March 19, 2026, Nexstar bought TEGNA, another large station owner, for $22.00 per TEGNA share in cash. A court order requires Nexstar to hold TEGNA separate while a lawsuit against the deal continues.

The market prices Nexstar for the lawsuit against its TEGNA purchase and for the debt it took on to pay for it. After the deal closed on March 19, 2026, DIRECTV and several State Attorneys General sued under the antitrust laws. A federal court in California ordered on April 17, 2026 that Nexstar and TEGNA stay separate until the case ends, and the trial is set for July 6, 2027. While the order lasts, Nexstar cannot get the cost savings it expected from the deal.

Total debt was $11.4 billion at September 30, 2026, up from $6.3 billion at the end of 2025, and the total net leverage ratio was 4.04 times without the synergies. Investors also expect fewer subscribers to pay for traditional TV over time, which reduces distribution fees. For the gap to close, three things must be true. Nexstar must win in court, or the Ninth Circuit must narrow the order, so that it can combine TEGNA and get the savings.

It must use its free cash flow, which is usually strongest in election years, to pay down debt. Distribution revenue must hold up as fees rise and streaming TV subscribers grow. The Q3 2026 report on November 5, 2026 showed record political advertising and lower leverage. The Ninth Circuit hears oral argument on the order on November 17, 2026, and the trial is in July 2027.

If these checks pass, the gap can close over the next six to eight quarters. The main reason it may not close is a loss in court, which can force Nexstar to sell stations or keep TEGNA apart.

1. Nov 5, 2026Passed

   Q3 2026 earnings: political revenue and debt repaymentStrong political advertising and more debt repayment that lowers the total net leverage ratio below 4.22 times pass; a higher leverage ratio fails.Outcome: Political advertising revenue was a record $317 million for a third quarter, Nexstar repaid $350 million of debt, and the total net leverage ratio fell to 4.04 times.
2. Q4 2026 · est.Due this quarter

   Ninth Circuit hearing on the TEGNA injunctionA ruling that narrows the injunction or dismisses the State plaintiffs passes; a ruling that keeps the full injunction fails.
3. Feb 5, 2027 · est.Pending

   Q4 2026 earnings: free cash flow and leverageMore debt repayment from the election-year cash flow and a total net leverage ratio below 4.04 times pass; a higher leverage ratio fails.
4. Jul 6, 2027Pending

   Antitrust trial on the TEGNA purchaseA ruling for Nexstar, or a settlement that keeps most of TEGNA, passes; an order to undo the deal or to sell many stations fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Nexstar reported Q3 2026 results. Net revenue was a record $2.13 billion, up 78%, with $765 million from TEGNA, and political advertising revenue was a record $317 million for a third quarter. Net income was $250 million, adjusted EBITDA was $756 million and adjusted free cash flow was $443 million. Nexstar repaid $350 million of debt in the quarter and $525 million more after September 30, 2026. The total net leverage ratio fell to 4.04 times from 4.22 times at June 30, 2026. Nexstar said that the Ninth Circuit will hear oral argument on its appeal of the TEGNA order on November 17, 2026.
• October 30, 2026Nexstar's board declared a quarterly dividend of $1.86 per share. It is payable on November 27, 2026, to shareholders of record on November 13, 2026.
• August 6, 2026The FCC voted to remove the national ownership limit of 39% of US TV households and to review each transaction separately. Nexstar said that the decision is not yet effective and is likely to be challenged in court.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · nxst-20260930
• 8-KEarnings releaseFiled November 5, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 30, 2026 · nxst-20261029
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · nxst-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits
• 8-KOther company newsFiled August 3, 2026 · nxst-20260730
• 8-KShareholder vote results and Investor disclosureFiled June 16, 2026 · nxst-20260616
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 8, 2026 · nxst-20260331
• 8-KEarnings releaseFiled May 7, 2026 · Press release and exhibits
• 8-KOther company newsFiled May 1, 2026 · nxst-20260430

Every filing on SEC EDGAR (CIK 1142417)

• The antitrust lawsuit against the TEGNA purchase can end with an order to sell stations or to undo parts of the deal. Until the trial in July 2027, the court order keeps TEGNA separate and blocks the expected cost savings.
• Total debt was $11.7 billion at June 30, 2026, and the total net leverage ratio was 4.22 times. Interest expense rose to $190 million in Q2 2026 from $97 million a year earlier. Lower cash flow or higher rates make the debt harder to pay down.
• Fewer homes pay for cable and satellite TV each year. Distribution fees can fall if subscriber losses are larger than fee increases and streaming TV growth.
• Advertising revenue is cyclical and depends on elections. Political advertising is much lower in odd years such as 2027, so revenue and free cash flow fall after the 2026 elections.

Nexstar funds its business with secured credit facilities, secured notes and unsecured notes. Total debt, including Mission Broadcasting, was $11.41 billion at September 30, 2026, up from $6.33 billion at December 31, 2025, because of the TEGNA purchase. Read more

Yield at the current rate

3.5% (current annual rate, at today’s price)

Dividend yield

2.7% (last 12 months, at today’s price of $209.74)

Paid per share

$5.58 in the last 12 months (3 payments)

Current annual rate

$7.44 ($1.86 × 4 a year)

Payout ratio

248% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 14, 2026, $1.86 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 27.1% a year. From 2015 to 2025, the dividend grew by about 25.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.