Operating margins have contracted from 28.0% in 2024Q4 to 19.0% in 2026Q1, reflecting structural pressure from rising programming costs and cyclical advertising demand.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 5.11B | 4.95B | 5.41B | 4.93B | 5.21B | 4.65B | 4.5B | 3.04B | 2.77B | 2.43B | 1.1B | 896.38M | 631.31M | 502.33M | 378.63M | 306.49M | 313.35M | 251.98M | 284.92M | 266.8M | 265.17M | 226.05M | 245.74M | 214.33M | 133.84M | 192.62M | 157.45M |
| Revenue Growth % | -4.56% | -8.47% | 9.61% | -5.33% | 12.11% | 3.26% | 48.1% | 9.85% | 13.76% | 120.45% | 23.07% | 41.99% | 25.68% | 32.67% | 23.54% | -2.19% | 24.36% | -11.56% | 6.79% | 0.62% | 17.3% | -8.01% | 14.65% | 60.14% | -30.51% | 22.33% | - |
| Cost of Goods Sold | 2.8B | 3.02B | 2.22B | 2.13B | 2B | 1.86B | 1.72B | 1.35B | 1.12B | 1.04B | 416.68M | 339.94M | 210.15M | 170.54M | 105.58M | 81.66M | 78.32M | 70.55M | 78.29M | 74.13M | 71.47M | 68.12M | 66.04M | 60.81M | 35.15M | 43.31M | 38.29M |
| COGS % of Revenue | - | 61.02% | 41.08% | 43.08% | 38.48% | 40.06% | 38.22% | 44.37% | 40.41% | 42.6% | 37.77% | 37.92% | 33.29% | 33.95% | 27.89% | 26.64% | 25% | 28% | 27.48% | 27.78% | 26.95% | 30.13% | 26.88% | 28.37% | 26.26% | 22.49% | 24.32% |
| Gross Profit | 2.31B | 1.93B | 3.19B | 2.81B | 3.21B | 2.79B | 2.78B | 1.69B | 1.65B | 1.4B | 686.51M | 556.44M | 421.16M | 331.79M | 273.05M | 224.83M | 235.03M | 181.43M | 206.63M | 192.67M | 193.7M | 157.94M | 179.7M | 153.52M | 98.69M | 149.31M | 119.17M |
| Gross Margin % | 45.25% | 38.98% | 58.92% | 56.92% | 61.52% | 59.94% | 61.78% | 55.63% | 59.59% | 57.4% | 62.23% | 62.08% | 66.71% | 66.05% | 72.11% | 73.36% | 75% | 72% | 72.52% | 72.22% | 73.05% | 69.87% | 73.12% | 71.63% | 73.74% | 77.51% | 75.68% |
| Gross Profit Growth % | - | -39.45% | 13.46% | -12.41% | 15.08% | 0.19% | 64.48% | 2.54% | 18.1% | 103.36% | 23.38% | 32.12% | 26.93% | 21.51% | 21.44% | -4.34% | 29.54% | -12.2% | 7.24% | -0.53% | 22.65% | -12.11% | 17.05% | 55.56% | -33.9% | 25.29% | - |
| Operating Expenses | 1.4B | 1.07B | 1.92B | 2.1B | 1.89B | 1.61B | 1.41B | 1.04B | 900.47M | 915.05M | 383.94M | 350.33M | 247.29M | 227.27M | 172.68M | 176.38M | 167.48M | 156.2M | 155.22M | 152.13M | 147.85M | 139.33M | 141.54M | 145.73M | 77.25M | 175.91M | 161.79M |
| OpEx % of Revenue | - | 21.54% | 35.47% | 42.57% | 36.35% | 34.66% | 31.22% | 34.07% | 32.55% | 37.63% | 34.8% | 39.08% | 39.17% | 45.24% | 45.61% | 57.55% | 53.45% | 61.99% | 54.48% | 57.02% | 55.76% | 61.63% | 57.6% | 67.99% | 57.72% | 91.33% | 102.75% |
| Selling, General & Admin | 740M | 815M | 1.09B | 1.1B | 1.1B | 1.02B | 912.1M | 729.98M | 469.01M | 466.71M | 212.43M | 187.62M | 139.58M | 124.59M | 92.9M | 105.17M | 100.89M | 108.22M | 90.47M | 86.77M | 85.29M | 72.98M | 72.32M | 74.44M | 35.82M | 54.22M | 47.6M |
| SG&A % of Revenue | - | 16.47% | 20.12% | 22.22% | 21.07% | 22.03% | 20.26% | 24.02% | 16.95% | 19.19% | 19.26% | 20.93% | 22.11% | 24.8% | 24.54% | 34.31% | 32.2% | 42.95% | 31.75% | 32.52% | 32.17% | 32.28% | 29.43% | 34.73% | 26.76% | 28.15% | 30.23% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 251M | 830M | 1B | 796M | 587M | 493.3M | 305.58M | 37.66M | -1.28M | -555K | -517K | -556K | -1.46M | 68.96M | 71.21M | 66.59M | 68.09M | 64.76M | 65.36M | 62.56M | 66.35M | 69.22M | 71.3M | 41.43M | 121.69M | 114.19M |
| Operating Income | 909M | 863M | 1.27B | 708M | 1.31B | 1.18B | 1.38B | 655.13M | 757.78M | 518.75M | 287.31M | 206.11M | 173.24M | 103.24M | 99.91M | 47.99M | 67.55M | 8.2M | -38.16M | 40.54M | 45.85M | 18.61M | 37.7M | -3.96M | 21.44M | 16.71M | -4.34M |
| Operating Margin % | 17.78% | 17.44% | 23.45% | 14.35% | 25.18% | 25.28% | 30.56% | 21.56% | 27.39% | 21.33% | 26.04% | 22.99% | 27.44% | 20.55% | 26.39% | 15.66% | 21.56% | 3.25% | -13.39% | 15.2% | 17.29% | 8.23% | 15.34% | -1.85% | 16.02% | 8.67% | -2.75% |
| Operating Income Growth % | - | -31.94% | 79.1% | -46.04% | 11.66% | -14.57% | 109.94% | -13.55% | 46.08% | 80.55% | 39.4% | 18.97% | 67.8% | 3.34% | 108.17% | -28.95% | 723.66% | 121.49% | -194.11% | -11.58% | 146.37% | -50.64% | 1051.16% | -118.49% | 28.32% | 485.22% | - |
| EBITDA | 2.05B | 1.65B | 2.08B | 1.65B | 1.97B | 1.76B | 1.94B | 1.06B | 1.08B | 841.81M | 407.64M | 323.96M | 245.77M | 179.58M | 155.04M | 95.82M | 121.92M | 66.83M | 19.72M | 110.06M | 109.69M | 84.01M | 108.99M | 78.22M | 63.15M | -26.47M | -42.38M |
| EBITDA Margin % | 40.18% | 33.3% | 38.39% | 33.43% | 37.88% | 37.95% | 43.11% | 35% | 38.97% | 34.61% | 36.95% | 36.14% | 38.93% | 35.75% | 40.95% | 31.26% | 38.91% | 26.52% | 6.92% | 41.25% | 41.37% | 37.16% | 44.35% | 36.5% | 47.18% | -13.74% | -26.91% |
| EBITDA Growth % | 0.93% | -20.62% | 25.89% | -16.46% | 11.9% | -9.09% | 82.39% | -1.34% | 28.09% | 106.51% | 25.83% | 31.81% | 36.86% | 15.82% | 61.81% | -21.41% | 82.42% | 238.98% | -82.09% | 0.34% | 30.57% | -22.92% | 39.33% | 23.87% | 338.56% | 37.53% | - |
| D&A (Non-Cash Add-back) | 1.15B | 785M | 808M | 941M | 662M | 589M | 564.9M | 408.71M | 320.54M | 323.07M | 120.33M | 117.85M | 72.53M | 76.34M | 55.14M | 47.82M | 54.37M | 58.63M | 57.87M | 69.52M | 63.84M | 65.4M | 71.29M | 82.19M | 41.71M | -43.18M | -38.04M |
| EBIT | 559M | 529M | 1.4B | 848M | 1.55B | 1.38B | 1.44B | 677.67M | 753.94M | 482.58M | 310.97M | 206.11M | 172.61M | 103.24M | 96.63M | 46.84M | 59.19M | 26.82M | -34.54M | 40.54M | 45.85M | 18.61M | 37.06M | 7.79M | 21.27M | -26.6M | -42.62M |
| Net Interest Income | -402M | -379M | -444M | -447M | -337M | -283M | -335.3M | -304.35M | -220.99M | -241.19M | -116.08M | -80.52M | -61.96M | -66.24M | -51.56M | -53M | -54.27M | -39.18M | -48.12M | -55.04M | -51.78M | -47.26M | -52.27M | -68.34M | -38.94M | -42.86M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7K | 54K | 715K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 402M | 379M | 444M | 447M | 337M | 283M | 335.3M | 304.35M | 220.99M | 241.19M | 116.08M | 80.52M | 61.96M | 66.24M | 51.56M | 53M | 54.27M | 39.24M | 48.83M | 55.04M | 51.78M | 47.26M | 52.27M | 68.34M | 38.94M | 42.86M | 0 |
| Other Income/Expense | -744M | -713M | -309M | -307M | -95M | -82M | -270.8M | -281.81M | -224.83M | -264.24M | -116.64M | -81.04M | -62.59M | -102.43M | -54.83M | -54.62M | -62.62M | -20.61M | -45.22M | -54.51M | -51.02M | -62.38M | -55.92M | -74.64M | -40.97M | -47.19M | -41.54M |
| Pretax Income | 165M | 150M | 959M | 401M | 1.22B | 1.09B | 1.1B | 373.32M | 532.95M | 241.38M | 170.67M | 125.07M | 110.65M | 815K | 45.07M | -6.17M | 4.93M | -12.41M | -83.38M | -13.97M | -5.17M | -43.77M | -18.22M | -78.61M | -19.71M | -30.49M | -45.87M |
| Pretax Margin % | 3.23% | 3.03% | 17.74% | 8.13% | 23.35% | 23.52% | 24.54% | 12.28% | 19.26% | 9.93% | 15.47% | 13.95% | 17.53% | 0.16% | 11.9% | -2.01% | 1.57% | -4.93% | -29.26% | -5.23% | -1.95% | -19.36% | -7.41% | -36.68% | -14.72% | -15.83% | -29.13% |
| Income Tax | 19M | 67M | 276M | 131M | 274M | 263M | 296.5M | 137.03M | 144.68M | -233.94M | 77.57M | 48.69M | 46.1M | 2.6M | -132.28M | 5.72M | 6.74M | 200K | -5.32M | 5.81M | 3.82M | 4.96M | 4.38M | -14.92M | 5.18M | 2.04M | 1.76M |
| Effective Tax Rate % | 11.52% | 44.67% | 28.78% | 32.67% | 22.51% | 24.06% | 26.84% | 36.7% | 27.15% | -96.92% | 45.45% | 38.93% | 41.66% | 319.02% | -293.47% | -92.85% | 136.85% | -1.61% | 6.38% | -41.58% | -73.83% | -11.33% | -24.07% | 18.98% | -26.27% | -6.69% | -3.85% |
| Net Income | 165M | 109M | 722M | 346M | 971M | 834M | 811.5M | 230.26M | 389.48M | 475M | 91.54M | 77.68M | 64.55M | -1.78M | 182.49M | -11.89M | -1.81M | -12.61M | -78.06M | -19.77M | -8.99M | -48.73M | -20.5M | -71.8M | -52.3M | -32.53M | -47.64M |
| Net Margin % | 3.23% | 2.2% | 13.35% | 7.01% | 18.63% | 17.94% | 18.03% | 7.58% | 14.08% | 19.53% | 8.3% | 8.67% | 10.22% | -0.36% | 48.2% | -3.88% | -0.58% | -5.01% | -27.4% | -7.41% | -3.39% | -21.56% | -8.34% | -33.5% | -39.08% | -16.89% | -30.25% |
| Net Income Growth % | -74.81% | -84.9% | 108.67% | -64.37% | 16.43% | 2.77% | 252.43% | -40.88% | -18% | 418.91% | 17.83% | 20.35% | 3716.25% | -100.98% | 1634.71% | -555.15% | 85.61% | 83.84% | -294.78% | -119.9% | 81.55% | -137.71% | 71.45% | -37.27% | -60.8% | 31.72% | - |
| Net Income (Continuing) | 146M | 83M | 683M | 270M | 943M | 830M | 808.1M | 236.29M | 388.26M | 475.33M | 93.1M | 76.38M | 64.55M | -1.78M | 177.35M | -11.89M | -1.81M | -12.61M | -78.06M | -19.77M | -8.99M | -48.73M | -20.5M | -62.9M | -55.62M | -32.53M | -47.64M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | -2M | 11M | 14M | 28M | 7.1M | 18.48M | 22M | 16.21M | 10.7M | 115.21M | 5.7M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.55M | 19.49M | 0 | 0 | 0 |
| EPS (Diluted) | 5.29 | 3.00 | 21.41 | 9.66 | 24.16 | 18.98 | 17.37 | 4.80 | 8.21 | 10.07 | 2.89 | 2.42 | 2.02 | -0.06 | 5.94 | -0.42 | -0.06 | -0.44 | -2.75 | -0.70 | -0.32 | -1.72 | -0.72 | -4.61 | -3.51 | -2.25 | -3.30 |
| EPS Growth % | -77.01% | -85.99% | 121.64% | -60.02% | 27.29% | 9.27% | 261.88% | -41.53% | -18.47% | 248.44% | 19.42% | 19.8% | 3483.58% | -101.01% | 1514.29% | -558.31% | 85.5% | 84% | -292.86% | -118.75% | 81.4% | -138.89% | 84.38% | -31.34% | -56% | 31.82% | - |
| EPS (Basic) | - | 3.04 | 21.73 | 9.80 | 24.68 | 19.81 | 18.06 | 5.01 | 8.52 | 10.38 | 2.98 | 2.50 | 2.10 | -0.06 | 6.31 | -0.42 | -0.06 | -0.44 | -2.75 | -0.70 | -0.32 | -1.72 | -0.72 | -4.61 | -3.51 | -2.25 | -3.30 |
| Diluted Shares Outstanding | 31.17M | 30.71M | 32.8M | 35.83M | 40.19M | 43.98M | 46.72M | 47.92M | 47.41M | 45.75M | 31.66M | 32.09M | 32M | 29.9M | 30.73M | 28.63M | 28.43M | 28.43M | 28.42M | 28.4M | 28.38M | 28.36M | 28.36M | 15.58M | 14.89M | 14.43M | 14.43M |
| Basic Shares Outstanding | 30.37M | 30.35M | 32.31M | 35.32M | 39.35M | 42.13M | 44.92M | 45.99M | 45.72M | 45.75M | 30.69M | 31.1M | 30.77M | 29.75M | 28.94M | 28.63M | 28.43M | 28.43M | 28.42M | 28.4M | 28.38M | 28.36M | 28.36M | 15.58M | 14.89M | 14.43M | 14.43M |
| Dividend Payout Ratio | - | 155.05% | 30.33% | 55.2% | 14.62% | 14.15% | 12.45% | 35.97% | 17.62% | 11.77% | 32.17% | 30.49% | 28.57% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Linear subscriber churn acceleration
As reported in recent financial filings, Nexstar's revenue trajectory exhibits significant biennial volatility, evidenced by the 13.1% year-over-year growth in 2026Q1 following a 13.3% decline in 2025Q4, largely reflecting the inherent cyclicality of political advertising spend within the company's diversified portfolio of local television stations.
The revenue profile remains heavily tethered to the political election cycle, which creates artificial peaks and troughs that mask underlying trends in core advertising. Investors should monitor whether the company can successfully offset the secular decline in linear pay-TV distribution fees through its national content initiatives like NewsNation and The CW.
Based on the provided income statement data, Nexstar's gross margin has experienced notable fluctuations, dropping from a peak of 62.5% in 2024Q4 to 47.6% in 2026Q1, suggesting that rising reverse retransmission costs and content investments are increasingly constraining the company's ability to retain revenue.
The compression in gross margins appears to be a direct consequence of the escalating fees paid to national networks for programming rights. This trend warrants further investigation into whether the company's shift toward original content production can eventually decouple its cost structure from the bargaining power of major network partners.
According to historical income statement figures, Nexstar's operating margin has demonstrated sensitivity to revenue shifts, contracting from 28.0% in 2024Q4 to 19.0% in 2026Q1, which indicates that the company's high fixed-cost base limits its ability to maintain profitability during periods of lower advertising demand.
While the company benefits from centralized back-office operations, the inability to scale operating income proportionally with revenue suggests that the current cost structure is rigid. The reliance on high-margin political cycles to drive operating leverage may become increasingly precarious as the broader linear television ecosystem continues to contract.
As indicated by the discrepancy between operating and net income, Nexstar's bottom-line performance is frequently impacted by non-operating charges, such as the $166 million net loss reported in 2025Q4, which highlights the volatility introduced by interest expenses and potential accounting adjustments related to content amortization.
The significant variance between operating margins and net margins suggests that the company's capital structure and debt-servicing requirements exert a heavy influence on reported EPS. Analysts should normalize these figures to assess the true cash-generating capacity of the underlying broadcast assets, rather than relying on GAAP net income.
Quick answers to the most common questions about buying NXST stock.
For fiscal year 2025, Nexstar Media Group, Inc. (NXST) reported total revenue of $4.95B. This represents a 3043.2% increase compared to $157.5M in 1999.
Nexstar Media Group, Inc. (NXST) is profitable, generating $109.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.2%.
Nexstar Media Group, Inc. (NXST) reported an operating income of $863.0M, resulting in an operating profit margin of 17.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Nexstar Media Group, Inc. (NXST) generated $1.93B in gross profit for the year, representing a gross profit margin of 39.0%. This demonstrates the company's core pricing power and production efficiency.