Revenue growth recovered to 7.1% year-over-year in Q2 2026, but gross margin compression to 45.8% from a peak of 54.9% in Q3 2024 indicates persistent profitability challenges.
Sinclair, Inc. (SBGI) annual income statement — 30-year revenue, gross profit & net income history
| 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'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.38B | 3.17B | 3.55B | 3.13B | 3.93B | 6.13B | 5.94B | 4.24B | 3.06B | 2.73B | 2.74B | 2.22B | 1.98B | 1.36B | 1.06B | 765.29M | 767.19M | 656.48M | 754.47M | 718.1M | 715.14M | 692.07M | 708.28M | 738.74M | 735.79M | 710.28M | 788.86M | 733.6M | 736.8M | 516.4M | 378.5M |
| Revenue Growth % | 1.17% | -10.68% | 13.21% | -20.21% | -35.96% | 3.21% | 40.17% | 38.79% | 11.74% | -0.1% | 23.33% | 12.27% | 45% | 28.39% | 38.73% | -0.25% | 16.86% | -12.99% | 5.07% | 0.41% | 3.33% | -2.29% | -4.12% | 0.4% | 3.59% | -9.96% | 7.53% | -0.43% | 42.68% | 36.43% | 83.65% |
| Cost of Goods Sold | 1.91B | 2.02B | 1.71B | 1.66B | 2.08B | 4.44B | 2.91B | 2.32B | 1.19B | 1.23B | 1.15B | 898.21M | 743.63M | 510.56M | 381.57M | 283.84M | 312.99M | 236.05M | 272.28M | 237.39M | 221.98M | 223.6M | 216.83M | 147.94M | 140.06M | 145.98M | 147.49M | 175.4M | 140.7M | 92.2M | 66.7M |
| COGS % of Revenue | - | 63.87% | 48.31% | 52.97% | 52.85% | 72.4% | 49% | 54.69% | 38.98% | 44.89% | 42.04% | 40.48% | 37.62% | 37.46% | 35.94% | 37.09% | 40.8% | 35.96% | 36.09% | 33.06% | 31.04% | 32.31% | 30.61% | 20.03% | 19.04% | 20.55% | 18.7% | 23.91% | 19.1% | 17.85% | 17.62% |
| Gross Profit | 1.46B | 1.15B | 1.83B | 1.47B | 1.85B | 1.69B | 3.03B | 1.92B | 1.86B | 1.51B | 1.59B | 1.32B | 1.23B | 852.57M | 680.11M | 481.45M | 454.19M | 420.42M | 482.19M | 480.71M | 493.16M | 468.47M | 491.44M | 590.8M | 595.73M | 564.3M | 641.37M | 558.2M | 596.1M | 424.2M | 311.8M |
| Gross Margin % | 43.36% | 36.13% | 51.69% | 47.03% | 47.15% | 27.6% | 51% | 45.31% | 61.02% | 55.11% | 57.96% | 59.52% | 62.38% | 62.54% | 64.06% | 62.91% | 59.2% | 64.04% | 63.91% | 66.94% | 68.96% | 67.69% | 69.39% | 79.97% | 80.96% | 79.45% | 81.3% | 76.09% | 80.9% | 82.15% | 82.38% |
| Gross Profit Growth % | - | -37.57% | 24.42% | -20.41% | 9.39% | -44.14% | 57.78% | 3.05% | 23.7% | -5% | 20.09% | 7.14% | 44.61% | 25.36% | 41.26% | 6% | 8.03% | -12.81% | 0.31% | -2.53% | 5.27% | -4.68% | -16.82% | -0.83% | 5.57% | -12.02% | 14.9% | -6.36% | 40.52% | 36.05% | 69.92% |
| Operating Expenses | 1.17B | 991M | 1.28B | 1.8B | -2.13B | 1.6B | 5.8B | 1.45B | 1.24B | 1.05B | 989.43M | 897.92M | 775.43M | 525.16M | 350.83M | 255.43M | 209.03M | 281.85M | 579.05M | 321.54M | 333.98M | 299.01M | 334.21M | 417.78M | 411.1M | 522.78M | 485.71M | 392.5M | 403.8M | 297.9M | 222.9M |
| OpEx % of Revenue | - | 31.27% | 36.16% | 57.59% | -54.18% | 26.05% | 97.64% | 34.22% | 40.73% | 38.34% | 36.15% | 40.46% | 39.23% | 38.53% | 33.05% | 33.38% | 27.25% | 42.93% | 76.75% | 44.78% | 46.7% | 43.21% | 47.19% | 56.55% | 55.87% | 73.6% | 61.57% | 53.5% | 54.8% | 57.69% | 58.89% |
| Selling, General & Admin | 799M | 806M | 979M | 1.44B | 972M | 1.08B | 980M | 1.12B | 841.89M | 762.31M | 703.02M | 620.59M | 546.65M | 383.78M | 265.66M | 152.25M | 153.89M | 148.47M | 162.43M | 164.36M | 163.37M | 160.1M | 177.12M | 246.39M | 225.16M | 226.75M | 226.53M | 141.6M | 202.1M | 145.8M | 101.1M |
| SG&A % of Revenue | - | 25.43% | 27.59% | 45.98% | 24.75% | 17.57% | 16.49% | 26.39% | 27.56% | 27.88% | 25.69% | 27.97% | 27.66% | 28.15% | 25.02% | 19.89% | 20.06% | 22.62% | 21.53% | 22.89% | 22.85% | 23.13% | 25.01% | 33.35% | 30.6% | 31.92% | 28.72% | 19.3% | 27.43% | 28.23% | 26.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 4.08M | 12.44M | 6.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.37% | 0.15% | 0.56% | 0.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 185M | 304M | 364M | -3.1B | 520M | 4.82B | 332M | 3.37M | 8.88M | 3.14M | 1.54M | 5M | 2.23M | 2.28M | 103.18M | 55.14M | 133.39M | 144.34M | 157.18M | 170.6M | 138.91M | 157.1M | 171.39M | 185.94M | 296.03M | 259.19M | 250.9M | 201.7M | 152.1M | 121.8M |
| Operating Income | 298M | 154M | 551M | -331M | 3.98B | 95M | -2.77B | 470M | 659.66M | 737.51M | 602.85M | 422.74M | 494.65M | 324.02M | 329.28M | 225.62M | 240.36M | -111.23M | 173.8M | 159.17M | 159.18M | 169.46M | 157.23M | 173.02M | 184.63M | 37.69M | 155.66M | 165.7M | 192.3M | 126.3M | 88.9M |
| Operating Margin % | 8.83% | 4.86% | 15.53% | -10.56% | 101.32% | 1.55% | -46.64% | 11.08% | 21.59% | 26.97% | 22.03% | 19.05% | 25.03% | 23.77% | 31.01% | 29.48% | 31.33% | -16.94% | 23.04% | 22.17% | 22.26% | 24.49% | 22.2% | 23.42% | 25.09% | 5.31% | 19.73% | 22.59% | 26.1% | 24.46% | 23.49% |
| Operating Income Growth % | - | -72.05% | 266.47% | -108.32% | 4089.47% | 103.43% | -689.79% | -28.75% | -10.56% | 22.34% | 42.61% | -14.54% | 52.66% | -1.6% | 45.94% | -6.13% | 316.09% | -164% | 9.19% | -0.01% | -6.06% | 7.77% | -9.13% | -6.29% | 389.93% | -75.79% | -6.06% | -13.83% | 52.26% | 42.07% | 96.68% |
| EBITDA | 632M | 477M | 801M | -60M | 4.63B | 3.04B | -1.02B | 1.53B | 939.66M | 1.01B | 885.18M | 687.62M | 723.44M | 465.39M | 414.45M | 328.8M | 295.5M | -45.98M | 321.33M | 324.4M | 319.51M | 311.85M | 326.08M | 348.49M | 382.45M | 317.29M | 414.85M | 416.6M | 394M | 278.4M | 210.7M |
| EBITDA Margin % | 18.72% | 15.05% | 22.58% | -1.91% | 117.8% | 49.49% | -17.16% | 36.11% | 30.76% | 37.07% | 32.34% | 30.99% | 36.6% | 34.14% | 39.04% | 42.96% | 38.52% | -7% | 42.59% | 45.18% | 44.68% | 45.06% | 46.04% | 47.17% | 51.98% | 44.67% | 52.59% | 56.79% | 53.47% | 53.91% | 55.67% |
| EBITDA Growth % | -3.95% | -40.45% | 1435% | -101.3% | 52.4% | 397.65% | -166.62% | 62.93% | -7.29% | 14.5% | 28.73% | -4.95% | 55.45% | 12.29% | 26.05% | 11.27% | 742.62% | -114.31% | -0.95% | 1.53% | 2.45% | -4.36% | -6.43% | -8.88% | 20.54% | -23.52% | -0.42% | 5.74% | 41.52% | 32.13% | 67.75% |
| D&A (Non-Cash Add-back) | 334M | 323M | 250M | 271M | 647M | 2.94B | 1.75B | 1.06B | 280M | 276M | 282.32M | 264.89M | 228.79M | 141.37M | 85.17M | 103.18M | 55.14M | 65.25M | 147.53M | 165.23M | 160.32M | 142.4M | 168.85M | 175.47M | 197.82M | 279.6M | 259.19M | 250.9M | 201.7M | 152.1M | 121.8M |
| EBIT | 415M | 242M | 699M | -332M | 623M | 46M | 1.46B | 440M | 602M | 731.06M | 584.03M | 425.24M | 487.41M | 268.44M | 340.89M | 227.5M | 231.9M | -90.44M | -282.25M | 135.08M | 158.66M | 190.35M | 146.6M | 154.71M | 168.36M | 41.7M | 155.88M | 165.7M | 169.7M | 119.1M | 89M |
| Net Interest Income | -328M | -395M | -304M | -305M | -296M | -618M | -656M | -422M | -292M | -212M | -211.14M | -191.45M | -174.86M | -162.94M | -128.55M | -106.13M | -116.05M | -80.02M | -86.89M | -95.87M | -115.22M | -118.59M | -120.4M | -128.23M | -126.5M | -143.57M | -148.91M | 0 | -139M | 0 | -84.3M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 743K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 328M | 395M | 304M | 305M | 296M | 618M | 656M | 422M | 291.98M | 212.31M | 211.14M | 191.45M | 174.86M | 162.94M | 128.55M | 106.13M | 116.05M | 80.02M | 77.72M | 95.87M | 115.22M | 118.59M | 120.4M | 128.23M | 126.5M | 143.57M | 148.91M | 0 | 139M | 0 | 84.3M |
| Other Income/Expense | -211M | -307M | -156M | -306M | -366M | -594M | -377M | -269M | -350M | -218M | -229.96M | -188.94M | -182.1M | -218.51M | -116.94M | -104.25M | -124.96M | -59.23M | -81.42M | -119.95M | -103.04M | -98.92M | -132.05M | -116.29M | -186.25M | -203.2M | -190.36M | -182.8M | -163.3M | -114.7M | -81M |
| Pretax Income | 87M | -153M | 395M | -637M | 3.61B | -499M | -3.15B | 201M | 310.22M | 518.74M | 372.89M | 233.79M | 312.55M | 105.51M | 212.34M | 121.37M | 115.85M | -170.46M | 104.43M | 39.22M | 55.62M | 72.68M | 25.19M | 38.42M | 5.22M | -165.19M | -30.96M | -17.1M | 39.9M | 11.5M | 8M |
| Pretax Margin % | 2.58% | -4.83% | 11.13% | -20.33% | 92.01% | -8.13% | -52.99% | 4.74% | 10.15% | 18.97% | 13.62% | 10.54% | 15.81% | 7.74% | 20% | 15.86% | 15.1% | -25.97% | 13.84% | 5.46% | 7.78% | 10.5% | 3.56% | 5.2% | 0.71% | -23.26% | -3.92% | -2.33% | 5.42% | 2.23% | 2.11% |
| Income Tax | -16M | -54M | 76M | -358M | 913M | -173M | -720M | 96M | -35.77M | -75.36M | 122.13M | 57.69M | 97.43M | 41.25M | 67.85M | 44.78M | 40.23M | -32.51M | 42.63M | 18.8M | 6.97M | 37.06M | 11.18M | 15.67M | 1.37M | -51.68M | 4.82M | 25.1M | 45.7M | 16M | 6.9M |
| Effective Tax Rate % | -18.39% | 35.29% | 19.24% | 56.2% | 25.26% | 34.67% | 22.86% | 47.76% | -11.53% | -14.53% | 32.75% | 24.68% | 31.17% | 39.1% | 31.95% | 36.9% | 34.72% | 19.07% | 40.82% | 47.94% | 12.53% | 51% | 44.4% | 40.78% | 26.23% | 31.29% | -15.56% | -146.78% | 114.54% | 139.13% | 86.25% |
| Net Income | 96M | -112M | 310M | -291M | 2.65B | -414M | -2.41B | 47M | 341.24M | 576.01M | 245.3M | 171.52M | 212.28M | 73.47M | 144.67M | 75.8M | 76.15M | -135.69M | 61.66M | 43.11M | 102.62M | 187.31M | 24.02M | 24.39M | -564.49M | -127.72M | 77.36M | 167.7M | -16.9M | -10.6M | 1.1M |
| Net Margin % | 2.84% | -3.53% | 8.74% | -9.29% | 67.52% | -6.75% | -40.62% | 1.11% | 11.17% | 21.07% | 8.96% | 7.73% | 10.74% | 5.39% | 13.63% | 9.9% | 9.93% | -20.67% | 8.17% | 6% | 14.35% | 27.07% | 3.39% | 3.3% | -76.72% | -17.98% | 9.81% | 22.86% | -2.29% | -2.05% | 0.29% |
| Net Income Growth % | 313.33% | -136.13% | 206.53% | -110.97% | 740.58% | 82.85% | -5236.17% | -86.23% | -40.76% | 134.82% | 43.01% | -19.2% | 188.94% | -49.22% | 90.86% | -0.46% | 156.12% | -320.07% | 43.01% | -57.99% | -45.21% | 679.74% | -1.52% | 104.32% | -341.97% | -265.09% | -53.87% | 1092.31% | -59.43% | -1063.64% | 1000% |
| Net Income (Continuing) | 103M | -99M | 319M | -279M | 2.7B | -326M | -2.43B | 105M | 346M | 594M | 250.76M | 176.1M | 215.12M | 64.26M | 144.49M | 76.59M | 75.63M | -137.95M | -241.35M | 20.41M | 48.5M | 34.51M | 14.68M | 16.14M | -10.29M | -127.67M | -37.83M | -42.2M | -26.2M | -8.8M | 1.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.56M | 465K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -77M | -73M | -67M | -64M | -67M | 64M | 89M | 192M | -38.52M | -34.37M | -30.05M | -26.13M | -22.54M | 9.33M | 16.9M | 9.81M | 8.34M | 9.73M | 16.3M | 3.07M | 685K | 966K | 1.27M | 2.57M | 2.75M | 4.33M | 204.98M | 203.9M | 3.6M | 3.7M | 3.9M |
| EPS (Diluted) | 1.32 | -1.61 | 4.69 | -4.47 | 37.53 | -5.52 | -30.20 | 1.13 | 3.35 | 5.72 | 2.60 | 1.79 | 2.17 | 0.78 | 1.78 | 0.94 | 0.94 | -1.70 | -2.87 | 0.26 | 0.63 | 2.43 | 0.16 | 0.16 | -6.60 | -1.38 | 0.73 | 1.63 | -0.18 | -0.18 | 0.02 |
| EPS Growth % | 322.98% | -134.33% | 204.92% | -111.91% | 779.89% | 81.72% | -2772.57% | -66.27% | -41.43% | 120% | 45.25% | -17.51% | 178.21% | -56.18% | 89.36% | 0% | 155.29% | 40.77% | -1203.85% | -58.73% | -74.07% | 1418.75% | 0% | 102.42% | -378.26% | -289.04% | -55.21% | 1005.56% | 0% | -1000% | -75.43% |
| EPS (Basic) | - | -1.61 | 4.71 | -4.47 | 37.54 | -5.52 | -30.20 | 1.14 | 3.38 | 5.77 | 2.62 | 1.81 | 2.19 | 0.79 | 1.79 | 0.94 | 0.95 | -1.70 | -2.87 | 0.26 | 0.63 | 2.43 | 0.16 | 0.16 | -6.62 | -1.38 | 0.73 | 1.63 | -0.18 | -0.18 | 0.02 |
| Diluted Shares Outstanding | 72.46M | 69.12M | 66.1M | 65.13M | 70.66M | 75.05M | 79.92M | 93.19M | 101.72M | 100.79M | 94.43M | 95.73M | 97.82M | 93.84M | 81.31M | 80.53M | 83.61M | 79.98M | 85.79M | 87.02M | 85.69M | 85.39M | 86.51M | 87.76M | 85.51M | 92.85M | 91.9M | 102.88M | 95.54M | 58.89M | 55M |
| Basic Shares Outstanding | 72.32M | 69.12M | 65.78M | 65.13M | 70.65M | 75.05M | 79.92M | 92.02M | 100.91M | 99.84M | 93.57M | 95M | 97.11M | 93.21M | 81.02M | 80.22M | 80.25M | 79.98M | 85.79M | 86.91M | 85.68M | 85.38M | 86.51M | 87.76M | 85.29M | 92.85M | 91.8M | 102.88M | 93.58M | 58.89M | 55M |
| Dividend Payout Ratio | - | - | 21.29% | - | 2.64% | - | - | 155.32% | 21.85% | 12.39% | 26.87% | 36.57% | 28.78% | 77.27% | 85.61% | 50.6% | 44.95% | - | 108.15% | 114.79% | - | 10.25% | 17.79% | 42.43% | - | - | 13.38% | 6.2% | - | - | - |
Quick answers to the most common questions about buying SBGI stock.
For fiscal year 2025, Sinclair, Inc. (SBGI) reported total revenue of $3.17B. This represents a 737.3% increase compared to $378.5M in 1996.
Sinclair, Inc. (SBGI) reported a net loss of $112.0M for the fiscal year ending 2025.
Sinclair, Inc. (SBGI) reported an operating income of $154.0M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Sinclair, Inc. (SBGI) generated $1.15B in gross profit for the year, representing a gross profit margin of 36.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin volatility and earnings instability
Metrics are mathematically derived from official filings.
Growth Recovers but Structural Decline Persists
Sinclair's revenue growth turned positive in Q2 2026, expanding 7.1% year-over-year according to reported figures, but this follows three consecutive quarters of double-digit declines, suggesting the recent uptick may be a cyclical rebound rather than a sustainable reversal.
The year-over-year revenue growth of 7.1% in Q2 2026 marks a significant improvement from the -15.7% and -16.7% declines in Q3 and Q4 2025, respectively. However, this recovery follows a pattern of sharp swings, with Q4 2024 showing robust 21.5% growth. This volatility implies that Sinclair's top line remains highly sensitive to cyclical factors, likely including political advertising cycles and retransmission consent renewals, rather than reflecting durable organic expansion.
Gross Margin Compression Undermines Profitability
Sinclair's gross margin has contracted significantly from a peak of 54.9% in Q3 2024 to 45.8% in Q2 2026 based on recent SEC filings, indicating pricing pressures or a less favorable revenue mix that is not being offset by operational efficiencies.
The decline from gross margins consistently in the high-40% to low-50% range during 2024 to the mid-30% to mid-40% range in 2025-2026 represents a structural shift in profitability. Even the most recent quarter's 45.8% gross margin is well below the 53.5% achieved in Q4 2024. This compression suggests that the company may be facing stronger competition for advertising dollars or less favorable terms in content carriage agreements, directly eroding its core earnings power before fixed costs are even considered.
SG&A Swings Mask Underlying Cost Discipline
Operating income volatility appears heavily influenced by erratic SG&A expenses, which collapsed to $74 million in Q4 2025 before rebounding to over $200 million in subsequent quarters, suggesting potential non-recurring items or timing distortions that obscure underlying cost trends.
The extreme volatility in SG&A—ranging from a low of $74 million in Q4 2025 to a high of $263 million in Q1 2026—is not typical for a mature broadcaster and warrants scrutiny. While Q4 2025's low figure enabled an operating margin of 9.6%, the subsequent quarters returned to lower margins (4.2% and 6.0%) as SG&A normalized. This pattern implies that the company's cost structure lacks stability, making it difficult to assess underlying expense discipline or predict future operating performance.
Net Income Swings Driven by Non-Operating Noise
Sinclair's reported net income has been wildly erratic, swinging from a loss of $156 million in Q1 2025 to a profit of $176 million in Q4 2024, a pattern that suggests significant non-operating items or tax adjustments are dominating the bottom line over core operational results.
The disconnect between operating income and net income is pronounced. For instance, in Q1 2025, a $14 million operating loss translated to a $156 million net loss, indicating substantial non-operating charges. Conversely, Q4 2024's $266 million operating income yielded $176 million in net income. These swings, combined with highly volatile EPS, suggest that investors should focus on operating metrics to gauge underlying business performance, as the net income figure is likely distorted by one-time events or financing-related items not clearly detailed in the provided data.
Q4 2024: Peak Profitability Proves Unsustainable
The operational inflection occurred in Q4 2024, when Sinclair achieved a 26.5% operating margin on $1 billion in revenue, but this peak was immediately followed by a collapse in profitability, indicating the quarter likely benefited from temporary, non-recurring tailwinds.
Q4 2024 stands out as the clear high-water mark in the dataset, with operating income of $266 million and net income of $176 million. The subsequent quarters show a rapid reversion, with operating income falling to $14 million by Q1 2025. This sharp reversal suggests the Q4 2024 performance was driven by exceptional items—possibly large political ad spending in an election year or one-time settlements—rather than a durable improvement in the core business model. The lasting impact is a harsh contrast that highlights the company's exposure to cyclical peaks and troughs.
Margin Stability is the Achilles' Heel
The strongest challenge to Sinclair's investment case is the severe volatility in its operating margin, which has swung from 2.7% to 26.5% within a six-quarter period, indicating a business model with little visibility into sustainable profitability.
A bearish analyst would focus on the fact that Sinclair's operating margin has been consistently below 10% in seven of the last ten quarters, despite one quarter exceeding 25%. This inconsistency makes forward earnings predictions unreliable and questions the company's ability to generate consistent free cash flow for debt service or shareholder returns. The recent gross margin compression adds to this risk, as it suggests the underlying profitability is eroding, not just fluctuating cyclically.