Free cash flow margins exhibit extreme sensitivity to political cycles, swinging from a peak of 26.8% in 2024Q4 to 7.4% in 2025Q3, which complicates the sustainability of ongoing capital allocation strategies.
| Metric | 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 |
|---|
| Cash from Operations | 326M | 684.97M | 587.25M | 812.15M | 501.61M | 805.14M | 297.47M | 527.21M | 386.21M | 683.43M | 613.11M | 821.2M | 511.49M | 756.74M | 814.14M | 772.88M | 866.58M | 1.02B | 1.35B | 1.48B | 1.43B | 1.59B | 1.48B | 1.03B | 1.32B | 502.33M | 1.15B | 970.5M | 881.1M | 606.9M |
| Operating CF Margin % | 12.02% | 22.08% | 20.17% | 24.77% | 16.77% | 27.41% | 12.94% | 23.89% | 20.29% | 20.45% | 20.1% | 13.67% | 9.91% | 14.14% | 15.54% | 14.21% | 15.44% | 15.03% | 18.08% | 18.42% | 18.84% | 21.48% | 22.04% | 16.06% | 20.79% | 8.07% | 21.8% | 18.95% | 18.63% | 13.73% |
| Operating CF Growth % | -52.41% | 16.64% | -27.69% | 61.91% | -37.7% | 170.66% | -43.58% | 36.51% | -43.49% | 11.47% | -25.34% | 60.55% | -32.41% | -7.05% | 5.34% | -10.81% | -14.81% | -24.38% | -9.11% | 3.36% | -9.71% | 7.21% | 43.37% | -21.78% | 162.58% | -56.2% | 18.18% | 10.15% | 45.18% | 0.56% |
| Net Income | 219.47M | 599.04M | 476.35M | 631.2M | 478.2M | 482.76M | 286.24M | 405.67M | 215.05M | 488M | 522.69M | 1.13B | 445.91M | 475.01M | 500.13M | 622.82M | 382.36M | -6.65B | 1.06B | 1.16B | 1.24B | 1.32B | 1.21B | 1.16B | 831.2M | 1.72B | 957.9M | 999.9M | 712.7M | 943.1M |
| Depreciation & Amortization | 96.99M | 113.53M | 113.24M | 121.08M | 127.85M | 134.57M | 110.63M | 86.79M | 136.51M | 204.49M | 262.24M | 265.72M | 189.57M | 194.04M | 197.37M | 214.68M | 242.81M | 262.2M | 285.13M | 276.77M | 276.19M | 244.02M | 231.53M | 222.44M | 443.78M | 375.92M | 280.1M | 310.2M | 301.1M | 287.4M |
| Stock-Based Compensation | 26.18M | 38.53M | 24.5M | 30.48M | 31.52M | 20.31M | 20.15M | 12.53M | 17.1M | 17.59M | 26.34M | 33.88M | 33.44M | 26.61M | 28M | 32.71M | 25.37M | 22.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 14.63M | -3.81M | 19.74M | 17.48M | 9.92M | 8.53M | 22.06M | 17.26M | -296.82M | 16.54M | 100.2M | 1.2M | 53.9M | 122.7M | 97.5M | 150.36M | 54.66M | -816.22M | 15.49M | 32.01M | 10.71M | 77.97M | 65.43M | 175.14M | 228.57M | -169.29M | 22M | 40.1M | -14.2M | 68.3M |
| Other Non-Cash Items | 23.85M | -118.27M | -129.69M | 8.26M | 16.04M | 28.38M | -27.44M | -60.8M | 371.55M | 52.49M | -193.62M | -464.21M | -70.36M | -31.69M | -10.39M | -112.19M | 121.52M | 8.24B | 121.18M | 139.06M | 433K | -27.1M | 28.77M | -306.38M | -9.46M | -1.64B | 100K | -100K | 17.1M | -218.3M |
| Working Capital Changes | -55.12M | 55.94M | 83.12M | 3.66M | -161.91M | 130.58M | -114.16M | 65.77M | -57.17M | -95.68M | -104.75M | -145.85M | -140.97M | -29.92M | 1.53M | -135.5M | 39.86M | -45.85M | 143.74M | -67.48M | -100.25M | -19.95M | -57.84M | -219.64M | -175.08M | 217.55M | -25.4M | -18.7M | -115.4M | -36.6M |
| Change in Receivables | 99K | 22.07M | 34.73M | -15.37M | -88.69M | 27.47M | -86.25M | -5.35M | 14.54M | -32.05M | 32.79M | -1.51M | -17.88M | 35.8M | 33.46M | -68.54M | 196.21M | 132.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -8.28M | 22.89M | -29.98M | -7.77M | 1.81M | 10.03M | 4.49M | -7.17M | 22.93M | -10.43M | 56.77M | -26.86M | 21.94M | -2.15M | 4.15M | -3.44M | -14.15M | 3.65M | 22.46M | -16.09M | -7.6M | 11.1M | -6.3M | 16.5M |
| Change in Payables | 5.94M | -27.61M | 38.74M | 3.22M | 14.95M | 7.25M | -29.53M | 29.36M | -21.47M | -1.51M | -57.64M | 66.74M | -29.31M | -3.28M | -12.61M | -15.2M | -66.77M | 50.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -44.97M | 31.77M | -27.99M | -51.23M | -69.26M | -59.52M | -1.56B | -374.42M | 174.82M | -273.28M | 217.28M | -1.66B | -1.39B | -86.98M | -24.92M | 62.97M | -34.62M | -272.76M | 265.59M | -751.3M | -811.35M | -462.84M | -766.4M | -385.65M | -514.88M | -1.98B | -1.73B | 36.9M | -538.4M | 504.4M |
| Capital Expenditures | -43.43M | -52.44M | -54.69M | -51.33M | -63.08M | -45.5M | -88.36M | -65.23M | -76.89M | -94.8M | -118.77M | -150.35M | -110.41M | -91.87M | -72.45M | -69.07M | -67.74M | -165M | -171.41M | -200.78M | -262.64M | -279.79M | -281.26M | -274.83M | -324.58M | -350.58M | -258.4M | -614.2M | -221.3M | -260M |
| CapEx % of Revenue | 1.6% | 1.69% | 1.88% | 1.57% | 2.11% | 1.55% | 3.84% | 2.96% | 4.04% | 2.84% | 3.89% | 2.5% | 2.14% | 1.72% | 1.38% | 1.27% | 1.21% | 2.44% | 2.3% | 2.5% | 3.46% | 3.79% | 4.19% | 4.28% | 5.12% | 5.63% | 4.91% | 11.99% | 4.68% | 5.88% |
| Acquisitions | -1.75M | -54.25M | -1.15M | 472K | -13.03M | -34.84M | -1.49B | -312.1M | 205.19M | -197.64M | -53.66M | -1.99B | -1.45B | -28.23M | -23.02M | -15.16M | -9.58M | -168.57M | -30.58M | -402.68M | -619.28M | -169.26M | -482.65M | -35.27M | -186.2M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 201K | 258K | 120K | 323K | 4.94M | 18.21M | 16.97M | 7.4M | 16.45M | 28.05M | 411.01M | 305.35M | 113.89M | 4.89M | 36.98M | 112.71M | 31.91M | 78.54M | 464.16M | 42.93M | 245.33M | 23.18M | 13.01M | -75.56M | -4.1M | -1.55B | -1.45B | 667.3M | -309M | 781.9M |
| Cash from Financing | -683M | -384.56M | -749.9M | -266.23M | -416.33M | -734.05M | 1.16B | -144.97M | -539.15M | -462.43M | -819.67M | 490.46M | 1.17B | -663.72M | -805.5M | -751.26M | -832.81M | -716.89M | -1.63B | -706.1M | -685.88M | -1.06B | -737.55M | -701.78M | -854.52M | 1.62B | 560M | -994.1M | -321M | -1.13B |
| Debt Issued (Net) | -550M | 0 | 0 | -166M | -326M | -621M | 1.24B | -71.15M | -372.25M | -137.59M | -307.51M | 769.24M | 1.53B | -336.57M | -599.43M | -716.26M | -713.89M | -275.33M | -1.11B | -235.01M | 837.33M | 773.23M | -712.75M | -538.96M | -667.83M | 2.8B | 915.9M | -470.2M | -144.9M | -954.9M |
| Equity Issued (Net) | 0 | -1000K | -1000K | -1000K | 0 | -1000K | -819K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 0 | 0 | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K |
| Dividends Paid | -80.46M | -81.36M | -83.53M | -84.76M | -78.47M | -76.47M | -60.62M | -60.29M | -90.17M | -121.64M | -167.51M | -181.33M | -183.23M | -158.82M | -47.95M | -38.22M | -119.33M | -368.79M | -311.24M | -280.01M | -272.88M | -282.52M | -260.74M | -247.72M | -235.47M | -228.39M | -226.3M | -218.9M | -206.6M | -197.4M |
| Share Repurchases | -25.33M | -274.83M | -652.91M | -15.47M | 0 | -9.21M | -819K | -8.27M | -27.41M | -182.24M | -277.87M | -75.81M | -116.64M | -153.95M | -53.04M | 0 | 0 | -72.76M | -215.21M | -215.43M | -1.31B | -1.67B | 0 | 0 | 0 | -967.24M | -163.2M | -329M | 0 | -1.4M |
| Other Financing | -52.54M | -28.37M | -13.46M | 0 | -11.87M | -27.38M | -22.02M | -5.27M | -52.91M | -20.96M | -104.9M | -74.65M | -90.7M | -48.13M | -105.08M | 3.21M | 402K | 0 | -3.01M | -3.01M | -13.38M | 0 | -1.9M | 0 | 0 | 0 | -100K | 0 | 100K | -100K |
| Net Change in Cash | -401.97M | 332.18M | -190.65M | 494.69M | 16.02M | 11.56M | -106.46M | 7.82M | 21.88M | -52.28M | 10.72M | -350.72M | 294.17M | 8.1M | -16.09M | 84.22M | -154K | 21.7M | -17.01M | 25.45M | -67.07M | 68.69M | -23.19M | -50.26M | -52.57M | 147.04M | -20M | 13.3M | 21.7M | -15.7M |
| Free Cash Flow | 282.56M | 632.53M | 532.55M | 760.82M | 438.54M | 759.64M | 209.12M | 461.98M | 309.32M | 588.63M | 494.34M | 670.85M | 401.08M | 664.87M | 741.68M | 703.81M | 798.84M | 852.19M | 1.17B | 1.28B | 1.17B | 1.31B | 1.2B | 756.87M | 994.42M | 151.75M | 888.5M | 356.3M | 659.8M | 346.9M |
| FCF Margin % | 10.42% | 20.39% | 18.3% | 23.2% | 14.66% | 25.86% | 9.09% | 20.93% | 16.25% | 17.62% | 16.2% | 11.17% | 7.77% | 12.42% | 14.15% | 12.94% | 14.23% | 12.59% | 15.78% | 15.92% | 15.39% | 17.69% | 17.85% | 11.79% | 15.67% | 2.44% | 16.89% | 6.96% | 13.95% | 7.85% |
| FCF Growth % | -55.33% | 18.77% | -30% | 73.49% | -42.27% | 263.26% | -54.73% | 49.35% | -47.45% | 19.07% | -26.31% | 67.26% | -39.67% | -10.36% | 5.38% | -11.9% | -6.26% | -27.39% | -8.24% | 9.41% | -10.48% | 9.03% | 58.26% | -23.89% | 555.31% | -82.92% | 149.37% | -46% | 90.2% | -17.4% |
| FCF per Share | 1.74 | 3.74 | 2.56 | 3.39 | 1.97 | 3.46 | 0.96 | 2.13 | 1.42 | 2.68 | 2.15 | 2.89 | 1.71 | 2.81 | 3.06 | 2.91 | 3.40 | 3.73 | 5.03 | 5.40 | 4.75 | 4.88 | 4.41 | 2.81 | 3.73 | 0.57 | 3.15 | 1.25 | 2.31 | 1.22 |
| FCF Conversion (FCF/Net Income) | 1.48x | 1.14x | 1.23x | 1.29x | 1.05x | 1.67x | 1.04x | 1.31x | 0.86x | 1.54x | 1.72x | 0.77x | 1.32x | 1.78x | 1.77x | 1.31x | 2.44x | -0.57x | 1.27x | 1.27x | 1.15x | 1.20x | 1.22x | 0.89x | 1.59x | 0.29x | 1.20x | 0.97x | 1.24x | 0.64x |
| Interest Paid | 0 | 164.41M | 166.13M | 167.53M | 179.8M | 200.77M | 186.09M | 182.47M | 200.51M | 225.46M | 265.17M | 242.19M | 126.18M | -138.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 134.12M | 126.14M | 171.09M | 179.16M | 84.89M | 84.05M | 62.89M | 154.69M | 206.27M | 105.58M | 207.04M | 124.38M | -64.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Political Revenue Dependence
According to the provided cash flow data, TGNA consistently reports operating cash flow exceeding net income, with an OCF/NI ratio peaking at 2.36 in 2023Q4, suggesting that non-cash charges and working capital adjustments play a significant role in the company's reported earnings quality and cash generation profile.
The persistent gap between net income and operating cash flow indicates that depreciation and amortization are substantial components of the company's cost structure. Investors should monitor whether this conversion efficiency remains sustainable as the company navigates the post-election revenue trough, as the reliance on non-cash adjustments may mask underlying operational margin compression.
As reported in financial statements, free cash flow margins exhibit extreme sensitivity to the biennial election cycle, swinging from a high of 26.8% in 2024Q4 to a low of 7.4% in 2025Q3, which highlights the inherent instability of the company's cash generation outside of peak political spending periods.
The sharp contraction in FCF margins during non-election quarters suggests that the core business lacks the organic growth required to offset the loss of high-margin political advertising. This trajectory implies that the company's cash flow profile is fundamentally tied to external political events rather than consistent operational improvements.
Based on TGNA's reported figures, capital expenditures as a percentage of revenue have remained modest, fluctuating between 0.7% and 3.5% over the last ten quarters, which suggests that the company's broadcast infrastructure requires relatively low ongoing reinvestment to maintain its current market position and FCC-licensed operations.
The low capital intensity appears to provide a structural advantage, allowing the company to direct a larger portion of operating cash flow toward shareholder returns. However, analysts should investigate whether this low level of investment is sufficient to support the necessary digital transformation of its Premion OTT platform.
As evidenced by the $325 million share repurchase in 2023Q4 and ongoing dividend payments, TGNA has prioritized returning capital to shareholders, yet the reported negative cash balance of $291.24 million suggests that this strategy may be increasingly reliant on debt financing rather than organic free cash flow.
The aggressive buyback pace appears to be a response to the failed merger, but it warrants scrutiny given the potential for liquidity constraints. Investors should consider whether this capital allocation strategy is sustainable if the company's core linear advertising revenue continues to face secular headwinds.
Quick answers to the most common questions about buying TGNA stock.
TEGNA Inc. (TGNA) generated $326.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TEGNA Inc. (TGNA) generated $282.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TEGNA Inc. (TGNA) spent $43.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TEGNA Inc. (TGNA) returned $80.5M to shareholders via cash dividends and spent $25.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.