Operating margins have contracted significantly from 31.6% in 2024Q4 to 16.9% in 2025Q4, reflecting the impact of high fixed costs during periods of cyclical revenue decline.
| 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 |
|---|
| Sales/Revenue | 2.71B | 3.1B | 2.91B | 3.28B | 2.99B | 2.94B | 2.3B | 2.21B | 1.9B | 3.34B | 3.05B | 6.01B | 5.16B | 5.35B | 5.24B | 5.44B | 5.61B | 6.77B | 7.44B | 8.03B | 7.6B | 7.38B | 6.71B | 6.42B | 6.34B | 6.22B | 5.26B | 5.12B | 4.73B | 4.42B |
| Revenue Growth % | -12.57% | 6.56% | -11.23% | 9.63% | 1.81% | 27.76% | 4.18% | 15.99% | -43.04% | 9.51% | -49.22% | 16.41% | -3.58% | 2.16% | -3.65% | -3.11% | -17.06% | -9.03% | -7.39% | 5.72% | 2.95% | 9.99% | 4.5% | 1.23% | 1.96% | 18.29% | 2.71% | 8.28% | 6.98% | 10.34% |
| Cost of Goods Sold | 1.73B | 1.76B | 1.72B | 1.69B | 1.6B | 1.5B | 1.23B | 1.07B | 933.72M | 1.04B | 923.34M | 3.05B | 2.88B | 2.94B | 2.96B | 2.98B | 3.3B | 4.01B | 4.16B | 4.44B | 4.06B | 3.82B | 3.45B | 3.25B | 3.32B | 3.06B | 2.61B | 2.59B | 2.37B | 2.37B |
| COGS % of Revenue | 63.82% | 56.61% | 59.05% | 51.63% | 53.45% | 51.17% | 53.41% | 48.29% | 49.06% | 31.09% | 30.26% | 50.74% | 55.85% | 54.99% | 56.51% | 54.8% | 58.88% | 59.29% | 55.97% | 55.25% | 53.44% | 51.77% | 51.46% | 50.67% | 52.33% | 49.13% | 49.59% | 50.65% | 50.08% | 53.56% |
| Gross Profit | 981.15M | 1.35B | 1.19B | 1.59B | 1.39B | 1.43B | 1.07B | 1.14B | 969.31M | 2.3B | 2.13B | 2.96B | 2.28B | 2.41B | 2.28B | 2.46B | 2.31B | 2.75B | 3.28B | 3.6B | 3.54B | 3.56B | 3.26B | 3.17B | 3.02B | 3.17B | 2.65B | 2.53B | 2.36B | 2.05B |
| Gross Margin % | 36.18% | 43.39% | 40.95% | 48.37% | 46.55% | 48.83% | 46.59% | 51.71% | 50.94% | 68.91% | 69.74% | 49.26% | 44.15% | 45.01% | 43.49% | 45.2% | 41.12% | 40.71% | 44.03% | 44.75% | 46.56% | 48.23% | 48.54% | 49.33% | 47.67% | 50.87% | 50.41% | 49.35% | 49.92% | 46.44% |
| Gross Profit Growth % | -27.1% | 12.9% | -24.84% | 13.91% | -2.94% | 33.91% | -6.14% | 17.75% | -57.9% | 8.22% | -28.11% | 29.87% | -5.41% | 5.72% | -7.29% | 6.5% | -16.22% | -15.89% | -8.89% | 1.62% | -0.62% | 9.29% | 2.81% | 4.77% | -4.45% | 19.36% | 4.92% | 7.05% | 14.98% | 17.05% |
| Operating Expenses | 538.19M | 561.07M | 458.53M | 595.39M | 590.12M | 563.51M | 512.24M | 454.57M | 418.98M | 1.3B | 1.27B | 1.81B | 1.48B | 1.5B | 1.42B | 1.4B | 1.45B | 1.55B | 1.62B | 1.6B | 1.49B | 1.41B | 1.28B | 1.24B | 1.43B | 1.35B | 1.09B | 1.08B | 1.04B | 986.9M |
| OpEx % of Revenue | 19.84% | 18.09% | 15.75% | 18.16% | 19.73% | 19.18% | 22.28% | 20.59% | 22.02% | 38.86% | 41.73% | 30.05% | 28.7% | 27.97% | 27.12% | 25.77% | 25.84% | 22.91% | 21.84% | 19.88% | 19.6% | 19.13% | 19.02% | 19.34% | 22.61% | 21.66% | 20.7% | 21.16% | 22.09% | 22.32% |
| Selling, General & Admin | 379.72M | 446.44M | 477.93M | 474.64M | 464.57M | 79.09M | 89.54M | 367.79M | 342.34M | 1.09B | 1.07B | 1.54B | 1.29B | 1.3B | 1.22B | 1.19B | 1.21B | 1.28B | 1.27B | 1.32B | 1.22B | 1.17B | 1.04B | 1.02B | 990.47M | 971.89M | 808.5M | 773.6M | 743.6M | 699.5M |
| SG&A % of Revenue | 14% | 14.39% | 16.42% | 14.47% | 15.53% | 2.69% | 3.89% | 16.66% | 17.99% | 32.74% | 35.01% | 25.62% | 25.03% | 24.35% | 23.35% | 21.84% | 21.51% | 18.88% | 17.07% | 16.43% | 15.99% | 15.83% | 15.57% | 15.87% | 15.61% | 15.62% | 15.37% | 15.11% | 15.72% | 15.82% |
| 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 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 158.47M | 114.63M | -19.41M | 120.75M | 125.55M | 484.42M | 422.7M | -11.5M | -35.3M | -20.44M | -11.53M | 403.95M | -47.89M | 8.73M | -12.92M | 213.88M | 242.81M | 262.2M | 354.39M | 276.77M | 274.37M | 244.02M | 231.53M | 222.44M | 443.78M | 375.92M | 280.1M | 310.2M | 301.1M | 287.4M |
| Operating Income | 442.97M | 784.78M | 733.54M | 990.63M | 802.22M | 870.98M | 559.02M | 698.48M | 545.9M | 972.07M | 913.16M | 1.06B | 739.24M | 789.75M | 830.79M | 999.7M | 725.18M | -1.29B | 1.65B | 2B | 2.05B | 2.15B | 1.98B | 1.93B | 1.59B | 1.82B | 1.56B | 1.44B | 1.32B | 1.07B |
| Operating Margin % | 16.33% | 25.3% | 25.2% | 30.21% | 26.82% | 29.65% | 24.31% | 31.64% | 28.69% | 29.09% | 29.93% | 17.61% | 14.32% | 14.75% | 15.85% | 18.38% | 12.92% | -19.02% | 22.19% | 24.87% | 26.95% | 29.1% | 29.52% | 29.99% | 25.06% | 29.21% | 29.72% | 28.19% | 27.83% | 24.12% |
| Operating Income Growth % | -43.56% | 6.99% | -25.95% | 23.49% | -7.9% | 55.81% | -19.97% | 27.95% | -43.84% | 6.45% | -13.69% | 43.12% | -6.4% | -4.94% | -16.9% | 37.85% | 156.34% | -177.96% | -17.38% | -2.43% | -4.64% | 8.41% | 2.84% | 21.16% | -12.51% | 16.26% | 8.29% | 9.67% | 23.42% | 25.19% |
| EBITDA | 539.96M | 898.32M | 846.78M | 1.11B | 930.07M | 1.01B | 669.65M | 785.26M | 622.54M | 1.18B | 1.12B | 1.32B | 928.82M | 983.79M | 1.03B | 1.21B | 967.99M | -1.01B | 1.94B | 2.28B | 2.32B | 2.39B | 2.21B | 2.15B | 2.03B | 2.19B | 1.84B | 1.75B | 1.62B | 1.35B |
| EBITDA Margin % | 19.91% | 28.96% | 29.09% | 33.9% | 31.09% | 34.23% | 29.12% | 35.58% | 32.71% | 35.21% | 36.65% | 22.03% | 18% | 18.38% | 19.62% | 22.31% | 17.25% | -14.99% | 26.02% | 28.32% | 30.59% | 32.4% | 32.97% | 33.46% | 32.05% | 35.25% | 35.04% | 34.24% | 34.2% | 30.62% |
| EBITDA Growth % | -39.89% | 6.09% | -23.83% | 19.53% | -7.51% | 50.16% | -14.72% | 26.14% | -47.09% | 5.22% | -15.52% | 42.52% | -5.59% | -4.32% | -15.28% | 25.37% | 195.42% | -152.4% | -14.9% | -2.12% | -2.82% | 8.1% | 2.97% | 5.66% | -7.28% | 18.99% | 5.1% | 8.43% | 19.46% | 27.5% |
| D&A (Non-Cash Add-back) | 96.99M | 113.53M | 113.24M | 121.08M | 127.85M | 134.57M | 110.63M | 86.79M | 76.64M | 204.49M | 205.09M | 265.72M | 189.57M | 194.04M | 197.37M | 213.88M | 242.81M | 272.71M | 285.13M | 276.77M | 276.19M | 244.02M | 231.53M | 222.44M | 443.78M | 375.92M | 280.1M | 310.2M | 301.1M | 287.4M |
| EBIT | 447.19M | 942.23M | 779.45M | 1.01B | 799.33M | 866.3M | 550.04M | 691.08M | 521M | 681.29M | 896.57M | 1.26B | 286.64M | 820.88M | 826.07M | 1.02B | 745.64M | -7.07B | 1.65B | 1.9B | 2.03B | 2.11B | 1.95B | 1.93B | 1.59B | 1.82B | 1.56B | 1.39B | 1.26B | 1.07B |
| Net Interest Income | -132.94M | -142.25M | -143.61M | -167.1M | -185.65M | -210.29M | -205.47M | -192.06M | -210.28M | -232M | -273.15M | -272.67M | -174.82M | -150.47M | -173.14M | -172.99M | -175.75M | -190.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 25.45M | 26.99M | 29.29M | 6.92M | 2K | 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 |
| Interest Expense | 158.39M | 169.24M | 172.9M | 174.02M | 185.65M | 210.29M | 205.47M | 192.06M | 210.28M | 232.01M | 273.63M | 273.24M | 176.06M | 150.47M | 173.14M | 172.99M | 175.75M | 190.84M | 187.32M | 274.29M | 222.34M | 168.49M | 147.35M | 180.65M | 221.3M | 0 | 0 | 0 | 116.2M | 0 |
| Other Income/Expense | -154.17M | -11.8M | -127M | -157.06M | -188.54M | -233.93M | -183.36M | -189.77M | -235.19M | -258.86M | -290.22M | 648.56M | 248.25M | -241.48M | -177.86M | -222.44M | -155.28M | -6.02B | -202.02M | -185.11M | -159.49M | -152.29M | -106.15M | -161.78M | -219.24M | -208.42M | -35.7M | 225.9M | -53.2M | 20.3M |
| Pretax Income | 288.8M | 772.99M | 606.55M | 833.57M | 613.68M | 637.06M | 375.66M | 508.71M | 310.72M | 712.45M | 622.94M | 1.36B | 559.11M | 670.41M | 652.93M | 845.96M | 576.16M | -1.71B | 1.45B | 1.72B | 1.82B | 2B | 1.84B | 1.76B | 1.37B | 1.61B | 1.53B | 1.67B | 1.21B | 1.09B |
| Pretax Margin % | 10.65% | 24.92% | 20.84% | 25.42% | 20.52% | 21.68% | 16.34% | 23.05% | 16.33% | 21.32% | 20.42% | 22.57% | 10.83% | 12.52% | 12.46% | 15.55% | 10.26% | -25.34% | 19.48% | 21.4% | 23.92% | 27.03% | 27.42% | 27.48% | 21.6% | 25.86% | 29.03% | 32.6% | 25.56% | 24.58% |
| Income Tax | 69.33M | 173.94M | 130.2M | 202.37M | 135.48M | 154.29M | 89.42M | 107.37M | -137.25M | 216.98M | 202.31M | 225.6M | 113.2M | 195.4M | 152.8M | 244.01M | 193.8M | 68.2M | 473.3M | 558.7M | 606.6M | 678.2M | 629.1M | 604.4M | 539.4M | 636.9M | 607.8M | 669.5M | 496.3M | 462.7M |
| Effective Tax Rate % | 24% | 22.5% | 21.47% | 24.28% | 22.08% | 24.22% | 23.8% | 21.11% | -44.17% | 30.46% | 32.48% | 16.64% | 20.25% | 29.15% | 23.4% | 28.84% | 33.64% | -3.98% | 32.67% | 32.49% | 33.37% | 33.99% | 34.18% | 34.25% | 39.36% | 39.59% | 39.8% | 40.1% | 41.05% | 42.58% |
| Net Income | 219.86M | 599.82M | 476.72M | 630.47M | 477M | 482.78M | 286.24M | 401.34M | 447.96M | 444.17M | 357.46M | 1.06B | 388.68M | 424.28M | 458.75M | 588.2M | 355.27M | -1.78B | 1.06B | 1.16B | 1.24B | 1.32B | 1.21B | 1.16B | 831.2M | 1.72B | 957.9M | 999.9M | 712.7M | 943.1M |
| Net Margin % | 8.11% | 19.34% | 16.38% | 19.23% | 15.95% | 16.43% | 12.45% | 18.18% | 23.54% | 13.29% | 11.72% | 17.68% | 7.53% | 7.93% | 8.75% | 10.82% | 6.33% | -26.35% | 14.19% | 14.45% | 16.38% | 17.84% | 18.05% | 18.06% | 13.1% | 27.63% | 18.21% | 19.52% | 15.07% | 21.33% |
| Net Income Growth % | -63.35% | 25.82% | -24.39% | 32.17% | -1.2% | 68.66% | -28.68% | -10.41% | 0.85% | 24.26% | -66.35% | 173.28% | -8.39% | -7.51% | -22.01% | 65.56% | 119.93% | -268.9% | -9.06% | -6.74% | -5.51% | 8.75% | 4.4% | 39.57% | -51.65% | 79.46% | -4.2% | 40.3% | -24.43% | 97.59% |
| Net Income (Continuing) | 219.47M | 599.04M | 476.35M | 631.2M | 478.2M | 482.76M | 286.24M | 401.34M | 447.96M | 309.12M | 229.61M | 1.13B | 445.91M | 475.01M | 500.13M | 601.95M | 382.36M | -6.65B | 975.58M | 1.16B | 1.21B | 1.3B | 1.19B | 1.16B | 831.2M | 971.94M | 919.4M | 966.4M | 681.4M | 624M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.33M | 168.68M | 127.58M | 229.92M | 374.24M | 347.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 20.32M | 18.81M | 17.42M | 16.13M | 14.93M | 0 | 5.28B | 4.96B | 327.85M | 289.44M | 254.83M | 216.31M | 199.95M | 184.13M | 254.5M | 143.55M | 209.74M | 20.28M | 24.31M | 25.18M | 91.36M | 92.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.34 | 3.53 | 2.28 | 2.81 | 2.14 | 2.19 | 1.31 | 1.85 | 2.06 | 2.02 | 1.56 | 4.58 | 1.66 | 1.79 | 1.89 | 2.43 | 1.51 | -7.81 | 4.52 | 4.90 | 5.06 | 4.92 | 4.46 | 4.31 | 3.03 | 6.41 | 3.40 | 3.50 | 2.50 | 3.33 |
| EPS Growth % | -62.04% | 54.82% | -18.86% | 31.31% | -2.28% | 67.18% | -29.19% | -10.19% | 1.98% | 29.49% | -65.94% | 175.9% | -7.26% | -5.29% | -22.22% | 60.93% | 119.33% | -272.79% | -7.76% | -3.16% | 2.85% | 10.31% | 3.48% | 42.24% | -52.73% | 88.53% | -2.86% | 40% | -24.92% | 94.74% |
| EPS (Basic) | 1.36 | 3.55 | 2.29 | 2.82 | 2.15 | 2.20 | 1.32 | 1.86 | 2.08 | 2.05 | 1.59 | 4.69 | 1.70 | 1.83 | 1.92 | 2.47 | 1.52 | -7.81 | 4.53 | 4.91 | 5.08 | 4.97 | 4.49 | 4.35 | 3.05 | 6.45 | 3.43 | 3.53 | 2.52 | 3.35 |
| Diluted Shares Outstanding | 162.82M | 169.16M | 207.95M | 224.49M | 222.47M | 219.73M | 217.98M | 216.62M | 217.48M | 219.68M | 229.72M | 231.91M | 234.19M | 236.69M | 242.77M | 241.6M | 235.28M | 228.29M | 233.54M | 236.89M | 246.26M | 267.59M | 271.87M | 269.17M | 266.83M | 268.12M | 281.74M | 285.69M | 285.08M | 283.21M |
| Basic Shares Outstanding | 161.42M | 168.43M | 207.59M | 223.65M | 221.5M | 219.23M | 217.14M | 216.18M | 215.59M | 216.36M | 224.69M | 226.29M | 228.54M | 232.33M | 239.23M | 238.23M | 233.73M | 228.29M | 233.03M | 236.41M | 244.96M | 264.71M | 269.56M | 266.7M | 264.82M | 266.43M | 279.27M | 283.26M | 282.82M | 281.52M |
| Dividend Payout Ratio | 36.6% | 13.56% | 17.52% | 13.44% | 16.45% | 15.84% | 21.18% | 15.02% | 20.13% | 27.39% | 46.86% | 17.07% | 47.14% | 37.43% | 10.45% | 6.5% | 33.59% | - | 29.48% | 24.12% | 21.92% | 20.73% | 21.53% | 21.35% | 28.33% | 13.29% | 23.62% | 21.89% | 28.99% | 20.93% |
Cyclical Political Revenue Dependence
As evidenced by the reported 18.9% year-over-year revenue decline in 2025Q4, TGNA's top-line performance is heavily tethered to the biennial political advertising cycle, which creates significant variance compared to the 19.9% growth observed during the peak election period of 2024Q4, according to the company's historical financial filings.
The revenue trajectory highlights a structural reliance on non-recurring political spending to offset the persistent erosion of core advertising and linear subscription volumes. Investors should monitor whether the company's digital initiatives, such as Premion, can achieve sufficient scale to dampen this extreme cyclicality in non-election years.
Based on the provided income statement data, gross margins have fluctuated between 35.1% and 47.7% over the last ten quarters, reflecting the impact of high-margin political ad cycles versus the rising cost of reverse retransmission fees paid to national network partners for content distribution rights.
The compression of gross margins in non-election quarters suggests that the company lacks the pricing power to fully pass through increased network affiliation costs to MVPDs. This dynamic implies that profitability is increasingly dependent on the timing of political cycles rather than sustainable operational efficiency in the core business.
According to recent financial statements, operating margins have contracted from a high of 31.6% in 2024Q4 to 16.9% in 2025Q4, indicating that the company's high fixed-cost base for news production limits its ability to maintain profitability during periods of declining top-line revenue.
The lack of significant operating leverage suggests that SG&A expenses remain relatively sticky even as revenue fluctuates. This rigidity may force management to prioritize cost-cutting measures, which could potentially impact the quality of local news content and long-term viewer engagement.
While management has initiated aggressive share repurchases following the failed merger, the reported negative cash balance of $291.24 million warrants caution, as it may indicate a reliance on revolving credit facilities that could limit future financial flexibility in a high-interest-rate environment, per the provided data.
Short-sellers might argue that prioritizing buybacks over debt reduction or digital investment is a defensive maneuver that ignores the long-term decline of the broadcast model. Investors should investigate whether this capital allocation strategy is sustainable if political ad spending fails to meet expectations in future cycles.
Quick answers to the most common questions about buying TGNA stock.
For fiscal year 2025, TEGNA Inc. (TGNA) reported total revenue of $2.71B. This represents a 38.7% decline compared to $4.42B in 1996.
TEGNA Inc. (TGNA) is profitable, generating $219.9M in net income for the fiscal year ending 2025 with a net profit margin of 8.1%.
TEGNA Inc. (TGNA) reported an operating income of $443.0M, resulting in an operating profit margin of 16.3%. This margin reflects the operational efficiency of the business before interest and taxes.
TEGNA Inc. (TGNA) generated $981.2M in gross profit for the year, representing a gross profit margin of 36.2%. This demonstrates the company's core pricing power and production efficiency.