Nexstar Media Group Reports 13.1% Revenue Growth in Q1 2026

Nexstar Media Group, Inc. reported a significant increase in financial performance for the first quarter of 2026, with net revenue rising 13.1% to $1.396 billion compared to $1.234 billion in the same period of 2025. The company's net income attributable to Nexstar increased to $164 million, or $5.22 per share, up from $108 million, or $3.41 per share, in the prior year. This growth was primarily driven by the acquisition of TEGNA, which contributed approximately $106 million in incremental revenue, alongside higher advertising and distribution revenues from Nexstar's legacy business units.

The company's operating expenses also increased, totaling $1.131 billion, up from $1.014 billion in the previous year. This rise was largely attributed to $74 million in additional operating expenses from the TEGNA acquisition and $38 million in nonrecurring expenses related to the merger. Notably, direct operating expenses rose by 10.9%, while selling, general, and administrative expenses surged by 27.2%. The amortization of broadcast rights decreased by 18.2%, reflecting a reduction in costs associated with The CW network.

Strategically, Nexstar completed its acquisition of TEGNA on March 19, 2026, for approximately $3.7 billion, funded through a combination of debt issuance and cash on hand. This merger expanded Nexstar's operational and geographic footprint, allowing it to reach approximately 80% of U.S. television households. However, the merger has faced legal challenges, including a preliminary injunction from a U.S. District Court that prohibits further integration of the companies pending adjudication.

As of March 31, 2026, Nexstar's total assets increased to $18.103 billion, up from $10.846 billion at the end of 2025, largely due to the acquisition of TEGNA. The company reported total liabilities of $15.935 billion, which included $11.878 billion in debt, reflecting a significant increase from $6.222 billion at the end of the previous fiscal year. The company’s cash and cash equivalents also rose to $379 million from $280 million, indicating improved liquidity.

Looking ahead, Nexstar anticipates continued growth driven by political advertising in 2026, an election year, and the integration of TEGNA's assets. The company remains focused on leveraging its expanded scale to enhance operational efficiencies and capitalize on new revenue opportunities. However, it acknowledges the potential impact of economic conditions, including inflation and interest rates, on its financial performance and ability to service its debt.