TEGNA Inc. Reports Revenue Decline and Decreased Net Income for Second Quarter and First Half of 2025

TEGNA Inc. reported a decline in financial performance for the second quarter and first half of 2025, as reflected in its latest 10-Q filing. The company generated revenues of $675.0 million for the quarter ending June 30, 2025, a decrease of 5% from $710.4 million in the same period of 2024. For the first six months of 2025, revenues totaled $1.36 billion, down 5% from $1.42 billion year-over-year. The decline was primarily attributed to a significant drop in political advertising revenue, which fell by 74% in the second quarter and 80% in the first half, consistent with the cyclical nature of political spending in odd-numbered years.

Operating income also saw a notable decrease, falling to $122.4 million in the second quarter, down 14% from $141.9 million in the prior year. For the first half, operating income decreased by 17% to $231.4 million. The company's net income attributable to TEGNA Inc. was $67.9 million, or $0.42 per diluted share, compared to $82.1 million, or $0.48 per diluted share, in the same quarter of 2024. For the first six months, net income dropped to $126.6 million, or $0.77 per diluted share, from $271.7 million, or $1.55 per diluted share, in the previous year.

In terms of strategic developments, TEGNA completed a final earnout payment of $6.4 million related to its acquisition of Octillion Media during the second quarter. The company also redeemed Gray Television's minority interest in its Premion business for $20.8 million, which was executed on April 30, 2025. TEGNA continues to focus on enhancing its digital presence and expanding its advertising capabilities, particularly through its connected television (CTV) advertising network, Premion.

Operationally, TEGNA's total assets as of June 30, 2025, were reported at $7.31 billion, slightly down from $7.33 billion at the end of 2024. The company maintained a strong cash position with $756.5 million in cash and cash equivalents, alongside $738.2 million in unused borrowing capacity under its revolving credit facility. TEGNA's employee headcount remained stable, supporting its operations across 64 television stations and two radio stations in 51 markets, reaching over 100 million people monthly.

Looking ahead, TEGNA anticipates continued challenges in the advertising market, particularly in political advertising, which is expected to rebound in the next election cycle. The company remains committed to its capital allocation strategy, aiming to return 40-60% of its adjusted free cash flow to shareholders while investing in organic growth and potential acquisitions. TEGNA's management expressed confidence in maintaining compliance with all financial covenants and expects to leverage its strong cash position to navigate market fluctuations effectively.