$NXST

NEXSTAR BROADCASTING GROUP INC

CIK:0001142417|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues [Abstract]
Net revenue	$ 1,993	$ 1,229	$ 3,389	$ 2,462
Operating expenses:
Direct operating, excluding depreciation and amortization	929	557	1,541	1,108
Selling, general and administrative, excluding depreciation and amortization	457	262	783	520
Amortization of broadcast rights	87	79	159	168
Depreciation and amortization of intangible assets	158	118	279	234
Total operating expenses	1,631	1,016	2,762	2,030
Income from operations	362	213	627	432
Income from equity method investments, net	3	11	7	19
Interest expense, net	(190)	(97)	(309)	(194)
Pension and other postretirement plans credit, net	8	8	15	16
Loss on extinguishment of debt	(8)	(5)	(10)	(5)
Other income, net	2
Income before income taxes	177	130	330	268
Income tax expense	(64)	(39)	(57)	(80)
Net income	113	91	273	188
Net loss attributable to noncontrolling interests	7	6	11	17
Net income attributable to Nexstar Media Group, Inc.	$ 120	$ 97	$ 284	$ 205
Net income per share available to common stockholders:
Basic	$ 3.65	$ 3.09	$ 8.86	$ 6.5
Diluted	$ 3.61	$ 3.06	$ 8.71	$ 6.43
Weighted average number of common shares outstanding:
Basic (in thousands)	30,615	30,221	30,494	30,375
Diluted (in thousands)	30,908	30,514	31,037	30,719

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 273	$ 188
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of broadcast rights	159	168
Depreciation and amortization of intangible assets	279	234
Stock-based compensation expense	60	39
Amortization of debt financing costs, debt discounts and premium	5	5
Loss on extinguishment of debt	10	5
Deferred income taxes	(46)	(24)
Payments for broadcast rights	(147)	(161)
Income from equity method investments, net	(7)	(19)
Distribution from equity method investments - return on capital	96	125
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	96	6
Prepaid and other current assets	22	(6)
Other noncurrent assets	6	5
Accounts payable	(64)	60
Accrued expenses and other current liabilities	(76)	20
Income tax payable	(50)	(38)
Other noncurrent liabilities	(29)	(29)
Other	0	6
Net cash provided by operating activities	587	584
Cash flows from investing activities:
Purchases of property and equipment	(67)	(64)
Payments for acquisitions, net of cash acquired	(3,341)	(22)
Proceeds received from life insurance policies	55	1
Proceeds from disposal of property and equipment	12	1
Other investing activities, net	(2)	(5)
Net cash used in investing activities	(3,343)	(89)
Cash flows from financing activities:
Proceeds from debt issuance, net of debt discounts	11,106	3,393
Repayments of long-term debt	(8,149)	(3,543)
Payments for debt financing costs	(107)	(2)
Premium paid on debt extinguishment	(13)
Purchase of treasury stock		(125)
Common stock dividends paid	(113)	(113)
Payments for capitalized software obligations	(11)	(10)
Cash paid for shares withheld for taxes	(18)
Payment for excise tax on stock repurchases		(5)
Other financing activities, net	(1)
Net cash provided by (used in) financing activities	2,694	(405)
Net (decrease) increase in cash and cash equivalents	(62)	90
Cash and cash equivalents at beginning of period	280	144
Cash and cash equivalents at end of period	218	234
Supplemental information:
Interest paid	258	188
Income taxes paid, net of refunds	152	141
Non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accruals	6	31
Capitalized software in other current and noncurrent liabilities	15	25
Right-of-use assets obtained in exchange for operating lease obligations	$ 14	$ 16

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 218

$ 280

Accounts receivable, net of allowance for credit losses of $26 and $18, respectively

1,584

1,075

Broadcast rights

Prepaid expenses and other current assets

142

Total current assets

2,005

1,473

Property and equipment, net

1,849

1,158

Goodwill

5,033

2,910

FCC licenses

5,112

2,949

Intangible assets, net

2,887

1,587

Investments

387

396

Other noncurrent assets, net

442

373

Total assets

^[1]

17,715

10,846

Current liabilities:

Current portion of debt

331

111

Accounts payable

162

133

Broadcast rights payable

Accrued expenses

589

314

Operating lease liabilities

Other current liabilities

Total current liabilities

1,284

711

Debt

11,413

6,222

Deferred tax liabilities

2,154

1,354

Other noncurrent liabilities

600

497

Total liabilities

^[1]

15,451

8,784

Commitments and contingencies (Note 10)

Redeemable noncontrolling interests (Note 2)

Stockholders' equity:

Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of June 30, 2026 and December 31, 2025

Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 30,806,374 shares outstanding as of June 30, 2026 and 47,282,823 shares issued, 30,327,669 shares outstanding as of December 31, 2025

Additional paid-in capital

1,308

1,331

Accumulated other comprehensive loss

(15)

Retained earnings

3,695

3,537

Treasury stock - at cost; 16,476,449 and 16,955,154 shares as of June 30, 2026 and December 31, 2025, respectively

(2,723)

(2,789)

Total Nexstar Media Group, Inc. stockholders' equity

2,265

2,064

Noncontrolling interests

(24)

(21)

Total stockholders' equity

2,241

2,043

Total liabilities, redeemable noncontrolling interests and stockholders' equity

17,715

10,846

Network Affiliation Agreements [Member]

Current assets:

Intangible assets, net

2,553

1,305

Other Intangible Assets [Member]

Current assets:

Intangible assets, net

$ 334

$ 282

[1]

The condensed consolidated total assets as of June 30, 2026 and December 31, 2025 include certain assets held by consolidated VIEs of $291 million and $292 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of June 30, 2026 and December 31, 2025 include certain liabilities of consolidated VIEs of $154 million and $139 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.