$SBGI

Sinclair, Inc.

CIK:0001971213|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Media revenue	$ 833	$ 777	$ 1,634	$ 1,547
Non-media revenue	7	7	13	13
Total revenue	840	784	1,647	1,560
OPERATING EXPENSES:
Media programming and production expenses	424	420	836	838
Media selling, general and administrative expenses	217	200	431	392
Amortization of program costs	18	17	36	36
Non-media expenses	13	13	28	24
Depreciation of property and equipment	26	24	52	50
Corporate general and administrative expenses	45	45	94	97
Amortization of definite-lived intangible assets	42	35	81	71
Loss on asset dispositions and other, net	5	9	12	17
Total operating expenses	790	763	1,570	1,525
Operating income	50	21	77	35
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(80)	(82)	(165)	(226)
Gain on extinguishment of debt	13	4	13	6
Loss from equity method investments	(3)	(1)	(4)	(7)
Other income (expense), net	55	(18)	(23)	(84)
Total other expense, net	(15)	(97)	(179)	(311)
Income (loss) before income taxes	35	(76)	(102)	(276)
INCOME TAX (PROVISION) BENEFIT	(112)	14	46	60
NET LOSS	(77)	(62)	(56)	(216)
Net loss (income) attributable to the noncontrolling interests	1	(2)	0	(4)
NET LOSS ATTRIBUTABLE TO SINCLAIR	$ (76)	$ (64)	$ (56)	$ (220)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:
Basic earnings per share (in dollars per share)	$ (1.06)	$ (0.91)	$ (0.80)	$ (3.20)
Diluted earnings per share (in dollars per share)	$ (1.06)	$ (0.91)	$ (0.80)	$ (3.20)
Basic weighted average common shares outstanding (in shares)	72,157	69,589	71,365	68,545
Diluted weighted average common and common equivalent shares outstanding (in shares)	72,157	69,589	71,365	68,545

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (56)	$ (216)
Adjustments to reconcile net loss to net cash flows from operating activities:
Amortization of definite-lived intangible and other assets	81	71
Depreciation of property and equipment	52	50
Amortization of program costs	36	36
Stock-based compensation	33	33
Deferred tax benefit	(73)	(141)
Loss on asset dispositions and other, net	12	17
Loss from equity method investments	4	7
Loss from investments	44	103
Distributions from investments	1	3
Gain on extinguishment of debt	(13)	(6)
Debt issuance costs	0	68
Change in assets and liabilities, net of acquisitions:
Decrease in accounts receivable	36	15
Increase in prepaid expenses and other current assets	(38)	(38)
Increase in accounts payable and accrued and other current liabilities	28	104
Net change in net income taxes payable/receivable	1	49
Decrease in program contracts payable	(38)	(37)
Other, net	(1)	9
Net cash flows from operating activities	109	127
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of property and equipment	(35)	(33)
Acquisition of businesses, net of cash acquired	(15)	(25)
Purchases of investments	(8)	(20)
Distributions and proceeds from investments	45	13
Other, net	4	0
Net cash flows used in investing activities	(9)	(65)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	1,430
Repayments of notes payable, commercial bank financing, and finance leases	(315)	(1,414)
Dividends paid on Class A and Class B Common Stock	(36)	(34)
Debt issuance costs	0	(110)
Distributions to noncontrolling interests	(3)	(6)
Other, net	(8)	(9)
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation, Total	(362)	(143)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(262)	(81)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	866	697
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 604	$ 616

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 604

$ 866

Accounts receivable, net of allowance for doubtful accounts of $8 and $5, respectively

647

687

Prepaid expenses and other current assets

137

147

Total current assets

1,388

1,700

Property and equipment, net

634

655

Operating lease assets

108

110

Goodwill

2,083

2,085

Indefinite-lived intangible assets

149

Other assets

648

717

Total assets

^[1]

5,481

5,949

Current liabilities:

Accounts payable and accrued liabilities

526

496

Income taxes payable

Current portion of notes payable, finance leases, and commercial bank financing

Current portion of operating lease liabilities

Current portion of program contracts payable

Other current liabilities

Total current liabilities

714

703

Notes payable, finance leases, and commercial bank financing, less current portion

4,036

4,358

Operating lease liabilities, less current portion

108

112

Program contracts payable, less current portion

Deferred tax liabilities

141

213

Other long-term liabilities

170

180

Total liabilities

^[1]

5,177

5,579

Commitments and contingencies (See Note 4)

Shareholders’ equity:

Additional paid-in capital

642

613

Accumulated deficit

(263)

(171)

Total Sinclair shareholders’ equity

380

443

Noncontrolling interests

(76)

(73)

Total equity

304

370

Total liabilities and equity

5,481

5,949

Class A Common Stock

Shareholders’ equity:

Common Stock

Class B Common Stock

Shareholders’ equity:

Common Stock

Customer relationships, net

Current assets:

Definite-lived intangible assets, net

249

269

Other definite-lived intangible assets, net

Current assets:

Definite-lived intangible assets, net

$ 347

$ 264

[1]

Our consolidated total assets as of June 30, 2026 and December 31, 2025 include total assets of variable interest entities (“VIE”) of $16 million and $30 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2026 and December 31, 2025 include total liabilities of VIEs of $4 million and $8 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 7. Variable Interest Entities.