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Nexstar Media Group, Inc. (NXST) stock

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NASDAQ: NXST Nasdaq Broadcasting Next results ~November 5, 2026

B+ Fundamentals grade

Nexstar Media Group, Inc. is a US-listed company in the broadcasting industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$300

Cash-flow model

Base case. Range ~$130–$510 across our lower- and higher-growth cases (2.2%–12.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 40% below our base value.

Price used: $177.54, November 2, 2026

Nexstar Media Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 16 selling1 purchase and 61 sales by directors and officers, last 12 monthsInsider trades
  • Funds212 adding, 255 cuttingOf 51 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Nexstar Media Group files

Where Nexstar Media stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $5.88bn, up 10.5% on a year earlier, faster than -4.6% a quarter earlier. Free-cash-flow margin fell to 12.6% from 23.6% a year earlier. Operating margin narrowed to 17.8% from 22.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $258 a share, against a share price of $167.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Nexstar Media Group, Inc.'s trailing-twelve-month revenue grew 10.5% year on year, with a free-cash-flow margin of 12.6%. Where it stands out: revenue growth of 10.5% ranks 2 of 13 broadcasting companies we cover. Where it lags: days sales outstanding of 98 days ranks 13 of 13 broadcasting companies we cover.

Our discounted-cash-flow model values the business at ~$300 per share in the base case (~$130–$510 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 40.7% while net income fell 70.3%: a 30pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $177.54 is 68% below our value per share of $300.
  • Growth speeding up. The growth rate is 15.1 points higher than a quarter earlier.
  • Shrinking share count. Diluted shares fell 1.5% in a year, so each share owns more of the business.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 7.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 4.5 points on a year ago.
  • High debt. Long-term debt exceeds cash by $11.2bn, more than 1.5 times annual revenue.
  • Below peers: days sales outstanding. Days sales outstanding of 98 days ranks 13 of 13 broadcasting companies we cover (median 73 days).
  • Heavily shorted. 12.7% of the shares available to trade are sold short (7.4 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$4.98 against an average estimate of $7.47: missed by 33.4%
Revenue
$1.99bn, up 62.2% on a year earlier
Share reaction
+2.0% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 5, 2026; average EPS estimate $11.87

Nexstar Media Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.6%
  • 1 week+7.8%
  • 1 month+14.2%
  • This year-10.1%
  • 1 year-5.9%
  • 5 years+28.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5.9B
Operating margin
17.8%
Net margin
3.2%
EPS (TTM, diluted)
$6.09

Growth

Revenue growth
+10.5%
Change in growth rate
+15.1 pts
Share count change
−1.5%

Cash

Free cash flow (TTM)
$743M
FCF margin
12.6%
Stock pay % of revenue
1.7%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Dividend

    Nexstar sets $1.86 quarterly dividend for November

    Nexstar Media Group, Inc. said its board declared a quarterly cash dividend of $1.86 per share. The payment is due on 27 November 2026 to holders of record on 13 November 2026. The company noted that future payouts remain subject to quarterly board review.

    Company releaseRead source ↗
  2. Announcement

    Nexstar sets $1.86 quarterly dividend for November

    Nexstar Media Group, Inc. said its board declared a quarterly cash dividend of $1.86 per share. The payment is due on Friday, November 27, 2026, to holders of record on Friday, November 13, 2026. The company noted that future payouts remain subject to quarterly board review.

    SEC 8-KRead source ↗
  3. Announcement
  4. Announcement
  5. Announcement

    Nexstar schedules holiday films and specials for The CW

    Nexstar Media Group, Inc. said The CW will air a holiday programming block starting 22 November 2026. The schedule includes the network premiere of Dolly Parton's Christmas of Many Colors: Circle of Love and the debut of The Wizard of Oz. Additional titles include A Very Brady Christmas and two Flintstone specials.

    Company releaseRead source ↗
  6. Announcement

    NewsNation to air live 2026 midterm election coverage

    Nexstar Media Group, Inc. said NewsNation will broadcast live coverage of the 2026 Midterm Elections on November 3. The network will partner with Decision Desk HQ for race call data. Programming runs from 7 p.m. to midnight ET, with additional segments on The Hill.

    Company releaseRead source ↗
  7. Announcement

    Nexstar executive wins Radio Ink General Manager award

    Nexstar Media Group, Inc. said Mary Sandberg Boyle, Vice President and General Manager of WGN Radio, was named General Manager of the Year at Radio Ink's 34th Annual Radio Wayne Awards. The honour was presented on October 21 at the NAB Show New York. Boyle, who joined the station in 2015, was selected from five major-market finalists.

    Company releaseRead source ↗
  8. Announcement

    Nexstar networks schedule holiday marathons for November and December

    Nexstar Media Group, Inc. said Antenna TV and Rewind TV will air classic sitcom marathons during the holiday season. The schedule includes Thanksgiving programming on 25 and 26 November, and Christmas collections on 24 and 25 December. Antenna TV will also broadcast the Yule Log from 5 to 10 a.m. ET on Christmas Day.

    Company releaseRead source ↗
  9. Announcement

    Nexstar to air Kentucky congressional debate

    Nexstar Media Group, Inc. said its Lexington station will host a live debate between candidates for Kentucky's 6th Congressional District. The event, featuring Dr. Ralph Alvarado and Zach Dembo, is scheduled for October 22 at 7 p.m. ET. It will be moderated by local anchors and streamed on the station's digital platform.

    Company releaseRead source ↗
  10. Announcement
  11. Announcement

    Antenna TV schedules two-day Halloween comedy marathon

    Nexstar Media Group, Inc. said Antenna TV will air back-to-back marathons on October 30 and 31. The first day marks the 30th anniversary of Sabrina the Teenage Witch, while the second features Bewitched. Both broadcasts run from 5 a.m. ET to 4:30 a.m. ET the following day.

    Company releaseRead source ↗
  12. Announcement

    Nexstar to air Kansas Senate debate on 21 October

    Nexstar Media Group, Inc. said its Kansas stations will broadcast a live debate between Senator Roger Marshall and Reverend Adam Hamilton. The one-hour event is scheduled for 21 October at 7 p.m. CT and will air on four local channels. Excerpts will also be shown on NewsNation and The Hill.

    Company releaseRead source ↗
  13. Announcement
  14. Announcement
  15. Announcement
  16. Announcement
  17. Announcement
  18. Announcement
  19. Partnership
  20. Announcement
  21. Announcement
  22. Announcement
  23. Announcement
  24. Announcement
  25. Announcement
  26. Leadership
  27. Announcement
  28. Announcement
  29. Announcement
  30. Announcement
  31. Announcement
  32. Announcement
  33. Announcement
  34. Announcement
  35. Results
  36. Announcement
  37. Announcement
  38. Product
  39. Announcement
  40. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Nexstar Media Group, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 5.2% a year of cash-flow growth for five years.That is close to the 4.8% a year revenue growth Nexstar Media Group has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in5.2%
  • Last 12 months10.5%
  • 3 years a year3.8%
  • 5 years a year4.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($176.85, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$300
Price used
$176.85close November 3, 2026
Implied change
▲ +69%
Uncertainty
Very high

How we got here: a discounted-cash-flow model of Nexstar Media Group, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($860M, FY2026 Q2 TTM), growing 21.5% and 4.8% in the next two years (forecasts, guidance and its record), then back to 7.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$510 ; that spread sets a 45% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Nexstar Media Group, Inc.'s free cash flow after stock-based pay ( $860M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Nexstar Media Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.85 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$300 ~$130–$510 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$260 ~$190–$360 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$250 ~$210–$300 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$280 ~$250–$300 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Nexstar Media Group, Inc. with Broadcasting in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −59%
  • Revenue growth 5 points higher ▲ +76%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▼ −67%
  • Discount rate 1 point higher ▼ −36%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $24$168$359$611$938$1362
8.5% —$34$171$352$585$886
10% ——$59$197$375$603

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$44.05$48.50$61.06$62.68$95.22$91.02$128.29$151.86$140.43$147.50$197.58$177.54
Market value$1.4bn$1.5bn$2.9bn$3.0bn$4.6bn$4.3bn$5.6bn$6.1bn$5.0bn$4.8bn$6.1bn$5.5bn
+ Net debt (− = net cash)$1.4bn$1.3bn$4.2bn$3.9bn$8.4bn$7.6bn$7.3bn$6.8bn$6.7bn$6.4bn$6.1bn$11.7bn
Enterprise value$2.8bn$2.9bn$7.1bn$6.9bn$12.9bn$11.8bn$12.9bn$12.9bn$11.8bn$11.2bn$12.1bn$17.1bn
Multiples
Price / sales 1.6x1.4x1.2x1.1x1.5x0.9x1.2x1.2x1.0x0.9x1.2x0.9x
Price / earnings 18.2x16.8x6.1x7.6x19.8x5.2x6.8x6.3x14.5x6.7x55.7x29.1x
Price / free cash flow 8.0x6.1x78.6x4.7x20.7x4.1x5.3x4.9x5.9x4.4x8.2x7.4x
EV / EBITDA 11.2x8.5x11.8x7.9x13.2x6.1x7.3x6.5x9.8x6.4x9.2x12.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

74 /100

Strong moat

How hard Nexstar Media Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Net income has been a median 5.5% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 22.8%; its worst year was 16.8%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 32.3% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (79 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $2.1bn and EPS of $11.87 (range $11.87 to $11.87) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $35.06 +186% $7.8bn +58%
Next $25.98 −26% $7.6bn −3%

Next year's EPS estimate has moved +7.4% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.6% on 90 days ago. In the last 30 days, 1 analyst raised Nexstar Media Group, Inc.'s forecast and 2 cut it.

Consensus EPS forecast Nexstar Media Group, Inc., last 90 days
$20.00 $25.00 $30.00 $35.00 $40.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $34.19 Current fiscal year, 60 days ago: $33.50 Current fiscal year, 30 days ago: $33.50 Current fiscal year, 7 days ago: $33.50 Current fiscal year, Now: $35.06 $35.06 Next fiscal year, 90 days ago: $24.20 Next fiscal year, 60 days ago: $23.30 Next fiscal year, 30 days ago: $23.30 Next fiscal year, 7 days ago: $23.30 Next fiscal year, Now: $25.98 $25.98

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $34.19$24.20
60 days ago $33.50$23.30
30 days ago $33.50$23.30
7 days ago $33.50$23.30
Now $35.06$25.98

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $7.47 $4.98 −33.4%
Mar 2026 $4.39 $6.61 +50.6%
Dec 2025 $3.55 $5.48 +54.2%
Sept 2025 $1.83 $1.05 −42.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026

No numeric guidance in Nexstar Media Group, Inc.'s latest earnings release (filed August 6, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Nexstar Media Group, Inc.'s revenue by +21.5% next year and +4.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+31.0%, weight 60%) and the company's own record (+7.2%, weight 40%) . How the weights are set.

Analyst recommendations

8 analysts, Oct 2026
Buy8100%
Hold00%
Sell00%

Monthly trend

  1. Oct 2026268
  2. Sep 2026268
  3. Aug 20261618
  4. Jul 20261618

Counts of recommendations published by analysts covering Nexstar Media Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.7%
of tradable shares
Days to cover
7.42
at average volume
Short interest, 1 month
+12%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
6.7%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −5.9%

$188.64 on October 31, 2025 to $177.54

ThenNowEffect
Revenue (last 12 months) $5.3bn $5.9bn +10.5%
Net margin 11.9% 3.2% −73.2%
P/E multiple 9.3x 29.1x +212.7%
Share count 31m 31m +1.5%

Biggest factor: net margin.

Last 3 years +27.5%

$139.22 on November 3, 2023 to $177.54

ThenNowEffect
Revenue (last 12 months) $5.3bn $5.9bn +11.9%
Net margin 13.3% 3.2% −76.0%
P/E multiple 7.5x 29.1x +286.1%
Share count 38m 31m +22.8%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NXST+41%+18%−8%+5%+34%−10%
Industry peers (median)+27%−39%−9%−46%+2%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NXST75%67%50%50%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NXST−16%−23%−36%−16%−21%−38%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 65% from January 17, 2020 to March 23, 2020. Getting back needed a 182% gain, reached on February 4, 2021, 318 days after the low.

Price behaviour

52-week range
$153.17 – $248.77
From 52-week high
−28.6%
vs 50-day average
+5.8%
vs 200-day average
−6.4%
Volatility (1 year)
36%
Beta vs S&P 500
0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.3%
After a week
5 up, 7 down
typical move ±6.5%
After a month
5 up, 7 down
typical move ±7.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +2.0% +0.5% −0.7% −6.0%
May 7, 2026 +2.8% +0.5% 0.0% −9.1%
February 26, 2026 +7.9% −1.0% +9.1% −8.3%
November 6, 2025 −2.9% −1.0% −5.6% +0.8%
August 7, 2025 −0.1% +0.7% +13.0% +12.7%
May 8, 2025 +5.8% +0.6% +13.0% +9.1%
February 27, 2025 +15.6% −0.1% +17.9% +20.6%
November 7, 2024 −9.4% +1.2% −9.3% −7.6%
August 8, 2024 −7.0% +2.8% −5.6% −4.3%
May 9, 2024 +3.5% +0.7% +2.5% −7.6%
February 28, 2024 +2.3% +0.2% −1.1% +6.1%
November 8, 2023 −3.9% −0.7% −0.4% −1.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Nexstar Media Group, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: Very high uncertainty.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Nexstar Media Group, Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Nexstar Media Group, Inc.
$4.5B $5B $5.5B $6B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $5.1B Revenue (TTM), FY23 Q4: $4.9B Revenue (TTM), FY24 Q1: $5B Revenue (TTM), FY24 Q2: $5B Revenue (TTM), FY24 Q3: $5.2B Revenue (TTM), FY24 Q4: $5.4B Revenue (TTM), FY25 Q1: $5.4B Revenue (TTM), FY25 Q2: $5.3B Revenue (TTM), FY25 Q3: $5.1B Revenue (TTM), FY25 Q4: $5B Revenue (TTM), FY26 Q1: $5.1B Revenue (TTM), FY26 Q2: $5.9B $5.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $5.1B
FY23 Q4 $4.9B
FY24 Q1 $5B
FY24 Q2 $5B
FY24 Q3 $5.2B
FY24 Q4 $5.4B
FY25 Q1 $5.4B
FY25 Q2 $5.3B
FY25 Q3 $5.1B
FY25 Q4 $5B
FY26 Q1 $5.1B
FY26 Q2 $5.9B
Revenue growth, TTM YoY Nexstar Media Group, Inc.
-10% -5% 0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 2.9% Revenue growth, TTM YoY, FY23 Q4: -5.3% Revenue growth, TTM YoY, FY24 Q1: -5.7% Revenue growth, TTM YoY, FY24 Q2: -5.0% Revenue growth, TTM YoY, FY24 Q3: 2.1% Revenue growth, TTM YoY, FY24 Q4: 9.6% Revenue growth, TTM YoY, FY25 Q1: 8.0% Revenue growth, TTM YoY, FY25 Q2: 6.6% Revenue growth, TTM YoY, FY25 Q3: -1.4% Revenue growth, TTM YoY, FY25 Q4: -8.4% Revenue growth, TTM YoY, FY26 Q1: -4.6% Revenue growth, TTM YoY, FY26 Q2: 10.5% 10.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 2.9%
FY23 Q4 -5.3%
FY24 Q1 -5.7%
FY24 Q2 -5.0%
FY24 Q3 2.1%
FY24 Q4 9.6%
FY25 Q1 8.0%
FY25 Q2 6.6%
FY25 Q3 -1.4%
FY25 Q4 -8.4%
FY26 Q1 -4.6%
FY26 Q2 10.5%
Operating margin (TTM) Nexstar Media Group, Inc.
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 15.1% Operating margin (TTM), FY23 Q4: 14.4% Operating margin (TTM), FY24 Q1: 15.7% Operating margin (TTM), FY24 Q2: 16.8% Operating margin (TTM), FY24 Q3: 20.7% Operating margin (TTM), FY24 Q4: 23.4% Operating margin (TTM), FY25 Q1: 22.6% Operating margin (TTM), FY25 Q2: 22.3% Operating margin (TTM), FY25 Q3: 19.9% Operating margin (TTM), FY25 Q4: 17.2% Operating margin (TTM), FY26 Q1: 17.5% Operating margin (TTM), FY26 Q2: 17.8% 17.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 15.1%
FY23 Q4 14.4%
FY24 Q1 15.7%
FY24 Q2 16.8%
FY24 Q3 20.7%
FY24 Q4 23.4%
FY25 Q1 22.6%
FY25 Q2 22.3%
FY25 Q3 19.9%
FY25 Q4 17.2%
FY26 Q1 17.5%
FY26 Q2 17.8%
FCF margin (TTM) Nexstar Media Group, Inc.
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 16.9% FCF margin (TTM), FY23 Q4: 17.2% FCF margin (TTM), FY24 Q1: 12.6% FCF margin (TTM), FY24 Q2: 12.4% FCF margin (TTM), FY24 Q3: 16.8% FCF margin (TTM), FY24 Q4: 20.4% FCF margin (TTM), FY25 Q1: 21.9% FCF margin (TTM), FY25 Q2: 23.6% FCF margin (TTM), FY25 Q3: 19.1% FCF margin (TTM), FY25 Q4: 15.0% FCF margin (TTM), FY26 Q1: 13.8% FCF margin (TTM), FY26 Q2: 12.6% 12.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 16.9%
FY23 Q4 17.2%
FY24 Q1 12.6%
FY24 Q2 12.4%
FY24 Q3 16.8%
FY24 Q4 20.4%
FY25 Q1 21.9%
FY25 Q2 23.6%
FY25 Q3 19.1%
FY25 Q4 15.0%
FY26 Q1 13.8%
FY26 Q2 12.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Nexstar Media Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $4.9B
  2. Selling, general and admin $1.1B · 21.5%
  3. Other operating costs $3B · 61.4%
  4. Operating income $849M · 17.2%
  5. Income tax $67M · 1.4%
  6. Interest and other $673M · 13.6%
  7. Net income $109M · 2.2%

Shares of revenue. Source: Nexstar Media Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.3 0.3 0.4 0.5 0.6 0.9 1.1 2.4 2.8 3.0 4.5 4.6 5.2 4.9 5.4 4.9 5.9
EBITDA 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.6 0.9 1.0 1.9 1.8 2.0 1.2 1.8 1.3 1.4
Operating income 0.1 0.0 0.1 0.1 0.2 0.2 0.3 0.5 0.8 0.7 1.4 1.2 1.3 0.7 1.3 0.8 1.0
Net income −0.0 −0.0 0.2 −0.0 0.1 0.1 0.1 0.5 0.4 0.2 0.8 0.8 1.0 0.3 0.7 0.1 0.2
Diluted EPS −$0.06 −$0.42 $5.94 −$0.06 $2.02 $2.42 $2.89 $10.07 $8.21 $4.80 $17.37 $18.98 $24.16 $9.64 $21.41 $3.00 $6.09
Growth (year on year)
Revenue — −2.2% +23.5% +32.7% +25.7% +42.0% +23.1% +120.4% +13.8% +9.9% +48.1% +3.3% +12.1% −5.3% +9.6% −8.5% +10.5%
EBITDA — −21.2% +76.8% +10.8% +52.2% +21.6% +33.7% +79.1% +43.1% +12.8% +98.2% −9.1% +11.9% −39.4% +46.5% −24.7% −7.6%
Operating income — −28.9% +108.2% +3.3% +67.8% +19.0% +39.4% +76.0% +49.9% −13.5% +109.9% −14.6% +11.7% −46.0% +79.1% −33.0% −11.9%
Net income — — — −101.0% — +20.3% +17.8% +418.9% −18.0% −40.9% +252.4% +2.8% +16.4% −64.4% +108.7% −84.9% −70.3%
Diluted EPS — — — −101.0% — +19.8% +19.4% +248.4% −18.5% −41.5% +261.9% +9.3% +27.3% −60.1% +122.1% −86.0% −69.9%
Margins
EBITDA margin 28.3% 22.8% 32.6% 27.2% 33.0% 28.3% 30.7% 24.9% 31.4% 32.2% 43.1% 38.0% 37.9% 24.2% 32.4% 26.7% 23.7%
Operating margin 21.6% 15.7% 26.4% 20.6% 27.4% 23.0% 26.0% 20.8% 27.4% 21.6% 30.6% 25.3% 25.2% 14.4% 23.5% 17.2% 17.8%
Net margin −0.6% −3.9% 48.2% −0.4% 10.2% 8.7% 8.3% 19.5% 14.1% 7.6% 18.0% 17.9% 18.6% 7.0% 13.4% 2.2% 3.2%
Free-cash-flow margin 14.5% 8.8% 16.5% 1.7% 23.1% 19.7% 22.9% 1.5% 22.8% 7.2% 23.0% 22.9% 23.9% 17.2% 20.4% 15.0% 12.6%
Cash flow
Cash from operations 0.1 0.0 0.1 0.0 0.2 0.2 0.3 0.1 0.7 0.4 1.3 1.2 1.4 1.0 1.3 0.9 0.9
Capital spending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.2
Free cash flow 0.0 0.0 0.1 0.0 0.1 0.2 0.3 0.0 0.6 0.2 1.0 1.1 1.2 0.9 1.1 0.7 0.7
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.0 0.0 0.1 0.0 0.1 0.2 0.2 0.0 0.6 0.2 1.0 1.0 1.2 0.8 1.0 0.7 0.6
Balance sheet
Cash 0.0 0.0 0.1 0.0 0.1 0.0 1.0 0.1 0.1 0.2 0.2 0.2 0.2 0.1 0.1 0.3 0.2
Total debt 0.6 0.6 0.9 1.1 1.2 1.5 2.3 4.4 4.0 8.6 7.7 7.5 7.0 6.9 6.5 6.4 11.9
Net debt (negative = net cash) 0.6 0.6 0.8 1.0 1.1 1.4 1.3 4.2 3.9 8.4 7.6 7.3 6.8 6.7 6.4 6.1 11.7
Diluted shares — 29m 31m 30m 32m 32m 32m 47m 47m 48m 47m 44m 40m 36m 33m 31m 31m
Returned to shareholders
Dividends — 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2
Buybacks — 0.0 0.0 0.0 — 0.0 — 0.1 0.1 0.0 0.3 0.5 0.9 0.6 0.6 0.1 —
Total returned — 0.0 0.0 0.0 0.0 0.1 0.0 0.2 0.1 0.1 0.4 0.7 1.0 0.8 0.8 0.4 0.2

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $17.7bn
Short-term assets $2.0bnLonger-term assets $15.7bn
What it owes, and who funded it · $17.7bn
Short-term liabilities $1.3bnLonger-term liabilities $14.2bnShareholders' equity $2.3bn
  • Short-term assets cover short-term liabilities $2.0bn of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.0bn short-term assets against $14.2bn of longer-dated liabilities.
  • More cash than debt $218m of cash against $11.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 518% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 258% to 518% over five years.
  • A year's operating cash flow covers at least 20% of debt $894m of operating cash flow against $11.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Nexstar Media Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$125M
Dividends (TTM)
$226M
Returned to shareholders
47%
of free cash flow
Buybacks, last 3 fiscal years
$1.3B
Diluted share count
−1.5%
year over year
Total shareholder yield
6.4%
dividends 4.1% + buybacks 2.3% of market value
Dividend payout ratio
120%
of net income paid out
Sales & admin spending
22.6%
of revenue
Days sales outstanding
98 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in broadcasting
Last 12 months unless stated NXST SIRI IHRT SBGI GTN AMCX Median
Revenue, last 12 months $5.9bn $8.6bn $4.0bn $3.3bn $3.1bn $2.2bn $2.2bn
Revenue growth, last 12 months 10.5% 0.5% 3.1% −6.5% −11.3% −4.6% −4.9%
Revenue growth, 3-year average 3.8% −1.3% 1.2% −0.9% −4.3% −9.6% −2.9%
Revenue growth, latest quarter 62.2% −0.3% 4.7% 7.1% 8.7% −8.8% −0.1%
Gross margin — 52.9% — — — 48.3% 51.1%
Operating margin 17.8% 19.0% 0.2% 6.6% 13.8% 2.3% 1.4%
Operating margin, 3-year average 19.0% 7.2% −5.4% 4.3% 16.4% 3.3% 0.4%
Net margin 3.2% 10.5% −7.2% 1.6% −0.8% −0.9% −0.9%
Cash from operations / revenue 15.2% 24.8% 3.0% 5.3% 7.9% 9.7% 6.6%
Free-cash-flow margin 12.6% 18.4% 0.9% 2.9% 4.6% 8.5% 3.4%
Free-cash-flow margin, 3-year average 16.2% 14.3% 1.1% 2.2% 9.0% 12.1% 5.7%
Stock pay / revenue 1.7% 2.1% 0.9% 1.6% 0.7% 1.1% 1.0%
Change in share count −1.5% 5.2% 2.1% 4.2% 1.6% −0.8% 2.1%

Median of all 13 companies we cover in broadcasting. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 broadcasting companies
Measure Company Peer median Rank
Revenue growth Growth 10.5% -4.9% 2 of 13
Change in growth rate Growth +15.1pp +1.0pp 2 of 13
Operating margin Profitability 17.8% 2.3% 2 of 12
Net margin Profitability 3.2% -0.9% 3 of 13
Free-cash-flow margin Cash generation 12.6% 3.4% 2 of 13
Stock pay as % of revenue Cash generation 1.7% 1.1% 8 of 11
Long-term debt as % of assets Balance sheet 64.4% 55.6% 8 of 13
Change in share count Balance sheet -1.5% 2.1% 2 of 11
Days sales outstanding Balance sheet 98 days 73 days 13 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Distribution Service $2.9B 59.1% ▼ 0.1%
Advertising $2B 39.6% ▼ 18.9%
Other $66M 1.3% ▲ 3.1%

From Nexstar Media Group, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.5B
Institutions reporting
486
Shares held vs prior quarter
▲ 4.1%
Positions opened / closed
49 / 72

Top buyers and sellers, Q2 2026: 212 institutions bought and 255 sold ; the biggest buyer was Qube Research & Technologies Ltd (+295K shares) and the biggest seller Fuller & Thaler Asset Management, Inc (−525K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $600M 3.4M 11.0% ▲ 4.4%
Dimensional Fund Advisors LP $256M 1.4M 4.7% ▲ 3.1%
Vanguard Portfolio Management LLC $255M 1.4M 4.7% ▼ 0.4%
Vanguard Capital Management LLC $233M 1.3M 4.3% ▲ 1.3%
Charles Schwab Investment Management Inc $193M 1.1M 3.5% ▲ 9.7%
State Street Corp $169M 945K 3.1% ▲ 5.9%
LSV Asset Management $167M 936K 3.1% ▼ 7.1%
FMR LLC $167M 935K 3.1% ▲ 34.0%
Geode Capital Management, LLC $154M 861K 2.8% ▲ 4.7%
Massachusetts Financial Services Co $150M 841K 2.7% ▲ 44.2%
Neuberger Berman Group LLC $141M 791K 2.6% ▼ 12.6%
Jpmorgan Chase & Co $129M 754K 2.4% ▲ 40.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Nexstar Media Group, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $2M 1 trade by 1 insider, last 12 months Insider sales History → $11.2M 61 trades by 16 insiders · 0% under pre-set plans
Net ▼ $9.3M net selling
Insider Date Trade Shares Price Value
Alford Andrew President, Broadcasting September 23, 2026 Sell 2,823 $165.69 $467,743
Biard Michael President & COO August 24, 2026 Sell 2,465 $185.82 $458,046
Aulestia Bernadette S. Director August 24, 2026 Sell 300 $186.80 $56,040
Zimmer Dana See Remarks August 14, 2026 Sell 4,008 $187.46 $751,340
Sook Perry A Chief Executive Officer June 26, 2026 Buy 12,235 $162.26 $2M
Gliha Lee Ann EVP, Chief Financial Officer June 16, 2026 Sell 373 $170.81 $63,712
Alford Andrew President, Broadcasting June 16, 2026 Sell 746 $170.81 $127,424
Compton Sean President, Networks June 16, 2026 Sell 840 $170.81 $143,480
Zimmer Dana See Remarks June 16, 2026 Sell 876 $170.81 $149,630
Jenkins Brett See Remarks June 16, 2026 Sell 301 $170.81 $51,414
Knapp Lindsey EVP, Human Resources June 16, 2026 Sell 93 $170.81 $15,885
Russell Blake EVP, Operations June 16, 2026 Sell 261 $170.81 $44,581

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Nexstar Media Group, Inc. disclosed in the last 12 months; 8 earlier trades on record.

  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded April 3, 2020, filed June 15, 2020
  • Susie Lee(D-NV 3):Sale (partial), $1,001 - $15,000, traded February 5, 2020, filed April 28, 2020
  • Susie Lee(D-NV 3):Sale (full), $1,001 - $15,000, traded January 24, 2020, filed February 25, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Nexstar Media Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Nexstar Media Group, Inc. in brief

What does Nexstar Media Group, Inc. do?
Nexstar Media Group, Inc. is a US-listed company in the broadcasting industry. Its financial year ends in December.
What is Nexstar Media Group, Inc.'s stock ticker?
Nexstar Media Group, Inc. trades under the ticker NXST on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Nexstar Media Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Nexstar Media Group, Inc. reported revenue of $5.9B, 10.5% higher than a year earlier, according to its SEC filings.
What is Nexstar Media Group, Inc.'s free cash flow?
Nexstar Media Group, Inc.'s free-cash-flow margin is 12.6% of revenue over the trailing twelve months, ranking 2 of the 13 broadcasting companies we cover.
What is Nexstar Media Group, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Nexstar Media Group, Inc.'s free cash flow after stock-based pay gives ~$300 per share in the base case, and ~$130–$510 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Nexstar Media Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Nexstar Media Group, Inc. buying back stock, and does it pay a dividend?
Nexstar Media Group, Inc. spent $125M on share repurchases over the trailing twelve months, and its diluted share count fell 1.5% over the year.
What is Nexstar Media Group, Inc.'s market cap?
On November 2, 2026, Nexstar Media Group, Inc.'s market capitalisation was about $5.5B, with a price-to-earnings ratio of 29.1 and net debt of $11.7B. Market figures come from third-party market data and may be delayed.
Does Nexstar Media Group, Inc. pay a dividend?
Yes: Nexstar Media Group, Inc. paid $226M in dividends over the trailing twelve months, a dividend yield of 4.13% and a payout ratio of 120.2%.
How much debt does Nexstar Media Group, Inc. have?
Nexstar Media Group, Inc.'s debt-to-equity ratio is 518.5%, from its latest balance sheet (258.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Nexstar Media Group, Inc.'s competitors?
In our Broadcasting peer group, the companies closest to Nexstar Media Group, Inc. are Sirius XM Holdings Inc., Iheartmedia, Inc., Sinclair, Inc., Gray Media, Inc and AMC Global Media Inc. The side-by-side comparison below sets their revenue, margins and growth against Nexstar Media Group, Inc.'s.
Are insiders buying or selling Nexstar Media Group, Inc. stock?
Over the last 12 months, Nexstar Media Group, Inc.'s directors and officers reported 1 open-market purchases and 61 sales on Form 4. The insider trading page charts every trade.
When is Nexstar Media Group, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Nexstar Media Group, Inc. announces its own schedule.