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Nasdaq · Communication Services

NEXSTAR MEDIA GROUP, INC. (NXST)

As-reported financials and SEC filings for NEXSTAR MEDIA GROUP, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About NEXSTAR MEDIA GROUP, INC.

Nexstar Media Group, Inc. is a media company that produces and distributes local and national news, sports, and entertainment content through its television and digital platforms. It owns the largest local television broadcasting group in the United States, with over 200 stations in 116 markets, and holds significant interests in national networks such as The CW and NewsNation. The company serves a broad audience across the U.S. and generates revenue primarily from advertising and distribution.

Snapshot

Revenue
$4.95B
Revenue growth (YoY)
-8.5%
Net income
$109.0M
Diluted EPS
$3.00
Gross margin
Operating margin
17.2%
Net margin
2.2%
FCF margin
15.0%
ROE
5.3%
net income / fiscal-year-end equity
P/E
35.8×
trailing when available, otherwise FY EPS
Market cap
$5.72B
Long-term debt / equity
3.01×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Nexstar Media Group

  • Revenue fell 8.5% to $4.9B in FY2025, slower than the 9.6% the year before.
  • Operating margin is 17.2% in FY2025, -8.1 pp against 25.3% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $2.0B, up 62.2% from Q2 FY2025.
  • Free cash flow was $743M in FY2025, 15.0% of revenue.
  • Net income fell 84.9% to $109M in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Nexstar Media Group’s fundamentals sit among the 216 Communication Services companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Operating margin17.2%
84th percentile of 185
Net margin2.2%
59th percentile of 191
FCF margin15.0%
78th percentile of 164
Revenue growth (YoY)-8.5%
18th percentile of 209
ROE5.3%
63rd percentile of 165
P/E35.8×
65th percentile of 95
Long-term debt / equity3.01×
83rd percentile of 101
Short interest7.05d
82nd percentile of 216

1 reported insider purchase (code P) totaling $2.0M in the last 90 days, against 27 sales totaling $3.5M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 5 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+5 quant / multi-strat
Initiated / added
4
1 new, 3 added
Reduced / exited
2
2 trimmed, 0 exited
Combined position
$200.7M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$76.6M433.7KAdded
Millennium ManagementquantQ2 2026$45.8M256.3KAdded
Citadel AdvisorsquantQ2 2026$35.0M196.2KAdded
Point72 Asset ManagementquantQ2 2026$26.0M145.6KReduced
Gotham Asset ManagementQ2 2026$15.4M86.3KReduced
Bridgewater AssociatesQ2 2026$1.4M7.9KNew
Two Sigma InvestmentsquantQ2 2026$397,3632.2KHeld

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
1
1 insider
Bought (90d)
$2.0M
code P value
Sells (90d)
27
$3.5M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-24
Biard MichaelPresident & COOSell2.5K$185.82$458K
2026-08-24
Aulestia Bernadette S.DirectorSell300$186.80$56K
2026-08-14
filed 2026-08-17
ZIMMER DANASee RemarksSell4.0K$187.46$751K
2026-06-26
filed 2026-06-29
SOOK PERRY AChief Executive OfficerBuy12.2K$162.26$2.0M
2026-06-16
ZIMMER DANASee RemarksSell876$170.81$150K
2026-06-16
COMPTON SEANPresident, NetworksSell840$170.81$143K
2026-06-16
ALFORD ANDREWPresident, BroadcastingSell746$170.81$127K
2026-06-16
Gliha Lee AnnEVP, Chief Financial OfficerSell373$170.81$64K
2026-06-16
Jenkins BrettSee RemarksSell301$170.81$51K
2026-06-16
Russell BlakeEVP, OperationsSell261$170.81$45K
2026-06-16
WEITMAN GARYSee RemarksSell261$170.81$45K
2026-06-16
Knapp LindseyEVP, Human ResourcesSell93$170.81$16K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
2.6M
settled 2026-08-14
Change vs prior
+16.2%
vs previous settlement
Days to cover
7.05
at avg daily volume
Avg daily volume
368.1K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-142.6M+16.2%7.05
2026-07-312.2M-3.3%8.14
2026-07-152.3M+6.7%5.73
2026-06-302.2M+19.2%3.41
2026-06-151.8M+7.2%5.29
2026-05-291.7M+0.3%5.33
2026-05-151.7M+14.8%4.51
2026-04-301.5M+3.3%4.99

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$4.95B$5.41B$4.93B$5.21B$4.65B
Gross profit
Operating income$849.0M$1.27B$708.0M$1.31B$1.18B
Net income$109.0M$722.0M$346.0M$971.0M$834.0M
Diluted EPS$3.00$21.41$9.64$24.16$18.98

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$891.0M$1.25B$999.0M$1.40B$1.22B
Capital expenditure$148.0M$145.0M$149.0M$157.0M$151.0M
Free cash flow$743.0M$1.10B$850.0M$1.25B$1.06B

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$1.99B62.2%$120.0M$3.61
Q1 FY2026$1.40B13.1%$164.0M$5.09
Q4 FY2025$1.29B-13.3%$-166.0M$-5.40
Q3 FY2025$1.20B-12.3%$70.0M$2.14
Q2 FY2025$1.23B-3.2%$97.0M$3.06
Q1 FY2025$1.23B-3.9%$108.0M$3.37
Q4 FY2024$1.49B14.0%$242.0M$7.69
Q3 FY2024$1.37B20.7%$187.0M$5.27

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorCommunication Services
SIC industryTelevision Broadcasting Stations
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2020
SEC CIK1142417

Selected SEC filings

10-Q2026-08-07
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-08-03
View on EDGAR →
8-K2026-06-16
View on EDGAR →

Largest Communication Services peers

All Communication Services companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.