NXST Nasdaq Russell 1000 Earnings call
Nexstar Media Group (NXST) · Q2 2026 results and valuation
Share price: $209.74 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 6 Aug 2026 and 7 May 2026
Net income down 26.8% on the previous quarter. Management sounded cautious, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−26.8%
Net income vs Q1 2026
Outlook given
Net income 120.0M vs 164.0M
Revenue +42.8%
Against the same quarter last year (Q2 2025) it is +23.7%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Figure
Paramount, the parent company of CBS, is working to finalize its $100 billion-plus acquisition of Warner Bros.
Valuation
Is Nexstar Media Group undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$209.74
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+10.3% for 10 yrs
Fair value / share
$-130.39
Buy below
$-97.79
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Key theme
Nexstar reported a record second quarter with revenue of $2 billion and adjusted EBITDA of $633 million, driven by the TEGNA acquisition and advertising revenue growth.
Source quote
“Nexstar delivered record second quarter results, including an all-time high quarterly revenue number of $2 billion, adjusted EBITDA of $633... ...Mike Biard, our Chief Operating Officer; and Lee Ann Gliha, our Chief Financial Officer, after my opening remarks this morning. Our outstanding performance was driven by the TEGNA acquisition, advertising revenue growth and disciplined operating execution that has long been a hallmark of this company.”
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Key theme
Local digital business grew at double-digit rates because growth in that segment offset the impact of a competitive environment affecting the TV side of the business.
Source quote
“Our local digital business continues to really just grow very strongly at double-digit rates because we are able to, as I've... I think on the local side on the TV side, we've been subject to the competitive environment that's out there with respect to the CTV inventory and other digital advertising that has somewhat impacted the TV side of things, but that had an offsetting impact when you kind of look at our local digital business.”
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Guidance
NXST's credit agreement now allows the inclusion of TEGNA's adjusted EBITDA as if it were acquired on the first day of the period presented.
Source quote
“In addition, our credit agreement allows us to include the adjusted EBITDA of TEGNA as if we acquired the business on the first day of the period presented...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“In addition, the CW accelerated its growth strategy by entering into new distribution partnerships with both ESPN and Roku, expanding our reach to new streaming services.”
“Nexstar has a long track record of expanding local news following acquisitions, increasing local news hours by 18% since the Tribune acquisition, and we have plans to do so with...”
“Offensively, our growing CW Sports portfolio is driving stronger ratings, advertiser engagement, and marketplace interest as reflected by the recent distribution partnerships with ESPN and Roku, each of which expands...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.99B | 1.40B | +42.8% | 1.23B | +62.2% |
| Operating income | 362.0M | 265.0M | +36.6% | 213.0M | +70.0% |
| Net income | 120.0M | 164.0M | −26.8% | 97.0M | +23.7% |
| EPS | 3.61 | 5.09 | −29.1% | 3.06 | +18.0% |
| P/E today 29.7 | 33.8 | 38.3 | −4.5 | 9.0 | +24.8 |
Topics
Most discussed now
- I would just assume that Nexstar Media has a slightly higher number as a result of increased legal fees.
- The change that they're planning is to equalize those, bringing the 1-minute threshold to apply to local as well, which...
- The CEO of TEGNA reports to a Board and reports on the overall financial health of the company, which is...
- When Nexstar Media did the acquisition, it mentioned that it thought it would be back to the pre the pre-transaction leverage...
- The one area where they are slightly behind in terms of showing growth year-over-year is in distribution revenue.
Faded since Q1 2026
- Dropped Similarly, with Roku, trying to build and really maintain a digital business in a CW-only branded environment is extremely challenging...
- Fading Nexstar Media was comfortable in the results and performance of TEGNA during the pendency of the transaction when it was operating...
- Fading When you look at the challenges of trying to build digital platforms in the current environment, they are enormous, and...
- Fading For obvious reasons, Nexstar Media went with the latter, and it was able to strike deals with essentially the largest platforms...
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation · SEC 8-K
- Regulation FD disclosure · SEC 8-K