Detailed financial statements for Nexstar Media Group, Inc. (NXST): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Nexstar Media Group, Inc. is a diversified U.S. media corporation focused on broadcast television and digital content. The company specializes in the strategic acquisition, development, and management of local television stations, along with operating interactive community-focused websites and a variety of digital media services. It provides no-cost programming to television viewers across the nation.
Analysis Summary
Nexstar Media Group, Inc. reported revenue of $4.95B in the most recent fiscal year, growing at a 5-year CAGR of 1.9%. Net income reached $109.0M, with a -33.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 52.2%, operating margin 15.2%, net margin 2.7%. Free cash flow grew at -6.5% CAGR over 5 years.
At $171.44 (closing price, October 30, 2026), NXST trades at a P/E of 32.66 and an ROE of 8.56%. Market capitalisation stands at $5.3B.
Balance sheet quality for NXST: current ratio of 2.1, net debt of $6.58B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $743.0M represents 682% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.10B | $2.43B | $2.77B | $3.04B | $4.50B | $4.65B | $5.21B | $4.93B | $5.41B | $4.95B |
| Cost of Revenue | $416.7M | $1.04B | $1.12B | $1.35B | $1.72B | $1.86B | $2.00B | $2.12B | $2.22B | $3.02B |
| Gross Profit | $686.5M | $1.40B | $1.65B | $1.69B | $2.78B | $2.79B | $3.21B | $2.81B | $3.19B | $1.93B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $212.4M | $466.7M | $469.0M | $730.0M | $912.1M | $1.02B | $1.10B | $1.10B | $1.09B | $815.0M |
| Operating Expenses | $383.9M | $915.1M | $900.5M | $1.04B | $1.41B | $1.61B | $1.89B | $2.10B | $1.92B | $1.07B |
| Operating Income | $287.3M | $518.7M | $757.8M | $655.1M | $1.38B | $1.18B | $1.31B | $708.0M | $1.27B | $863.0M |
| EBITDA | $408.2M | $805.6M | $1.07B | $1.09B | $2.00B | $1.97B | $2.22B | $1.79B | $2.21B | $1.31B |
| Interest Expense | $116.1M | $241.2M | $221.0M | $304.4M | $335.3M | $283.0M | $337.0M | $447.0M | $444.0M | $379.0M |
| Pre-tax Income | $170.7M | $241.4M | $532.9M | $373.3M | $1.10B | $1.09B | $1.22B | $401.0M | $959.0M | $150.0M |
| Income Tax | $77.6M | -$233.9M | $144.7M | $137.0M | $296.5M | $263.0M | $274.0M | $131.0M | $276.0M | $67.0M |
| Net Income | $91.5M | $475.0M | $389.5M | $230.3M | $811.5M | $834.0M | $971.0M | $346.0M | $722.0M | $109.0M |
| EPS | $2.98 | $10.38 | $8.52 | $5.01 | $18.06 | $19.81 | $24.68 | $9.80 | $21.73 | $3.04 |
| EPS (Diluted) | $2.89 | $10.07 | $8.21 | $4.80 | $17.37 | $18.98 | $24.16 | $9.66 | $21.41 | $3.00 |
| Shares Outstanding (Diluted) | 31.7 M | 45.8 M | 47.4 M | 47.9 M | 46.7 M | 44.0 M | 40.2 M | 35.8 M | 32.8 M | 30.7 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.20B | $1.29B | $1.40B | $3.08B |
| Gross Profit | $446.0M | $531.0M | $664.0M | $1.99B |
| Operating Income | $175.0M | $256.0M | $265.0M | $362.0M |
| EBITDA | $380.0M | $70.0M | $466.0M | $612.0M |
| Net Income | $70.0M | -$166.0M | $164.0M | $120.0M |
| EPS | $2.18 | $-5.63 | $5.40 | $3.69 |
| EPS (Diluted) | $2.14 | $-5.64 | $5.09 | $3.66 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $87.7M | $115.7M | $145.1M | $232.1M | $152.7M | $190.9M | $204.0M | $147.0M | $144.0M | $280.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $218.1M | $562.9M | $547.3M | $883.9M | $904.8M | $1.02B | $1.08B | $1.09B | $1.03B | $1.07B |
| Inventory | $41.7M | $71.9M | $22.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $363.2M | $1.06B | $767.1M | $1.35B | $1.21B | $1.41B | $1.61B | $1.47B | $1.30B | $1.47B |
| Property, Plant & Equipment | $276.2M | $734.1M | $731.5M | $1.29B | $1.60B | $1.51B | $1.26B | $1.56B | $1.21B | $1.42B |
| Goodwill | $473.3M | $2.14B | $2.17B | $3.00B | $2.98B | $3.05B | $2.96B | $2.95B | $2.92B | $2.91B |
| Intangible Assets | $867.3M | $3.35B | $3.27B | $6.18B | $5.85B | $5.63B | $5.34B | $5.05B | $4.78B | $4.54B |
| Total Assets | $2.97B | $7.48B | $7.06B | $13.99B | $13.40B | $13.26B | $12.68B | $12.08B | $11.47B | $10.99B |
| Accounts Payable | $19.8M | $31.1M | $67.8M | $157.4M | $218.4M | $248.2M | $198.0M | $235.0M | $133.0M | $133.0M |
| Short-term Debt | $28.1M | $92.8M | $96.1M | $109.3M | $21.4M | $47.2M | $124.0M | $124.0M | $124.0M | $152.0M |
| Total Current Liabilities | $189.6M | $670.7M | $404.2M | $947.6M | $730.9M | $787.3M | $893.0M | $961.0M | $783.0M | $711.0M |
| Long-term Debt | $2.31B | $4.27B | $3.88B | $8.38B | $7.65B | $7.37B | $6.83B | $6.71B | $6.40B | $6.46B |
| Total Liabilities | $2.68B | $5.90B | $5.19B | $11.94B | $10.87B | $10.41B | $9.91B | $9.77B | $9.20B | $8.92B |
| Retained Earnings | -$176.6M | $299.5M | $620.4M | $778.8M | $1.49B | $2.20B | $3.03B | $3.19B | $3.67B | $3.54B |
| Total Equity | $169.1M | $1.57B | $1.85B | $2.03B | $2.52B | $2.85B | $2.74B | $2.30B | $2.26B | $2.06B |
| Total Debt | $2.34B | $4.36B | $3.98B | $8.49B | $7.70B | $7.46B | $7.00B | $7.13B | $6.81B | $6.86B |
| Net Debt | $2.25B | $4.25B | $3.84B | $8.26B | $7.55B | $7.27B | $6.80B | $6.98B | $6.67B | $6.58B |
| Working Capital | $173.6M | $385.5M | $362.9M | $404.2M | $479.1M | $625.4M | $722.0M | $505.0M | $514.0M | $762.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $236.0M | $280.0M | $379.0M | $218.0M |
| Total Assets | $11.25B | $10.99B | $18.10B | $17.71B |
| Total Liabilities | $8.96B | $8.92B | $15.94B | $15.47B |
| Total Equity | $2.29B | $2.06B | $2.17B | $2.27B |
| Total Debt | $6.66B | $6.86B | $12.26B | $12.09B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $93.1M | $475.3M | $388.3M | $236.3M | $808.1M | $830.0M | $943.0M | $270.0M | $683.0M | $362.0M |
| Depreciation & Amortization | $120.3M | $323.1M | $320.5M | $408.7M | $564.9M | $589.0M | $662.0M | $941.0M | $808.0M | $785.0M |
| Stock-based Compensation | $11.4M | $24.1M | $31.3M | $38.6M | $48.3M | $47.0M | $62.0M | $60.0M | $78.0M | $58.0M |
| Change in Working Capital | -$110,000 | -$201.0M | $17.5M | -$94.1M | -$82.0M | -$213.0M | -$114.0M | $9.0M | -$51.0M | -$52.0M |
| Operating Cash Flow | $284.3M | $109.1M | $736.9M | $417.5M | $1.25B | $1.22B | $1.40B | $999.0M | $1.25B | $891.0M |
| Capital Expenditure | -$31.9M | -$72.5M | -$106.2M | -$197.5M | -$217.0M | -$151.0M | -$157.0M | -$149.0M | -$145.0M | -$148.0M |
| Acquisitions | -$104.0M | -$2.49B | -$104.0M | -$4.53B | -$23.6M | -$138.0M | $29.0M | -$38.0M | 0 | -$22.0M |
| Stock Repurchased | 0 | -$99.0M | -$50.5M | -$45.1M | -$281.9M | -$537.0M | -$881.0M | -$605.0M | -$601.0M | -$120.0M |
| Dividends Paid | -$29.4M | -$55.9M | -$68.6M | -$82.8M | -$101.0M | -$118.0M | -$142.0M | -$191.0M | -$219.0M | -$169.0M |
| Free Cash Flow | $252.4M | $36.6M | $630.6M | $220.0M | $1.04B | $1.06B | $1.25B | $850.0M | $1.10B | $743.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $117.0M | $190.0M | $289.0M | $298.0M |
| Capital Expenditure | -$30.0M | -$54.0M | -$22.0M | -$45.0M |
| Free Cash Flow | $87.0M | $136.0M | $267.0M | $253.0M |
| Dividends Paid | -$56.0M | -$57.0M | -$56.0M | -$57.0M |
| Stock-based Compensation | $19.0M | 0 | 0 | $40.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +120.4% | +13.8% | +9.9% | +48.1% | +3.3% | +12.1% | -5.3% | +9.6% | -8.5% | |
| Net Income Growth (YoY) | +418.9% | -18.0% | -40.9% | +252.4% | +2.8% | +16.4% | -64.4% | +108.7% | -84.9% | |
| EPS Growth (YoY) | +248.3% | -17.9% | -41.2% | +260.5% | +9.7% | +24.6% | -60.3% | +121.7% | -86.0% | |
| Shares Change (YoY) | +44.5% | +3.6% | +1.1% | -2.5% | -5.9% | -8.6% | -10.8% | -8.5% | -6.4% | |
| FCF Growth (YoY) | -85.5% | +1,621.6% | -65.1% | +371.5% | +2.6% | +17.1% | -31.8% | +30.0% | -32.8% | |
| Gross Margin | 62.2% | 57.4% | 59.6% | 55.6% | 61.8% | 59.9% | 61.5% | 56.9% | 58.9% | 39.0% |
| Operating Margin | 26.0% | 21.3% | 27.4% | 21.6% | 30.6% | 25.3% | 25.2% | 14.4% | 23.5% | 17.4% |
| EBITDA Margin | 37.0% | 33.1% | 38.8% | 35.7% | 44.5% | 42.3% | 42.5% | 36.3% | 40.9% | 26.6% |
| Net Margin | 8.3% | 19.5% | 14.1% | 7.6% | 18.0% | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% |
| FCF Margin | 22.9% | 1.5% | 22.8% | 7.2% | 23.0% | 22.9% | 23.9% | 17.2% | 20.4% | 15.0% |
| Effective Tax Rate | 45.5% | -96.9% | 27.1% | 36.7% | 26.8% | 24.1% | 22.5% | 32.7% | 28.8% | 44.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $7.97 | $0.80 | $13.30 | $4.59 | $22.20 | $24.19 | $31.01 | $23.72 | $33.69 | $24.20 |
| Dividends Per Share | $0.93 | $1.22 | $1.45 | $1.73 | $2.16 | $2.68 | $3.53 | $5.33 | $6.68 | $5.50 |
| Shares Outstanding (Basic) | 30.7 M | 45.8 M | 45.7 M | 46.0 M | 44.9 M | 42.1 M | 39.3 M | 35.3 M | 32.3 M | 30.3 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 8.56% |
| Return on Invested Capital | 4.99% |
| Return on Assets | 1.06% |
| Gross Margin | 52.19% |
| Operating Margin | 15.19% |
| Net Margin | 2.70% |
Financial Health
| Debt / Equity | 5.34 |
| Current Ratio | 1.56 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.66 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.24 | 7.53 | 9.23 | 23.40 | 6.05 | 7.62 | 7.09 | 15.99 | 7.27 | 66.79 |
| P/B | 11.48 | 2.28 | 1.94 | 2.65 | 1.95 | 2.23 | 2.51 | 2.41 | 2.26 | 2.99 |
| P/S | 1.76 | 1.47 | 1.30 | 1.77 | 1.09 | 1.37 | 1.32 | 1.12 | 0.94 | 1.25 |
| Gross Margin | 62.2% | 57.4% | 59.6% | 55.6% | 61.8% | 59.9% | 61.5% | 56.9% | 58.9% | 39.0% |
| Operating Margin | 26.0% | 21.3% | 27.4% | 21.6% | 30.6% | 25.3% | 25.2% | 14.4% | 23.5% | 17.4% |
| Net Margin | 8.3% | 19.5% | 14.1% | 7.6% | 18.0% | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% |
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