Nexstar Media Group unveiled its first-quarter financial results on Thursday. The news was overwhelmingly positive for the company.
What We Know: The first-quarter financial results come after a tumultuous beginning to 2026 for Nexstar Media Group. After the company received approval to complete its merger with TEGNA on March 19th, the company began the integration. However, it was later stopped by a federal judge, and the merger currently remains in limbo. In spite of the changes, Nexstar reported a record first quarter of net revenue.
What the Numbers Show:
| Revenue Type | 2026 | 2025 | Change |
|---|---|---|---|
| Distribution | $837 million | $762 million | ↑ 9.8% |
| Advertising | $548 million | $460 million | ↑ 19.1% |
| Other | $11 million | $12 million | ↓ 8.3% |
| Net Revenue | $1.396 billion | $1.234 billion | ↑ 13.1% |
The company’s Adjusted EBITDA rose to $470 million, a 23.4% increase. Furthermore, its net income also rose 64.9% to $160 million during January, February, and March.
What They Said: “As we have grown, the reach of Big Tech and legacy media conglomerates has expanded exponentially. Today, we still do not match their ubiquitous reach, and we operate with only a fraction of their resources, which directly impacts our ability to compete. Our acquisition of TEGNA is a critical step in solidifying our future and ensuring we can continue providing these essential services to the public. As we continue to advocate for this transaction, our primary focus remains on operational excellence – the historical hallmark of Nexstar. Our first-quarter performance underscores this commitment as we delivered record net revenue, surpassing consensus expectations.” -Perry Sook
What It Means: It’s easy to see the motivation behind why Nexstar Media Group wants to acquire TEGNA. Outside of Sook’s belief that eventually only two to three companies will control the local television space. The TEGNA financial results are included from March 19th-31st in the first-quarter numbers, and Nexstar reached record first-quarter net revenue.
Barrett Media produces daily content on the music, news, and sports media industries. Sign up for our newsletters to stay updated and get the latest information right in your inbox.
Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.
