Nexstar Broadcasting (NXST) financial statements
Nexstar Broadcasting reported revenue of $4.9B in fiscal 2025, up 18.1% a year over 9 years.
Net income was $109M and the operating margin 17.2%, against 26.0% in 2016.
Free cash flow was $743M, and the company returned $226M in dividends and $125M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Nexstar Broadcasting's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $2.4B | $2.8B | $3.0B | $4.5B | $4.6B | $5.2B | $4.9B | $5.4B | $4.9B |
| Selling, general and admin | $264M | $605M | $580M | $730M | $912M | $1.0B | $1.1B | $1.1B | $1.1B | $1.1B |
| Operating income | $287M | $506M | $758M | $655M | $1.4B | $1.2B | $1.3B | $708M | $1.3B | $849M |
| Interest expense | $117M | — | — | — | — | — | — | — | — | — |
| Pre-tax income | $171M | $241M | $533M | $373M | $1.1B | $1.1B | $1.2B | $401M | $959M | $150M |
| Income tax | $78M | -$234M | $145M | $137M | $296M | $263M | $274M | $131M | $276M | $67M |
| Net income | $92M | $475M | $389M | $230M | $812M | $834M | $971M | $346M | $722M | $109M |
| EPS (diluted) | $2.89 | $10.07 | $8.21 | $4.80 | $17.37 | $18.98 | $24.16 | $9.64 | $21.41 | $3.00 |
| Diluted shares | 32M | 47M | 47M | 48M | 47M | 44M | 40M | 36M | 33M | 31M |
| Operating margin | 26.0% | 20.8% | 27.4% | 21.6% | 30.6% | 25.3% | 25.2% | 14.4% | 23.5% | 17.2% |
| Net margin | 8.3% | 19.5% | 14.1% | 7.6% | 18.0% | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% |
Balance sheet
Fiscal years, from Nexstar Broadcasting's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $116M | $145M | $232M | $153M | $191M | $204M | $135M | $144M | $280M |
| Receivables | $218M | $563M | $547M | $884M | $905M | $1.0B | $1.1B | $1.1B | $1.0B | $1.1B |
| Total current assets | $363M | $1.1B | $767M | $1.4B | $1.2B | $1.4B | $1.6B | $1.5B | $1.3B | $1.5B |
| Property, plant and equipment | $276M | $734M | $732M | $1.3B | $1.6B | $1.5B | $1.3B | $1.3B | $1.2B | $1.2B |
| Goodwill | $473M | $2.1B | $2.2B | $3.0B | $3.0B | $3.1B | $3.0B | $2.9B | $2.9B | $2.9B |
| Total assets | $3.0B | $7.5B | $7.1B | $14.0B | $13.4B | $13.3B | $12.7B | $12.1B | $11.5B | $10.8B |
| Total current liabilities | $190M | $671M | $404M | $948M | $731M | $787M | $893M | $961M | $783M | $711M |
| Long-term debt | $2.3B | $4.3B | $3.9B | $8.4B | $7.6B | $7.4B | $6.8B | $6.7B | $6.4B | $6.2B |
| Total liabilities | $2.7B | $5.9B | $5.2B | $11.9B | $10.9B | $10.4B | $9.9B | $9.8B | $9.2B | $8.8B |
| Shareholders' equity | $169M | $1.6B | $1.9B | $2.0B | $2.5B | $2.9B | $2.7B | $2.3B | $2.3B | $2.1B |
| Net debt | $1.3B | $4.2B | $3.8B | $8.3B | $7.5B | $7.2B | $6.7B | $6.7B | $6.4B | $6.1B |
Cash flow
Fiscal years, from Nexstar Broadcasting's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $284M | $109M | $737M | $417M | $1.3B | $1.2B | $1.4B | $999M | $1.2B | $891M |
| Capital spending | $32M | $72M | $106M | $198M | $217M | $151M | $157M | $149M | $145M | $148M |
| Free cash flow | $252M | $37M | $631M | $220M | $1.0B | $1.1B | $1.2B | $850M | $1.1B | $743M |
| Stock-based compensation | $11M | $24M | $31M | $39M | $48M | $47M | $62M | $60M | $78M | $78M |
| Dividends paid | $29M | $56M | $69M | $83M | $101M | $118M | $142M | $191M | $219M | $226M |
| Share buybacks (net) | — | -$99M | -$51M | -$45M | -$282M | -$537M | -$881M | -$605M | -$601M | -$125M |
| Net borrowing | $878M | $1.6B | -$402M | $4.6B | -$857M | -$269M | -$480M | -$125M | -$327M | -$202M |
| Free cash flow margin | 22.9% | 1.5% | 22.8% | 7.2% | 23.0% | 22.9% | 23.9% | 17.2% | 20.4% | 15.0% |
| Dividends per share | $0.93 | $1.19 | $1.45 | $1.73 | $2.16 | $2.68 | $3.53 | $5.33 | $6.68 | $7.36 |
Questions
What was Nexstar Broadcasting's revenue in 2025?
$4.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Nexstar Broadcasting generate?
$743M in fiscal 2025 (operating cash flow minus capital spending).
From Nexstar Broadcasting's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.