Filing Flows › Newsmax (NMAX) › Q3 2025
Newsmax (NMAX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Newsmax (NMAX) reported revenue of $45.3M for the third quarter 2025 (Q3 2025), +4% from a year earlier and -3% from the quarter before. Operating margin was -15.9%, net loss $4.1M (9.1% of revenue).
Newsmax, Q3 2025: revenue $45.3M (+4% year over year), operating margin -15.9%, net loss $4.1M, operating cash flow −$68.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $45.3M | -3% | +4% |
| Operating profit | −$7.2M | — | — |
| Net earnings | −$4.1M | — | — |
| Operating cash flow | −$68.1M | — | — |
What changed
Revenue was $45.3M in Q3 2025, up 4% year over year and down 3% from the previous quarter. Advertising revenue was the largest line at 61% of revenue. Affiliate fee revenue added $1.5M year over year (up 22%), 84% of the total change. Shipping and handling declined 50%.
Gross margin was 35.3%, down 10.2 points from a year earlier. Operating costs exceeded revenue by $7.2M, an operating margin of -15.9%. Operating expenses fell 19% while revenue rose 4%. The quarter ended with a net loss of $4.1M, narrower than the previous quarter's $75.2M loss. Non-operating items added $3.1M, -77% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$68.1M. Non-cash charges added back $1.5M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $69.1M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$69.2M.
Questions
What was Newsmax's revenue in the third quarter 2025?
Newsmax (NMAX) reported revenue of $45.3M for the third quarter 2025 (Q3 2025), +4% from a year earlier and -3% from the quarter before.
Was Newsmax profitable in the third quarter 2025?
Operating loss was $7.2M (-15.9% of revenue) and net loss $4.1M.
Source: Newsmax 10-Q on SEC EDGAR.