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Nexstar Media Group (NXST) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Nexstar Media Group (NXST) Q3 2026 earnings results →

Q3 2026 Revenue up 78% year over year to $2.1B · 12¢ of every $1 of revenue kept as net profit · operating margin 24.9%

Nexstar Media Group made $2.1B in Q3 2026 (+78% Y/Y): Distribution Service $1.1B, Advertising $1.0B, Other $19.0M. Operating margin 24.9%, net earnings $255M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$2.1B

Year over year+78%

Operating margin24.9%

Net earnings$255M

Operating cash flow$680M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $2.1B in Q3 2026, up 78% year over year and up 7% from the previous quarter. Distribution Service was the largest line at 51% of revenue. Advertising added $0.55B year over year (up 115%), 59% of the total change.

Operating profit was $0.53B, a 24.9% margin (up 10.3 points year over year). Of the extra revenue versus Q3 2025, 38% reached operating profit, above the 15% margin then. Total costs grew 57% against revenue growth of 78%. The fastest-growing cost line was Other operating costs (+57%). Net earnings were $0.26B, up 264% year over year ($0.25B including minority interests, which bore $0.01B of losses). The effective tax rate was 27.1%.

Operating cash flow was $0.68B (up 481% year over year), 272% of net earnings. Non-cash charges added back $0.15B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.26B. After capital expenditures ($0.05B), free cash flow as the company reports it was $0.63B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Nov 5, 2026	$2.1B	+78%	24.9%	$255M	$680M
Q2 2026	10-Q	Aug 7, 2026	$2.0B	+62%	18.2%	$120M	$298M
Q1 2026	10-Q	May 8, 2026	$1.4B	+13%	19.0%	$164M	$289M
Q4 2025	10-K	Feb 27, 2026	$1.3B	-13%	18.8%	−$170M	$190M
Q3 2025	10-Q	Nov 6, 2025	$1.2B	-12%	14.6%	$70.0M	$117M
Q2 2025	10-Q	Aug 8, 2025	$1.2B	-3%	17.3%	$97.0M	$247M
Q1 2025	10-Q	May 8, 2025	$1.2B	-4%	17.8%	$108M	$337M

Charts

Latest (Q3 2026): Y/Y +78%, Q/Q +7%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $250M, Operating cash flow $680M.

-34.3% since FY2020: buybacks shrank the count.

Cash $280M, short-term investments —, long-term debt $6.3B at 2025-12-31.

Television Broadcasting Stations; dot size is quarterly revenue; dashed lines are the industry's medians.