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Nexstar Media Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$634M in Q3 2026 · $1.3B over twelve months

Operating cash flow$680M
Capital spending−$46.0M
Free cash flow+$634M
Cash / net income2.7×

Analysis

In Q3 2026, Nexstar Media Group generated $680M of operating cash flow and spent $46.0M on capital projects, leaving free cash flow of $634M. That is $547M more than in Q3 2025 ($87.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.5B; the largest uses were acquisitions ($3.3B), dividends ($228M), capital spending ($167M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.6B), other investing ($61.0M); the cash balance rose by $210M.

Operating cash flow was $680M against net income of $250M — 2.7× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$165M, depreciation & amortization +$155M, payables +$52.0M.

Free cash flow

Nexstar Media Group: free cash flow by quarterNexstar Media Group: free cash flow by quarter$376MQ4 2024$302MQ1 2025$218MQ2 2025$87.0MQ3 2025$136MQ4 2025$267MQ1 2026$253MQ2 2026$634MQ3 2026
Operating cash flow less capital spending.
Nexstar Media Group: operating cash flow against capital spendingNexstar Media Group: operating cash flow against capital spendingOperating cash flowCapital spending$411M$35.0MQ4 2024$337M$35.0MQ1 2025$247M$29.0MQ2 2025$117M$30.0MQ3 2025$190M$54.0MQ4 2025$289M$22.0MQ1 2026$298M$45.0MQ2 2026$680M$46.0MQ3 2026
Latest (Q3 2026): Operating cash flow $680M, Capital spending $46.0M.

Capital allocation, year by year

Nexstar Media Group: where the cash came from (up) and went (down), by fiscal yearNexstar Media Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing −$270MFY2021: Shares issued $8.2MFY2021: Asset sales $20.5MFY2021: Capital spending −$151MFY2021: Acquisitions −$138MFY2021: Buybacks −$537MFY2021: Dividends −$118M$1.2BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing −$480MFY2022: Shares issued $8.0MFY2022: Asset sales $241MFY2022: Capital spending −$157MFY2022: Buybacks −$881MFY2022: Dividends −$142M$1.7BFY2022FY2023: Operating cash flow $999MFY2023: Net borrowing −$145MFY2023: Shares issued $4.0MFY2023: Asset sales $8.0MFY2023: Capital spending −$149MFY2023: Acquisitions −$38.0MFY2023: Buybacks −$605MFY2023: Dividends −$191M$1.0BFY2023FY2024: Operating cash flow $1.2BFY2024: Net borrowing −$327MFY2024: Shares issued $10.0MFY2024: Asset sales $5.0MFY2024: Capital spending −$145MFY2024: Buybacks −$601MFY2024: Dividends −$219M$1.3BFY2024FY2025: Operating cash flow $891MFY2025: Net borrowing −$202MFY2025: Capital spending −$148MFY2025: Acquisitions −$22.0MFY2025: Buybacks −$125MFY2025: Dividends −$226M$891MFY2025
Over these 5 years operating cash flow totalled $5.8B; the largest uses were buybacks ($2.7B) and net borrowing ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$446M
Debt$11.4B
Net debt$11.0B
Due within a year$111M

Nexstar Media Group funds itself: free cash flow was $1.3B over the last twelve months, and $446M of cash and investments stands against $11.4B of debt ($111M due within a year, 4.0× covered by cash).

Nexstar Media Group: debt maturities by year (FY2025)Nexstar Media Group: debt maturities by year (FY2025)$111MYear 1$1.8BYear 2$1.4BYear 3$108MYear 4$1.7BYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $446M of cash and investments now.

Where the cash came from and went

Nexstar Media Group: sources (+) and uses (−) of cash, Q3 2026Nexstar Media Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$680MNet borrowing (+) / repaid (−)−$349MCash drawn (+) / kept (−)−$228MDividends−$58.0MCapital spending−$46.0MOther financing$4.0MOther investing−$3.0M
Nexstar Media Group: sources (+) and uses (−) of cash, TTM to Q3 2026Nexstar Media Group: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$3.3BNet borrowing (+) / repaid (−)$2.6BOperating cash flow$1.5BDividends−$228MCash drawn (+) / kept (−)−$210MCapital spending−$167MOther financing−$153MOther investing$61.0M

From profit to cash

Nexstar Media Group: net income to operating cash flow, Q3 2026Nexstar Media Group: net income to operating cash flow, Q3 2026Net income$250MDepreciation & amortization$155MStock-based pay$20.0MReceivables$32.0MPayables$52.0MAccrued liabilities$165MPrepaid and other assets$4.0MOther liabilities−$33.0MIncome taxes payable$36.0MOperating cash flow$680M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$680M−$46.0M——−$58.0M−$349M−$228M$634M
Q2 2026$298M−$45.0M——−$57.0M−$398M$218M$253M
Q1 2026$289M−$22.0M−$3.3B—−$56.0M$3.4B−$156M$267M
Q4 2025$190M−$54.0M——−$57.0M−$27.0M−$44.0M$136M
Q3 2025$117M−$30.0M——−$56.0M−$25.0M−$2.0M$87.0M
Q2 2025$247M−$29.0M—−$50.0M−$56.0M−$3.5B$19.0M$218M
Q1 2025$337M−$35.0M−$22.0M−$75.0M−$57.0M−$31.0M−$109M$302M
Q4 2024$411M−$35.0M—−$178M−$52.0M−$181M$37.0M$376M

Nexstar Media Group: income statement and cash flow

Nexstar Media Group, Q3 2026: revenue $2.1B (+78% year over year), operating margin 24.9%. The chart follows the revenue to costs, profit and cash.

Nexstar Media Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.