Newsmax (NMAX) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 marked the first year as a public company, achieving record revenues of $189.3 million, up 10.7% year-over-year, at the high end of guidance despite industry normalization in a non-election year.

• Expanded domestic and international distribution, including new agreements in Europe, the Middle East, and a planned launch in Ukraine.

• Maintained position as the fourth highest-rated cable news network and sixth among all cable channels, reaching over 58 million viewers in 2025.

• Multi-platform strategy integrated cable, streaming, digital, and international channels, driving audience and revenue growth.

• Ended the year with a debt-free balance sheet and $131 million in cash and investments, providing flexibility for future growth.

Financial highlights

• Full-year revenue increased 10.7% year-over-year to $189.3 million; Q4 revenue grew 9.6% to $52.2 million.

• Broadcasting revenue grew 17.3% to $153.3 million, driven by advertising, affiliate fees, subscriptions, and licensing.

• Affiliate fees rose 14.9% to $30.6 million; advertising revenue up 10.2% to $120.3 million.

• Digital revenues declined 10.9% to $35.9 million due to post-election normalization.

• Net loss widened to $99.5 million, primarily due to $78.6–$79 million in legal settlement expenses and higher investments.

• Adjusted EBITDA was a loss of $6.5 million, down from a positive $10.2 million last year.

Outlook and guidance

• Fiscal 2026 revenue guidance is $212–$216 million, representing 13% year-over-year growth at the midpoint.

• Growth expected to be structural, led by affiliate fee expansion and new distribution channels, not political advertising.

• Profitability anticipated to improve as legal and IPO transition costs decline.

• Management expects accelerated revenue growth in 2026, supported by strategic investments and a strong financial foundation.

• Continued investment in premium content and digital monetization initiatives planned.