Sinclair (SBGI) Q4 2025 earnings summary

Executive summary

• Achieved strong financial results in 2025, with total revenue of $3.17 billion–$3.2 billion and adjusted EBITDA of $483 million, both above guidance midpoints, despite a net loss of $112 million compared to net income of $310 million in 2024.

• Fourth quarter 2025 revenue was $836 million and adjusted EBITDA was $168 million, both above guidance, with core advertising up 14% year-over-year.

• Progressed on portfolio simplification, strategic review of the broadcast business, and planning for Ventures separation.

• Completed comprehensive debt refinancing, retired $89 million of 2027 notes, and established a $375 million AR facility.

• Closed 15 partner station acquisitions and strengthened the balance sheet through refinancing and debt retirement.

Financial highlights

• Full year 2025 revenue: $3.17 billion–$3.2 billion; adjusted EBITDA: $483 million; net loss: $112 million.

• Q4 2025 revenue: $836 million; adjusted EBITDA: $168 million; core advertising revenue up 14% year-over-year.

• Distribution revenue in 2025 was $1.75 billion, stable year-over-year; Q4 distribution revenue was $438 million.

• Political revenue dropped from $405 million in 2024 to $32 million in 2025, impacting year-over-year comparisons.

• Tennis segment Q4 revenue: $62 million, up from $57 million; adjusted EBITDA: $21 million, up 10%.

Outlook and guidance

• 2026 revenue guidance: $3.4–$3.54 billion; adjusted EBITDA: $680–$740 million.

• Political advertising revenue expected at least $333 million in 2026, exceeding 2022 midterm levels.

• CapEx guidance: $75–$80 million, flat year-over-year; net interest expense $300–$310 million.

• Distribution revenue guidance assumes steady gross revenue and moderating churn.

• Anticipates $30 million in annualized run rate synergies from JSA/LMA buy-ins by H2 2026.