The E.W. Scripps Company (SSP) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $517 million, down 1.4% year-over-year; net loss attributable to shareholders was $18 million or $0.20 per share, nearly flat from the prior year.

• Transformation plan targets $125–$150 million in annualized EBITDA growth by 2028, with $75 million expected by end of 2026 and over 1,000 cost savings and revenue initiatives identified.

• Launched Scripps Sports Network, expanded sports rights, and closed on key station sales to support debt reduction and operational improvement.

• Entered midterm election cycle with strategic market exposure, expecting record political ad revenue.

• Entered agreements for station swaps and acquisitions, including a $15.8 million deal for WTVQ and options for up to 23 INYO stations for ~$54 million.

Financial highlights

• Operating income was $24.8 million, down from $27.5 million year-over-year; adjusted EBITDA for Q1 2026 was $66.8 million, down from $75.6 million in Q1 2025.

• Local Media Q1 2026 revenue up 5% to $342 million; segment profit up 33.7% to $46.7 million.

• Scripps Networks Q1 2026 revenue down 11% to $176 million; segment profit down 27.8% to $46.3 million.

• Cash and cash equivalents at March 31 were $84 million; total debt was $2.6 billion.

• $30 million gain from asset sales reduced net loss by $0.25 per share.

Outlook and guidance

• Management expects the transformation plan to deliver $75 million in annualized EBITDA improvement by year-end 2026 and $125–$150 million by 2028.

• Local Media revenue expected up low single digits in Q2 2026; Scripps Networks revenue expected down about 10%.

• Scripps Networks expenses projected to rise low single digits; Local Media expenses expected flat.

• Full-year gross distribution revenue to grow low single digits; net distribution revenue to grow low double digits.

• Networks margin expected to improve in second half, targeting long-term 30% margin.