The E.W. Scripps Company (SSP) Q4 2025 earnings summary

Executive summary

• Fourth consecutive quarter of meeting or exceeding financial expectations, driven by network streaming, Scripps Sports, and disciplined expense management.

• Q4 2025 revenue was $560 million, with a net loss attributable to shareholders of $44.9 million or $0.51 per share, compared to net income of $80.3 million or $0.92 per share in Q4 2024.

• Full-year 2025 revenue was $2.15 billion, down 14% year-over-year, with a net loss of $164 million or $1.87 per share.

• Announced a transformation plan targeting $125M–$150M in enterprise EBITDA growth by 2028, leveraging technology, AI, and automation, with initial benefits expected in the second half of 2026.

• CEO contract extended through 2029 to ensure leadership continuity during transformation.

Financial highlights

• Q4 2025 revenue declined 23% year-over-year to $560 million; segment expenses fell to $477 million from $502 million.

• Local Media division Q4 revenue was $360M, down 30% year-over-year due to absence of political advertising; core advertising up 12%.

• Scripps Networks Q4 revenue was $199M, down less than 8% year-over-year; segment profit rose 4.6% to $63.5M with a 32% margin.

• Q4 net loss of $0.51 per share, including $19.5M non-cash charge, $2.4M restructuring costs, and $2.4M debt extinguishment loss.

• Cash and cash equivalents at year-end were $27.9M; total debt was $2.6B; net leverage ratio 4.8x.

Outlook and guidance

• Transformation plan expected to deliver $20M–$30M in EBITDA impact in 2026, with annualized run rate of $60M–$75M entering 2027.

• Local Media revenue expected to grow low to mid-single digits in Q1 2026, with core advertising up mid-single digits.

• Scripps Networks Q1 revenue expected to be down high single digits; expenses down low single digits.

• Anticipate record midterm election spending in H2 2026, with strong political ad revenue expected.

• Full-year 2026 guidance: cash interest $180M–$190M, cash taxes $15M–$20M, capex $60M–$70M, D&A $140M–$150M.