For the head of Sinclair Inc., the final three months surpassed the company’s expectations, with total revenue coming in higher than it originally anticipated.
That’s important to note, as the broadcast TV station owner’s comps to a political dollar-fueled Q4 2024 make deciphering the fourth quarter 2025 a bit tricky.
In the final three months of last year, total revenue came in at $836 million, down from just above $1 billion in the gangbusters Q4 of 2024.
Distribution revenue was down slightly, as core advertising revenue grew by 14% — perhaps the biggest takeaway as political ad displacement ebbed substantially.
Alas, while the revenue finish was to Sinclair’s liking, it fell short of the $840.25 million consensus estimate from five analysts polled by Yahoo! Finance.
Net income came in at $109 million ($1.55 per diluted share), falling from $176 million ($2.61). Adjusted EBITDA declined by 49%.
In prepared comments ahead of the company’s Q4 and full-year 2025 earnings call on Wednesday afternoon, Sinclair Inc. President/CEO Chris Ripley called the fourth quarter performance “strong,” as total revenue exceeding the midpoint of company guidance as adjusted EBITDA rose above expectations.
Importantly, this was driven by “solid core advertising growth and disciplined expense management.” Ripley added that the Q4 results “reflect both continued demand for live sports and a rebound from the economic uncertainty in the second and third quarters.”
As such, Sinclair enters 2026 “with resilient distribution revenue, an expected record mid-term political cycle, and a compelling live sports calendar, which will help drive meaningful cash flow generation and long-term value creation for our stakeholders.”
Sinclair currently expects to achieve the following results for FY 2026:
For the twelve months ending December 31, 2026 ($ in millions) |
Local Media |
Consolidated |
|
Total Revenue |
$3,000 to 3,120 |
$3,400 to 3,540 |
|
Distribution Revenue |
$1,510 to 1,570 |
$1,720 to 1,790 |
|
Core Advertising Revenue |
$1,080 to 1,130 |
$1,260 to 1,320 |
|
Political Advertising Revenue |
At least $333 |
At least $333 |
|
Adjusted EBITDA(a) |
$680 to 720 |
$700 to 740 |
|
Capital expenditures |
$75 to 80 |
||
Net interest expense(b) |
$300 to 310 |
||
Net cash tax payments |
$34 to 45 |
Note: Certain amounts may not summarize to totals due to rounding differences. |
|
(a) |
Adjusted EBITDA is defined as earnings before interest, tax, depreciation and amortization, and non-recurring and unusual transaction, implementation, legal, regulatory and other costs, as well as certain non-cash items such as stock-based compensation expense and other gains and losses less amortization of program costs. |
(b) |
Interest expense (net) excludes deferred financing costs, original issue discount amortization, and other non-cash interest expense and is net of interest income. |
SINCLAIR SHAREHOLDERS GET CASH BONUS
Additionally, Sinclair’s Board of Directors declared a quarterly cash dividend of $0.25 per share on the company’s Class A and Class B common stock. The dividend is payable on March 24 to the holders of record at the close of business on March 10, 2026.
