NASDAQ$NXST
Nexstar Media Group Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Nexstar reported record first-quarter net revenue, driven by distribution revenue and the acquisition of The CW, which offset declines in political and Olympic advertising.
Nexstar Media Group reported record first-quarter net revenue of $1.26 billion, a 3.9% increase year-over-year. The growth was driven by distribution revenue and the acquisition of The CW. The company returned $225 million to shareholders through dividends and share repurchases.
- Record first quarter net revenue of $1.26 billion, up 3.9% year-over-year.
- Adjusted EBITDA was $491 million with a 39.1% margin.
- Attributable free cash flow was $383 million.
- Returned $225 million to shareholders through share repurchases and dividends.
Headline financials
Revenue & EPS history
Nexstar · Revenue · Quarterly
$1.26B
Revenue by segment
Nexstar · $1.23B total across 3 segments · Q2 2025
- Distribution$733M—59.6%
- Advertising$475M—38.6%
- Other$21M—1.7%
Forward guidance
Nexstar expects 2023 to benefit from recently renegotiated distribution contracts and anticipates strong upside in 2024 from presidential election year political advertising and additional distribution contract renewals.
Tailwinds
- Benefit from recently renegotiated distribution contracts
- Strong upside from presidential election year political advertising in 2024
- Additional distribution contract renewals expected later this year
- Leveraging linear, digital, mobile and streaming assets
- Nationwide reach with local activation
Headwinds
- Cyclical year-over-year decline in political and Olympic advertising
- Softness in the advertising market primarily due to national advertising
- Losses related to The CW
- Increased news expenses related to the expansion of news programming at NewsNation
- Reduction in the TV Food Network distribution
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2023
+0.9%
Avg return
Earnings day
+3.2%
Avg return
5 days after
+3.6%
Avg return
30 days after
59%
38 / 64 earnings
Positive
+11.5%
Q1 2020
Best reaction
-10.3%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2026 | -1.5% | -0.0% | -7.8% | |
| Q4 2025 | +5.5% | +4.7% | -8.3% | |
| Q3 2025 | -3.4% | -0.7% | -3.7% | |
| Q1 2025 | +5.4% | +11.9% | +8.4% | |
| Q4 2024 | +11.1% | +16.0% | +20.6% | |
| Q3 2024 | -9.4% | -8.2% | -7.1% | |
| Q2 2024 | -7.9% | -8.5% | -6.1% | |
| Q1 2024 | +2.5% | +6.9% | -6.9% | |
| Q4 2023 | +2.3% | -3.9% | +6.1% | |
| Q3 2023 | -4.8% | -5.1% | -1.9% | |
| Q2 2023 | -10.3% | -10.5% | -27.4% | |
| Q1 2023 | -3.6% | -3.7% | +1.4% | |
| Q4 2022 | -3.2% | -4.9% | -11.5% | |
| Q3 2022 | +2.5% | +8.5% | +17.4% | |
| Q2 2022 | +1.9% | +3.1% | +0.5% | |
| Q1 2022 | +6.2% | +12.9% | +12.6% | |
| Q4 2021 | -3.2% | +1.9% | +8.2% | |
| Q3 2021 | +6.1% | +8.6% | +0.1% | |
| Q2 2021 | +3.3% | +1.6% | +0.6% | |
| Q1 2021 | +0.6% | -0.6% | +0.2% | |
| Q4 2020 | +8.1% | +7.0% | +13.6% | |
| Q3 2020 | +5.6% | +15.8% | +35.3% | |
| Q2 2020 | -0.3% | -0.3% | +6.8% | |
| Q1 2020 | +11.5% | +18.8% | +53.1% | |
| Q4 2019 | -1.8% | +1.3% | -45.1% | |
| Q3 2019 | +5.0% | +11.6% | +12.3% | |
| Q2 2019 | -0.3% | -0.1% | +2.5% | |
| Q1 2019 | +0.3% | -3.4% | -10.5% | |
| Q4 2018 | +5.1% | +11.8% | +21.6% | |
| Q3 2018 | -2.6% | -3.3% | +2.5% | |
| Q2 2018 | +1.0% | +0.6% | +4.3% | |
| Q1 2018 | +1.9% | +6.6% | +13.2% | |
| Q4 2017 | -3.1% | -1.5% | -9.8% | |
| Q3 2017 | +3.5% | +4.1% | +12.9% | |
| Q2 2017 | +3.0% | +2.9% | -5.1% | |
| Q1 2017 | +0.5% | -3.4% | -2.0% | |
| Q4 2016 | +4.2% | +3.0% | +0.2% | |
| Q3 2016 | +4.9% | +20.7% | +34.5% | |
| Q2 2016 | -3.1% | +1.4% | +3.2% | |
| Q1 2016 | -1.2% | — | — | |
| Q4 2015 | +7.1% | — | — | |
| Q3 2015 | +1.0% | — | — | |
| Q2 2015 | +0.2% | — | — | |
| Q1 2015 | -2.1% | — | — | |
| Q4 2014 | +0.5% | — | — | |
| Q3 2014 | +4.8% | — | — | |
| Q2 2014 | +3.5% | — | — | |
| Q1 2014 | -4.0% | — | — | |
| Q4 2013 | -3.9% | — | — | |
| Q3 2013 | -1.3% | — | — | |
| Q2 2013 | -5.1% | — | — | |
| Q1 2013 | +6.7% | — | — | |
| Q4 2012 | +4.9% | — | — | |
| Q3 2012 | +1.9% | — | — | |
| Q2 2012 | +2.5% | — | — | |
| Q1 2011 | +1.0% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2011 | -0.5% | — | — | |
| Q2 2011 | -0.5% | — | — | |
| Q3 2011 | -1.5% | — | — | |
| Q4 2010 | +7.8% | — | — | |
| Q3 2010 | -6.9% | — | — | |
| Q2 2010 | +2.2% | — | — | |
| Q1 2010 | -2.0% | — | — |
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