NYSE$TGNA
TEGNA Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
TEGNA reported record fourth quarter and full-year results driven by political advertising and subscription revenue growth.
TEGNA Inc. reported record financial results for the fourth quarter and full-year ended December 31, 2020, driven by record political advertising revenues, continued strength of high-margin and recurring subscription revenues, and record GAAP net income and Adjusted EBITDA. The company exceeded full-year 2020 guidance provided prior to the COVID-19 pandemic for all key financial metrics.
- Total company revenue was $938 million, up 35 percent year-over-year, driven by record political advertising and continued growth in subscription revenue.
- TEGNA generated record political advertising revenue of $264 million in the fourth quarter, including $50 million of revenue generated from the Georgia Senate run-off elections.
- Subscription revenue of $314 million was up nine percent year-over-year due to rate increases.
- Total company Adjusted EBITDA was a record $429 million, an increase of 87 percent compared with fourth quarter of 2019.
Headline financials
Revenue & EPS history
TEGNA · Revenue · Quarterly
$938M
Revenue by segment
TEGNA · $624M total across 3 segments · Q4 2020
- Advertising & Mktg Svcs$352M-6.2%56.4%
- Political$264M+981.3%42.3%
- Other$7.88M+2.5%1.3%
Forward guidance
TEGNA expects continued growth in 2021, driven by strong subscription revenues and year-over-year AMS revenue growth.
Tailwinds
- Total Company GAAP Revenue + Mid-Single Digits percent
Headwinds
- Total Non-GAAP Operating Expenses + Mid-Single Digits percent
- Non-GAAP Operating Expenses (excluding programming) + Low-Single Digits percent
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 Q4 2020
+0.3%
Avg return
Earnings day
+0.0%
Avg return
5 days after
+0.7%
Avg return
30 days after
58%
42 / 72 earnings
Positive
+11.8%
Q2 2009
Best reaction
-20.3%
Q4 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | -0.5% | -1.5% | — | |
| Q3 2025 | +0.0% | -0.2% | -1.7% | |
| Q2 2025 | -8.2% | +24.2% | +28.2% | |
| Q1 2025 | +2.6% | +6.4% | -1.5% | |
| Q4 2024 | +7.9% | +4.0% | +8.8% | |
| Q3 2024 | +5.0% | +3.0% | +4.7% | |
| Q2 2024 | -5.2% | -7.2% | -7.1% | |
| Q1 2024 | +2.6% | +5.9% | -3.3% | |
| Q4 2023 | +0.9% | +3.6% | +10.4% | |
| Q3 2023 | -2.3% | +1.4% | -1.4% | |
| Q2 2023 | +1.4% | +1.2% | -7.3% | |
| Q1 2023 | +0.3% | +1.4% | +2.5% | |
| Q4 2022 | -20.3% | -22.0% | -25.6% | |
| Q3 2022 | +0.9% | -1.6% | +3.6% | |
| Q2 2022 | -0.0% | +1.9% | +0.4% | |
| Q1 2022 | -2.4% | -3.9% | -2.9% | |
| Q4 2021 | +0.6% | -1.3% | -1.3% | |
| Q3 2021 | +5.8% | +5.9% | +0.8% | |
| Q2 2021 | +1.2% | -1.5% | -4.4% | |
| Q1 2021 | -4.0% | -2.1% | -4.3% | |
| Q4 2020 | -3.0% | +3.7% | +3.3% | |
| Q3 2020 | +7.1% | +8.0% | +11.2% | |
| Q2 2020 | +3.9% | +3.4% | +4.2% | |
| Q1 2020 | +0.7% | -3.3% | +20.7% | |
| Q4 2019 | -4.6% | -2.4% | -5.6% | |
| Q3 2019 | +0.0% | -1.3% | +3.5% | |
| Q2 2019 | -5.8% | -6.8% | +4.2% | |
| Q1 2019 | +3.9% | +2.2% | +0.2% | |
| Q4 2018 | +10.4% | +12.0% | +7.1% | |
| Q3 2018 | -0.7% | +2.5% | +1.3% | |
| Q2 2018 | -2.1% | -3.8% | +3.3% | |
| Q1 2018 | -0.4% | +0.8% | +0.1% | |
| Q4 2017 | +4.8% | +0.9% | -11.4% | |
| Q3 2017 | +7.1% | +4.7% | +15.3% | |
| Q2 2017 | -5.6% | -9.8% | -14.9% | |
| Q1 2017 | -9.6% | -12.1% | -14.0% | |
| Q4 2016 | +3.3% | +4.5% | +3.4% | |
| Q3 2016 | -8.2% | -6.7% | +12.1% | |
| Q2 2016 | -9.4% | -12.4% | -15.8% | |
| Q1 2016 | -2.0% | — | — | |
| Q4 2015 | +9.4% | — | — | |
| Q3 2015 | -0.5% | — | — | |
| Q2 2015 | -5.6% | — | — | |
| Q1 2015 | +0.9% | — | — | |
| Q4 2014 | +1.4% | — | — | |
| Q3 2014 | +1.1% | — | — | |
| Q2 2014 | -2.0% | — | — | |
| Q1 2014 | +1.8% | — | — | |
| Q4 2013 | +1.0% | — | — | |
| Q3 2013 | -3.5% | — | — | |
| Q2 2013 | +1.0% | — | — | |
| Q1 2013 | -2.9% | — | — | |
| Q4 2012 | +3.9% | — | — | |
| Q3 2012 | +3.0% | — | — | |
| Q2 2012 | -0.8% | — | — | |
| Q1 2012 | +1.4% | — | — | |
| Q4 2011 | +3.0% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q2 2011 | -5.8% | — | — | |
| Q4 2010 | +0.3% | — | — | |
| Q1 2011 | +0.1% | — | — | |
| Q3 2010 | +1.6% | — | — | |
| Q2 2010 | +3.2% | — | — | |
| Q4 2009 | -5.9% | — | — | |
| Q1 2009 | -5.9% | — | — | |
| Q1 2010 | +1.2% | — | — | |
| Q4 2007 | +3.6% | — | — | |
| Q3 2008 | +1.3% | — | — | |
| Q3 2009 | +1.3% | — | — | |
| Q2 2008 | +11.8% | — | — | |
| Q2 2009 | +11.8% | — | — | |
| Q4 2008 | +11.8% | — | — |
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