Nexstar Media Group reported record fourth-quarter 2024 net revenue of $1.49 billion, a 14.1% increase from the prior year, driven by strong political advertising and growth in distribution revenue. Net income for the quarter rose 129% to $229 million, while Adjusted EBITDA increased 39.9% to $628 million. The company generated $411 million in operating cash flow and Adjusted Free Cash Flow.

For the full year, Nexstar achieved a record $5.41 billion in revenue, marking a 9.6% increase from 2023. Net income more than doubled to $683 million, with Adjusted EBITDA reaching $2.004 billion, a 35.7% increase. The company also reduced its losses at The CW by $126 million for the year.

Nexstar returned $820 million to shareholders through dividends and stock repurchases, reducing shares outstanding by 8.9%, while also repaying $327 million in debt, lowering its net leverage ratio to 2.91x.

Looking ahead, the company has provided 2025 Adjusted EBITDA guidance in the range of $1.5 billion to $1.595 billion. Key initiatives include renewing distribution contracts for 60% of its subscriber base, further improving The CW's financial performance, and pursuing regulatory changes.