Total revenue for the third quarter of 2025 reached $773 million, a 16% decline from $917 million in the same period last year. The drop is largely attributable to a sharp contraction in political advertising, which fell from $138 million in Q3 2024 to $6 million in Q3 2025, reflecting the non‑election cycle. Despite the revenue decline, Sinclair beat consensus revenue estimates of $763.36 million, underscoring the resilience of its core advertising and distribution businesses.
Adjusted EBITDA climbed to $100 million, surpassing the company’s own guidance range of $71–$93 million and exceeding the $249 million adjusted EBITDA reported in Q3 2024. The beat is driven by disciplined cost management and a favorable media‑expense mix, which helped offset the revenue shortfall. Net income turned to a $1 million loss, and basic earnings per share were –$0.02, a substantial beat over the consensus estimate of –$0.65. The EPS improvement reflects the company’s ability to control operating expenses even as revenue contracts.
Segment analysis shows core advertising revenue rose to $321 million, up 7% year‑over‑year, while distribution revenue declined 3% to $422 million. The Tennis Channel contributed $68 million in media revenue, a modest 1% increase from the prior year, and other media revenue was $22 million. The combination of a strong core advertising mix and a modest rise in the Tennis Channel helped cushion the impact of the political advertising slump.
Operating income for the quarter was $14 million, a sharp decline from $179 million in Q3 2024, reflecting margin compression as revenue fell. Cash and cash equivalents stood at $526 million, down from $631 million reported in the prior year, and the company declared a quarterly cash dividend of $0.25 per share payable December 15, 2025. The dividend signals confidence in the company’s cash‑generating ability while maintaining liquidity for strategic initiatives.
CEO Chris Ripley highlighted that the quarter demonstrated “the high end of guidance for advertising and distribution revenue” and that the company expects continued improvement in core advertising trends in the fourth quarter. CFO Narinder Sahai noted that 2026 presents a “substantial opportunity” to showcase the cash‑generating power of Sinclair’s business model, and the company remains optimistic about industry consolidation opportunities that could expand its market reach.
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