SBGI Sinclair, Inc.
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Executive Summary
Sinclair, Inc. reported Q4 2025 financial results showing a 17% year-over-year decline in total revenue to $836 million and a 49% drop in Adjusted EBITDA to $168 million, primarily due to a significant decline in political advertising. However, core advertising revenue grew 14% YoY. The company provided 2026 guidance projecting at least $333 million in political advertising revenue and Adjusted EBITDA of $700-740 million, indicating a strong recovery expected in the upcoming political cycle.
Key Financial Metrics
Actionable Insight
The significant decline in revenue and EBITDA is primarily due to the cyclical nature of political advertising, which dropped from $203M in Q4 2024 to $14M in Q4 2025. The 2026 guidance projecting at least $333M in political advertising suggests a strong rebound is expected. Traders should monitor the execution of this guidance, particularly political ad sales, which could drive a significant recovery in 2026 financial performance.
Key Facts
- Q4 2025 total revenue was $836 million, down 17% YoY from $1,004 million
- Full-year 2025 revenue was $3.169 billion, down 11% from 2024
- Q4 Adjusted EBITDA was $168 million, down 49% YoY from $330 million
- Full-year 2025 Adjusted EBITDA was $483 million, down 45% from 2024
- Core advertising revenue grew 14% YoY in Q4 to $354 million
- Political advertising revenue dropped 93% YoY in Q4 to $14 million
- 2026 guidance includes at least $333 million in political advertising revenue and $700-740 million in Adjusted EBITDA
- Total company debt was $4.383 billion with $866 million in cash and equivalents
Financial Impact
Revenue declined 17% YoY in Q4 and 11% for full-year 2025, while Adjusted EBITDA fell 49% in Q4 and 45% for the full year, but guidance suggests a strong rebound in 2026 with political ad revenue expected to increase from $14M to at least $333M
Segment Breakdown
| Segment | Revenue |
|---|---|
| Local Media | $734.0M |
| Tennis | $62.0M |
| Other | $51.0M |
Risk Factors
- Execution risk in achieving the optimistic 2026 guidance, particularly the political advertising revenue target
- High leverage with $4.383 billion in debt could constrain flexibility
- Continued secular decline in traditional TV viewership and advertising
- Dependence on cyclical political advertising creates revenue volatility
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001971213-26-000009 |
| Document: sbgi-20260225.htm | 0001971213-26-000009 |
| Document: 0001971213-26-000009-index-headers.html | 0001971213-26-000009 |
| Document: 0001971213-26-000009-index.html | 0001971213-26-000009 |
| Document: 0001971213-26-000009.txt | 0001971213-26-000009 |
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May 4, 2026
16d ago
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144
| $14.78 $13.94 | ▼ −5.68% | ▼ −7.67% | $13.49 (−8.73%) |
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Apr 23, 2026
27d ago
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DEFA14A
| $15.76 $15.25 | ▼ −3.24% | ▼ −4.71% | $13.49 (−14.40%) |
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Apr 6, 2026
6w ago
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Press Release
| $13.28 $14.51 | ▲ +9.26% | ▲ +5.13% | $13.49 (+1.58%) |
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Feb 25, 2026
12w ago
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8-K
| $13.63 $15.05 | ▲ +10.46% | ▲ +11.56% | $13.49 (−1.00%) |
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