Tegna Inc. has reported its financial results for the fourth quarter and full-year 2025, ended December 31, 2025. In the fourth quarter, the total company revenue was down 19% from the prior year at $706 million, primarily due to lower political advertising revenue, despite growth in advertising and marketing services (AMS) revenue.
Distribution revenue was slightly lower at $358 million due to subscriber declines, partially offset by contractual rate increases and distribution renewals. AMS revenue grew 4% to $322 million driven by growth in both linear and local digital advertising.
The GAAP operating expenses decreased 1% to $587 million, and non-GAAP operating expenses decreased 3% to $569 million due to core operational cost-cutting initiatives. GAAP and non-GAAP operating income totaled $119 million and $137 million, respectively. GAAP net income attributable to Tegna Inc. was $56 million, while non-GAAP net income attributable to Tegna Inc. was $82 million. GAAP and non-GAAP earnings per diluted share were $0.34 and $0.50, respectively.
For the full-year 2025, total company revenue was down 13% from the prior year at $2,712 million, due to lower political advertising revenue and lower AMS revenue. Distribution revenue was down 1% at $1,466 million, and AMS revenue decreased 4% to $1,169 million.
GAAP operating expenses decreased 2% to $2,269 million, and non-GAAP operating expenses decreased 2% to $2,230 million due to core operational cost-cutting initiatives. GAAP and non-GAAP operating income totaled $443 million and $482 million, respectively. GAAP net income attributable to Tegna Inc. was $220 million, while non-GAAP net income attributable to Tegna Inc. was $267 million. GAAP and non-GAAP earnings per diluted share were $1.34 and $1.63, respectively.
In terms of adjusted EBITDA, for the fourth quarter, it decreased 48% to $161 million, primarily due to lower political advertising revenue. For the full-year 2025, total company adjusted EBITDA decreased 38% to $579 million primarily due to lower political advertising revenue.
It's important to note that Tegna returned $20 million to shareholders through dividends during the fourth quarter and $80 million to shareholders through dividends in 2025. Additionally, the company's interest expense decreased, and cash and cash equivalents totaled $291 million at the end of the fourth quarter, with net leverage finishing the fourth quarter at 2.8x.
Tegna is on track to complete the proposed acquisition by Nexstar Media Group by the second half of 2026, subject to regulatory approvals and customary closing conditions. As a result of the pending merger, Tegna has suspended share repurchases under its previously announced share repurchase program but expects to continue to pay its regular quarterly dividend through the closing of the transaction.
In other key business updates, Tegna's connected TV (CTV) streaming initiatives continued to gain momentum, with 69% year-over-year growth among monthly active users. Tegna stations have the #1 local CTV streaming app in 40 of 41 Tegna markets measured by Comscore. Additionally, Tegna has made progress on its mobile initiatives, delivering a best-in-class mobile app featuring thousands of original mobile videos in a scrolling vertical feed.
Following these announcements, the company's shares moved -0.79%, and are now trading at a price of $18.85. For more information, read the company's full 8-K submission here.
