The Company has operating leases for office spaces, tower facilities, antenna sites, studios and other real estate properties and equipment. The operating leases have remaining lease terms of one month to 88 years, some of which may include options to extend the leases from two years to 99 years, and some of which may include options to terminate the leases within one year. Lease contracts that the Company has executed but which have not yet commenced as of June 30, 2026 were not material.

On March 19, 2026, in connection with its acquisition of TEGNA (see Note 3), Nexstar recognized ROU assets of $70 million, current lease liabilities of $11 million, and noncurrent lease liabilities of $56 million.

As of June 30, 2026 and December 31, 2025, the following table presents balance sheet and other information related to operating leases ($ in millions):


	Balance Sheet Classification	June 30, 2026			December 31, 2025
Operating lease right-of-use assets, net	Other noncurrent assets, net	$	323		$	265
Current operating lease liabilities	Operating lease liabilities	$	54		$	41
Noncurrent operating lease liabilities	Other noncurrent liabilities	$	287		$	242

Weighted Average Remaining Lease Term of Operating leases		7.3 years			7.9 years
Weighted Average Discount Rate of Operating leases			5.1	%		4.7	%

Operating lease expense for the three months ended June 30, 2026 was $19 million, of which $8 million and $11 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. Operating lease expense for the three months ended June 30, 2025 was $15 million, of which $6 million and $9 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations.

Operating lease expense for the six months ended June 30, 2026 was $34 million, of which $15 million and $19 million were included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations. Operating lease expense for the six months ended June 30, 2025 was $31 million, of which $14 million and $17 million were

included in Direct operating and Selling, general and administrative expenses, respectively, excluding depreciation and amortization, in the accompanying Condensed Consolidated Statements of Operations.

Cash paid for operating leases included in the operating cash flows was $31 million and $30 million for the six months ended June 30, 2026 and 2025, respectively.

Future minimum lease payments under non-cancellable leases as of June 30, 2026 were as follows (in millions):


	Operating Leases
Remainder of 2026	$	39
2027		65
2028		62
2029		56
2030		51
2031		36
Thereafter		109
Total future minimum lease payments		418
Less: imputed interest		(77	)
Total	$	341