v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 446 $ 280
Accounts receivable, net of allowance for credit losses of $26 and $18, respectively 1,550 1,075
Broadcast rights 85 61
Prepaid expenses and other current assets 111 57
Total current assets 2,192 1,473
Property and equipment, net 1,830 1,158
Goodwill 5,034 2,910
FCC licenses 5,112 2,949
Intangible assets, net 2,773 1,587
Investments 385 396
Other noncurrent assets, net 451 373
Total assets [1] 17,777 10,846
Current liabilities:    
Current portion of debt 556 111
Accounts payable 215 133
Broadcast rights payable 87 48
Accrued expenses 671 314
Operating lease liabilities 52 41
Deferred revenue 123 24
Other current liabilities 40 40
Total current liabilities 1,744 711
Debt 10,853 6,222
Deferred tax liabilities 2,144 1,354
Other noncurrent liabilities 560 497
Total liabilities [1] 15,301 8,784
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests (Note 2) 28 19
Stockholders' equity:    
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of September 30, 2026 and December 31, 2025
Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 30,818,165 shares outstanding as of September 30, 2026 and 47,282,823 shares issued, 30,327,669 shares outstanding as of December 31, 2025
Additional paid-in capital 1,326 1,331
Accumulated other comprehensive loss (15) (15)
Retained earnings 3,882 3,537
Treasury stock - at cost; 16,464,658 and 16,955,154 shares as of September 30, 2026 and December 31, 2025, respectively (2,721) (2,789)
Total Nexstar Media Group, Inc. stockholders' equity 2,472 2,064
Noncontrolling interests (24) (21)
Total stockholders' equity 2,448 2,043
Total liabilities, redeemable noncontrolling interests and stockholders' equity 17,777 10,846
Network Affiliation Agreements [Member]    
Current assets:    
Intangible assets, net 2,483 1,305
Other Intangible Assets [Member]    
Current assets:    
Intangible assets, net $ 290 $ 282
[1] The condensed consolidated total assets as of September 30, 2026 and December 31, 2025 include certain assets held by consolidated VIEs of $290 million and $292 million, respectively, which are not available to be used to settle the obligations of Nexstar. The condensed consolidated total liabilities as of September 30, 2026 and December 31, 2025 include certain liabilities of consolidated VIEs of $147 million and $139 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.