TEGNA INC (TGNA) FY2025 10-K Annual Report
TEGNA INC (TGNA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TEGNA INC FY2025 10-K Analysis
Business Overview
- • Core business: Local TV and radio broadcasting with digital streaming, delivering news, sports, and advertising across 51 U.S. markets reaching ~39% of U.S. TV households
- • New emphasis: Increased rollout of ATSC 3.0 NextGen TV on 22 stations enabling improved local content, targeted ads, and enhanced viewer experience
- • Strategic shift: Merger agreement with Nexstar Media Group announced in August 2025, valued at $22 per share, expected closing in H2 2026
- • Quantitative metric: 64 TV stations, 2 radio stations, $2.7 billion revenue in 2025, approximately 5,500 employees as of Dec 31, 2025
- • Noteworthy fact: Recorded most National Edward R. Murrow Awards among station groups in 2025 with 6 national and 59 regional awards
Management Discussion & Analysis
- • Long-term debt $2.54B all fixed rate as of Dec 31, 2025
- • Repayed $550M unsecured notes early in 2025 using cash on hand, paid $3.8M interest and wrote off $0.9M issuance costs
- • Unused revolving credit capacity $738.7M under $750M facility expiring Jan 2029
- • Leverage ratio 2.78x vs covenant max 4.50x, compliance expected to continue
- • Financial performance and cash flow subject to risk factors impacting covenant compliance
Risk Factors
- • Regulatory risk FCC broadcast licenses impairment tied to $395.9M licenses with potential $8.4M charge from 10% market revenue decline or 100 bps discount rate hike
- • Operational risk goodwill $3.02B (44% assets) vulnerable to macroeconomic and technological shifts affecting fair value and triggering impairment
- • Financial risk senior notes $2.54B principal due 2027-2029 with $134.2M interest due next 12 months impacting liquidity and debt servicing
- • Macroeconomic risk pension plan discount rate at 5.40% could increase liabilities by $15.1M with 50 bps decline, influencing future expenses
- • Tax risk $28.3M deferred tax valuation allowances dependent on future income and uncertain tax authority settlements
TEGNA INC FY2025 Key Financial MetricsXBRL
Revenue
$2.7B
▼ -12.6% YoY
Net Income
$220M
▼ -63.3% YoY
Operating Margin
16.3%
▼ -897bp YoY
Net Margin
8.1%
▼ -1123bp YoY
ROE
7.0%
▼ -1300bp YoY
Total Assets
$6.9B
▼ -6.2% YoY
EPS (Diluted)
$1.34
▼ -62.0% YoY
Operating Cash Flow
$326M
▼ -52.4% YoY
Source: XBRL data from TEGNA INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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