Short answer
TEGNA INC (TGNA) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $2.7B (−12.6% year over year) and net income of $220M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $2.7B
- −12.6% YoY
- Net income
- $220M
- −63.3% YoY
- Operating margin
- 16.3%
- −9.0 pp YoY
- EPS (diluted)
- $1.34
- −62.0% YoY
- ROE
- 7.0%
- −13.0 pp YoY
- Operating cash flow
- $326M
- −52.4% YoY
Source: XBRL data from the TEGNA INC (TGNA) FY2025 10-K on SEC EDGAR. USD.
TEGNA INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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