Distribution was Nexstar Media’s largest product and service line in fiscal 2025, bringing in $2.81B of $4.67B (60%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Distribution | $2.55B | $2.68B | $2.82B | $2.81B | ||||||
| Distribution Revenue | — | — | — | — | ||||||
| Advertising | $2.44B | $1.89B | $2.22B | $1.75B | ||||||
| Core Advertising | — | — | — | — | ||||||
| Core Advertising (Local & National) | — | — | — | — | ||||||
| Net Broadcast Revenue (Including Trade) | — | — | — | — | ||||||
| Political Advertising | — | — | — | — | ||||||
| Digital | — | — | — | — | ||||||
| Other | $93.00M | $128.00M | $106.00M | $108.00M | ||||||
| Trade & Barter Revenue | — | — | — | — | ||||||
| Barter Revenue | — | — | — | — | ||||||
| Trade | — | — | — | — | ||||||
| Total | $5.09B | $4.70B | $5.15B | $4.67B |
Nexstar Media brought in $4.67B from its three product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 9.4% from $5.15B in fiscal 2024. Distribution was the largest at $2.81B (60.1%), ahead of Advertising at $1.75B (37.5%) and Other at $108.00M (2.3%).
Compared with fiscal 2024, Other grew fastest, up 1.9% to $108.00M, while Advertising fell the most, down 21.2% to $1.75B. From fiscal 2022 to 2025, combined revenue from these lines fell from $5.09B to $4.67B, a compound annual decline of 2.8%. Distribution's share of the total rose from 50.2% to 60.1%.
Reportable Broadcast was Nexstar Media’s largest segment in fiscal 2025, bringing in $2.86B of $3.08B (93%).
| Segment | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reportable Broadcast | $2.55B | $2.67B | $2.87B | $2.86B | ||||||||
| Broadcast | — | — | — | — | ||||||||
| Broadcasting | — | — | — | — | ||||||||
| Other Segments | $151.00M | $227.00M | $192.00M | $207.00M | ||||||||
| Other | — | — | — | — | ||||||||
| Corporate (Unallocated) & Other | — | — | — | — | ||||||||
| Corporate & Other | — | — | — | — | ||||||||
| Corporate (Unallocated) | $17.00M | $19.00M | $10.00M | $10.00M | ||||||||
| Total | $2.72B | $2.92B | $3.07B | $3.08B |
Nexstar Media brought in $3.08B from its three segments in fiscal 2025, the year ended December 31, 2025. That is less than the $4.67B it reports by product and service, so these segments do not cover all of its revenue. Reportable Broadcast was the largest at $2.86B (93.0%), ahead of Other Segments at $207.00M (6.7%) and Corporate (Unallocated) at $10.00M (0.3%).
Compared with fiscal 2024, Other Segments grew 7.8% to $207.00M, while Reportable Broadcast fell 0.2% to $2.86B.
Nexstar Broadcasting was Nexstar Media’s largest revenue line in fiscal 2014, bringing in $572.37M of $631.31M (91%).
| Legal Entity | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 |
|---|---|---|---|---|---|
| Nexstar Broadcasting | — | $367.76M | $463.82M | $572.37M | |
| Another Company Which Is Controlled, Directly Or Indirectly, By Its Parent. The Usual Condition For Control Is Ownership Of A Majority (Over 50%) Of The Outstanding Voting Stock. The Power To Control May Also Exist With A Lesser Percentage Of Ownership, For Example, By Contract, Lease, Agreement With Other Stockholders Or By Court Decree | $294.75M | — | — | — | |
| Variable Interest Entity, Primary Beneficiary | — | $51.96M | — | — | |
| Mission | $46.73M | — | — | — | |
| Guarantor Subsidiaries | — | — | $28.97M | $36.50M | |
| Non-Guarantors | — | — | $9.54M | $22.45M | |
| Eliminations | -$34.99M | -$41.09M | — | — | |
| Total | $306.49M | $378.63M | $502.33M | $631.31M |
Nexstar Media brought in $631.31M from its three revenue lines in fiscal 2014, the year ended December 31, 2014. That was up 25.7% from $502.33M in fiscal 2013. Nexstar Broadcasting was the largest at $572.37M (90.7%), ahead of Guarantor Subsidiaries at $36.50M (5.8%) and Non-Guarantors at $22.45M (3.6%).
Compared with fiscal 2013, Non-Guarantors grew fastest, up 135.2% to $22.45M. Every revenue line above 2% of revenue grew.
Nexstar Media began breaking out Nexstar Broadcasting in fiscal 2012, Guarantor Subsidiaries in fiscal 2013 and Non-Guarantors in fiscal 2013. Nexstar Media stopped reporting Another Company Which Is Controlled, Directly Or Indirectly, By Its Parent. The Usual Condition For Control Is Ownership Of A Majority (Over 50%) Of The Outstanding Voting Stock. The Power To Control May Also Exist With A Lesser Percentage Of Ownership, For Example, By Contract, Lease, Agreement With Other Stockholders Or By Court Decree ($294.75M in fiscal 2011), Variable Interest Entity, Primary Beneficiary ($51.96M in fiscal 2012) and Mission ($46.73M in fiscal 2011) as separate revenue lines.
Nexstar Media (NXST) reports its revenue by product and service, by segment and by legal entity. In fiscal 2025, Distribution was its largest product and service line, bringing in $2.81B (60.1% of the total), followed by Advertising at $1.75B (37.5%).
Distribution was Nexstar Media's largest product and service line in fiscal 2025, bringing in $2.81B, or 60.1% of the $4.67B total across its three product and service lines.
Reportable Broadcast was Nexstar Media's largest segment in fiscal 2025, bringing in $2.86B, or 93.0% of the $3.08B total across its three segments.
Nexstar Broadcasting was Nexstar Media's largest revenue line in fiscal 2014, bringing in $572.37M, or 90.7% of the $631.31M total across its three revenue lines.
Among Nexstar Media's product and service lines that make up at least 2% of revenue, Other grew fastest in fiscal 2025, up 1.9% from $106.00M to $108.00M.
Every figure comes from Nexstar Media's annual financial filings, as reported. Each line keeps the name Nexstar Media gives it, and years follow its fiscal calendar.
Nexstar Media's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.