Distribution was Nexstar Media’s largest product and service line in fiscal 2025, bringing in $2.98B of $4.95B (60%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Advertising | $2.59B | $2.12B | $2.42B | $1.96B | ||||||
| Distribution | $2.57B | $2.75B | $2.98B | $2.98B | ||||||
| Distribution Revenue | — | — | — | — | ||||||
| Core Advertising | — | — | — | — | ||||||
| Core Advertising (Local & National) | — | — | — | — | ||||||
| Retransmission Compensation {Member] | — | — | — | — | ||||||
| Local | — | — | — | — | ||||||
| Digital | — | — | — | — | ||||||
| Political Advertising | — | — | — | — | ||||||
| National | — | — | — | — | ||||||
| Political | — | — | — | — | ||||||
| Trade & Barter Revenue | — | — | — | — | ||||||
| Other | $52.00M | $91.00M | $71.00M | $73.00M | ||||||
| Trade | — | — | — | — | ||||||
| Eliminations | -$4.00M | -$27.00M | -$54.00M | -$64.00M | ||||||
| Total | $5.21B | $4.93B | $5.41B | $4.95B |
Nexstar Media brought in $4.95B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 8.5% from $5.41B in fiscal 2024. Distribution was the largest at $2.98B (60.2%), ahead of Advertising at $1.96B (39.6%) and Other at $73.00M (1.5%).
Compared with fiscal 2024, Distribution grew 0.2% to $2.98B, while Advertising fell 18.9% to $1.96B. From fiscal 2022 to 2025, combined revenue from these lines fell from $5.21B to $4.95B, a compound annual decline of 1.7%. Distribution's share of the total rose from 49.4% to 60.2%.
The total is net of Eliminations, which took $64.00M off revenue in fiscal 2025.
Reportable Broadcast was Nexstar Media’s largest segment in fiscal 2025, bringing in $4.66B of $4.95B (94%).
| 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 | $5.03B | $4.61B | $5.13B | $4.66B | ||||||||
| Broadcast | — | — | — | — | ||||||||
| Broadcasting | — | — | — | — | ||||||||
| Other Segments | $173.00M | $339.00M | $317.00M | $346.00M | ||||||||
| Other | — | — | — | — | ||||||||
| Corporate (Unallocated) & Other | — | — | — | — | ||||||||
| Corporate & Other | — | — | — | — | ||||||||
| Corporate (Unallocated) | $9.00M | $10.00M | $10.00M | $10.00M | ||||||||
| Eliminations | -$4.00M | -$27.00M | -$54.00M | -$64.00M | ||||||||
| Total | $5.21B | $4.93B | $5.41B | $4.95B |
Nexstar Media brought in $4.95B from its four segments in fiscal 2025, the year ended December 31, 2025. That was down 8.5% from $5.41B in fiscal 2024. Reportable Broadcast was the largest at $4.66B (94.1%), ahead of Other Segments at $346.00M (7.0%) and Corporate (Unallocated) at $10.00M (0.2%).
Compared with fiscal 2024, Other Segments grew 9.1% to $346.00M, while Reportable Broadcast fell 9.3% to $4.66B. From fiscal 2022 to 2025, combined revenue from these segments fell from $5.21B to $4.95B, a compound annual decline of 1.7%. Reportable Broadcast's share of the total fell from 96.6% to 94.1%.
The total is net of Eliminations, which took $64.00M off revenue in fiscal 2025.
Nexstar Broadcasting was Nexstar Media’s largest revenue line in fiscal 2017, bringing in $2.16B of $2.43B (89%).
| Consolidated Entities | FY 2015 | FY 2016 | FY 2017 |
|---|---|---|---|
| Nexstar Broadcasting | $759.69M | $939.33M | $2.16B |
| Non-Guarantors | $85.55M | $102.46M | $201.04M |
| Mission | — | $61.40M | $70.59M |
| Guarantor Subsidiaries | $51.13M | — | — |
| Total | $896.38M | $1.10B | $2.43B |
Nexstar Media brought in $2.43B from its three revenue lines in fiscal 2017, the year ended December 31, 2017. That was up 120.4% from $1.10B in fiscal 2016. Nexstar Broadcasting was the largest at $2.16B (88.8%), ahead of Non-Guarantors at $201.04M (8.3%) and Mission at $70.59M (2.9%).
Compared with fiscal 2016, Nexstar Broadcasting grew fastest, up 130.0% to $2.16B. Every revenue line above 2% of revenue grew.
Nexstar Media began breaking out Mission in fiscal 2016, when it brought in $61.40M. Nexstar Media stopped reporting Guarantor Subsidiaries as a separate revenue line after fiscal 2015, when it brought in $51.13M.
Nexstar Media (NXST) reports its revenue by product and service, by segment and by consolidated entities. In fiscal 2025, Distribution was its largest product and service line, bringing in $2.98B (60.2% of the total), followed by Advertising at $1.96B (39.6%).
Distribution was Nexstar Media's largest product and service line in fiscal 2025, bringing in $2.98B, or 60.2% of the $4.95B total across its four product and service lines.
Reportable Broadcast was Nexstar Media's largest segment in fiscal 2025, bringing in $4.66B, or 94.1% of the $4.95B total across its four segments.
Nexstar Broadcasting was Nexstar Media's largest revenue line in fiscal 2017, bringing in $2.16B, or 88.8% of the $2.43B total across its three revenue lines.
Distribution grew faster than Advertising in fiscal 2025, up 0.2% from $2.98B to $2.98B. Advertising fell 18.9% to $1.96B.
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.