TEGNA Inc. Reports Third Quarter 2025 Results

As previously announced on August 19, 2025, TEGNA Inc. and Nexstar Media Group entered into a definitive agreement, under which Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion Proposed transaction is expected to close by the second half of 2026, subject to customary closing conditions including TEGNA shareholder and regulatory approvals TYSONS, Va., Nov. 10, 2025 (GLOBE NEWSWIRE) -- TEGNA Inc. (NYSE: TGNA) today announced financial results for the third quarter ended September 30, 2025. THIRD QUARTER FINANCIAL HIGHLIGHTS:All Year-Over-Year Comparisons Unless Otherwise Noted: Total company revenue decreased 19% to $651 million, in line with our guidance. The primary drivers of the decline were lower political advertising revenue, consistent with cyclical even-to-odd year comparisons, and lower advertising and marketing services (AMS) revenue.Distribution revenue decreased 1% to $358 million due to subscriber declines, partially offset by contractual rate increases.AMS revenue decreased 12% to $273 million primarily due to ongoing macroeconomic challenges, the absence of Summer Olympic games, and lower Premion-related revenue following the exit of a major exclusive reseller partner, partially offset by growth from local sports rights and local digital growth.GAAP operating expenses decreased 3% to $559 million due to core operational cost cutting initiatives primarily seen in compensation and outside services expense reductions, partially offset by increased M&A-related costs and non-GAAP operating expenses1 decreased 4% to $544 million, exceeding our guidance range.GAAP and non-GAAP operating income1 totaled $92 million and $107 million, respectively.GAAP net income attributable to TEGNA Inc. was $37 million and non-GAAP net income attributable to TEGNA Inc.1 was $53 million.GAAP and non-GAAP earnings per diluted share1 were $0.23 and $0.33, respectively.Total company Adjusted EBITDA2 decreased 52% to $131 million primarily due to lower political advertising revenue and AMS revenue, partially offset by continued cost benefits from core operational cost-cutting initiatives.Net cash flow from operations was $59 million and Adjusted Free Cash Flow3 was $64 million. TEGNA returned $20 million to shareholders through dividends during the third quarter. During the quarter, TEGNA called the full $550 million of its 4.75% senior notes due March 15, 2026– On July 2, 2025, TEGNA partially called $250 million; and– On September 22, 2025, TEGNA called the remaining $300 million. Interest expense decreased 8% to $39 million due to the aforementioned early redemption of the 4.75% senior notes due March 15, 2026, during the quarter.Cash and cash equivalents totaled $233 million at the end of the third quarter. Net leverage finished the third quarter at 2.9x4. ___________________1 See Table 3 for details2 See Table 4 for details3 See Table 5 for details4 See Table 6 for details TRANSACTION OVERVIEW: On August 19, 2025, TEGNA Inc. and Nexstar Media Group announced that they entered into a definitive agreement under which Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a cash transaction valued at $6.2 billion. The closing of the transaction, which is expected to occur by the second half of 2026, is subject to regulatory approvals and other customary closing conditions. In light of the pending merger between TEGNA and Nexstar, TEGNA will not be providing forward-looking guidance with respect to financial metrics. TEGNA does not intend to update or reaffirm any prior guidance during the pendency of the transaction. TEGNA has suspended share repurchases under our previously announced share repurchase program. As permitted by the definitive agreement with Nexstar, TEGNA expects to continue to pay its regular quarterly dividend through the closing of the transaction. KEY BUSINESS UPDATES: TEGNA stations received six national Edward R. Murrow Awards. KING in Seattle, was honored with three awards including Overall Excellence, Large Market Television, marking the fourth consecutive year a TEGNA station has received this honor. Other stations that received awards include: KARE in Minneapolis, KUSA in Denver, and WFAA in Dallas.TEGNA announced the extension of its agreement with Kroenke Sports and Entertainment to broadcast 20 Denver Nuggets games and 20 Colorado Avalanche games for free over-the-air on Denver’s 9NEWS (KUSA-TV) and My20 (KTVD-TV). FORWARD-LOOKING STATEMENTS Certain statements in this 8-K earnings release that do not describe historical facts may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “could,” “might,” “expect,” “positioned,” “strategy,” “future,” “potential,” “forecast,” “outlook,” or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These include, but are not limited to, statements regarding TEGNA’s future financial and operating results (including growth and earnings), capital allocation framework, plans, objectives, expectations and intentions and other statements that are not historical facts. These forward-looking statements are necessarily estimates reflecting the best judgment and current views, projections, estimates, expectations, plans, assumptions and beliefs about future events (in each case subject to change) of TEGNA’s senior management and involve a number of risks, uncertainties and other factors, many of which may be beyond our control that could cause actual results to differ materially from those views, projections, estimates, expectations, plans, assumptions and beliefs expressed or implied in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, risks and uncertainties related to: The timing, receipt and terms and conditions of any required governmental or regulatory approvals of the proposed transaction that could reduce the anticipated benefits of or cause the parties to abandon the proposed transaction;Risks related to the satisfaction of the conditions to closing the proposed transaction (including the failure to obtain necessary regulatory approvals or the approval of the TEGNA’s stockholders), in the anticipated timeframe or at all;The risk that any announcements relating to the proposed transaction could have adverse effects on the market price of TEGNA’s common stock;Disruption from the proposed transaction making it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with TEGNA’s customers, vendors and others with whom it does business;The occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into pursuant to the proposed transaction;Risks related to disruption of management’s attention from TEGNA’s ongoing business operations due to the proposed transaction;Significant transaction costs;The risk of litigation and/or regulatory actions related to the proposed transaction or unfavorable results from currently pending litigation and proceedings or litigation and proceedings that could arise in the future;Changes in the market price of TEGNA’s shares, general economic and market conditions, constraints, volatility, or disruptions in the capital markets;The possibility that TEGNA’s capital allocation plan, including dividends, share repurchases and/or strategic acquisitions, investments and partnerships may not enhance long-term stockholder value;Legal proceedings, judgments or settlements;TEGNA’s ability to re-price or renew subscribers;Changes in, or failure or inability to comply with, government regulations including, without limitation, regulations of the FCC, and adverse outcomes from regulatory proceedings;The effects of extreme weather and climate events on our operations as well as our counterparties, customers, employees, third-party vendors and suppliers;Information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity, malware or ransomware attacks;Changes in technology, including changes in the distribution and viewing of television programming;The reaction by advertisers, programming providers, strategic partners, FCC or other government regulators to businesses that we may seek to acquire;The risk that we may become responsible for liabilities of businesses that we may acquire;Future financial performance, including our ability to obtain additional financing in the future on favorable terms;The failure of our business to produce projected revenues or cash flows;Continued consolidation in the industry, including MVPDs, vMVPDs, advertising agencies and other important third parties;The loss of key personnel and/or talent or expenditure of a greater amount of resources attracting, retaining and motivating key personnel than in the past;Strikes or other union job actions that affect our operations, including, without limitation, failure to renew our collective bargaining agreements on mutually favorable terms;Uncertainties inherent in the development of new business lines and business strategies;Changes in laws or regulations under which we operate;Competitor responses to our products and services;Changes in consumer behaviors and impacts on and modifications to TEGNA’s operations and business relating thereto;The potential effects of tariffs on the demand for our advertising services; andOther economic, competitive, governmental, technological and other factors and risks that may affect TEGNA’s operations or financial results, which are discussed in our Quarterly Report on Form 10-Q. Any forward-looking statements in this 8-K earnings release should be evaluated in light of these important factors. The list of factors above is illustrative, but by no means exhaustive. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. All subsequent written and oral forward-looking statements concerning the matters addressed in this 8-K earnings release and attributable to us or any person acting on our behalf are qualified by these cautionary statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, these expectations may not be achieved. We may change our intentions, beliefs or expectations at any time and without notice, based upon any change in our assumptions or otherwise. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ADDITIONAL INFORMATION TEGNA Inc. (NYSE: TGNA) helps people thrive in their local communities by providing the trusted local news and services that matter most. With 64 television stations in 51 U.S. markets, TEGNA reaches more than 100 million people monthly across the web, mobile apps, connected TVs, and linear television. Together, we are building a sustainable future for local news. For more information, visit TEGNA.com. For media inquiries, contact: For investor inquiries, contact:Molly McMahon Julie HeskettSenior Director, Corporate Communications Senior Vice President, Chief Financial Officer703-873-6422 703-873-6747mmcmahon@TEGNA.com investorrelations@TEGNA.com CONSOLIDATED STATEMENTS OF INCOMETEGNA Inc. Unaudited, in thousands of dollars (except per share amounts) Table No. 1 Quarter ended Sept. 30, 2025 2024 Change Revenues$650,791 $806,827 (19%) Operating expenses: Cost of revenues 422,121 437,855 (4%)Business units - Selling, general and administrative expenses 89,901 96,882 (7%)Corporate - General and administrative expenses 22,821 13,188 73%Depreciation 14,997 15,543 (4%)Amortization of intangible assets 8,831 13,467 (34%)Total 558,671 576,935 (3%)Operating income 92,120 229,892 (60%) Non-operating (expense) income: Interest expense (39,027) (42,288) (8%)Interest income 5,935 7,023 (15%)Other non-operating items, net (5,104) (2,696) 89%Total (38,196) (37,961) 1% Income before income taxes 53,924 191,931 (72%)Provision for income taxes 16,808 44,743 (62%)Net income 37,116 147,188 (75%)Net loss attributable to redeemable noncontrolling interest — 260 *** Net income attributable to TEGNA Inc.$37,116 $147,448 (75%) Earnings per share: Basic$0.23 $0.89 (74%)Diluted$0.23 $0.89 (74%) Weighted average number of common shares outstanding: Basic shares 161,606 165,188 (2%)Diluted shares 163,047 165,748 (2%) CONSOLIDATED STATEMENTS OF INCOMETEGNA Inc. Unaudited, in thousands of dollars (except per share amounts) Table No. 1 (continued) Nine months ended Sept. 30, 2025 2024 Change Revenues$2,005,885 $2,231,442 (10%) Operating expenses: Cost of revenues 1,286,008 1,300,466 (1%)Business units - Selling, general and administrative expenses 280,446 294,080 (5%)Corporate - General and administrative expenses 43,086 40,671 6%Depreciation 46,272 45,026 3%Amortization of intangible assets 26,516 40,790 (35%)Asset impairment and other — 1,097 *** Total 1,682,328 1,722,130 (2%)Operating income 323,557 509,312 (36%) Non-operating (expense) income: Interest expense (122,627) (126,404) (3%)Interest income 22,176 18,469 20%Other non-operating items, net (7,548) 144,313 *** Total (107,999) 36,378 *** Income before income taxes 215,558 545,690 (60%)Provision for income taxes 52,233 127,211 (59%)Net income 163,325 418,479 (61%)Net loss attributable to redeemable noncontrolling interest 384 673 (43%)Net income attributable to TEGNA Inc.$163,709 $419,152 (61%) Earnings per share: Basic$1.01 $2.44 (59%)Diluted$1.00 $2.44 (59%) Weighted average number of common shares outstanding: Basic shares 161,312 170,820 (6%)Diluted shares 162,546 171,334 (5%) REVENUE CATEGORIESTEGNA Inc. Unaudited, in thousands of dollars Table No. 2 Below is a detail of our primary sources of revenue: Quarter ended Sept. 30, 2025 2024 Change Distribution$358,451 $361,585 (1%)Advertising & Marketing Services 273,378 309,661 (12%)Political 9,881 126,318 (92%)Other 9,081 9,263 (2%)Total revenues$650,791 $806,827 (19%) Nine months ended Sept. 30, 2025 2024 Change Distribution$1,107,584 $1,113,292 (1%)Advertising & Marketing Services 847,631 904,299 (6%)Political 21,689 185,789 (88%)Other 28,981 28,062 3%Total revenues$2,005,885 $2,231,442 (10%) USE OF NON-GAAP INFORMATION The company uses non-GAAP financial performance and liquidity measures to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the related GAAP measures, nor should they be considered superior to the related GAAP measures and should be read together with financial information presented on a GAAP basis. Also, our non-GAAP measures may not be comparable to similarly titled measures of other companies. Management and the company’s Board of Directors (the “Board”) regularly use Employee compensation, Corporate–General and administrative expenses, Operating expenses, Operating income, Income before income taxes, Provision for income taxes, Net income attributable to TEGNA Inc., and Diluted earnings per share, each presented on a non-GAAP basis, for purposes of evaluating company performance. Management and the Board also use Adjusted EBITDA and Adjusted free cash flow to evaluate company performance and liquidity, respectively. The Leadership Development and Compensation Committee of our Board uses non-GAAP measures such as Adjusted EBITDA, non-GAAP net income, non-GAAP EPS, and Adjusted free cash flow to evaluate and compensate senior management. The Board uses Adjusted free cash flow in its periodic assessments of, among other things, repurchases of the company’s common stock, the company’s dividends, strategic opportunities and long-term debt retirement. The company, therefore, believes that each of the non-GAAP measures presented provides useful information to investors and other stakeholders by allowing them to view our business through the eyes of management and our Board, facilitating comparisons of results across historical periods and focus on the underlying ongoing operating performance of our business. The company also believes these non-GAAP measures are frequently used by investors, securities analysts and other interested parties in their evaluation of our business and other companies in the broadcast industry. The company discusses in this release non-GAAP financial performance and liquidity measures that exclude from its reported GAAP results the impact of “special items” consisting of asset impairment and other, merger and acquisition (M&A)-related costs, retention costs, earnout adjustments, workforce restructuring, and a gain related to the sale of the company’s investment in Broadcast Music Inc. (“BMI”), and an impairment charge related to an investment. The company believes that such expenses and gains are not indicative of normal, ongoing operations. While these items should not be disregarded in evaluating our earnings or liquidity performance, it is useful to exclude such items when analyzing current results and trends compared to other periods as these items can vary significantly from period to period depending on specific underlying transactions or events that may occur. Therefore, while we may incur or recognize these types of expenses, charges and gains, in the future, the company believes that removing these items for purposes of calculating the non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance. The company also discusses Adjusted EBITDA (with and without stock-based compensation expense), a non-GAAP financial performance measure that it believes offers a useful view of the overall operation of its businesses. The company defines Adjusted EBITDA as net income attributable to TEGNA before (1) net loss attributable to redeemable noncontrolling interest, (2) income taxes, (3) interest expense, (4) interest income, (5) other non-operating items, net, (6) earnout adjustments, (7) employee retention costs, (8) M&A-related costs, (9) asset impairment and other, (10) workforce restructuring costs, (11) depreciation and (12) amortization of intangible assets. The company believes these adjustments facilitate company-to-company operating performance comparisons by removing potential differences caused by variations unrelated to operating performance, such as capital structures (interest expense), income taxes, and the age and book appreciation of property and equipment (and related depreciation expense). The most directly comparable GAAP financial measure to Adjusted EBITDA is Net income attributable to TEGNA. Users should consider the limitations of using Adjusted EBITDA, including the fact that this measure does not provide a complete measure of our operating performance. Adjusted EBITDA is not intended to purport to be an alternate to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. In particular, Adjusted EBITDA is not intended to be a measure of cash flow available for management’s discretionary expenditures, as this measure does not consider certain cash requirements, such as working capital needs, capital expenditures, contractual commitments, interest payments, tax payments and other debt service requirements. This earnings release also discusses Adjusted free cash flow, a non-GAAP liquidity measure. The most directly comparable GAAP financial measure to Adjusted free cash flow is Net cash flow from operating activities. Adjusted free cash flow is defined as Net cash flow from operating activities less payments for purchases of property and equipment plus or minus special items. The company removes special items affecting cash flow from operating activities because we do not consider these items to be indicative of its underlying cash flow generation for the reporting period. Adjusted free cash flow is not intended to be a measure of residual cash available for management’s discretionary use since it omits significant sources and uses of cash flow including mandatory debt repayments. This earnings release also presents our net leverage ratio which includes Adjusted EBITDA (without stock-based compensation) as a component of the computation. Our net leverage ratio is a financial measure that is used by management to assess the borrowing capacity of the company and management believes it is useful to investors for the same reason. The company defines its net leverage ratio as (a) net debt (total debt less cash and cash equivalents) as of the balance sheet date divided by (b) Average Annual Adjusted EBITDA for the trailing two-year period. NON-GAAP FINANCIAL INFORMATIONTEGNA Inc. Unaudited, in thousands of dollars (except per share amounts) Table No. 3 Reconciliations of certain line items impacted by special items to the most directly comparable financial measure calculated and presented in accordance with GAAP on the company’s Consolidated Statements of Income follow: Special Items Quarter ended Sept. 30, 2025 GAAPmeasure Retention costs - Cash M&A-related costs Workforce restructuring Other non-operating item Non-GAAPmeasure Employee compensation $174,319 $(1,179) $— $(1,157) $— $171,983 Corporate - General and administrative expenses 22,821 (566) (12,368) (58) — 9,829 Operating expenses 558,671 (1,179) (12,368) (1,157) — 543,967 Operating income 92,120 1,179 12,368 1,157 — 106,824 Income before income taxes 53,924 1,179 12,368 1,157 2,094 70,722 Provision for income taxes 16,808 90 318 287 — 17,503 Net income attributable to TEGNA Inc. 37,116 1,089 12,050 870 2,094 53,219 Earnings per share - diluted $0.23 $0.01 $0.07 $0.01 $0.01 $0.33 Special Items Quarter ended Sept. 30, 2024 GAAPmeasure Retention costs - SBC Retention costs - Cash Workforce restructuring Non-GAAPmeasure Employee compensation $193,380 $(4,044) $(2,390) $(4,167) $182,779 Corporate - General and administrative expenses 13,188 (1,771) (1,181) (1,231) 9,005 Operating expenses 576,935 (4,044) (2,390) (4,167) 566,334 Operating income 229,892 4,044 2,390 4,167 240,493 Income before income taxes 191,931 4,044 2,390 4,167 202,532 Provision for income taxes 44,743 242 430 518 45,933 Net income attributable to TEGNA Inc. 147,448 3,802 1,960 3,649 156,859 Earnings per share - diluted $0.89 $0.02 $0.01 $0.02 $0.94 NON-GAAP FINANCIAL INFORMATIONTEGNA Inc. Unaudited, in thousands of dollars (except per share amounts) Table No. 3 (continued) Special Items Nine months ended Sept. 30, 2025 GAAPmeasure Earnout adjustment Retention costs - SBC Retention costs - Cash M&A-related costs Workforce restructuring Other non-operating item Non-GAAPmeasure Employee compensation $517,909 $— $(1,634) $(1,886) $— $(3,932) $— $510,457 Corporate - General and administrative expenses 43,086 — (457) (875) (12,368) (192) — 29,194 Operating expenses 1,682,328 (1,697) (1,634) (1,886) (12,368) (3,932) — 1,660,811 Operating income 323,557 1,697 1,634 1,886 12,368 3,932 — 345,074 Income before income taxes 215,558 1,697 1,634 1,886 12,368 3,932 2,094 239,169 Provision for income taxes 52,233 435 300 222 318 988 — 54,496 Net income attributable to TEGNA Inc. 163,709 1,262 1,334 1,664 12,050 2,944 2,094 185,057 Earnings per share - diluted $1.00 $0.01 $0.01 $0.01 $0.07 $0.02 $0.01 $1.13 Special Items Nine months ended Sept. 30, 2024 GAAPmeasure Retention costs - SBC Retention costs - Cash M&A-related costs Workforce restructuring Asset impairment and other Other non-operating item Non-GAAPmeasure Employee compensation $565,908 $(9,135) $(3,963) $— $(7,804) $— $— $545,006 Corporate - General and administrative expenses 40,671 (3,094) (2,056) (2,290) (1,834) — — 31,397 Operating expenses 1,722,130 (9,135) (3,963) (2,290) (7,804) (1,097) — 1,697,841 Operating income 509,312 9,135 3,963 2,290 7,804 1,097 — 533,601 Income before income taxes 545,690 9,135 3,963 2,290 7,804 1,097 (152,867) 417,112 Provision for income taxes 127,211 1,035 678 593 1,408 284 (36,621) 94,588 Net income attributable to TEGNA Inc. 419,152 8,100 3,285 1,697 6,396 813 (116,246) 323,197 Earnings per share - diluted (a) $2.44 $0.05 $0.02 $0.01 $0.04 $0.01 $(0.68) $1.88 (a) Per share amounts do not sum due to rounding. NON-GAAP FINANCIAL INFORMATIONTEGNA Inc. Unaudited, in thousands of dollars Table No. 4 Reconciliations of Adjusted EBITDA to net income presented in accordance with GAAP on the company’s Consolidated Statements of Income are presented below: Quarter ended Sept. 30, 2025 2024 Net income attributable to TEGNA Inc. (GAAP basis)$37,116 $147,448 Less: Net loss attributable to redeemable noncontrolling interest — (260)Plus: Provision for income taxes 16,808 44,743 Plus: Interest expense 39,027 42,288 Less: Interest income (5,935) (7,023)Plus: Other non-operating items, net 5,104 2,696 Operating income (GAAP basis) 92,120 229,892 Plus: Retention costs - employee awards stock-based compensation — 4,044 Plus: Retention costs - cash 1,179 2,390 Plus: M&A-related costs 12,368 — Plus: Workforce restructuring 1,157 4,167 Adjusted operating income (non-GAAP basis) 106,824 240,493 Plus: Depreciation 14,997 15,543 Plus: Amortization of intangible assets 8,831 13,467 Adjusted EBITDA$130,652 $269,503 Stock-based compensation expenses: Employee awards 7,455 6,546 Company stock 401(k) match contributions 4,024 4,035 Adjusted EBITDA before stock-based compensation costs$142,131 $280,084 Nine months ended Sept. 30, 2025 2024 Net income attributable to TEGNA Inc. (GAAP basis)$163,709 $419,152 Less: Net loss attributable to redeemable noncontrolling interest (384) (673)Plus: Provision for income taxes 52,233 127,211 Plus: Interest expense 122,627 126,404 Less: Interest income (22,176) (18,469)Plus (Less): Other non-operating items, net 7,548 (144,313)Operating income (GAAP basis) 323,557 509,312 Plus: Octillion earnout adjustment 1,697 — Plus: M&A-related costs 12,368 2,290 Plus: Asset impairment and other — 1,097 Plus: Workforce restructuring 3,932 7,804 Plus: Retention costs - employee stock-based compensation expenses 1,634 9,135 Plus: Retention costs - cash 1,886 3,963 Adjusted operating income (non-GAAP basis) 345,074 533,601 Plus: Depreciation 46,272 45,026 Plus: Amortization of intangible assets 26,516 40,790 Adjusted EBITDA$417,862 $619,417 Stock-based compensation expenses: Employee awards 18,896 21,526 Company stock 401(k) match contributions 12,673 14,251 Adjusted EBITDA before stock-based compensation costs$449,431 $655,194 NON-GAAP FINANCIAL INFORMATIONTEGNA Inc. Unaudited, in thousands of dollars Table No. 5 Reconciliation of Adjusted free cash flow to Net cash flow from operating activities presented in accordance with GAAP on the company’s Consolidated Statements of Cash Flows is presented below: Sept. 30, 2025 Quarter Year-to-date Net cash flow from operating activities (GAAP basis)$59,134 $218,625 Less: Purchases of property and equipment (10,759) (22,810) Special items: M&A related costs 11,285 11,285 Workforce restructuring 2,432 12,330 Retention costs - cash 2,240 2,974 Total Adjustments 15,957 26,589 Adjusted free cash flow (non-GAAP basis)$64,332 $222,404 NON-GAAP FINANCIAL INFORMATIONTEGNA Inc. Unaudited, in thousands of dollars Table No. 6 The following table reconciles our total outstanding debt. Sept. 30, 2025 Total outstanding principal$2,540,000 Less: Cash and cash equivalents (232,775)Net debt (numerator)$2,307,225 The following table shows the calculation of the average annual Adjusted EBITDA before stock-based compensation over the trailing two-year period (“T2Y”). Adjusted EBITDA before stock-based compensation: Nine months ended September 30, 20251$449,431 Plus: Year ended December 31, 20242 978,753 Plus: Year ended December 31, 20232 781,562 Less: Nine months ended September 30, 20233 (593,057)Combined T2Y$1,616,689 Divided by 2 T2Y Adjusted EBITDA (denominator)$808,345 The following table shows the calculation of the net leverage ratio. Sept. 30, 2025 Net debt (numerator)$2,307,225 T2Y Adjusted EBITDA (denominator)$808,345 Net Leverage Ratio 2.9x 1 A non-GAAP measure detailed in Table 4.2 Refer to page 34 of the 2024 Form 10-K for reconciliations of 2024 and 2023 Adjusted EBITDA before stock-based compensation costs to net income attributable to TEGNA Inc.3 Refer to page 24 in our Q3 2024 Form 10-Q for reconciliations of our Q3 2023 Adjusted EBITDA before stock-based compensation costs to net income attributable to TEGNA Inc.

TEGNA Inc. Reports Third Quarter 2025 Results

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