Grade History
| Quarter | Disclosure Quality | Financial Quality |
|---|---|---|
| Q1'25 → | B+ | B |
| Q2'25 → | B+ | B |
| Q3'25 → | B | B- |
| Q4'25 → | B+ | B |
| Q1'26 → | B+ | B |
Promise Ledger · All Quarters
| Marked | Promise | Status | |
|---|---|---|---|
| Q1'26 | ⏳ | Distribution revenue growth low single digits gross, mid single digits net Maintained guidance despite subscriber pressures | pending |
| Q1'26 | ⏳ | Additional operating expense savings in 2026 Reaffirmed focus on efficiency and centralization | pending |
| Q1'26 | ✅ | Low double-digit share of broadcast political advertising Q1 performance up 89% vs 2022 suggests strong positioning | delivered |
| Q1'26 | ⏳ | Digital revenue to surpass national advertising revenue in 2026 Reaffirmed as important milestone for long-term trajectory | pending |
| Q1'26 | ⏳ | The CW profitability by Q4 2026 Reaffirmed with 30%+ loss improvement expected in 2026 | pending |
| Q1'26 | ⏳ | TEGNA transaction close by end of Q2 2026 Still on track despite legal challenges, regulatory approvals obtained | pending |
| Q4'25 | ✅ | Q4 cash taxes expected in $45M range Actual Q4 cash taxes at $33M, better than expected | delivered |
| Q4'25 | ✅ | Q4 interest expense expected in $88M range Came in at $89M cash basis, essentially in line with guidance | delivered |
| Q4'25 | ❌ | Nonpolitical advertising expected to decline low single digits in Q4 Actually grew 4.5% in Q4, second consecutive quarter of beating lowered expectations | missed |
| Q4'25 | ✅ | TEGNA transaction closing expectations for second half of 2026 Upgraded timeline to 'by end of second quarter 2026' with regulatory momentum | exceeded |
| Q4'25 | ✅ | Distribution revenue guidance for 2025 to be flat Roughly flat for the year after adjusting for one-time dispute resolution | delivered |
| Q4'25 | ✅ | CW losses to be lower than 2024 by about 25% in 2025 Delivered 32% loss reduction, beating the 25% target by meaningful margin | exceeded |
| Q3'25 | ✅ | Conservative capital allocation pending regulatory clarity No share repurchases, conserving cash for TEGNA acquisition | delivered |
| Q3'25 | ✅ | Strong expense management and operational discipline Direct operating expenses down $23M or 3% YoY | delivered |
| Q3'25 | ✅ | NewsNation continuing growth momentum #1 basic cable network for YoY growth maintained through Q3 | delivered |
| Q3'25 | ✅ | Nonpolitical advertising expected low single-digit decline in Q3 Delivered essentially flat, better than forecasted decline | exceeded |
| Q3'25 | ❌ | Distribution revenue guidance of flat for full year Down 1.4% in Q3, would need dispute settlement impact to meet guidance | missed |
| Q3'25 | ⏳ | CW losses to be lower than 2024 by about 25% On track with Q3 showing 24% improvement, but need Q4 execution | pending |
| Q2'25 | ⏳ | CW path to breakeven/profitability in 2026 Maintained timeline, losses improving as planned | pending |
| Q2'25 | ✅ | Bring political advertising sales completely in-house National political sales division created and fully operational | delivered |
| Q2'25 | ✅ | Non-political advertising down low-mid single digits Q1 Q1 was -4.2%, better than low-mid single digit decline | exceeded |
| Q2'25 | ✅ | Digital advertising consistent growth overall Mid-single digit growth continuing, higher in local business | delivered |
| Q2'25 | ✅ | Distribution revenue relatively flat for the year Q1 +0.1%, Q2 flat - tracking as guided | delivered |
| Q2'25 | ⏳ | CW improved profitability about 25% in 2025 over 2024 On track - Q2 showed $21M YoY improvement, maintaining full-year guidance | pending |
| Q1'25 | ✅ | Continue share repurchases as largest component of capital allocation $75M in Q1, maintaining aggressive pace | delivered |
| Q1'25 | ⏳ | Non-political advertising to be slightly up in 2025 Q1 down 4.2%, Q2 forecast down mid-single digits - looks tough | pending |
| Q1'25 | ⏳ | CW profitability during 2026 Unchanged from Q4 but Q1 losses increased 'more than $10M' | pending |
| Q1'25 | ⏳ | 2025 EBITDA guidance $1.5-1.595B Q1 suggests low end of range more likely | pending |
| Q1'25 | ✅ | Distribution revenue to be relatively flat in 2025 Q1 up only 0.1%, tracking to guidance | delivered |
| Q1'25 | ✅ | CW to improve cash flow by more than $100M in 2024 Delivered $127M improvement, 27% better than promised | exceeded |
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