Political advertising lifts Sinclair revenue, adjusted earnings

Sinclair Broadcast Group reported higher second-quarter revenue and adjusted earnings as spending tied to the 2026 midterm elections offset weakness in its core advertising business.

Revenue increased 7% from a year earlier to $840 million, while adjusted earnings before interest, taxes, depreciation and amortization rose 45% to $149 million. Sinclair recorded a net loss attributable to the company of $76 million, compared with a $64 million loss in the second quarter of 2025.

Political advertising revenue reached $59 million, up from $6 million a year earlier and 9% above the comparable quarter during the 2022 midterm election cycle. Sinclair increased its full-year political advertising forecast from at least $333 million to at least $375 million.

The broadcaster also raised its 2026 adjusted EBITDA guidance to between $730 million and $760 million, up from its previous projection of $700 million to $740 million. Its full-year revenue forecast remained unchanged at $3.4 billion to $3.54 billion.

Sinclair lowered its expectations for core advertising, however, saying political campaigns were buying inventory that otherwise could have been sold to commercial advertisers in competitive markets. The company also cited cautious spending among several advertiser categories facing higher costs.

Core advertising revenue declined 3% to $308 million during the quarter. Distribution revenue increased 2% to $444 million, while other media and nonmedia revenue rose 4% to $29 million.

Sinclair CEO Chris Ripley said political advertising maintained momentum as the midterm election cycle intensified. He also pointed to record FIFA World Cup audiences across Sinclair’s Fox affiliates and what the company described as modest stabilization in traditional pay TV subscriber trends.

Local media, Sinclair’s largest segment, generated $731 million in revenue, up from $679 million a year earlier. The segment’s adjusted EBITDA climbed to $149 million from $99 million.

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The company reduced its debt by $320 million during the quarter, including repayment of $150 million through an accounts receivable facility. Sinclair ended June with $4.06 billion in debt, $604 million in cash and about $1.4 billion in total liquidity. It retired an additional approximately $25 million of term-loan debt in early July.