Sinclair, Inc.

Total revenue was $840 million, up 7% year over year, and adjusted EBITDA was $149 million, up 45%. In Local Media, revenue was $731 million, up 8%, and adjusted EBITDA was $149 million, up 51%. Political advertising revenue was $59 million, up 9% versus the second quarter of 2022; distribution revenue increased 2%; and core advertising revenue declined 3%. For full year 2026, Sinclair raised political advertising guidance to at least $375 million from at least $333 million, set total company core advertising guidance at $1.22 billion to $1.28 billion, and increased total company adjusted EBITDA guidance to $730 million to $760 million. Total company revenue guidance remains $3.4 billion to $3.54 billion, capex remains $75 million to $80 million, net interest expense is now expected to be $295 million to $290 million, and net cash taxes are expected to be about $50 million.

Chris Ripley said the quarter reflected early strength in the 2026 political cycle, continued distribution growth, and disciplined execution. He was notably upbeat on the expected FCC move to remove the national ownership cap, calling it a major step that could support more M&A and a more level playing field versus big tech and streamers. He also emphasized that Sinclair is prepared to participate in consolidation but will remain disciplined, and he highlighted live sports, cross-platform inventory, and deleveraging as strategic priorities.

Narinder Sahai said the EBITDA increase came from a mix of stronger political revenue, better-than-expected year-to-date performance, and ongoing expense discipline. He noted that political revenue guidance was raised by about $42 million, while the core ad outlook was reset lower by $40 million at the midpoint of prior guidance ranges because second-half political spend is expected to crowd out core demand. He also detailed approximately $320 million of debt reduction in the quarter, said total debt was about $4.1 billion at quarter end, and reported $604 million of consolidated cash and cash equivalents and about $1.4 billion of total liquidity including undrawn capacity.

Analysts focused on the FCC’s expected repeal of the national ownership cap, and management said it would make large-scale M&A easier and less risky while also helping with local market consolidation. They also asked about the political outlook and the impact of the Supreme Court ruling on lowest-unit pricing; management said the outlook already incorporates that ruling and that the company has capacity to handle the volume. On spectrum, Ripley argued low-band spectrum is underappreciated, said a future monetization could come through an auction, negotiated sale, or lease structure, and pointed to a floor value above $2.50 per megahertz-pop.