Revenue growth remains inconsistent, evidenced by a 4.0% increase in 2026Q1 following a 16.7% contraction in 2025Q4, while gross margins have eroded from a peak of 54.9% in 2024Q3 to 36.8% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 3.2B | 3.17B | 3.55B | 3.13B | 3.93B | 6.13B | 5.94B | 4.24B | 3.06B | 2.73B | 2.74B | 2.22B | 1.98B | 1.36B | 1.06B | 765.29M | 767.19M | 656.48M | 754.47M | 718.1M | 715.14M | 692.07M | 708.28M | 738.74M | 735.79M | 710.28M | 788.86M | 733.6M | 736.8M | 516.4M | 378.5M |
| Revenue Growth % | -9.25% | -10.68% | 13.21% | -20.21% | -35.96% | 3.21% | 40.17% | 38.79% | 11.74% | -0.1% | 23.33% | 12.27% | 45% | 28.39% | 38.73% | -0.25% | 16.86% | -12.99% | 5.07% | 0.41% | 3.33% | -2.29% | -4.12% | 0.4% | 3.59% | -9.96% | 7.53% | -0.43% | 42.68% | 36.43% | 83.65% |
| Cost of Goods Sold | 1.84B | 2.02B | 1.71B | 1.66B | 2.08B | 4.44B | 2.91B | 2.32B | 1.19B | 1.23B | 1.15B | 898.21M | 743.63M | 510.56M | 381.57M | 283.84M | 312.99M | 236.05M | 272.28M | 237.39M | 221.98M | 223.6M | 216.83M | 147.94M | 140.06M | 145.98M | 147.49M | 175.4M | 140.7M | 92.2M | 66.7M |
| COGS % of Revenue | - | 63.87% | 48.31% | 52.97% | 52.85% | 72.4% | 49% | 54.69% | 38.98% | 44.89% | 42.04% | 40.48% | 37.62% | 37.46% | 35.94% | 37.09% | 40.8% | 35.96% | 36.09% | 33.06% | 31.04% | 32.31% | 30.61% | 20.03% | 19.04% | 20.55% | 18.7% | 23.91% | 19.1% | 17.85% | 17.62% |
| Gross Profit | 1.36B | 1.15B | 1.83B | 1.47B | 1.85B | 1.69B | 3.03B | 1.92B | 1.86B | 1.51B | 1.59B | 1.32B | 1.23B | 852.57M | 680.11M | 481.45M | 454.19M | 420.42M | 482.19M | 480.71M | 493.16M | 468.47M | 491.44M | 590.8M | 595.73M | 564.3M | 641.37M | 558.2M | 596.1M | 424.2M | 311.8M |
| Gross Margin % | 42.5% | 36.13% | 51.69% | 47.03% | 47.15% | 27.6% | 51% | 45.31% | 61.02% | 55.11% | 57.96% | 59.52% | 62.38% | 62.54% | 64.06% | 62.91% | 59.2% | 64.04% | 63.91% | 66.94% | 68.96% | 67.69% | 69.39% | 79.97% | 80.96% | 79.45% | 81.3% | 76.09% | 80.9% | 82.15% | 82.38% |
| Gross Profit Growth % | - | -37.57% | 24.42% | -20.41% | 9.39% | -44.14% | 57.78% | 3.05% | 23.7% | -5% | 20.09% | 7.14% | 44.61% | 25.36% | 41.26% | 6% | 8.03% | -12.81% | 0.31% | -2.53% | 5.27% | -4.68% | -16.82% | -0.83% | 5.57% | -12.02% | 14.9% | -6.36% | 40.52% | 36.05% | 69.92% |
| Operating Expenses | 1.17B | 991M | 1.28B | 1.8B | -2.13B | 1.6B | 5.8B | 1.45B | 1.24B | 1.05B | 989.43M | 897.92M | 775.43M | 525.16M | 350.83M | 255.43M | 209.03M | 281.85M | 579.05M | 321.54M | 333.98M | 299.01M | 334.21M | 417.78M | 411.1M | 522.78M | 485.71M | 392.5M | 403.8M | 297.9M | 222.9M |
| OpEx % of Revenue | - | 31.27% | 36.16% | 57.59% | -54.18% | 26.05% | 97.64% | 34.22% | 40.73% | 38.34% | 36.15% | 40.46% | 39.23% | 38.53% | 33.05% | 33.38% | 27.25% | 42.93% | 76.75% | 44.78% | 46.7% | 43.21% | 47.19% | 56.55% | 55.87% | 73.6% | 61.57% | 53.5% | 54.8% | 57.69% | 58.89% |
| Selling, General & Admin | 825M | 806M | 979M | 1.44B | 972M | 1.08B | 980M | 1.12B | 841.89M | 762.31M | 703.02M | 620.59M | 546.65M | 383.78M | 265.66M | 152.25M | 153.89M | 148.47M | 162.43M | 164.36M | 163.37M | 160.1M | 177.12M | 246.39M | 225.16M | 226.75M | 226.53M | 141.6M | 202.1M | 145.8M | 101.1M |
| SG&A % of Revenue | - | 25.43% | 27.59% | 45.98% | 24.75% | 17.57% | 16.49% | 26.39% | 27.56% | 27.88% | 25.69% | 27.97% | 27.66% | 28.15% | 25.02% | 19.89% | 20.06% | 22.62% | 21.53% | 22.89% | 22.85% | 23.13% | 25.01% | 33.35% | 30.6% | 31.92% | 28.72% | 19.3% | 27.43% | 28.23% | 26.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10M | 4.08M | 12.44M | 6.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | 0.37% | 0.15% | 0.56% | 0.35% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 185M | 304M | 364M | -3.1B | 520M | 4.82B | 332M | 3.37M | 8.88M | 3.14M | 1.54M | 5M | 2.23M | 2.28M | 103.18M | 55.14M | 133.39M | 144.34M | 157.18M | 170.6M | 138.91M | 157.1M | 171.39M | 185.94M | 296.03M | 259.19M | 250.9M | 201.7M | 152.1M | 121.8M |
| Operating Income | 193M | 154M | 551M | -331M | 3.98B | 95M | -2.77B | 470M | 659.66M | 737.51M | 602.85M | 422.74M | 494.65M | 324.02M | 329.28M | 225.62M | 240.36M | -111.23M | 173.8M | 159.17M | 159.18M | 169.46M | 157.23M | 173.02M | 184.63M | 37.69M | 155.66M | 165.7M | 192.3M | 126.3M | 88.9M |
| Operating Margin % | 6.03% | 4.86% | 15.53% | -10.56% | 101.32% | 1.55% | -46.64% | 11.08% | 21.59% | 26.97% | 22.03% | 19.05% | 25.03% | 23.77% | 31.01% | 29.48% | 31.33% | -16.94% | 23.04% | 22.17% | 22.26% | 24.49% | 22.2% | 23.42% | 25.09% | 5.31% | 19.73% | 22.59% | 26.1% | 24.46% | 23.49% |
| Operating Income Growth % | - | -72.05% | 266.47% | -108.32% | 4089.47% | 103.43% | -689.79% | -28.75% | -10.56% | 22.34% | 42.61% | -14.54% | 52.66% | -1.6% | 45.94% | -6.13% | 316.09% | -164% | 9.19% | -0.01% | -6.06% | 7.77% | -9.13% | -6.29% | 389.93% | -75.79% | -6.06% | -13.83% | 52.26% | 42.07% | 96.68% |
| EBITDA | 497M | 477M | 801M | -60M | 4.3B | 763M | -1.97B | 937M | 1.04B | 1.13B | 1.01B | 687.62M | 723.44M | 465.39M | 414.45M | 328.8M | 295.5M | -45.98M | 321.33M | 324.4M | 319.51M | 311.85M | 326.08M | 348.49M | 382.45M | 317.29M | 414.85M | 416.6M | 394M | 278.4M | 210.7M |
| EBITDA Margin % | 15.53% | 15.05% | 22.58% | -1.91% | 109.5% | 12.44% | -33.1% | 22.1% | 34.06% | 41.29% | 37.01% | 30.99% | 36.6% | 34.14% | 39.04% | 42.96% | 38.52% | -7% | 42.59% | 45.18% | 44.68% | 45.06% | 46.04% | 47.17% | 51.98% | 44.67% | 52.59% | 56.79% | 53.47% | 53.91% | 55.67% |
| EBITDA Growth % | -38.57% | -40.45% | 1435% | -101.39% | 463.7% | 138.79% | -309.93% | -9.96% | -7.82% | 11.44% | 47.33% | -4.95% | 55.45% | 12.29% | 26.05% | 11.27% | 742.62% | -114.31% | -0.95% | 1.53% | 2.45% | -4.36% | -6.43% | -8.88% | 20.54% | -23.52% | -0.42% | 5.74% | 41.52% | 32.13% | 67.75% |
| D&A (Non-Cash Add-back) | 304M | 323M | 250M | 271M | 321M | 668M | 805M | 467M | 380.99M | 391.45M | 410.2M | 264.89M | 228.79M | 141.37M | 85.17M | 103.18M | 55.14M | 65.25M | 147.53M | 165.23M | 160.32M | 142.4M | 168.85M | 175.47M | 197.82M | 279.6M | 259.19M | 250.9M | 201.7M | 152.1M | 121.8M |
| EBIT | 304M | 242M | 699M | -332M | 623M | 46M | 1.46B | 440M | 602M | 731.06M | 584.03M | 425.24M | 487.41M | 268.44M | 340.89M | 227.5M | 231.9M | -90.44M | -282.25M | 135.08M | 158.66M | 190.35M | 146.6M | 154.71M | 168.36M | 41.7M | 155.88M | 165.7M | 169.7M | 119.1M | 89M |
| Net Interest Income | -336M | -395M | -304M | -305M | -296M | -618M | -656M | -422M | -292M | -212M | -211.14M | -191.45M | -174.86M | -162.94M | -128.55M | -106.13M | -116.05M | -80.02M | -86.89M | -95.87M | -115.22M | -118.59M | -120.4M | -128.23M | -126.5M | -143.57M | -148.91M | 0 | -139M | 0 | -84.3M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 743K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 336M | 395M | 304M | 305M | 296M | 618M | 656M | 422M | 291.98M | 212.31M | 211.14M | 191.45M | 174.86M | 162.94M | 128.55M | 106.13M | 116.05M | 80.02M | 77.72M | 95.87M | 115.22M | 118.59M | 120.4M | 128.23M | 126.5M | 143.57M | 148.91M | 0 | 139M | 0 | 84.3M |
| Other Income/Expense | -283M | -307M | -156M | -306M | -366M | -594M | -377M | -269M | -350M | -218M | -229.96M | -188.94M | -182.1M | -218.51M | -116.94M | -104.25M | -124.96M | -59.23M | -81.42M | -119.95M | -103.04M | -98.92M | -132.05M | -116.29M | -186.25M | -203.2M | -190.36M | -182.8M | -163.3M | -114.7M | -81M |
| Pretax Income | -90M | -153M | 395M | -637M | 3.61B | -499M | -3.15B | 201M | 310.22M | 518.74M | 372.89M | 233.79M | 312.55M | 105.51M | 212.34M | 121.37M | 115.85M | -170.46M | 104.43M | 39.22M | 55.62M | 72.68M | 25.19M | 38.42M | 5.22M | -165.19M | -30.96M | -17.1M | 39.9M | 11.5M | 8M |
| Pretax Margin % | -2.81% | -4.83% | 11.13% | -20.33% | 92.01% | -8.13% | -52.99% | 4.74% | 10.15% | 18.97% | 13.62% | 10.54% | 15.81% | 7.74% | 20% | 15.86% | 15.1% | -25.97% | 13.84% | 5.46% | 7.78% | 10.5% | 3.56% | 5.2% | 0.71% | -23.26% | -3.92% | -2.33% | 5.42% | 2.23% | 2.11% |
| Income Tax | -166M | -54M | 76M | -358M | 913M | -173M | -720M | 96M | -35.77M | -75.36M | 122.13M | 57.69M | 97.43M | 41.25M | 67.85M | 44.78M | 40.23M | -32.51M | 42.63M | 18.8M | 6.97M | 37.06M | 11.18M | 15.67M | 1.37M | -51.68M | 4.82M | 25.1M | 45.7M | 16M | 6.9M |
| Effective Tax Rate % | 184.44% | 35.29% | 19.24% | 56.2% | 25.26% | 34.67% | 22.86% | 47.76% | -11.53% | -14.53% | 32.75% | 24.68% | 31.17% | 39.1% | 31.95% | 36.9% | 34.72% | 19.07% | 40.82% | 47.94% | 12.53% | 51% | 44.4% | 40.78% | 26.23% | 31.29% | -15.56% | -146.78% | 114.54% | 139.13% | 86.25% |
| Net Income | 64M | -112M | 310M | -291M | 2.65B | -414M | -2.41B | 47M | 341.24M | 576.01M | 245.3M | 171.52M | 212.28M | 73.47M | 144.67M | 75.8M | 76.15M | -135.69M | 61.66M | 43.11M | 102.62M | 187.31M | 24.02M | 24.39M | -564.49M | -127.72M | 77.36M | 167.7M | -16.9M | -10.6M | 1.1M |
| Net Margin % | 2% | -3.53% | 8.74% | -9.29% | 67.52% | -6.75% | -40.62% | 1.11% | 11.17% | 21.07% | 8.96% | 7.73% | 10.74% | 5.39% | 13.63% | 9.9% | 9.93% | -20.67% | 8.17% | 6% | 14.35% | 27.07% | 3.39% | 3.3% | -76.72% | -17.98% | 9.81% | 22.86% | -2.29% | -2.05% | 0.29% |
| Net Income Growth % | -51.14% | -136.13% | 206.53% | -110.97% | 740.58% | 82.85% | -5236.17% | -86.23% | -40.76% | 134.82% | 43.01% | -19.2% | 188.94% | -49.22% | 90.86% | -0.46% | 156.12% | -320.07% | 43.01% | -57.99% | -45.21% | 679.74% | -1.52% | 104.32% | -341.97% | -265.09% | -53.87% | 1092.31% | -59.43% | -1063.64% | 1000% |
| Net Income (Continuing) | 76M | -99M | 319M | -279M | 2.7B | -326M | -2.43B | 105M | 346M | 594M | 250.76M | 176.1M | 215.12M | 64.26M | 144.49M | 76.59M | 75.63M | -137.95M | -241.35M | 20.41M | 48.5M | 34.51M | 14.68M | 16.14M | -10.29M | -127.67M | -37.83M | -42.2M | -26.2M | -8.8M | 1.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.56M | 465K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -75M | -73M | -67M | -64M | -67M | 64M | 89M | 192M | -38.52M | -34.37M | -30.05M | -26.13M | -22.54M | 9.33M | 16.9M | 9.81M | 8.34M | 9.73M | 16.3M | 3.07M | 685K | 966K | 1.27M | 2.57M | 2.75M | 4.33M | 204.98M | 203.9M | 3.6M | 3.7M | 3.9M |
| EPS (Diluted) | 0.90 | -1.61 | 4.69 | -4.47 | 37.53 | -5.52 | -30.20 | 1.13 | 3.35 | 5.72 | 2.60 | 1.79 | 2.17 | 0.78 | 1.78 | 0.94 | 0.94 | -1.70 | -2.87 | 0.26 | 0.63 | 2.43 | 0.16 | 0.16 | -6.60 | -1.38 | 0.73 | 1.63 | -0.18 | -0.18 | 0.02 |
| EPS Growth % | -55% | -134.33% | 204.92% | -111.91% | 779.89% | 81.72% | -2772.57% | -66.27% | -41.43% | 120% | 45.25% | -17.51% | 178.21% | -56.18% | 89.36% | 0% | 155.29% | 40.77% | -1203.85% | -58.73% | -74.07% | 1418.75% | 0% | 102.42% | -378.26% | -289.04% | -55.21% | 1005.56% | 0% | -1000% | -75.43% |
| EPS (Basic) | - | -1.61 | 4.71 | -4.47 | 37.54 | -5.52 | -30.20 | 1.14 | 3.38 | 5.77 | 2.62 | 1.81 | 2.19 | 0.79 | 1.79 | 0.94 | 0.95 | -1.70 | -2.87 | 0.26 | 0.63 | 2.43 | 0.16 | 0.16 | -6.62 | -1.38 | 0.73 | 1.63 | -0.18 | -0.18 | 0.02 |
| Diluted Shares Outstanding | 70.82M | 69.12M | 66.1M | 65.13M | 70.66M | 75.05M | 79.92M | 93.19M | 101.72M | 100.79M | 94.43M | 95.73M | 97.82M | 93.84M | 81.31M | 80.53M | 83.61M | 79.98M | 85.79M | 87.02M | 85.69M | 85.39M | 86.51M | 87.76M | 85.51M | 92.85M | 91.9M | 102.88M | 95.54M | 58.89M | 55M |
| Basic Shares Outstanding | 70.56M | 69.12M | 65.78M | 65.13M | 70.65M | 75.05M | 79.92M | 92.02M | 100.91M | 99.84M | 93.57M | 95M | 97.11M | 93.21M | 81.02M | 80.22M | 80.25M | 79.98M | 85.79M | 86.91M | 85.68M | 85.38M | 86.51M | 87.76M | 85.29M | 92.85M | 91.8M | 102.88M | 93.58M | 58.89M | 55M |
| Dividend Payout Ratio | - | - | 21.29% | - | 2.64% | - | - | 155.32% | 21.85% | 12.39% | 26.87% | 36.57% | 28.78% | 77.27% | 85.61% | 50.6% | 44.95% | - | 108.15% | 114.79% | - | 10.25% | 17.79% | 42.43% | - | - | 13.38% | 6.2% | - | - | - |
High leverage and cord-cutting
As reported in recent financial statements, Sinclair's revenue trajectory remains highly inconsistent, evidenced by a 4.0% growth rate in 2026Q1 following a significant 16.7% contraction in 2025Q4, largely driven by the inherent volatility of political advertising cycles and the ongoing secular decline in linear television.
The revenue profile appears heavily dependent on biennial political spending, which masks the underlying erosion of core advertising demand. Investors should monitor whether the company can stabilize its top-line performance as the influence of political cycles wanes and the structural shift away from traditional broadcast media continues.
Based on the company's reported figures, gross margins have fluctuated significantly, peaking at 54.9% in 2024Q3 before compressing to 36.8% by 2026Q1, suggesting that Sinclair faces persistent challenges in managing the rising costs of network affiliation fees against a shrinking subscriber base for linear television.
The volatility in gross margins indicates a lack of pricing power, as the company appears unable to fully pass through reverse retransmission costs to distributors. This margin profile suggests that the broadcast business model is increasingly sensitive to the pace of cord-cutting, which may limit future profitability expansion.
According to recent SEC filings, Sinclair's operating income has shown extreme sensitivity to revenue shifts, with operating margins falling to 4.2% in 2026Q1, highlighting the difficulty of scaling fixed costs in an environment where revenue growth is inconsistent and heavily reliant on non-recurring political ad spend.
The company's inability to maintain consistent operating margins suggests that its cost structure is not sufficiently flexible to adapt to declining linear viewership. This lack of operating leverage may indicate that management's efforts to control SG&A are being offset by the structural necessity of maintaining local news production.
While management emphasizes the potential of ATSC 3.0, the income statement data reveals a concerning trend where net income frequently dips into negative territory, as seen in the 2025 fiscal year, suggesting that the core broadcast business may be struggling to generate sustainable, high-quality earnings.
Short-sellers may focus on the recurring impairment charges and the volatility of net income as evidence that the company's core assets are underperforming. The reliance on non-operating items and the high debt-to-equity ratio warrant further investigation into whether the company can maintain its dividend and debt obligations without further asset divestitures.
Quick answers to the most common questions about buying SBGI stock.
For fiscal year 2025, Sinclair, Inc. (SBGI) reported total revenue of $3.17B. This represents a 737.3% increase compared to $378.5M in 1996.
Sinclair, Inc. (SBGI) reported a net loss of $112.0M for the fiscal year ending 2025.
Sinclair, Inc. (SBGI) reported an operating income of $154.0M, resulting in an operating profit margin of 4.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Sinclair, Inc. (SBGI) generated $1.15B in gross profit for the year, representing a gross profit margin of 36.1%. This demonstrates the company's core pricing power and production efficiency.