Operating margins have compressed significantly to 4.8% in 2026Q1 from a 26.3% peak in 2024Q4, reflecting the firm's inability to scale profitability outside of peak political advertising windows.
| 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 | 2.14B | 2.15B | 2.51B | 2.29B | 2.45B | 2.28B | 1.86B | 1.35B | 1.21B | 864.83M | 943.05M | 715.66M | 869.07M | 816.87M | 903.46M | 728.66M | 776.89M | 802.36M | 1B | 2.52B | 2.5B | 2.51B | 2.17B | 1.87B | 1.54B | 1.44B | 1.72B | 1.57B | 1.45B | 1.24B | 1.12B |
| Revenue Growth % | -13.33% | -14.31% | 9.46% | -6.53% | 7.43% | 22.94% | 37.45% | 11.83% | 39.73% | -8.29% | 31.77% | -17.65% | 6.39% | -9.58% | 23.99% | -6.21% | -3.17% | -19.91% | -60.2% | 0.76% | -0.63% | 15.98% | 15.61% | 22.09% | 6.86% | -16.41% | 9.42% | 8.02% | 17.12% | 10.71% | 8.88% |
| Cost of Goods Sold | 1.45B | 1.43B | 1.32B | 1.28B | 1.23B | 1.11B | 929.75M | 701.84M | 1B | 770.07M | 742.36M | 624.82M | 769.15M | 741.58M | 755.97M | 690.37M | 686.52M | 749.03M | 272.72M | 855.47M | 591.74M | 1.88B | 1.64B | 1.44B | 1.13B | 457.54M | 748.4M | 678.6M | 710.2M | 513.5M | 485.9M |
| COGS % of Revenue | - | 66.28% | 52.63% | 55.97% | 50.29% | 48.44% | 50.05% | 51.93% | 82.77% | 89.04% | 78.72% | 87.31% | 88.5% | 90.78% | 83.68% | 94.74% | 88.37% | 93.35% | 27.22% | 33.99% | 23.69% | 74.6% | 75.71% | 76.78% | 73.86% | 31.84% | 43.53% | 43.19% | 48.82% | 41.34% | 43.31% |
| Gross Profit | 688.72M | 725.24M | 1.19B | 1.01B | 1.22B | 1.18B | 927.73M | 649.56M | 208.24M | 94.76M | 200.68M | 90.84M | 99.92M | 75.29M | 147.49M | 38.29M | 90.37M | 53.33M | 729.07M | 1.66B | 1.91B | 638.56M | 526.4M | 435.27M | 401.38M | 979.59M | 970.96M | 892.7M | 744.4M | 728.5M | 636M |
| Gross Margin % | 32.14% | 33.72% | 47.37% | 44.03% | 49.71% | 51.56% | 49.95% | 48.07% | 17.23% | 10.96% | 21.28% | 12.69% | 11.5% | 9.22% | 16.32% | 5.26% | 11.63% | 6.65% | 72.78% | 66.01% | 76.31% | 25.4% | 24.29% | 23.22% | 26.14% | 68.16% | 56.47% | 56.81% | 51.18% | 58.66% | 56.69% |
| Gross Profit Growth % | - | -39% | 17.77% | -17.21% | 3.58% | 26.9% | 42.82% | 211.94% | 119.74% | -52.78% | 120.93% | -9.09% | 32.71% | -48.95% | 285.14% | -57.62% | 69.45% | -92.69% | -56.12% | -12.83% | 198.54% | 21.31% | 20.94% | 8.44% | -59.03% | 0.89% | 8.77% | 19.92% | 2.18% | 14.54% | -38.28% |
| Operating Expenses | 529.06M | 563M | 776.51M | 1.76B | 791.1M | 776.56M | 624.24M | 562.21M | 63.99M | 56.34M | 72.91M | 110.63M | 59.07M | 56.6M | 57.95M | 40.07M | 46.11M | 44.73M | 1.52B | 1.45B | 1.22B | 195.07M | 69M | 68.09M | 62.77M | 705.15M | 625.87M | 596.1M | 468.3M | 477.6M | 430.1M |
| OpEx % of Revenue | - | 26.18% | 30.94% | 76.88% | 32.25% | 34.01% | 33.61% | 41.6% | 5.3% | 6.51% | 7.73% | 15.46% | 6.8% | 6.93% | 6.41% | 5.5% | 5.94% | 5.57% | 151.59% | 57.67% | 48.84% | 7.76% | 3.18% | 3.63% | 4.09% | 49.07% | 36.4% | 37.94% | 32.19% | 38.45% | 38.34% |
| Selling, General & Admin | 426.98M | 563M | 606.18M | 614.77M | 623.16M | 595.11M | 497.75M | 449.88M | 19.75M | 14.11M | 27.96M | 70.77M | 10M | 8.84M | 24.54M | 351.9M | 351.81M | 376.47M | 667.54M | 908.36M | 1.11B | 1.62B | 1.46B | 1.27B | 0 | 470.54M | 516.71M | 492.2M | 364.5M | 400M | 360.7M |
| SG&A % of Revenue | - | 26.18% | 24.15% | 26.81% | 25.4% | 26.06% | 26.8% | 33.29% | 1.63% | 1.63% | 2.97% | 9.89% | 1.15% | 1.08% | 2.72% | 48.29% | 45.28% | 46.92% | 66.64% | 36.09% | 44.41% | 64.51% | 67.38% | 67.97% | - | 32.74% | 30.05% | 31.32% | 25.06% | 32.21% | 32.15% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | 0 | 170.33M | 1.15B | 167.94M | 181.46M | 126.49M | 112.33M | -19.6M | -3.48M | -2.65M | -1.42M | -8.39M | -11.76M | -4.75M | -675K | 1.8M | -673K | 851.1M | 543.19M | 110.79M | 195.07M | 69M | 68.09M | 62.77M | 234.62M | 109.17M | 103.9M | 103.8M | 77.6M | 69.4M |
| Operating Income | 159.66M | 162.24M | 412.49M | -753.24M | 428.34M | 400.75M | 303.49M | 87.36M | 129.96M | -1.9M | 126.65M | -82.87M | 29.14M | 13.64M | 73.9M | -23.37M | 31.58M | -217.75M | -789.57M | 210.12M | 686.23M | 443.49M | 457.4M | 365.34M | 338.61M | 274.44M | 345.09M | 296.6M | 276.1M | 250.9M | 205.9M |
| Operating Margin % | 7.45% | 7.54% | 16.44% | -32.85% | 17.46% | 17.55% | 16.34% | 6.46% | 10.75% | -0.22% | 13.43% | -11.58% | 3.35% | 1.67% | 8.18% | -3.21% | 4.06% | -27.14% | -78.82% | 8.35% | 27.47% | 17.64% | 21.1% | 19.49% | 22.05% | 19.1% | 20.07% | 18.88% | 18.98% | 20.2% | 18.35% |
| Operating Income Growth % | - | -60.67% | 154.76% | -275.85% | 6.89% | 32.05% | 247.4% | -32.78% | 6929.16% | -101.5% | 252.83% | -384.42% | 113.68% | -81.55% | 416.18% | -174.02% | 114.5% | 72.42% | -475.76% | -69.38% | 54.73% | -3.04% | 25.2% | 7.89% | 23.38% | -20.47% | 16.35% | 7.42% | 10.04% | 21.86% | 13.66% |
| EBITDA | 231.45M | 11.4M | 567.72M | -598.14M | 588.78M | 562.67M | 410.64M | 171.7M | 193.95M | 54.44M | 181.85M | -30.92M | 78.21M | 61.4M | 123.23M | 16.7M | 76.47M | -172.57M | -742.6M | 368.69M | 801.33M | 534.7M | 529.23M | 433.42M | 401.38M | 373.56M | 454.25M | 400.5M | 379.9M | 328.5M | 275.3M |
| EBITDA Margin % | 10.8% | 0.53% | 22.62% | -26.09% | 24% | 24.64% | 22.11% | 12.71% | 16.05% | 6.29% | 19.28% | -4.32% | 9% | 7.52% | 13.64% | 2.29% | 9.84% | -21.51% | -74.13% | 14.65% | 32.08% | 21.27% | 24.42% | 23.12% | 26.14% | 25.99% | 26.42% | 25.49% | 26.12% | 26.45% | 24.54% |
| EBITDA Growth % | -58.04% | -97.99% | 194.91% | -201.59% | 4.64% | 37.02% | 139.16% | -11.47% | 256.26% | -70.06% | 688.14% | -139.54% | 27.38% | -50.18% | 638.09% | -78.17% | 144.31% | 76.76% | -301.42% | -53.99% | 49.87% | 1.03% | 22.1% | 7.98% | 7.45% | -17.76% | 13.42% | 5.42% | 15.65% | 19.32% | 11.12% |
| D&A (Non-Cash Add-back) | 71.79M | -150.83M | 155.23M | 155.1M | 160.43M | 161.92M | 107.16M | 84.34M | 63.99M | 56.34M | 55.2M | 51.95M | 49.07M | 47.76M | 49.33M | 40.07M | 44.89M | 45.17M | 46.97M | 158.57M | 115.1M | 91.2M | 71.83M | 68.09M | 62.77M | 99.13M | 109.17M | 103.9M | 103.8M | 77.6M | 69.4M |
| EBIT | 142.26M | 101.47M | 420.32M | -754M | 437.59M | 352.25M | 302.01M | 81.6M | 110.36M | -5.38M | 114.93M | -96.66M | 21.13M | -11.55M | 69.15M | -24.05M | 33.38M | -228.76M | -813.74M | 143.55M | 746.17M | 584.91M | 489.94M | 367.18M | 338.61M | 274.44M | 345.09M | 295.3M | 276.1M | 250.9M | 205.9M |
| Net Interest Income | -277.36M | -220.97M | -210.34M | -213.51M | -161.13M | -165.16M | -92.99M | -80.6M | -36.18M | -26.7M | -18.04M | -15.1M | -8.49M | -10.44M | -12.25M | -1.64M | -3.67M | -2.55M | -10.74M | -35.73M | -55.97M | -34.02M | -27.51M | -26.53M | -28.3M | -39.2M | -51.93M | 0 | -47.1M | 0 | -9.6M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.77M | 3.37M | 5.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 277.36M | 220.97M | 210.34M | 213.51M | 161.13M | 165.16M | 92.99M | 80.6M | 36.18M | 26.7M | 18.04M | 15.1M | 8.49M | 10.45M | 12.25M | 1.64M | 3.67M | 2.55M | 10.94M | 37.98M | 55.97M | 38.79M | 30.88M | 31.59M | 28.3M | 39.2M | 51.93M | 45.6M | 47.1M | 0 | 9.6M |
| Other Income/Expense | -267.15M | -281.74M | -202.51M | -214.27M | -151.88M | -213.66M | -94.47M | -86.36M | -55.78M | -30.17M | -35.02M | -16.52M | -13.28M | -8.37M | -16.99M | -2.31M | -1.87M | -1.48M | -34.91M | -102.31M | 377.91M | 28.89M | 42.19M | 43.45M | -34.69M | -36.85M | -73.55M | -45.6M | -51.7M | 24.3M | 10.2M |
| Pretax Income | -107.49M | -119.5M | 209.98M | -967.51M | 276.46M | 187.09M | 209.02M | 1M | 74.17M | -32.08M | 105.97M | -99.39M | 12.25M | -8.57M | 56.91M | -25.69M | 29.71M | -219.23M | -936.99M | 254.65M | 690.2M | 472.37M | 542.65M | 423.06M | 303.92M | 237.59M | 271.54M | 251M | 224.3M | 275.2M | 216.1M |
| Pretax Margin % | -5.02% | -5.56% | 8.37% | -42.2% | 11.27% | 8.19% | 11.25% | 0.07% | 6.14% | -3.71% | 11.24% | -13.89% | 1.41% | -1.05% | 6.3% | -3.53% | 3.82% | -27.32% | -93.53% | 10.12% | 27.63% | 18.79% | 25.04% | 22.57% | 19.79% | 16.53% | 15.79% | 15.97% | 15.42% | 22.16% | 19.26% |
| Income Tax | -8.28M | -18.63M | 63.76M | -19.73M | 80.56M | 71.19M | 55.46M | 2.92M | 18.1M | -20.05M | 38.73M | -32.76M | 2.03M | -7.85M | 16.98M | -10M | 840K | -27.17M | -304.66M | 177.26M | 219.26M | 191.29M | 195.77M | 137.97M | 115.62M | 99.62M | 108.09M | 104.1M | 93.1M | 117.5M | 86M |
| Effective Tax Rate % | 7.7% | 15.59% | 30.37% | 2.04% | 29.14% | 38.05% | 26.53% | 290.54% | 24.4% | 62.52% | 36.55% | 32.96% | 16.58% | 91.55% | 29.85% | 38.93% | 2.83% | 12.39% | 32.51% | 69.61% | 31.77% | 40.5% | 36.08% | 32.61% | 38.04% | 41.93% | 39.81% | 41.47% | 41.51% | 42.7% | 39.8% |
| Net Income | -99.21M | -100.88M | 146.22M | -947.78M | 195.9M | 122.71M | 269.33M | -18.38M | 20.38M | -13.11M | 67.23M | -82.48M | 10.53M | -474K | 40.19M | -15.54M | 130.51M | -209.6M | -476.59M | -1.62M | 353.22M | 249.15M | 303.81M | 270.81M | 188.3M | 137.96M | 163.45M | 146.9M | 131.2M | 157.7M | 157.4M |
| Net Margin % | -4.63% | -4.69% | 5.83% | -41.34% | 7.99% | 5.37% | 14.5% | -1.36% | 1.69% | -1.52% | 7.13% | -11.52% | 1.21% | -0.06% | 4.45% | -2.13% | 16.8% | -26.12% | -47.57% | -0.06% | 14.14% | 9.91% | 14.02% | 14.44% | 12.26% | 9.6% | 9.51% | 9.35% | 9.02% | 12.7% | 14.03% |
| Net Income Growth % | -170.29% | -168.99% | 115.43% | -583.81% | 59.64% | -54.44% | 1565.52% | -190.17% | 255.51% | -119.49% | 181.52% | -883.33% | 2321.31% | -101.18% | 358.66% | -111.9% | 162.26% | 56.02% | -29300.99% | -100.46% | 41.77% | -17.99% | 12.18% | 43.82% | 36.48% | -15.59% | 11.27% | 11.97% | -16.8% | 0.19% | 18.01% |
| Net Income (Continuing) | -99.21M | -100.88M | 146.22M | -947.78M | 195.9M | 115.9M | 153.56M | -1.91M | 69.89M | -12.02M | 59.92M | -73.87M | 9.46M | -10.09M | 39.92M | -15.69M | 28.87M | -192.06M | -632.33M | 71.93M | 470.94M | 396.98M | 322.76M | 270.81M | 188.3M | 137.96M | 163.45M | 146.1M | 131.3M | 157.7M | 130.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 6.81M | 115.77M | -16.46M | 0 | 0 | 7.31M | -8.61M | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43.96M | 0 | 3.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 632K | 0 | 0 | 1.66M | 1.96M | 2.21M | 2.48M | 2.63M | 3.36M | 3.4M | 141.93M | 122.43M | 91.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.11 | -1.87 | 1.01 | -11.84 | 1.62 | 0.74 | 1.01 | -0.02 | 0.25 | -0.16 | 0.80 | -1.07 | 0.18 | -0.01 | 0.69 | -0.27 | 2.03 | -3.89 | -8.81 | -0.03 | 6.42 | 4.53 | 5.88 | 5.25 | 3.48 | 2.60 | 3.06 | 2.73 | 2.37 | 2.90 | 2.93 |
| EPS Growth % | -301.09% | -285.15% | 108.53% | -830.86% | 118.92% | -26.73% | 4361.6% | -109.48% | 256.25% | -120% | 174.77% | -694.44% | - | -101.22% | 355.56% | -113.3% | 152.19% | 55.85% | -29663.51% | -100.46% | 41.72% | -22.96% | 12% | 50.86% | 33.85% | -15.03% | 12.09% | 15.19% | -18.28% | -1.02% | 16.73% |
| EPS (Basic) | - | -1.87 | 1.01 | -11.84 | 1.71 | 0.79 | 1.02 | -0.02 | 0.25 | -0.16 | 0.80 | -1.07 | 0.18 | -0.01 | 0.70 | -0.27 | 2.04 | -3.89 | -8.81 | -0.03 | 6.48 | 4.59 | 5.88 | 5.25 | 3.48 | 2.63 | 3.06 | 2.73 | 2.37 | 2.94 | 2.94 |
| Diluted Shares Outstanding | 89.77M | 88.02M | 86.07M | 84.27M | 87.35M | 87.98M | 81.83M | 80.83M | 81.93M | 82.05M | 83.64M | 77.37M | 57.24M | 56.52M | 55.38M | 57.22M | 57M | 53.9M | 54.1M | 54.76M | 54.95M | 55.14M | 54.92M | 54.26M | 54.11M | 53.16M | 53.42M | 53.52M | 55.4M | 54.47M | 53.81M |
| Basic Shares Outstanding | 89.77M | 88.02M | 85.74M | 84.27M | 83.22M | 82.33M | 81.42M | 80.83M | 81.37M | 80.85M | 83.34M | 77.37M | 56.34M | 56.03M | 54.91M | 57.22M | 56.86M | 53.9M | 54.1M | 54.34M | 54.41M | 54.43M | 51.67M | 51.58M | 54.11M | 52.56M | 53.42M | 53.52M | 55.4M | 53.64M | 53.54M |
| Dividend Payout Ratio | - | - | - | - | 24.5% | - | 6.15% | - | 80.44% | - | - | - | - | - | - | - | 0.48% | - | - | - | 21.74% | 28.24% | 20.77% | 18.63% | 27.16% | 36.81% | 28.88% | 32.06% | 35.44% | 29.17% | 28.27% |
Cyclical revenue and leverage
As reported in financial statements, SSP's revenue trajectory remains heavily influenced by the biennial political advertising cycle, with the most recent quarterly figures showing a 1.4% year-over-year decline, following a significant 23.1% revenue drop observed in the final quarter of 2025 compared to prior periods.
The revenue profile appears highly sensitive to the absence of political spending, which masks the underlying performance of core commercial advertising. Investors should monitor whether the current contraction reflects a structural decline in retransmission fee growth or merely the expected trough in the industry's biennial cycle.
Based on the company's reported income statements, gross margins have fluctuated significantly, ranging from a low of 13.8% in 2025Q4 to a peak of 52.3% in 2024Q4, suggesting that the firm's cost structure is highly susceptible to the timing of content acquisition and political ad displacement.
The wide variance in gross margins indicates that Scripps lacks the pricing power to fully insulate its profitability from the cyclical nature of its advertising inventory. This volatility warrants further investigation into whether the company's fixed-cost content obligations are becoming increasingly difficult to cover during non-election periods.
According to recent SEC filings, the company's operating income has struggled to scale, with operating margins compressing to 4.8% in 2026Q1, down from the 26.3% peak achieved in 2024Q4, indicating that SG&A expenses remain a persistent burden on the firm's ability to generate consistent operating profit.
The inability to maintain operating leverage during lower-revenue quarters suggests that the company's cost base is largely fixed, leaving little room for margin expansion when advertising demand softens. This structural rigidity may imply that the firm is over-invested in local news production relative to current market demand.
As evidenced by the provided financial data, SSP has reported negative net income in eight of the last ten quarters, with a net margin of -4.69% in the most recent period, suggesting that non-operating expenses or impairment charges are consistently eroding the firm's bottom-line profitability.
The recurring net losses appear to be a significant concern, as they suggest that the company's core broadcast operations are not currently generating sufficient returns to cover interest and depreciation. Investors should be cautious, as these persistent deficits may indicate that the firm's capital allocation strategy is failing to create shareholder value.
Based on the reported figures, the company's reliance on traditional broadcast revenue streams faces significant headwinds, as evidenced by the 14.31% year-over-year revenue decline and the negative net margin, which may suggest that the firm's competitive moat is being eroded by the broader shift toward digital distribution.
Short-sellers would likely focus on the company's inability to achieve consistent profitability outside of peak political cycles, which may indicate a terminal decline in the traditional broadcast model. The discrepancy in reported debt levels further complicates the narrative, suggesting that the firm's financial position may be more precarious than the headline figures imply.
Quick answers to the most common questions about buying SSP stock.
For fiscal year 2025, The E.W. Scripps Company (SSP) reported total revenue of $2.15B. This represents a 91.7% increase compared to $1.12B in 1996.
The E.W. Scripps Company (SSP) reported a net loss of $100.9M for the fiscal year ending 2025.
The E.W. Scripps Company (SSP) reported an operating income of $162.2M, resulting in an operating profit margin of 7.5%. This margin reflects the operational efficiency of the business before interest and taxes.
The E.W. Scripps Company (SSP) generated $725.2M in gross profit for the year, representing a gross profit margin of 33.7%. This demonstrates the company's core pricing power and production efficiency.