Scripps(US:SSP)2026-02-26 12:19Financial Performance - Scripps reported Q4 2025 revenue of $560 million, a decrease of 23% or $168 million from the prior-year quarter[7]. - Loss attributable to shareholders was $44.9 million or 51 cents per share, compared to income of $80.3 million or 92 cents per share in the prior-year quarter[8]. - Operating revenues for Q4 2025 were $560,258, a decrease of 23.1% from $728,379 in Q4 2024[26]. - Total operating revenues for the year ended December 31, 2025 were $2,150,585, a decline of 14.3% from $2,509,772 in 2024[26]. - Net income for the three months ended December 31, 2025, was a loss of $28,501 compared to a profit of $95,387 in 2024, representing a significant decrease[38]. - Adjusted EBITDA for the three months ended December 31, 2025, was $86,374, down from $229,347 in 2024, indicating a decline of approximately 62.3%[41]. Revenue Segments - Core advertising revenue increased by 12% to $165 million in Q4 2025, with the largest category, services, up 20%[14]. - Scripps Networks segment revenue was $199 million, down 7.7% from the prior-year quarter, while segment profit increased to $63.5 million[12]. - Local Media segment revenues fell by 29.6% to $359,952 in Q4 2025, compared to $511,003 in Q4 2024[34]. - Scripps Networks segment revenues decreased by 7.7% to $199,489 in Q4 2025, down from $216,139 in Q4 2024[34]. - Political advertising revenue in the Local Media segment plummeted by 94.8% to $9,009 in Q4 2025, down from $174,359 in Q4 2024[35]. Costs and Expenses - Employee compensation and benefits in the Scripps Networks segment decreased by 26.7% to $21,807 in Q4 2025, compared to $29,736 in Q4 2024[35]. - Restructuring costs for Q4 2025 were $2,353, significantly lower than $14,872 in Q4 2024[34]. - Interest expense increased to $59,346 for the three months ended December 31, 2025, compared to $48,862 in 2024, an increase of about 21.4%[41]. - Capital expenditures for the three months ended December 31, 2025, were $13,748, compared to $10,980 in 2024, reflecting an increase of approximately 25.4%[42]. Debt and Liabilities - Total debt as of December 31 was $2.6 billion, with cash and cash equivalents totaling $27.9 million[14]. - Total current liabilities decreased from $482,394 in 2024 to $453,601 in 2025, a reduction of approximately 5.97%[36]. - Long-term debt (less current portion) increased slightly from $2,560,560 in 2024 to $2,585,534 in 2025, an increase of about 0.98%[36]. - The company did not declare or provide payment for any of the 2025 quarterly preferred stock dividends, totaling $117 million in undeclared and unpaid cumulative dividends[16]. Future Outlook - The company expects political advertising revenue to reach nearly $11 billion in the 2026 midterm election cycle, with Scripps well-positioned to capture a significant share[4]. - The transformation plan targets annualized enterprise EBITDA growth of $125-$150 million by 2028, with early benefits expected in the second half of 2026[5]. - For the full year 2026, Scripps anticipates interest payments of $180-$190 million and capital expenditures of $60-$70 million[20]. Assets and Shareholder Information - Total assets decreased from $5,198,575 in 2024 to $5,008,628 in 2025, a decline of approximately 3.65%[36]. - Basic weighted-average shares outstanding increased to 88,757 in 2025 from 86,312 in 2024, an increase of approximately 2.83%[38]. - The company reported a loss on extinguishment of debt of $2,404 for the three months ended December 31, 2025, with no such loss reported in 2024[41].