Core Insights - TEGNA reported Q2 2025 non-GAAP earnings per share of $0.44, exceeding analyst forecasts of $0.36, while GAAP revenue was $675 million, surpassing expectations by $3.4 million but down 4.9% year-over-year [1][2][5] Financial Performance - Non-GAAP EPS was $0.44, down 12% from $0.50 in Q2 2024 [2] - GAAP revenue of $675 million decreased from $710 million in Q2 2024, reflecting a 4.9% decline [2][5] - Adjusted EBITDA was $151 million, down 14.3% from $176 million in Q2 2024 [2] - Net income attributable to TEGNA Inc. was $67.9 million, a 17.3% decrease from $82.1 million in Q2 2024 [2] Business Overview - TEGNA operates a portfolio of local TV stations and digital properties, focusing on news, sports, and entertainment [3] - The business model relies heavily on advertising and distribution fees, with increasing emphasis on digital and streaming initiatives [3] Strategic Focus - The company is prioritizing local journalism and digital transformation, expanding local content and developing digital platforms [4] - Cost control measures are a key strategy, with GAAP operating expenses down 3% to $553 million [8] Advertising and Revenue Trends - Political advertising revenue fell sharply from $31.6 million in Q2 2024 to $8.2 million in Q2 2025, a 74% decrease [5] - Advertising and marketing services revenue dropped 4% to $288 million, although local sports rights revenue increased [5] - Distribution revenue was reported at $369.6 million, with subscriber declines offset by contractual fee increases [6] Content and Programming Initiatives - TEGNA plans to add over 100 hours of new daily local programming across more than 50 markets [7] - The company received 59 Regional Edward R. Murrow Awards for excellence in journalism, indicating strong performance in local news [7] Future Outlook - For Q3 2025, GAAP revenue is expected to decline by 18-20% compared to the prior year, primarily due to reduced political and Olympic event spending [10] - Adjusted free cash flow guidance for 2024/2025 is reaffirmed at $900 million to $1.1 billion [10] - Capital expenditures are projected at $50-60 million for the full year 2025 [10]