TEGNA Inc. announced its second quarter 2025 financial results on August 7, 2025, reporting total revenues of $675.05 million, a 5% decrease year-over-year. This decline was primarily driven by a 74% decrease in political revenue to $8.19 million and a 4% decrease in Advertising Marketing Services (AMS) revenue to $287.86 million.
Despite revenue pressures, TEGNA demonstrated strong cost discipline, with non-GAAP operating expenses decreasing 3% year-over-year and core non-programming expenses down 6%. Adjusted EBITDA decreased 14% year-over-year to $151 million. Net income for the first six months of 2025 was $126.59 million, or $0.77 per diluted share.
The company maintained a robust financial position with $756.54 million in cash and cash equivalents and a net leverage ratio of 2.8x. TEGNA repaid $250 million of its unsecured notes due March 2026 and reduced its full-year 2025 interest expense guidance to $160 million to $165 million. For Q3 2025, total revenue is expected to decline 18% to 20% year-over-year, reflecting the cyclical absence of political and Summer Olympic advertising.
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