E.W. Scripps Company Reports Q3 2025 Financial Results: A Challenging Quarter Amid Strategic Ventures
1. Executive Summary
The E.W. Scripps Company (NASDAQ: SSP), a prominent player in the media landscape, has released its financial results for the third quarter of 2025, reflecting substantial challenges in the advertising sector, particularly due to a non-election year. Despite these headwinds, the company continues to pursue strategic initiatives, including joint ventures and refinancing efforts aimed at strengthening its market position.
2. Financial Performance Overview
In the third quarter of 2025, Scripps reported significant declines in operating revenues, with a drop of $120 million, or 19%, compared to the previous year. The total revenue for Q3 2025 was $525.8 million, a stark contrast to $646.3 million recorded in Q3 2024. This downturn was primarily driven by a substantial decline in political advertising revenue, which fell by $126 million during the quarter.
Income Statement Highlights
- Net Income to Common: $-49.02 million
- Operating Income: $37.62 million
- Total Revenue: $525.8 million
- Cost of Revenue: $311.3 million
- Selling, General, and Administrative Expenses: $137.4 million
| Nov 2024 | Nov 2025 | |
|---|---|---|
Net Income | -204.9M | 23.01M |
Profit | -204.9M | 23.01M |
Net Income Continuing | -204.9M | 23.01M |
Income Tax Expense | 23.19M | 31.46M |
Pretax Income | -181.7M | 54.47M |
Non-operating Income | -201.0M | -278.8M |
Operating Income | 19.28M | 333.3M |
Revenue | 2.39B | 2.31B |
Costs and Expenses | 2.37B | 1.98B |
Cost of Revenue | 1.60B | 1.94B |
Operating Expenses | 777.0M | 39.94M |
Depreciation, Depletion & Amortization | 155.3M | 152.0M |
Impairment Expense | 266M | 0 |
Restructuring Charge | -10.55M | 22.34M |
Selling, General & Administrative | 478.6M | 213.8M |
Other Operating Expenses | -112.4M | -348.2M |
3. Segment Performance Analysis
Local Media
The Local Media segment, which encompasses over 60 television stations, experienced the most significant revenue decline, plummeting 27% in Q3 2025. This was attributed largely to reduced political advertising and distribution revenue losses. Year-to-date, the segment has reported a revenue decrease of $178 million or 15%.
Scripps Networks
In contrast, the Scripps Networks segment saw a more modest revenue decrease of $0.7 million, or 0.4%, in the third quarter. Year-to-date, revenues fell by $14.9 million, or 2.4%, as advertising revenues were pressured by lower viewership ratings, although connected TV revenue showed signs of growth.
4. Strategic Ventures and Refinancing
In line with its focus on innovation and growth, Scripps has been actively engaged in several strategic initiatives:
- Joint Ventures: In January 2025, Scripps entered into a joint venture with major media firms to form EdgeBeam Wireless, LLC, focusing on advanced data delivery services using the ATSC 3.0 transmission standard. The company invested $12.8 million for a 25% stake.
- Media Rights Agreements: Scripps secured multi-year agreements to broadcast games for the Las Vegas Aces and the Tampa Bay Lightning, showcasing its commitment to enhancing sports programming.
- Refinancing Transactions: On April 10, 2025, Scripps executed refinancing transactions that improved its debt structure, including a new $545 million term loan and a $208 million revolving credit facility.
5. Balance Sheet and Liquidity Position
As of September 30, 2025, Scripps reported total assets of $5.08 billion, down from $5.25 billion a year prior. The company holds $54.7 million in cash and has $269 million available under its credit facilities.
Key Balance Sheet Figures
- Total Assets: $5.08 billion
- Total Liabilities: $3.35 billion
- Total Equity: $1.26 billion
| Nov 2024 | Nov 2025 | |
|---|---|---|
Total Assets | 5.25B | 5.08B |
Total Current Assets | 629.5M | 704.7M |
Cash and Equivalents | 34.64M | 54.66M |
Accounts Receivable | 551.7M | 561.5M |
Other Current Assets | 43.13M | 88.60M |
Total Non-current Assets | 4.62B | 4.38B |
Intangible Assets | 3.62B | 3.51B |
Long-term Investments | 23.90M | 15.30M |
Net PP&E | 460.1M | 416.5M |
Lease Assets | 94.49M | 100.9M |
Other Non-current Assets | 418.7M | 340.2M |
Total Liabilities and Equity | 5.25B | 5.08B |
Other Equity and Liabilities | 533.9M | 470.6M |
Total Liabilities | 3.50B | 3.35B |
Total Current Liabilities | 470.5M | 437.4M |
Accounts Payable and Accrued Liabilities | 366.2M | 380.6M |
Current Debt | 15.61M | 8.85M |
Current Deferred Revenue | 30.3M | 22.1M |
Other Current Liabilities | 58.44M | 25.83M |
Total Non-current Liabilities | 3.03B | 2.92B |
Long-term Debt | 2.73B | 2.63B |
Non-current Deferred Tax Liabilities | 293.2M | 284.3M |
Total Equity and Non-controlling Interests | 1.21B | 1.26B |
Total Equity | 1.29B | 1.33B |
6. Cash Flow Statement Insights
Scripps experienced a net change in cash of $23 million in Q3 2025, a significant increase compared to the prior year. Cash flow from operating activities was reported at $21.82 million, reflecting adjustments that helped mitigate the impact of lower operating profits.
| Nov 2024 | Nov 2025 | |
|---|---|---|
Net Change in Cash | 18.79M | 20.02M |
Net Cash from Operating Activities | 274.8M | 161.2M |
Operating Profit | -204.9M | 23.01M |
Adjustment to Operating Profit | 479.7M | 138.2M |
Net Cash from Investing Activities | -57.55M | 16.67M |
Business & Interest in Affiliates | -18.10M | -1.91M |
Investments | 1.74M | 6.98M |
Productive Assets | 74.67M | -22.49M |
Other Investing Activities | 759K | -758K |
Net Cash from Financing Activities | -198.5M | -157.9M |
Debt | -180.6M | -442.8M |
Dividends | 12M | 0 |
Other Financing Activities | -5.90M | 284.9M |
7. Conclusion and Outlook
Despite a challenging third quarter, E.W. Scripps Company remains committed to navigating the evolving media landscape through strategic partnerships and operational efficiencies. The management is optimistic about leveraging its unique position in free, ad-supported television and expanding its footprint in connected TV, suggesting potential for recovery in forthcoming quarters.
As the company continues to adapt to changing market conditions, stakeholders will be closely monitoring its ability to reverse revenue declines and capitalize on emerging opportunities in the media sector.
