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Sinclair, Inc., a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs. This segment operates The Nest, a free over-the-air national broadcast TV network; Comet, a science fiction network; CHARGE!, an adventure and action-based network; The National News Desk, a news program; and Full Measure with Sharyl Attkisson, an investigative and political analysis program, as well as podcasts related to soccer and sports programming. Its Tennis segment offers Tennis Channel, a cable network that includes coverage of tennis' top tournaments and original professional sports, and tennis lifestyle shows; Tennis Channel International and Tennis Channel streaming services; Tennischannel 2, a 24-hours a day free ad-supported streaming television channel; Tennis.com; and FAST Channel Pickleballtv. The company also provides non-broadcast digital and internet solutions; and technical sales and services, including the design and manufacture of broadcast systems. In addition, it owns various investments in non-media related companies. The company distributes its content through its broadcast platform and third-party platforms that consist of programming provided by third-party networks and syndicators, local news, sports, and other original programming. The company was founded in 1971 and is headquartered in Hunt Valley, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $3.2B | $491M | $-112M | $115M | -25.3% | -10.7% | -136.1% |
| 2024 | $3.5B | $949M | $310M | $14M | 53.2% | 13.2% | -206.5% |
| 2023 | $3.1B | $-61M | $-291M | $143M | -102.1% | -20.2% | -111.0% |
| 2022 | $3.9B | $4.6B | $2.7B | $694M | 354.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3,928 | 3,134 | 3,548 | 3,169 |
| Operating Revenue | - | 3,928 | 3,134 | 3,548 | 3,169 |
| Cost Of Revenue | - | 1,986 | 1,660 | 1,714 | 1,701 |
| Gross Profit | - | 1,942 | 1,474 | 1,834 | 1,468 |
| Operating Expense | - | 1,383 | 1,792 | 1,303 | 1,314 |
| Selling General And Administration | - | 972 | 1,441 | 979 | 991 |
| Total Expenses | - | 3,369 | 3,452 | 3,017 | 3,015 |
| Operating Income | - | 559 | -318 | 531 | 154 |
| Total Operating Income As Reported | - | 3,980 | -331 | 551 | 173 |
| EBITDA | - | 4,557 | -61 | 949 | 491 |
| Normalized EBITDA | - | 1,133 | -63 | 928 | 466 |
| EBIT | - | 3,910 | -332 | 699 | 242 |
| Interest Expense | - | 296 | 305 | 304 | 395 |
| Net Interest Income | - | -296 | -305 | -304 | -395 |
| Other Non Operating Income Expenses | - | -129 | -45 | 29 | 2 |
| Other Income Expense | - | 3,351 | -14 | 168 | 88 |
| Interest Expense Non Operating | - | 296 | 305 | 304 | 395 |
| Net Non Operating Interest Income Expense | - | -296 | -305 | -304 | -395 |
| Pretax Income | - | 3,614 | -637 | 395 | -153 |
| Tax Provision | - | 913 | -358 | 76 | -54 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 866.27 | 0.42 | 4.01 | 8.90 |
| Net Income Continuous Operations | - | 2,701 | -279 | 319 | -99 |
| Net Income From Continuing And Discontinued Operation | - | 2,652 | -291 | 310 | -112 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,652 | -291 | 310 | -112 |
| Net Income | - | 2,652 | -291 | 310 | -112 |
| Net Income Common Stockholders | - | 2,652 | -291 | 310 | -112 |
| Net Income Including Noncontrolling Interests | - | 2,701 | -279 | 319 | -99 |
| Normalized Income | - | 94.27 | -292.58 | 293.01 | -128.10 |
| Diluted NI Availto Com Stockholders | - | 2,652 | -291 | 310 | -112 |
| Basic Average Shares | - | 70.65 | 65.12 | 65.78 | 69.12 |
| Diluted Average Shares | - | 70.66 | 65.12 | 66.10 | 69.12 |
| Reconciled Depreciation | - | 647 | 271 | 250 | 249 |
| Reconciled Cost Of Revenue | - | 1,660 | 1,660 | 1,714 | 1,701 |
| Total Unusual Items | - | 3,424 | 2 | 21 | 25 |
| Total Unusual Items Excluding Goodwill | - | 3,424 | 2 | 21 | 25 |
| Minority Interests | - | -49 | -12 | -9 | -13 |
| Special Income Charges | - | 3,424 | 2 | 21 | 25 |
| Gain On Sale Of Business | - | 3,357 | -10 | 0 | 0 |
| Other Special Charges | - | -3 | -15 | -1 | -6 |
| Impairment Of Capital Assets | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 321 | 271 | 250 | 249 |
| Depreciation And Amortization In Income Statement | - | 321 | 271 | 250 | 249 |
| General And Administrative Expense | - | 972 | 1,441 | 979 | 991 |
| Other Gand A | - | 972 | 1,441 | 979 | 991 |
| Gain On Sale Of Ppe | - | 64 | -3 | 20 | 19 |
| Other Operating Expenses | - | 90 | 80 | 74 | 74 |
| Selling And Marketing Expense | 908 | 812 | 747 | - | - |
| Earnings From Equity Interest | - | 56 | 29 | 118 | 61 |
| Amortization | - | 221 | 166 | 149 | 145 |
| Amortization Of Intangibles Income Statement | - | 221 | 166 | 149 | 145 |
| Depreciation Income Statement | - | 100 | 105 | 101 | 104 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sinclair, Inc.this co. | SBGI | $1.0B | -8.94 | 2.26 | -25.3% | 9.48 |
| Playtika Holding Corp. | PLTK | $1.2B | -5.81 | -2.91 | 50.2% | 14.84 |
| Upwork Inc. | UPWK | $1.1B | 9.35 | 1.71 | 18.3% | 7.42 |
| Emerald Holding, Inc. | EEX | $988M | -32.17 | 2.91 | -9.1% | 23.98 |
| Shenandoah Telecommunications Company | SHEN | $880M | -26.72 |
| - |
| - |
| - |
| - |
| - |
| 1.00 |
| -3.7% |
| 12.98 |
| Cogent Communications Holdings, Inc. | CCOI | $866M | -4.75 | -13.56 | 285.3% | 18.11 |
| Entravision Communications Corporation | EVC | $835M | -10.54 | 15.06 | -142.8% | -14.35 |
| NXDR | NXDR | $820M | - | 1.90 | -12.6% | - |
| Scholastic Corporation | SCHL | $803M | -422.50 | 0.85 | -0.2% | 10.00 |
| Peer Median | - | -10.54 | 1.36 | -2.0% | 12.98 | |