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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 | -30.3% | -10.7% | -136.1% |
| 2024 | $3.5B | $949M | $310M | $14M | 60.1% | 13.2% | - |
| 2023 | $3.1B | $-61M | $-291M | $143M | -131.7% | -20.2% | -111.0% |
| 2022 | $3.9B | $4.6B | $2.7B | $694M | 389.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | 559 | -318 | 531 | 154 |
| EBITDA | 4,557 | -61 | 949 | 491 |
| EBIT | 3,910 | -332 | 699 | 242 |
| Pretax Income | 3,614 | -637 | 395 | -153 |
| Tax Provision | 913 | -358 | 76 | -54 |
| Net Income | 2,652 | -291 | 310 | -112 |
| Net Income Common Stockholders | 2,652 | -291 | 310 | -112 |
| Total Expenses | 3,369 | 3,452 | 3,017 | 3,015 |
| Interest Expense | 296 | 305 | 304 | 395 |
| Selling General And Administration | 972 | 1,441 | 979 | 991 |
| Normalized EBITDA | 1,133 | -63 | 928 | 466 |
| Normalized Income | 94.27 | -292.58 | 293.01 | -128.10 |
| Basic EPS | 37.54 | -4.46 | 4.72 | -1.61 |
| Diluted EPS | 37.54 | -4.46 | 4.69 | -1.61 |
| Tax Effect Of Unusual Items | 866.27 | 0.42 | 4.01 | 8.90 |
| Tax Rate For Calcs | 0.25 | 0.21 | 0.19 | 0.36 |
| Total Unusual Items | 3,424 | 2 | 21 | 25 |
| Total Unusual Items Excluding Goodwill | 3,424 | 2 | 21 | 25 |
| Net Income From Continuing Operation Net Minority Interest | 2,652 | -291 | 310 | -112 |
| Reconciled Depreciation | 647 | 271 | 250 | 249 |
| Reconciled Cost Of Revenue | 1,660 | 1,660 | 1,714 | 1,701 |
| Net Interest Income | -296 | -305 | -304 | -395 |
| Net Income From Continuing And Discontinued Operation | 2,652 | -291 | 310 | -112 |
| Total Operating Income As Reported | 3,980 | -331 | 551 | 173 |
| Diluted Average Shares | 70.66 | 65.12 | 66.10 | 69.12 |
| Basic Average Shares | 70.65 | 65.12 | 65.78 | 69.12 |
| Diluted NI Availto Com Stockholders | 2,652 | -291 | 310 | -112 |
| Minority Interests | -49 | -12 | -9 | -13 |
| Net Income Including Noncontrolling Interests | 2,701 | -279 | 319 | -99 |
| Net Income Continuous Operations | 2,701 | -279 | 319 | -99 |
| Other Income Expense | 3,351 | -14 | 168 | 88 |
| Other Non Operating Income Expenses | -129 | -45 | 29 | 2 |
| Special Income Charges | 3,424 | 2 | 21 | 25 |
| Gain On Sale Of Ppe | 64 | -3 | 20 | 19 |
| Gain On Sale Of Business | 3,357 | -10 | 0 | 0 |
| Other Special Charges | -3 | -15 | -1 | -6 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 0 |
| Earnings From Equity Interest | 56 | 29 | 118 | 61 |
| Net Non Operating Interest Income Expense | -296 | -305 | -304 | -395 |
| Interest Expense Non Operating | 296 | 305 | 304 | 395 |
| Other Operating Expenses | 90 | 80 | 74 | 74 |
| Depreciation Amortization Depletion Income Statement | 321 | 271 | 250 | 249 |
| Depreciation And Amortization In Income Statement | 321 | 271 | 250 | 249 |
| Amortization | 221 | 166 | 149 | 145 |
| Amortization Of Intangibles Income Statement | 221 | 166 | 149 | 145 |
| Depreciation Income Statement | 100 | 105 | 101 | 104 |
| Selling And Marketing Expense | 812 | 747 | 0 | 0 |
| General And Administrative Expense | 972 | 1,441 | 979 | 991 |
| Other Gand A | 972 | 1,441 | 979 | 991 |
| Operating Revenue | 3,928 | 3,134 | 3,548 | 3,169 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Sinclair, Inc.this co. | SBGI | $1.1B | - | 2.40 | -30.3% | 10.89 |
| Upwork Inc. | UPWK | $1.4B | 11.37 | 2.08 | 18.3% | 8.92 |
| Playtika Holding Corp. | PLTK | $1.3B | - | -3.20 | 50.2% | 4.76 |
| IDT Corporation | IDT | $1.3B | 15.56 | 3.71 | 23.0% | 8.71 |
| Genius Sports Limited | GENI | $1.1B | - | 1.45 |
| -15.4% |
| -6.61 |
| USA TODAY Co., Inc. | TDAY | $1.1B | 728.00 | 6.85 | 1.1% | 7.74 |
| AMC Entertainment Holdings, Inc. | AMC | $909M | - | -0.42 | 33.4% | 24.96 |
| Anterix Inc. | ATEX | $851M | 10.45 | 3.58 | -7.3% | -20.01 |
| iHeartMedia, Inc. | IHRT | $771M | - | -0.43 | 25.9% | 11.41 |
| Peer Median | - | 13.46 | 1.76 | 20.7% | 8.22 | |