Sinclair beat earnings estimates despite lower revenue, driven by advertising growth and debt refinancing.

Sinclair reported Q4 2025 earnings of $1.55 per share, beating estimates by $1.80, driven by core advertising growth from live sports and the Digital Remedy acquisition, despite a 16.7% revenue decline to $836 million due to lower political ad spending. The company completed debt refinancing, extended its nearest maturity to December 2029, and prioritized deleveraging using 2026 political ad cash. Core advertising rose 5% pro forma, and ventures generated $104 million in cash. Regulatory changes may enable further consolidation. The stock dipped slightly post-earnings, with analysts maintaining a “Hold” rating.