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SEC filingThe E.W. Scripps Company reported total operating revenues of $2.15 billion for fiscal year 2025, ending December 31, 2025. The company generated operating income of $184.0 million, but high interest expense of $221.0 million and other financing costs resulted in a pre-tax loss of $119.5 million. After a tax benefit of $18.6 million, net loss was $100.9 million. After accounting for $63.6 million in preferred stock dividends, net loss attributable to common shareholders was $164.5 million, or $2.00 per share. The company generated $53.1 million in operating cash flow but used $12.1 million in investing activities and $36.9 million in financing activities, resulting in a net cash increase of $4.1 million. Total assets stood at $5.01 billion with $2.59 billion in long-term debt and $1.25 billion in equity. The company announced strategic initiatives including station swaps, debt refinancing, and a transformation plan targeting $125-$150 million in annualized EBITDA growth by 2028.
The E.W. Scripps Company reported total operating revenues of $2.15 billion for fiscal year 2025, representing the company's top-line performance. Operating income was $184.0 million, indicating the company's core operations remained profitable. However, significant interest expense of $221.0 million, combined with other financing costs including $44.5 million in other financing transaction costs and a $13.0 million loss on extinguishment of debt, resulted in a pre-tax loss of $119.5 million. After a tax benefit of $18.6 million, the company reported a net loss of $100.9 million. After accounting for $63.6 million in preferred stock dividends, net loss attributable to common shareholders was $164.5 million, or $2.00 per basic and diluted share. The company had 88.0 million weighted average shares outstanding. Operating margin was 8.6% based on operating income of $184.0 million on $2.15 billion in revenue.
The company operates through two main segments: Local Media and Scripps Networks. In the Local Media segment, which includes more than 60 local television stations, core advertising accounted for 42% of segment revenues in 2025. Distribution revenues, primarily from retransmission consent agreements with cable operators and satellite carriers, represented 56% of Local Media segment revenues. Political advertising was minimal at 1.5% of segment revenues in this non-election year. The Scripps Networks segment includes national networks such as ION, Bounce, Grit, ION Mystery, ION Plus, Laff, Scripps News, and Court TV (sold in February 2026). The company noted that advertising revenues are subject to seasonal variations, with higher demand typically in the second and fourth quarters due to spring and holiday seasons.
Operating expenses totaled $1.97 billion, consisting of cost of revenues ($1.27 billion), selling, general and administrative expenses ($563.0 million), restructuring costs ($9.8 million), depreciation ($58.9 million), amortization of intangible assets ($92.0 million), and net losses on disposal of property and equipment ($31.6 million). The company reported no impairment of goodwill. Gross profit, calculated as total operating revenues minus cost of revenues, was $880 million, representing a gross margin of 40.9%. Operating margin was 8.6%. The company's profitability was significantly impacted by high interest expense of $221.0 million, which exceeded operating income by $37.0 million. Other expenses included $44.5 million in other financing transaction costs and a $13.0 million loss on extinguishment of debt.
The company generated $53.1 million in net cash from operating activities, primarily from net loss of $100.9 million adjusted for non-cash items including $150.8 million in depreciation and amortization, $31.6 million in losses on disposal of property and equipment, and $19.5 million in loss provision on held for sale assets. Investing activities used $12.1 million, with $46.6 million in additions to property and equipment partially offset by $41.1 million in proceeds from sale of property and equipment. Financing activities used $36.9 million, including $1.96 billion in payments on long-term debt offset by $1.64 billion in proceeds from issuance of long-term debt and $592.8 million in proceeds from accounts receivable securitization facility. Total assets were $5.01 billion, including $1.92 billion in goodwill and $1.52 billion in other intangible assets. Current assets were $747.4 million, with $27.9 million in cash and cash equivalents. Total liabilities were $3.76 billion, including $2.59 billion in long-term debt and $453.6 million in current liabilities. Equity was $1.25 billion, with accumulated deficit of $576.9 million.
The company announced an enterprise-wide transformation plan in February 2026 designed to improve operating performance and unlock new value, targeting annualized enterprise EBITDA growth of $125 million to $150 million by 2028. The company expects to deliver this improved EBITDA run-rate through cost savings and revenue growth initiatives leveraging technology including AI and automation. The company completed several strategic transactions in 2025, including debt refinancing, station swaps with Gray Media, and the formation of EdgeBeam Wireless joint venture with $12.8 million in committed cash contributions for a 25% ownership interest. The company also announced media rights agreements with the Las Vegas Aces and Tampa Bay Lightning. Risk factors include dependence on advertising revenues, audience fragmentation from streaming services, potential loss of network affiliation agreements, regulatory changes, cybersecurity threats, and substantial debt of $2.6 billion as of December 31, 2025.