E.W. SCRIPPS Co (SSP) · Nov 6, 2026 · Earnings

Scripps earnings beat as Local Media surges, Networks slide

Beat — Diluted EPS $0.21 vs consensus loss of ~$0.02

Scripps earnings narrowly beat expectations as political advertising lifted Local Media, while Scripps Networks revenue and profit continued to fall.

Scripps is in the early execution phase of an enterprise-wide turnaround, targeting $125 million-$150 million of annualized EBITDA improvement by 2028 through cost cuts, technology and new revenue initiatives.

The quarter beat a low bar, with political advertising doing much of the lifting. Revenue was $545 million, up 3.6% year over year, while diluted EPS was $0.21 versus a published consensus clustered around a small loss. The beat is real, but the comparison benefited from the 2026 midterm election cycle: political revenue reached $82.6 million versus $5.5 million in the non-election-year quarter.

Q3 2026Q3 2025Consensus
Revenue (Financial Highlights)$544.9M (+3.6%)$525.9M~$544.0M
Diluted EPS (Income Statement)$0.21$(0.55)~$(0.02)
Adjusted EBITDA (Adjusted EBITDA reconciliation)$121.5M$80.4M
Local Media segment profit (Segment results)$117.6M (+122.6%)$52.8M
Scripps Networks revenue (Segment results)$173.0M (-13.9%)$201.0M
Scripps Networks segment profit (Segment results)$33.0M (-38.1%)$53.3M

Local Media is executing strongly, but the quality of growth is cyclical. Local Media revenue rose 14.5% and segment profit increased 53.3%, with costs down 6.4%; the segment is benefiting from record political spending rather than a clean recovery in core advertising, which fell 15.6% in the reported quarter. The company says local TV captured nearly half of the $11.9 billion midterm advertising market, making this year’s strength difficult to repeat at the same level.

The national Networks problem is not fixed. Adjusted combined Scripps Networks revenue fell 11.1% and profit fell 41.0%, even after a 37% increase in connected-TV revenue and some benefit from Nielsen’s ratings methodology change. 〔0〕 The Q4 outlook calls for Networks revenue to decline by a high-single-digit percentage, so the turnaround is still relying on Local Media and cost reductions to offset a structurally weaker national portfolio.

Transformation savings are beginning to show, but the balance sheet remains a constraint. Segment, shared-services and corporate expenses declined year over year, and management expects roughly $100 million of annual run-rate savings by year-end. But long-term debt was still $2.46 billion against $83 million of cash, while unpaid preferred dividends reached $166 million; those arrears also block common dividends and buybacks.

Bottom line: This was a modestly better-than-expected quarter and evidence that cost cuts are starting to work, but the underlying business remains dependent on election-driven Local Media strength while Scripps Networks continues to deteriorate. The result advances the turnaround story without resolving its core risks.

What to watch next

Q4 results showing the first full quarter of transformation savings

Original filing on SEC EDGAR

More E.W. SCRIPPS Co news

Scripps earnings beat as Local Media surges, Networks slide | SSP Stock News
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