EW Scripps Company (The) (SSP) Earnings Date & Reports

Key Takeaways

• The E.W. Scripps Company (SSP) reported third-quarter 2026 revenue of $544.9 million, up 3.6% year over year but narrowly below consensus estimates of $547.8 million.
• GAAP (Generally Accepted Accounting Principles) earnings swung to a profit of $0.21 per share, far exceeding analyst expectations of a $0.10 per-share loss.
• Adjusted EBITDA — earnings before interest, taxes, depreciation, and amortization — reached $121.5 million, topping the $115.2 million consensus.
• Political advertising was the standout driver, generating $82.6 million in the quarter versus just $5.5 million a year earlier.
• Operating margin improved to 12.3%, up from 7.2% in the prior-year quarter, as cost controls and restructuring took hold.
• Shares jumped roughly 6.4% immediately following the release, reflecting a broadly positive market response despite the revenue miss.
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Earnings Context and Why It Matters

The E.W. Scripps Company's third-quarter 2026 report carries outsized significance because it marks a return to profitability during a pivotal election-advertising cycle. As a local broadcaster and national networks operator, Scripps depends heavily on political spending that surges in even-year elections and nearly disappears in off-years. The quarter also serves as a progress check on management's enterprise-wide transformation plan, which pairs expense reductions with a disciplined approach to M&A (mergers and acquisitions) and debt reduction. With the company working to strengthen its balance sheet and improve its earnings trajectory, investors were watching closely for evidence that cost cuts, sports partnerships, and streaming distribution gains could offset structural declines in traditional television advertising.

Reported Results

Scripps reported third-quarter 2026 revenue of $544.9 million, a 3.6% increase from $525.9 million a year earlier but slightly below the $547.8 million consensus. GAAP earnings per share came in at a profit of $0.21, a dramatic improvement from a loss of $0.55 per share in the prior-year quarter and well above analyst expectations of a $0.10 loss. Adjusted EBITDA reached $121.5 million versus a $115.2 million consensus, driven by an $82.6 million contribution from political advertising, compared with $5.5 million in the same period last year. Operating margin expanded to 12.3% from 7.2%, aided by lower segment, shared services, and corporate expenses. Free cash flow was negative $11.6 million, down from positive $6.4 million a year earlier.

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Market Reaction and Investor Sentiment

Investors responded positively to the headline results, sending Scripps shares up approximately 6.4% to around $2.95 immediately after the announcement. The market appeared to reward the swing to profitability and the EBITDA beat, even as revenue came in modestly below expectations. Sentiment was further supported by the company's fourth-quarter guidance, which points to strong local media revenue growth as political spending remains elevated through the remainder of the election cycle. Still, the revenue miss and the persistence of negative free cash flow underscored lingering concerns about the company's leverage and the broader secular pressures facing traditional broadcast advertising.

Forward Outlook and Key Factors to Monitor

Looking ahead, Scripps issued fourth-quarter 2026 guidance that investors should watch closely. Local Media revenue is expected to rise in the low-to-mid 40% range, with expenses roughly flat, reflecting the continued tailwind from political advertising and the company's sports strategy. Scripps Networks revenue is projected to decline in the high single digits, with expenses down in the low single digits, while shared services and corporate costs are guided to about $27 million.

Several factors will shape the story from here. First, the sustainability of profitability after the political cycle ends remains a central question, given the sharp contrast between election-year and off-year advertising levels. Second, investors should monitor balance-sheet progress, including leverage reduction and any further asset sales or refinancing activity, as the company prioritizes debt repayment. Finally, the growth of connected TV and sports-related revenue — including women's sports on ION — will be a key signal of whether Scripps can build durable, higher-margin revenue streams beyond the cyclical boost from politics.

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