What is Sinclair's operating income?

Sinclair's total operating income in 2025 was $173 million, based on the following breakdown: Total Gross Profit: $1.52 billion Total Operating Expenses: $1.34 billion

Sinclair (SBGI) Financials

$14.41 +0.06 (+0.42%)

As of 08/21/2026 04:00 PM Eastern

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Annual Income Statements for Sinclair

This table shows Sinclair's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-414	2,652	-291	310	-112
Consolidated Net Income / (Loss)	-326	2,701	-279	319	-99
Net Income / (Loss) Continuing Operations	-326	2,701	-279	319	-99
Total Pre-Tax Income	-499	3,614	-637	395	-153
Total Operating Income	95	3,980	-331	551	173
Total Gross Profit	6,134	1,986	1,523	1,887	1,516
Total Revenue	6,134	3,928	3,134	3,548	3,169
Operating Revenue	6,134	3,928	3,134	3,548	3,169
Total Cost of Revenue	0.00	1,942	1,611	1,661	1,653
Operating Cost of Revenue	-	1,942	1,611	1,661	1,653
Total Operating Expenses	6,039	-1,994	1,854	1,336	1,343
Selling, General & Admin Expense	1,078	972	1,441	979	991
Depreciation Expense	114	100	105	101	104
Amortization Expense	570	311	246	223	219
Other Operating Expenses / (Income)	57	-3,313	59	53	48
Impairment Charge	-71	-64	3.00	-20	-19
Total Other Income / (Expense), net	-594	-366	-306	-156	-326
Interest Expense	625	293	290	303	389
Interest & Investment Income	45	56	29	118	61
Other Income / (Expense), net	-14	-129	-45	29	2.00
Income Tax Expense	-173	913	-358	76	-54
Net Income / (Loss) Attributable to Noncontrolling Interest	88	49	12	9.00	13
Basic Earnings per Share	($5.51)	$37.54	($4.46)	$4.72	($1.61)
Weighted Average Basic Shares Outstanding	75.05M	70.65M	65.13M	65.78M	69.12M
Diluted Earnings per Share	($5.51)	$37.54	($4.46)	$4.69	($1.61)
Weighted Average Diluted Shares Outstanding	75.05M	70.66M	65.13M	66.10M	69.12M
Weighted Average Basic & Diluted Shares Outstanding	-	-	63.60M	66.47M	71.62M

This table shows Sinclair's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-341	23	17	94	176	-156	-64	-1.00	109	20	-76
Consolidated Net Income / (Loss)	-340	25	19	96	179	-154	-62	1.00	116	21	-77
Net Income / (Loss) Continuing Operations	-340	25	19	96	179	-154	-62	1.00	116	21	-77
Total Pre-Tax Income	-462	21	24	125	225	-200	-76	0.00	123	-137	35
Total Operating Income	-386	42	64	179	266	14	21	58	80	27	50
Total Gross Profit	426	390	829	503	590	358	364	360	14	395	416
Total Revenue	826	798	829	917	1,004	776	784	773	836	807	840
Operating Revenue	826	798	829	917	1,004	776	784	773	836	807	840
Total Cost of Revenue	400	408	0.00	414	414	418	420	413	822	412	424
Operating Cost of Revenue	400	408	-	414	414	418	420	413	-	412	424
Total Operating Expenses	812	348	765	324	324	344	343	302	-66	368	366
Selling, General & Admin Expense	719	254	244	242	239	244	245	243	259	263	262
Depreciation Expense	25	25	25	26	25	26	24	25	29	26	26
Amortization Expense	63	57	56	55	55	55	52	58	54	57	60
Other Operating Expenses / (Income)	13	12	13	14	14	11	13	12	12	15	13
Impairment Charge	-8.00	0.00	-	-13	-9.00	8.00	9.00	-36	-	7.00	5.00
Total Other Income / (Expense), net	-76	-21	-40	-54	-41	-214	-97	-58	43	-164	-15
Interest Expense	78	75	76	78	74	142	78	85	84	85	67
Interest & Investment Income	-1.00	14	78	0.00	26	-6.00	-1.00	-2.00	70	-1.00	-3.00
Other Income / (Expense), net	3.00	40	-42	24	7.00	-66	-18	29	57	-78	55
Income Tax Expense	-122	-4.00	5.00	29	46	-46	-14	-1.00	7.00	-158	112
Net Income / (Loss) Attributable to Noncontrolling Interest	1.00	2.00	2.00	2.00	3.00	2.00	2.00	2.00	7.00	1.00	-1.00
Basic Earnings per Share	($4.99)	$0.35	$0.27	$1.43	$2.67	($2.30)	($0.91)	($0.02)	$1.62	$0.28	($1.06)
Weighted Average Basic Shares Outstanding	65.13M	64.16M	66.19M	66.36M	65.78M	67.49M	69.59M	69.66M	69.12M	70.57M	72.16M
Diluted Earnings per Share	($4.98)	$0.35	$0.27	$1.43	$2.64	($2.30)	($0.91)	($0.02)	$1.62	$0.28	($1.06)
Weighted Average Diluted Shares Outstanding	65.13M	64.40M	66.19M	66.53M	66.10M	67.49M	69.59M	69.66M	69.12M	70.82M	72.16M
Weighted Average Basic & Diluted Shares Outstanding	63.60M	66.18M	66.36M	66.42M	66.47M	69.57M	69.65M	69.68M	71.62M	72.17M	72.32M

This table details how cash moves in and out of Sinclair's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-443	65	-222	35	169
Net Cash From Operating Activities	327	799	235	98	189
Net Cash From Continuing Operating Activities	327	799	235	98	189
Net Income / (Loss) Continuing Operations	-326	2,701	-279	319	-99
Consolidated Net Income / (Loss)	-326	2,701	-279	319	-99
Depreciation Expense	114	100	105	101	104
Amortization Expense	2,920	637	246	223	272
Non-Cash Adjustments To Reconcile Net Income	-2,077	-3,602	52	-126	23
Changes in Operating Assets and Liabilities, net	-304	963	111	-419	-111
Net Cash From Investing Activities	-246	-381	52	77	-120
Net Cash From Continuing Investing Activities	-246	-381	52	77	-120
Purchase of Property, Plant & Equipment	-80	-105	-92	-84	-74
Acquisitions	0.00	-315	0.00	0.00	-29
Purchase of Investments	-256	-75	-72	-50	-51
Sale and/or Maturity of Investments	26	99	206	203	30
Other Investing Activities, net	21	15	10	8.00	4.00
Net Cash From Financing Activities	-524	-353	-509	-140	100
Net Cash From Continuing Financing Activities	-524	-353	-509	-140	100
Repayment of Debt	-654	-872	-88	-62	-1,619
Repurchase of Common Equity	-61	-120	-343	0.00	0.00
Payment of Dividends	-166	-89	-78	-78	-86
Issuance of Debt	357	728	0.00	0.00	1,805

This table details how cash moves in and out of Sinclair's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	19	-7.00	-277	158	161	-66	-15	-90	340	-22	-240
Net Cash From Operating Activities	92	-4.00	-306	210	198	5.00	122	-36	98	43	66
Net Cash From Continuing Operating Activities	92	-4.00	-306	210	198	5.00	122	-36	98	43	66
Net Income / (Loss) Continuing Operations	-340	25	19	96	179	-154	-62	1.00	116	21	-77
Consolidated Net Income / (Loss)	-340	25	19	96	179	-154	-62	1.00	116	21	-77
Depreciation Expense	25	25	25	26	25	26	24	25	29	26	26
Amortization Expense	63	57	56	55	55	123	52	58	39	57	60
Non-Cash Adjustments To Reconcile Net Income	-12	-42	-36	-28	-20	94	35	-40	-66	92	-50
Changes in Operating Assets and Liabilities, net	356	-69	-370	61	-41	-84	73	-80	-20	-153	107
Net Cash From Investing Activities	-45	54	56	-24	-9.00	-42	-23	-28	-27	-24	15
Net Cash From Continuing Investing Activities	-45	54	56	-24	-9.00	-42	-23	-28	-27	-24	15
Purchase of Property, Plant & Equipment	-22	-21	-23	-17	-23	-16	-17	-22	-19	-15	-20
Sale and/or Maturity of Investments	1.00	77	107	1.00	18	7.00	6.00	-	17	11	34
Other Investing Activities, net	4.00	1.00	1.00	1.00	5.00	0.00	-	-	4.00	3.00	1.00
Net Cash From Financing Activities	-28	-57	-27	-28	-28	-29	-114	-26	269	-41	-321
Net Cash From Continuing Financing Activities	-28	-57	-27	-28	-28	-29	-114	-26	269	-41	-321
Repayment of Debt	-10	-39	-7.00	-9.00	-7.00	-1,439	-94	-6.00	-80	-20	-303
Payment of Dividends	-18	-18	-20	-19	-21	-20	-20	-20	-26	-21	-18

This table presents Sinclair's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	6,704	6,085	5,885	5,949
Total Current Assets	1,683	1,475	1,485	1,700
Cash & Equivalents	884	662	697	866
Accounts Receivable	612	616	637	687
Prepaid Expenses	182	189	146	147
Plant, Property, & Equipment, net	728	715	705	655
Total Noncurrent Assets	4,293	3,895	3,695	3,594
Goodwill	2,088	2,082	2,082	2,085
Intangible Assets	1,096	929	780	682
Other Noncurrent Operating Assets	1,109	884	833	827
Total Liabilities & Shareholders' Equity	6,704	6,085	5,885	5,949
Total Liabilities	5,829	5,864	5,369	5,579
Total Current Liabilities	608	1,103	605	703
Short-Term Debt	38	36	38	25
Accounts Payable	397	913	416	496
Current Deferred & Payable Income Tax Liabilities	-	-	0.00	21
Other Current Liabilities	173	154	151	161
Total Noncurrent Liabilities	5,221	4,761	4,764	4,876
Long-Term Debt	4,227	4,139	4,091	4,358
Noncurrent Deferred & Payable Income Tax Liabilities	610	252	335	213
Other Noncurrent Operating Liabilities	384	370	338	305
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	681	221	516	370
Total Preferred & Common Equity	748	285	583	443
Total Common Equity	748	285	583	443
Common Stock	625	518	571	614
Retained Earnings	122	-234	10	-171
Noncontrolling Interest	-67	-64	-67	-73

This table presents Sinclair's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	6,083	6,038	5,686	5,785	5,779	5,670	5,567	5,776	5,481
Total Current Assets	1,454	1,481	1,222	1,355	1,504	1,459	1,339	1,628	1,388
Cash & Equivalents	643	655	378	536	631	616	526	844	604
Accounts Receivable	597	642	662	617	676	624	633	631	647
Prepaid Expenses	206	177	174	195	161	186	180	153	137
Plant, Property, & Equipment, net	0.00	720	717	712	674	665	662	640	634
Total Noncurrent Assets	4,629	3,837	3,747	3,718	3,601	3,546	3,566	3,508	3,459
Goodwill	2,082	2,082	2,082	2,082	2,094	2,087	2,086	2,082	2,083
Intangible Assets	971	891	852	816	761	725	719	663	620
Other Noncurrent Operating Assets	1,576	864	813	820	746	734	761	763	756
Total Liabilities & Shareholders' Equity	6,083	6,038	5,686	5,785	5,779	5,670	5,567	5,776	5,481
Total Liabilities	5,499	5,769	5,411	5,436	5,411	5,377	5,291	5,384	5,177
Total Current Liabilities	624	1,040	686	709	724	772	666	672	714
Short-Term Debt	37	37	37	38	25	25	25	23	23
Accounts Payable	419	854	503	479	439	558	459	475	526
Current Deferred & Payable Income Tax Liabilities	-	-	-	-	88	47	1.00	21	24
Other Current Liabilities	168	149	146	192	167	138	181	153	141
Total Noncurrent Liabilities	4,875	4,729	4,725	4,727	4,687	4,605	4,625	4,712	4,463
Long-Term Debt	4,145	4,112	4,106	4,093	4,166	4,081	4,076	4,353	4,036
Noncurrent Deferred & Payable Income Tax Liabilities	376	258	263	288	196	193	236	57	141
Other Noncurrent Operating Liabilities	354	359	356	346	325	331	313	302	286
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	584	269	275	349	368	293	276	392	304
Total Preferred & Common Equity	646	333	340	415	436	361	347	467	380
Total Common Equity	646	333	340	415	436	361	347	467	380
Common Stock	515	555	561	566	598	604	609	636	643
Retained Earnings	122	-227	-227	-149	-163	-244	-263	-169	-263
Noncontrolling Interest	-62	-64	-65	-66	-68	-68	-71	-75	-76

This table displays calculated financial ratios and metrics derived from Sinclair's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	-35.96%	-20.21%	13.21%	-10.68%
EBITDA Growth	0.00%	47.29%	-100.54%	3,716.00%	-39.05%
EBIT Growth	0.00%	4,654.32%	-109.76%	254.26%	-69.83%
NOPAT Growth	0.00%	4,372.99%	-107.79%	292.05%	-72.79%
Net Income Growth	0.00%	928.53%	-110.33%	214.34%	-131.03%
EPS Growth	0.00%	781.31%	-111.88%	205.16%	-134.33%
Operating Cash Flow Growth	0.00%	144.34%	-70.59%	-58.30%	92.86%
Free Cash Flow Firm Growth	0.00%	0.00%	122.65%	-20.43%	-21.16%
Invested Capital Growth	0.00%	0.00%	-12.27%	5.73%	-1.55%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	5.28%	-5.03%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	253.13%	-21.17%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	863.16%	-43.73%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	729.40%	-51.81%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	259.50%	-175.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	260.07%	-172.88%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-51.45%	1,325.00%	-34.60%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-47.11%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.10%	0.93%
Profitability Metrics	-	-	-	-	-
Gross Margin	100.00%	50.56%	48.60%	53.18%	47.84%
EBITDA Margin	50.78%	116.80%	-0.80%	25.48%	17.39%
Operating Margin	1.55%	101.32%	-10.56%	15.53%	5.46%
EBIT Margin	1.32%	98.04%	-12.00%	16.35%	5.52%
Profit (Net Income) Margin	-5.31%	68.76%	-8.90%	8.99%	-3.12%
Tax Burden Percent	65.33%	74.74%	43.80%	80.76%	64.71%
Interest Burden Percent	-616.05%	93.85%	169.41%	68.10%	-87.43%
Effective Tax Rate	0.00%	25.26%	0.00%	19.24%	0.00%
Return on Invested Capital (ROIC)	0.00%	139.78%	-5.80%	11.59%	3.09%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	123.60%	-7.17%	7.96%	-3.24%
Return on Net Nonoperating Assets (RNNOA)	0.00%	477.59%	-45.11%	74.98%	-25.44%
Return on Equity (ROE)	0.00%	617.37%	-50.91%	86.57%	-22.35%
Cash Return on Invested Capital (CROIC)	0.00%	-60.22%	7.27%	6.01%	4.65%
Operating Return on Assets (OROA)	0.00%	57.44%	-5.88%	9.69%	2.96%
Return on Assets (ROA)	0.00%	40.29%	-4.36%	5.33%	-1.67%
Return on Common Equity (ROCE)	0.00%	527.76%	-47.99%	101.95%	-25.88%
Return on Equity Simple (ROE_SIMPLE)	0.00%	361.10%	-97.89%	54.72%	0.00%
Net Operating Profit after Tax (NOPAT)	67	2,975	-232	445	121
NOPAT Margin	1.08%	75.73%	-7.39%	12.54%	3.82%
Net Nonoperating Expense Percent (NNEP)	0.00%	16.18%	1.37%	3.63%	6.33%
Return On Investment Capital (ROIC_SIMPLE)	-	60.14%	-5.27%	9.58%	2.55%
Cost of Revenue to Revenue	0.00%	49.44%	51.40%	46.82%	52.16%
SG&A Expenses to Revenue	17.57%	24.75%	45.98%	27.59%	31.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	98.45%	-50.76%	59.16%	37.66%	42.38%
Earnings before Interest and Taxes (EBIT)	81	3,851	-376	580	175
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,115	4,588	-25	904	551
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	2.71	1.84	2.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.25	0.30	0.34
Price to Earnings (P/E)	0.00	0.00	0.00	3.46	0.00
Dividend Yield	3.30%	0.00%	4.11%	6.20%	6.54%
Earnings Yield	0.00%	0.00%	0.00%	28.92%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.13	1.12	1.16
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	1.35	1.25	1.42
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	4.91	8.19
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	7.65	25.77
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	9.97	37.24
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	17.97	45.28	23.86
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	14.54	19.21	24.77
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	4.87	18.89	8.00	11.85
Long-Term Debt to Equity	0.00	4.83	18.73	7.93	11.78
Financial Leverage	0.00	3.86	6.29	9.42	7.84
Leverage Ratio	0.00	7.66	11.67	16.24	13.36
Compound Leverage Factor	0.00	7.19	19.77	11.06	-11.68
Debt to Total Capital	0.00%	82.98%	94.97%	88.89%	92.22%
Short-Term Debt to Total Capital	0.00%	0.74%	0.82%	0.82%	0.53%
Long-Term Debt to Total Capital	0.00%	82.24%	94.15%	88.07%	91.69%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2.47%	-1.46%	-1.44%	-1.54%
Common Equity to Total Capital	0.00%	14.55%	6.48%	12.55%	9.32%
Debt to EBITDA	0.00	0.93	-167.00	4.57	7.95
Net Debt to EBITDA	0.00	0.74	-140.52	3.80	6.38
Long-Term Debt to EBITDA	0.00	0.92	-165.56	4.53	7.91
Debt to NOPAT	0.00	1.43	-18.02	9.28	36.19
Net Debt to NOPAT	0.00	1.14	-15.16	7.71	29.04
Long-Term Debt to NOPAT	0.00	1.42	-17.86	9.19	35.99
Altman Z-Score	0.00	0.00	0.41	1.23	0.91
Noncontrolling Interest Sharing Ratio	0.00%	14.51%	5.75%	-17.77%	-15.80%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	2.77	1.34	2.45	2.42
Quick Ratio	0.00	2.46	1.16	2.21	2.21
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,281	290	231	182
Operating Cash Flow to CapEx	883.78%	760.95%	255.43%	116.67%	255.41%
Free Cash Flow to Firm to Interest Expense	0.00	-4.37	1.00	0.76	0.47
Operating Cash Flow to Interest Expense	0.52	2.73	0.81	0.32	0.49
Operating Cash Flow Less CapEx to Interest Expense	0.46	2.37	0.49	0.05	0.30
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.59	0.49	0.59	0.54
Accounts Receivable Turnover	0.00	6.42	5.10	5.66	4.79
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	5.40	4.34	5.00	4.66
Accounts Payable Turnover	0.00	4.89	2.46	2.50	3.63
Days Sales Outstanding (DSO)	0.00	56.87	71.51	64.45	76.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	74.62	148.40	146.02	100.69
Cash Conversion Cycle (CCC)	0.00	-17.75	-76.89	-81.57	-24.44
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	4,256	3,734	3,948	3,887
Invested Capital Turnover	0.00	1.85	0.78	0.92	0.81
Increase / (Decrease) in Invested Capital	0.00	4,256	-522	214	-61
Enterprise Value (EV)	0.00	0.00	4,222	4,437	4,510
Market Capitalization	0.00	0.00	773	1,072	1,066
Book Value per Share	$0.00	$10.59	$4.49	$8.78	$6.36
Tangible Book Value per Share	$0.00	($34.48)	($42.92)	($34.31)	($33.35)
Total Capital	0.00	5,140	4,396	4,645	4,753
Total Debt	0.00	4,265	4,175	4,129	4,383
Total Long-Term Debt	0.00	4,227	4,139	4,091	4,358
Net Debt	0.00	3,381	3,513	3,432	3,517
Capital Expenditures (CapEx)	37	105	92	84	74
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	229	-254	221	156
Debt-free Net Working Capital (DFNWC)	0.00	1,113	408	918	1,022
Net Working Capital (NWC)	0.00	1,075	372	880	997
Net Nonoperating Expense (NNE)	393	274	47	126	220
Net Nonoperating Obligations (NNO)	0.00	3,381	3,513	3,432	3,517
Total Depreciation and Amortization (D&A)	3,034	737	351	324	376
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	5.83%	-8.10%	6.23%	4.92%
Debt-free Net Working Capital to Revenue	0.00%	28.34%	13.02%	25.87%	32.25%
Net Working Capital to Revenue	0.00%	27.37%	11.87%	24.80%	31.46%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($4.46)	$4.72	($1.61)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	65.13M	65.78M	69.12M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($4.46)	$4.69	($1.61)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	65.13M	66.10M	69.12M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	63.60M	66.47M	71.62M
Normalized Net Operating Profit after Tax (NOPAT)	17	2,927	-230	429	108
Normalized NOPAT Margin	0.27%	74.51%	-7.33%	12.09%	3.40%
Pre Tax Income Margin	-8.14%	92.01%	-20.33%	11.13%	-4.83%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.13	13.14	-1.30	1.91	0.45
NOPAT to Interest Expense	0.11	10.15	-0.80	1.47	0.31
EBIT Less CapEx to Interest Expense	0.07	12.79	-1.61	1.64	0.26
NOPAT Less CapEx to Interest Expense	0.05	9.79	-1.12	1.19	0.12
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	-50.92%	3.30%	-27.96%	24.45%	-86.87%
Augmented Payout Ratio	-69.63%	7.74%	-150.90%	24.45%	-86.87%

This table displays calculated financial ratios and metrics derived from Sinclair's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	71,619,033.00	72,165,581.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	71,619,033.00	72,165,581.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.28	-1.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	3.23%	7.94%	19.56%	21.55%	-2.76%	-5.43%	-15.70%	-16.73%	3.99%	7.14%
EBITDA Growth	0.00%	37.82%	101.96%	184.00%	219.66%	-40.85%	-23.30%	-40.14%	-41.93%	-67.01%	141.77%
EBIT Growth	0.00%	156.25%	153.66%	1,168.75%	171.28%	-163.41%	-86.36%	-57.14%	-49.82%	1.92%	3,400.00%
NOPAT Growth	0.00%	240.14%	2,512.70%	430.78%	178.32%	-80.40%	-70.99%	-70.47%	-64.35%	92.86%	-848.30%
Net Income Growth	0.00%	-87.05%	121.84%	313.33%	152.65%	-716.00%	-426.32%	-98.96%	-35.20%	113.64%	-24.19%
EPS Growth	0.00%	-86.74%	119.57%	293.24%	153.01%	-757.14%	-437.04%	-101.40%	-38.64%	112.17%	-16.48%
Operating Cash Flow Growth	-73.02%	-106.45%	-482.50%	20,900.00%	115.22%	225.00%	139.87%	-117.14%	-50.51%	760.00%	-45.90%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	107.72%	0.00%	96.66%	107.54%	-57.78%	5,827.73%	93.48%	-138.24%
Invested Capital Growth	0.00%	0.00%	0.00%	-4.34%	5.73%	3.56%	-7.08%	-2.36%	-1.55%	0.69%	0.13%
Revenue Q/Q Growth	7.69%	-3.39%	3.88%	10.62%	9.49%	-22.71%	1.03%	-1.40%	8.15%	-3.47%	4.09%
EBITDA Q/Q Growth	-395.00%	155.59%	-37.20%	175.73%	24.30%	-72.52%	-18.56%	115.19%	20.59%	-84.39%	496.88%
EBIT Q/Q Growth	-2,493.75%	121.41%	-73.17%	822.73%	34.48%	-119.05%	105.77%	2,800.00%	57.47%	-137.23%	305.88%
NOPAT Q/Q Growth	-1,143.24%	118.50%	1.33%	171.33%	53.94%	-95.37%	50.00%	176.19%	85.83%	-74.95%	-682.01%
Net Income Q/Q Growth	-655.56%	107.35%	-24.00%	405.26%	86.46%	-186.03%	59.74%	101.61%	11,500.00%	-81.90%	-466.67%
EPS Q/Q Growth	-572.97%	0.00%	-22.86%	429.63%	84.62%	-187.12%	60.43%	97.80%	8,200.00%	-82.72%	-478.57%
Operating Cash Flow Q/Q Growth	9,100.00%	-104.35%	-7,550.00%	168.63%	-5.71%	-97.47%	2,340.00%	-129.51%	372.22%	-56.12%	53.49%
Free Cash Flow Firm Q/Q Growth	100.00%	0.00%	-7.44%	107.93%	-100.75%	-5,113.62%	342.11%	-55.57%	2.13%	-105.94%	-1,319.75%
Invested Capital Q/Q Growth	-9.43%	0.78%	7.36%	-2.38%	0.10%	-1.29%	-3.67%	2.58%	0.93%	0.95%	-4.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	51.57%	48.87%	48.73%	54.85%	58.76%	46.13%	100.00%	46.57%	1.67%	48.95%	49.52%
EBITDA Margin	-35.71%	20.55%	12.42%	30.97%	35.16%	12.50%	10.08%	21.99%	24.52%	3.97%	22.74%
Operating Margin	-46.73%	5.26%	7.72%	19.52%	26.49%	1.80%	2.68%	7.50%	9.57%	3.35%	5.95%
EBIT Margin	-46.37%	10.28%	2.65%	22.14%	27.19%	-6.70%	0.38%	11.25%	16.39%	-6.32%	12.50%
Profit (Net Income) Margin	-41.16%	3.13%	2.29%	10.47%	17.83%	-19.85%	-7.91%	0.13%	13.88%	2.60%	-9.17%
Tax Burden Percent	73.59%	119.05%	79.17%	76.80%	79.56%	77.00%	81.58%	0.00%	94.31%	-15.33%	-220.00%
Interest Burden Percent	120.63%	25.61%	109.09%	61.58%	82.42%	384.62%	-2,533.33%	0.00%	89.78%	268.63%	33.33%
Effective Tax Rate	0.00%	-19.05%	20.83%	23.20%	20.44%	0.00%	0.00%	0.00%	5.69%	0.00%	320.00%
Return on Invested Capital (ROIC)	-27.46%	10.52%	9.74%	12.53%	19.47%	1.16%	1.67%	4.50%	7.30%	1.92%	-11.35%
ROIC Less NNEP Spread (ROIC-NNEP)	-29.44%	9.09%	8.06%	11.36%	18.53%	-3.50%	-0.45%	3.39%	8.47%	1.98%	-10.40%
Return on Net Nonoperating Assets (RNNOA)	-468.02%	118.05%	110.35%	86.88%	174.62%	-38.61%	-5.70%	38.92%	66.41%	18.36%	-120.44%
Return on Equity (ROE)	-495.47%	128.57%	120.10%	99.41%	194.09%	-37.45%	-4.03%	43.41%	73.71%	20.27%	-131.79%
Cash Return on Invested Capital (CROIC)	7.77%	0.00%	0.00%	0.00%	6.01%	7.49%	17.16%	8.83%	4.65%	2.64%	16.49%
Operating Return on Assets (OROA)	-22.73%	5.38%	3.01%	12.57%	16.12%	-4.00%	0.23%	6.62%	8.78%	-3.50%	7.30%
Return on Assets (ROA)	-20.17%	1.64%	2.60%	5.95%	10.57%	-11.84%	-4.85%	0.08%	7.43%	1.44%	-5.35%
Return on Common Equity (ROCE)	-466.99%	159.16%	148.48%	113.05%	228.59%	-45.21%	-4.97%	52.93%	85.36%	24.09%	-163.57%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-134.23%	-100.29%	-48.19%	0.00%	32.11%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-270	50	51	137	212	9.80	15	41	75	19	-110
NOPAT Margin	-32.71%	6.27%	6.11%	14.99%	21.08%	1.26%	1.88%	5.25%	9.02%	2.34%	-13.10%
Net Nonoperating Expense Percent (NNEP)	1.99%	1.43%	1.68%	1.16%	0.94%	4.66%	2.12%	1.10%	-1.17%	-0.06%	-0.95%
Return On Investment Capital (ROIC_SIMPLE)	-6.15%	-	-	-	4.56%	0.22%	0.33%	0.93%	1.59%	0.40%	-2.52%
Cost of Revenue to Revenue	48.43%	51.13%	51.27%	45.15%	41.24%	53.87%	0.00%	53.43%	98.33%	51.05%	50.48%
SG&A Expenses to Revenue	87.05%	31.83%	29.43%	26.39%	23.80%	31.44%	31.25%	31.44%	30.98%	32.59%	31.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	98.31%	43.61%	41.01%	35.33%	32.27%	44.33%	97.32%	39.07%	-7.89%	45.60%	43.57%
Earnings before Interest and Taxes (EBIT)	-383	82	22	203	273	-52	3.00	87	137	-51	105
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-295	164	103	284	353	97	79	170	205	32	191
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.71	2.53	2.59	2.45	1.84	2.43	2.66	3.03	2.41	1.98	2.71
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.25	0.27	0.27	0.30	0.30	0.30	0.28	0.32	0.34	0.29	0.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	3.46	8.08	19.23	0.00	0.00	14.48	19.78
Dividend Yield	4.11%	5.67%	7.50%	6.54%	6.20%	6.28%	7.24%	6.62%	6.54%	7.73%	7.02%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	28.92%	12.37%	5.20%	0.00%	0.00%	6.91%	5.06%
Enterprise Value to Invested Capital (EV/IC)	1.13	1.14	1.13	1.15	1.12	1.17	1.17	1.18	1.16	1.12	1.17
Enterprise Value to Revenue (EV/Rev)	1.35	1.35	1.42	1.35	1.25	1.29	1.26	1.37	1.42	1.37	1.35
Enterprise Value to EBITDA (EV/EBITDA)	0.00	213.58	63.64	17.75	4.91	5.44	5.39	6.52	8.19	9.02	7.37
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	7.65	10.20	10.27	14.65	25.77	24.91	15.85
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	9.97	10.81	11.45	18.13	37.24	33.67	7.06
Enterprise Value to Operating Cash Flow (EV/OCF)	17.97	25.28	0.00	0.00	45.28	42.53	8.19	15.76	23.86	19.31	25.77
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	19.21	15.87	6.56	13.23	24.77	42.48	7.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	18.89	15.42	15.07	11.84	8.00	11.39	14.01	14.86	11.85	11.16	13.35
Long-Term Debt to Equity	18.73	15.29	14.93	11.73	7.93	11.32	13.93	14.77	11.78	11.10	13.28
Financial Leverage	15.90	12.99	13.69	7.65	9.42	11.03	12.72	11.47	7.84	9.29	11.58
Leverage Ratio	11.67	22.45	20.68	12.72	16.24	18.55	19.99	18.16	13.36	15.20	18.68
Compound Leverage Factor	14.08	5.75	22.56	7.83	13.39	71.35	-506.49	0.00	11.99	40.84	6.23
Debt to Total Capital	94.97%	93.91%	93.78%	92.21%	88.89%	91.93%	93.34%	93.69%	92.22%	91.78%	93.03%
Short-Term Debt to Total Capital	0.82%	0.84%	0.84%	0.85%	0.82%	0.55%	0.57%	0.57%	0.53%	0.48%	0.53%
Long-Term Debt to Total Capital	94.15%	93.07%	92.94%	91.36%	88.07%	91.38%	92.77%	93.12%	91.69%	91.30%	92.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-1.46%	-1.45%	-1.47%	-1.47%	-1.44%	-1.49%	-1.55%	-1.62%	-1.54%	-1.57%	-1.74%
Common Equity to Total Capital	6.48%	7.54%	7.70%	9.26%	12.55%	9.56%	8.21%	7.93%	9.32%	9.79%	8.71%
Debt to EBITDA	-167.00	207.45	57.54	16.14	4.57	5.01	5.05	5.87	7.95	9.00	6.79
Net Debt to EBITDA	-140.52	174.70	52.29	14.04	3.80	4.25	4.29	5.11	6.38	7.27	5.78
Long-Term Debt to EBITDA	-165.56	205.60	57.03	15.99	4.53	4.98	5.02	5.83	7.91	8.96	6.75
Debt to NOPAT	-18.02	-19.12	-24.36	-58.43	9.28	9.96	10.73	16.32	36.19	33.61	6.50
Net Debt to NOPAT	-15.16	-16.10	-22.13	-50.85	7.71	8.46	9.12	14.23	29.04	27.13	5.53
Long-Term Debt to NOPAT	-17.86	-18.95	-24.14	-57.89	9.19	9.90	10.66	16.22	35.99	33.43	6.46
Altman Z-Score	0.41	0.69	0.73	0.91	1.06	0.82	0.81	0.85	0.88	0.79	0.86
Noncontrolling Interest Sharing Ratio	5.75%	-23.79%	-23.64%	-13.72%	-17.77%	-20.72%	-23.42%	-21.92%	-15.80%	-18.82%	-24.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.42	1.78	1.91	2.45	2.08	1.89	2.01	2.42	2.42	1.94
Quick Ratio	1.16	1.25	1.52	1.63	2.21	1.81	1.61	1.74	2.21	2.19	1.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-3,713	-3,989	316	-2.38	-124	301	134	136	-8.10	-115
Operating Cash Flow to CapEx	418.18%	-19.05%	-1,330.43%	1,235.29%	860.87%	31.25%	717.65%	-163.64%	515.79%	286.67%	330.00%
Free Cash Flow to Firm to Interest Expense	0.00	-49.51	-52.49	4.06	-0.03	-0.87	3.86	1.57	1.62	-0.10	-1.72
Operating Cash Flow to Interest Expense	1.18	-0.05	-4.03	2.69	2.68	0.04	1.56	-0.42	1.17	0.51	0.99
Operating Cash Flow Less CapEx to Interest Expense	0.90	-0.33	-4.33	2.47	2.36	-0.08	1.35	-0.68	0.94	0.33	0.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.52	1.13	0.57	0.59	0.60	0.61	0.59	0.54	0.55	0.58
Accounts Receivable Turnover	5.10	4.92	0.00	5.55	5.66	5.35	5.41	5.34	4.79	4.90	5.12
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.34	4.39	0.00	0.00	5.00	5.06	5.04	4.86	4.66	4.87	5.01
Accounts Payable Turnover	2.46	1.90	0.00	3.67	2.50	2.58	3.15	3.56	3.63	3.60	3.05
Days Sales Outstanding (DSO)	71.51	74.18	0.00	65.74	64.45	68.22	67.42	68.36	76.25	74.54	71.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	148.40	192.29	0.00	99.51	146.02	141.22	115.88	102.51	100.69	101.28	119.82
Cash Conversion Cycle (CCC)	-76.89	-118.12	0.00	-33.76	-81.57	-73.00	-48.46	-34.14	-24.44	-26.74	-48.58
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,734	3,763	4,040	3,944	3,948	3,897	3,754	3,851	3,887	3,924	3,759
Invested Capital Turnover	0.84	1.68	1.59	0.84	0.92	0.92	0.89	0.86	0.81	0.82	0.87
Increase / (Decrease) in Invested Capital	0.00	3,763	4,040	-179	214	134	-286	-93	-61	27	5.00
Enterprise Value (EV)	4,222	4,272	4,582	4,544	4,437	4,551	4,383	4,556	4,510	4,384	4,407
Market Capitalization	773	842	882	1,015	1,072	1,059	961	1,052	1,066	927	1,028
Book Value per Share	$4.49	$5.24	$5.14	$6.25	$8.78	$6.56	$5.19	$4.98	$6.36	$6.52	$5.27
Tangible Book Value per Share	($42.92)	($41.51)	($39.20)	($37.42)	($34.31)	($36.39)	($35.23)	($35.29)	($33.35)	($31.81)	($32.19)
Total Capital	4,396	4,418	4,418	4,480	4,645	4,559	4,399	4,377	4,753	4,768	4,363
Total Debt	4,175	4,149	4,143	4,131	4,129	4,191	4,106	4,101	4,383	4,376	4,059
Total Long-Term Debt	4,139	4,112	4,106	4,093	4,091	4,166	4,081	4,076	4,358	4,353	4,036
Net Debt	3,513	3,494	3,765	3,595	3,432	3,560	3,490	3,575	3,517	3,532	3,455
Capital Expenditures (CapEx)	22	21	23	17	23	16	17	22	19	15	20
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-254	-177	195	148	221	174	96	172	156	135	93
Debt-free Net Working Capital (DFNWC)	408	478	573	684	918	805	712	698	1,022	979	697
Net Working Capital (NWC)	372	441	536	646	880	780	687	673	997	956	674
Net Nonoperating Expense (NNE)	70	25	32	41	33	164	77	40	-41	-2.10	-33
Net Nonoperating Obligations (NNO)	3,513	3,494	3,765	3,595	3,432	3,529	3,461	3,575	3,517	3,532	3,455
Total Depreciation and Amortization (D&A)	88	82	81	81	80	149	76	83	68	83	86
Debt-free, Cash-free Net Working Capital to Revenue	-8.10%	-5.60%	6.06%	4.39%	6.23%	4.93%	2.76%	5.15%	4.92%	4.22%	2.86%
Debt-free Net Working Capital to Revenue	13.02%	15.13%	17.80%	20.30%	25.87%	22.83%	20.45%	20.92%	32.25%	30.59%	21.41%
Net Working Capital to Revenue	11.87%	13.96%	16.65%	19.17%	24.80%	22.12%	19.74%	20.17%	31.46%	29.88%	20.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($4.99)	$0.35	$0.27	$1.43	$2.67	($2.30)	($0.91)	($0.02)	$1.62	$0.28	($1.06)
Adjusted Weighted Average Basic Shares Outstanding	65.13M	64.16M	66.19M	66.36M	65.78M	67.49M	69.59M	69.66M	69.12M	70.57M	72.16M
Adjusted Diluted Earnings per Share	($4.98)	$0.35	$0.27	$1.43	$2.64	($2.30)	($0.91)	($0.02)	$1.62	$0.28	($1.06)
Adjusted Weighted Average Diluted Shares Outstanding	65.13M	64.40M	66.19M	66.53M	66.10M	67.49M	69.59M	69.66M	69.12M	70.82M	72.16M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.60M	66.18M	66.36M	66.42M	66.47M	69.57M	69.65M	69.68M	71.62M	72.17M	72.32M
Normalized Net Operating Profit after Tax (NOPAT)	-276	29	52	127	204	15	21	15	75	24	39
Normalized NOPAT Margin	-33.39%	3.68%	6.30%	13.90%	20.36%	1.98%	2.68%	1.99%	9.02%	2.95%	4.58%
Pre Tax Income Margin	-55.93%	2.63%	2.90%	13.63%	22.41%	-25.77%	-9.69%	0.00%	14.71%	-16.98%	4.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-4.91	1.09	0.29	2.60	3.69	-0.37	0.04	1.02	1.63	-0.60	1.57
NOPAT to Interest Expense	-3.46	0.67	0.67	1.76	2.86	0.07	0.19	0.48	0.90	0.22	-1.64
EBIT Less CapEx to Interest Expense	-5.19	0.81	-0.01	2.38	3.38	-0.48	-0.18	0.76	1.40	-0.78	1.27
NOPAT Less CapEx to Interest Expense	-3.75	0.39	0.36	1.54	2.55	-0.04	-0.03	0.22	0.67	0.05	-1.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-27.96%	-16.55%	-21.70%	-37.50%	24.45%	57.14%	135.59%	-225.00%	-86.87%	114.47%	139.34%
Augmented Payout Ratio	-150.90%	-38.93%	-21.70%	-37.50%	24.45%	57.14%	135.59%	-225.00%	-86.87%	114.47%	139.34%

Financials Breakdown Chart

Key Financial Trends

Sinclair (NASDAQ: SBGI) is showing a meaningful turnaround in profitability and cash generation, but the balance sheet remains highly leveraged. Over the last several quarters, the company has moved from heavy losses in early 2025 to solid profitability in late 2025 and Q1 2026. At the same time, debt is still very large relative to equity, so investors should view the story as improving but not yet low-risk.

Profitability improved sharply into late 2025 and Q1 2026. Q1 2026 net income was $21 million versus a loss of $154 million in Q1 2025, while Q4 2025 net income was $116 million.
Operating performance recovered from the weak middle of 2025. Q1 2026 operating income was $27 million, compared with just $14 million in Q1 2025 and a loss of $3 million in Q2 2025.
Cash generation rebounded. Operating cash flow was $43 million in Q1 2026 after turning negative in Q3 2025 and Q1 2025.
Liquidity improved materially. Cash and equivalents rose to $844 million in Q1 2026 from $526 million in Q3 2025.
Quarterly revenue has held fairly steady around the high-$700 million to low-$800 million range. Q1 2026 revenue of $807 million was up from $776 million in Q1 2025.
Debt has come down from the peak seen after a late-2024 refinancing. Long-term debt fell to $4.353 billion in Q1 2026 from $4.081 billion in Q2 2025 and $4.166 billion in Q1 2025.
Revenue growth remains modest. Year-over-year, Q1 2026 revenue increased only slightly, suggesting Sinclair is still relying more on margin improvement than on rapid top-line expansion.
Interest costs remain a major drag. Q1 2026 interest expense was $85 million, which remains large relative to operating income.
Non-cash items and working-capital swings continue to affect quarterly results. Cash flow has been volatile across quarters, partly due to changes in operating assets and liabilities.
The balance sheet is still heavily indebted. Total liabilities were $5.384 billion versus only $467 million of common equity in Q1 2026.
Interest burden is still high relative to earnings power. Even with improved operations, the company’s profits can be quickly compressed by debt service.
Equity remains thin and retained earnings are negative. Retained earnings were $(169) million in Q1 2026, reflecting the company’s long period of uneven profitability.
Asset base is dominated by goodwill and intangibles. Those non-physical assets make up a large share of total assets, which can increase risk if business conditions weaken.

Bottom line: Sinclair’s recent quarter looks encouraging, especially the jump in earnings and positive operating cash flow. However, the stock still carries a heavy debt load and sensitivity to interest expense, so the recovery looks real but still somewhat fragile.

08/23/26 03:47 PM ETAI Generated. May Contain Errors.

Sinclair Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Sinclair's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Sinclair's net income appears to be on a downward trend, with a most recent value of -$99 million in 2025, falling from -$326 million in 2021. The previous period was $319 million in 2024. See where experts think Sinclair is headed by visiting Sinclair's forecast page.

Sinclair's total operating income in 2025 was $173 million, based on the following breakdown:

Total Gross Profit: $1.52 billion
Total Operating Expenses: $1.34 billion

Over the last 4 years, Sinclair's total revenue changed from $6.13 billion in 2021 to $3.17 billion in 2025, a change of -48.3%.

Sinclair's total liabilities were at $5.58 billion at the end of 2025, a 3.9% increase from 2024, and a 4.3% decrease since 2022.

In the past 3 years, Sinclair's cash and equivalents has ranged from $662 million in 2023 to $884 million in 2022, and is currently $866 million as of their latest financial filing in 2025.

Over the last 4 years, Sinclair's book value per share changed from 0.00 in 2021 to 6.36 in 2025, a change of 635.7%.

Related Companies

Financial statements for NASDAQ:SBGI last updated on 8/5/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Sinclair (SBGI) Financials

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Sinclair (SBGI) Financials

Annual Income Statements for Sinclair

Quarterly Income Statements for Sinclair

Annual Cash Flow Statements for Sinclair

Quarterly Cash Flow Statements for Sinclair

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Quarterly Balance Sheets for Sinclair

Annual Metrics And Ratios for Sinclair

Quarterly Metrics And Ratios for Sinclair

Financials Breakdown Chart

Key Financial Trends

Sinclair Financials - Frequently Asked Questions

When does Sinclair's financial year end?

How has Sinclair's net income changed over the last 4 years?

What is Sinclair's operating income?

How has Sinclair's revenue changed over the last 4 years?

How much debt does Sinclair have?

How much cash does Sinclair have?

How has Sinclair's book value per share changed over the last 4 years?

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