TEGNA Q2 revenue down 5% to $675M; GAAP EPS $0.42; reaffirms two-year FCF guidance

TEGNA INC

2025-Q2 EPS reported $0.77 revenue$1,355,094,000

GAAP net income $68M ($0.42 diluted EPS); non-GAAP net income $71M ($0.44 EPS).
Distribution revenue flat at $370M; AMS revenue down 4% to $288M.
Adjusted EBITDA down 14% to $151M; Adjusted Free Cash Flow $96M.
Q3 revenue expected down 18-20% YoY due to odd-year election comparison.
Redeemed $250M of 4.75% senior notes due 2026 on July 2; net leverage 2.8x.

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