E.W. Scripps delivered a quarter that was met with a strongly positive market response, despite missing revenue expectations by a small margin. Management attributed the strong EPS and margin performance primarily to a surge in high-margin political advertising and the company’s ongoing cost transformation program. CEO Adam Symson emphasized, “Our performance came down to two factors. First, our footprint lined up exceptionally well with some of the most hotly contested races. Second, our sports inventory added meaningful value, monetized at premium political rates.” Meanwhile, CFO Jason Combs highlighted that expense reductions, including a 20% workforce reduction, are supporting improved profitability.
Is now the time to buy SSP? Find out in our full research report (it’s free for active Edge members).
E.W. Scripps (SSP) Q3 2026 highlights:
- Revenue $544.9 million vs S&P analyst consensus of $547.8 million (3.6% year-on-year growth, 0.5% miss)
- EPS (GAAP) $0.21 vs analyst estimates of -$0.10 (significant beat)
- Adjusted EBITDA $121.5 million vs analyst estimates of $115.2 million (22.3% margin, 5.5% beat)
- Operating margin 12.3%, up from 7.2% in the same quarter last year
- Market capitalization $282.6 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from E.W. Scripps’s Q3 earnings call
- Dan Kurnos (StoneX): Asked about future growth initiatives beyond sports and how these could impact 2027 results. CEO Adam Symson highlighted opportunities in optimizing yield management, expanding local IP value, and leveraging spectrum assets for non-traditional revenue streams.
- Craig Huber (Huber Research Partners): Questioned risks to operations from the 20% workforce reduction. Symson stressed that workflow changes and technological investments are designed to avoid top-line risk and actually enhance content distribution and audience reach.
- Avi Steiner (JPMorgan): Inquired about core advertising trends post-election and distribution revenue prospects. CFO Jason Combs noted a positive rebound in core advertising after political ad displacement and outlined optimism for low to mid-single digit growth in distribution revenue next year.
- Steven Cahall (Wells Fargo): Asked about the company’s M&A intentions given improved political revenue and balance sheet. Symson confirmed continued proactive portfolio optimization, but noted regulatory and industry deal uncertainty remains.
- Avi Steiner (JPMorgan): Requested clarification on debt paydown strategy and allocation of excess cash. Combs explained that near-term maturities are the focus, but the company has flexibility to consider bond repurchases as cash flow improves.
Catalysts in upcoming quarters
In the coming quarters, our team will be monitoring (1) continued progress on digital and streaming news viewership and monetization, (2) the pace and impact of operational cost savings flowing through the income statement, and (3) further yield gains from sports and political advertising initiatives. Additional attention will be paid to ad market trends and the company’s ability to manage subscriber churn and execute on targeted M&A or asset optimization opportunities.
E.W. Scripps currently trades at $2.98, up from $2.81 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free).
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