Sinclair, Inc. (SBGI) SEC Filings & Earnings Calls

Loss of principal accounting officer; transition risk during year-end close

“CAO departing Nov 9, 2026; CFO to serve as principal accounting officer”

Core advertising revenue declining 3% YoY, indicating softness in non-political ad market.

“Core advertising revenue $308M, -3% YoY.”

Political revenue is cyclical and may decline post-midterms.

“Political revenue $59M, highly dependent on election cycle.”

Core Advertising Decline

“Core advertising revenue decreased $12 million and $22 million for the three and six months ended June 30, 2026, respectively, when compared to the same periods in 2025, with no particular product/services category dominating the variance.” · word for word

Investment Portfolio Volatility

“During the six months ended June 30, 2026 and 2025, we recognized fair value adjustment losses of $42 million and $103 million, respectively, associated with investments measured at fair value and NAV.” · word for word

Subscriber Decline

“partially offset by subscriber decreases by low-single digit percentages.” · word for word

High Effective Tax Rate

“The effective tax rate for the three months ended June 30, 2026 was a provision of 322.3% as compared to a benefit of 18.9% during the same period in 2025.” · word for word

Insider Control Risk

“The voting power the reporting persons as a group would have if they all converted their shares of Class B Common Stock into shares of Class A Common Stock is 32.7%.” · word for word

Insider Control Risk

“The voting power the reporting persons as a group would have if they all converted their shares of Class B Common Stock into shares of Class A Common Stock is 32.7%.” · word for word

Core Advertising Decline

“Core advertising revenue decreased $10 million for the three months ended March 31, 2026, when compared to the same period in 2025” · word for word

Fair Value Adjustment Losses on Investments

“During the three months ended March 31, 2026 and 2025, we recognized fair value adjustment losses of $85 million and $73 million, respectively, associated with investments measured at fair value and NAV.” · word for word

Core advertising revenue declined sequentially from Q4 2025 ($354M to $305M), typical seasonality

“Core advertising revenue $305 million vs $354 million in Q4 2025”

Concentrated control by Smith brothers

“The Controlling Stockholders own collectively 80.6% of the total voting power as of March 16, 2026.” · word for word

Advertising Revenue Volatility

“Our advertising revenue can vary substantially from period to period based on many factors beyond our control.” · word for word

Cybersecurity Breach Risk

“We have experienced a cyber-security breach in the past and may be vulnerable to future security breaches ... For example, in 2021, we detected an incident that resulted in an approximate $20 million loss, net of insurance recoveries.” · word for word

High Leverage and Debt Service

“Total debt of Sinclair ... of $4,383 million ... Interest due on Sinclair’s total debt in the next twelve months of $318 million.”

Political advertising revenue highly volatile; Q4 2025 down 93% YoY due to off-cycle year.

“Political advertising revenue $14 million, down 93% YoY”

Total revenue declined 17% YoY in Q4 due to political cycle.

“Total revenue $836 million, down 17% YoY”

MVPD subscriber churn

“Subscriber decreases impacted period-over-period distribution revenue by mid-teen percentages for the three months ended September 30, 2025, partially offset by favorable contractual rate increases by low-teen percentages.” · word for word

Core advertising weakness

“Core advertising revenue decreased $14 million and $40 million for the three and nine months ended September 30, 2025, respectively, when compared to the same periods in 2024, with no particular product/services category dominating the variance.” · word for word

High debt and interest expense

“Interest expense including amortization of debt discount and deferred financing costs $85 million for the three months ended September 30, 2025 compared to $78 million for the comparable 2024 period.” · word for word

Political revenue decline YoY due to off-cycle; core advertising still growing.

“Political advertising revenue $6 million vs $138 million in Q3 2024.”