Sinclair’s Q3 earnings landed with a number that would have been unthinkable in a midterm cycle just a few years ago: political advertising in 2026 has already passed the broadcaster’s 2024 presidential haul.
The station group sold $136 million in political ads in the July-to-September quarter. The full-year figure hit an all-time record of $455 million, ahead of the $405 million Sinclair booked in the 2024 presidential year and far above its previous midterm-cycle high of $333 million in 2022.
The numbers
- Political ad revenue: $136 million in Q3, up 55% versus the 2022 midterm quarter.
- Full-year political total: $455 million, a Sinclair record and $50 million above 2024.
- Total revenue: $893 million, up 16% year over year.
- Adjusted EBITDA: $213 million, more than double the prior-year quarter.
- Earnings per share: 60 cents, versus a 2-cent loss a year earlier.
The political windfall did not all flow through the usual local-station pipes. CEO Chris Ripley noted that some campaigns chose national broadcast buys because of the cost profile of local spots, especially around live sports. The result was unusually placed messaging: East Coast sports viewers saw PAC-funded spots backing Senate candidates in Texas or Iowa.
Third-party spending helped push the total, including nearly half a billion dollars from Elon Musk. But spend did not always predict outcomes. Texas Governor-elect Gina Hinojosa beat incumbent Greg Abbott despite Abbott outspending her by roughly 10-to-1.
The result matters beyond Sinclair. Local TV groups have watched streaming absorb entertainment viewing, but political spending remains one category where broadcast reach still commands budgets. Sinclair, now the No. 2 station group behind Nexstar, kept its political share, according to Ripley, and expects the sector to benefit again in 2028.
Why 2028 is already on the board
Sinclair’s local media president Rob Weisbord told analysts the cycle “bodes well for the upcoming 2028 election cycle, which will be here before we know it.” He pointed to dual open primaries in both parties as a reason to expect “early and aggressive spending,” with campaigns forced to introduce themselves nationally. He also argued the results show local broadcast television remains a key delivery platform for political advertising.
For media planners and ad buyers, the practical read is clear: a midterm is no longer a safe down year. Political budgets can arrive earlier and larger than the presidential baseline suggests, and battleground-state local inventory is likely to tighten first.
Source: Deadline
