Newsmax (NYSE:NMAX) executives said fiscal 2025 marked a “defining year” as the company completed its first year as a public company, expanded distribution, and delivered revenue growth near the top end of guidance despite a non-election-year advertising environment that often pressures media peers.
Management highlights distribution gains and multi-platform strategy
Chief Executive Officer Chris Ruddy said Newsmax strengthened its standing as the “fourth highest rated cable news network” and finished “6 among all cable channels in total day ratings” as measured by Nielsen. Ruddy emphasized that Newsmax’s strategy is built around operating across cable, free ad-supported streaming (FAST), paid streaming, and digital platforms, which he described as a “scalable ecosystem poised for growth.”
On U.S. distribution, Ruddy said Newsmax launched on Hulu TV and renewed a multi-year agreement with YouTube TV, keeping Newsmax in YouTube TV’s base package. He also said the company plans to expand Newsmax Plus distribution through YouTube Primetime Channels beginning in 2026.
Audience and product updates: cable ratings, FAST channel expansion, and Newsmax Plus
Ruddy said Newsmax’s cable channel reached more than 58 million total viewers in 2025, according to Nielsen, and that the company reaches “50 million Americans regularly across all our platforms.” He tied ratings strength to advertising demand and to affiliate contract renewals at higher rates.
Ruddy also pointed to growth on the company’s streaming side, led by Newsmax2, its FAST channel. He said Newsmax2 is carried on the company’s app and on major streaming platforms including Xumo, Pluto, and Samsung TV Plus, and is also available over the air as a DigiNet channel. Newsmax2 expanded into 18 additional U.S. markets in 2025 and is now present in 14 of the top 20 markets, he said.
For Newsmax Plus, the company’s paid on-demand product, Ruddy said the service ended the year with more than 260,000 paid subscribers and added over 200 hours of on-demand programming, including documentaries, films, and family-friendly content. However, he said management is “not satisfied with our current subscription trajectory,” characterizing the pace of subscriber additions as a short-term headwind and outlining steps to improve engagement, retention, and content. He also noted the company’s social media following surpassed 24 million, up more than 17% year-over-year.
Full-year results: revenue growth led by broadcasting; digital declines after election comparison
Chief Financial Officer Darryle Burnham reported full-year 2025 revenue of $189.3 million, up 10.7% year-over-year, which management said was at the high end of guidance. Broadcasting revenue rose 17.3% to $153.3 million, while digital revenue fell 10.9% to $35.9 million, which Burnham attributed largely to a difficult comparison to the prior election year, partially offset by growth in product sales.
Burnham broke down revenue performance by component:
- Advertising revenue: $120.3 million, up 10.2% year-over-year, driven by higher linear TV ad demand and pricing, partially offset by lower digital advertising.
- Affiliate revenue: $30.6 million, up 14.9%, driven by new contractual relationships and rate increases.
- Subscription revenue: $27.5 million, up 2.6%, with growth in Newsmax Plus offset by reductions in digital publication subscriptions.
- Product sale revenue: $7.3 million, up 20.7%, primarily from increased book sales.
- Other revenue (largely licensing): $3.6 million, up from $2.3 million, driven by new international license deals.
Newsmax reported a net loss of $99.5 million for fiscal 2025, compared to a net loss of $72.2 million in the prior year. Burnham said the larger loss primarily reflected $78.6 million in legal settlement expenses, along with stock-based compensation, non-cash derivative and warrant liability adjustments, and higher programming and production investments, partially offset by higher revenue and affiliate and licensing fee growth.
Adjusted EBITDA was a loss of $6.5 million for the year, versus positive adjusted EBITDA of $10.2 million last year, which Burnham said reflected strategic investments in content, talent, technology, and public company infrastructure.
Burnham said the company ended the year with approximately $131.3 million in cash and short-term investments and no debt, citing $20.4 million in cash and cash equivalents and $110.9 million in investments.
Fourth-quarter performance: revenue up, net loss narrows
For the fourth quarter, Newsmax reported total revenue of $52.2 million, up 9.6% year-over-year. Broadcasting revenue increased 12.6% to $42.5 million, driven by affiliate fee growth, higher broadcast ad demand and pricing, and licensing growth. Digital revenue declined 2% to $9.7 million, as product sales growth was more than offset by declines in advertising and subscription revenue.
By component in the quarter, Burnham reported:
- Advertising revenue: $33.9 million, up 5.9%.
- Affiliate revenue: $7.8 million, up 17.9%.
- Subscription revenue: $6.6 million, down 7%.
- Product sale revenue: $2.6 million, up 64.2%.
- Other revenue: $1.2 million, up from $400,000, attributed to international licensing.
Net loss improved to $3.0 million from a $6.9 million loss in the prior-year quarter. Adjusted EBITDA was a loss of $1.3 million, which Burnham said reflected higher production and programming expense, increased personnel, and legal, consulting, and public company costs.
2026 guidance: revenue acceleration expected; affiliate fees cited as a key driver
Newsmax guided to 2026 revenue of $212 million to $216 million, representing 13% growth at the midpoint. Burnham said the company expects the growth to be “structural and not cyclical,” and does not anticipate political advertising being a meaningful contributor to the outlook. Instead, he cited affiliate fee expansion—through rate increases and new distribution channels—as a primary driver, alongside continued investments in premium content and digital monetization initiatives.
During Q&A, Ruddy said the company believes it can keep gaining ratings and market share, describing a U.S. media landscape where many outlets compete for left-leaning audiences, while on the right “there’s really only two competitors, Fox News and Newsmax.”
Burnham added that many affiliate contracts dated to when the company began collecting affiliate fees in 2023, creating an opportunity for multi-year repricing as renewals occur. He also said live news remains important to MVPDs’ subscriber retention efforts, which he said benefits Newsmax in renewal negotiations, though he cautioned that monetization can be delayed by launch timing and subscriber adoption.
On programming costs, management said it expects continued investment in 2026 across Newsmax’s cable network, Newsmax2, and Newsmax Plus, with executives emphasizing an approach centered on developing talent and using content investment to support advertising demand, subscription value, and affiliate fee negotiations.
Ruddy also discussed the company’s ongoing litigation with Fox, alleging anti-competitive tactics related to distribution agreements that he said could deter MVPDs from placing Newsmax in basic tiers. Ruddy said Newsmax is seeking “very significant damages” and noted that if the company is vindicated, Fox would have to pay “treble damages.”
Internationally, Ruddy said Newsmax monetizes through agreements to distribute the U.S. channel abroad and through branded local-language licenses. He cited “Newsmax Balkans” as an example of the latter and said the company expects to grow branded license arrangements in 2026.
About Newsmax (NYSE:NMAX)
Newsmax (NYSE:NMAX) is a diversified media company that produces and distributes conservative-oriented news, opinion and informational content. The company operates across multiple platforms, including a cable news channel, a digital streaming service, a website, a print magazine and various mobile applications. Newsmax focuses on delivering political coverage, financial analysis and cultural commentary to its audience.
Originally launched as a news website in 1998, Newsmax expanded into print with the debut of Newsmax magazine in 2003 and later launched its flagship cable network, Newsmax TV, in 2014.
