Presidential expectations, local midterm spending
Ruddy called the period the "Super Bowl of Elections" and said Newsmax expects 2028 "to be the largest presidential cycle on record." He pointed to the absence of an incumbent, crowded fields in both parties and the first primary debates, which are expected in summer 2027. He also predicted that a contentious, now Democrat-controlled Congress would generate substantial fundraising and interest in political news.
The midterms offered a more limited advertising opportunity for the national network. Newsmax cited AdImpact's projection of $11.6 billion in political ad spending for the 2026 midterms, exceeding the total for the 2024 presidential cycle. But Ruddy said spending on state and local congressional races largely goes to local broadcast stations, cable and pay TV operators, and digital platforms. "A relatively small amount of that spending comes our way," he said.
A one-time payment lifts quarterly results
Newsmax's third-quarter revenue rose 52.5% from a year earlier to $69.0 million, including a $14.0 million nonrecurring service revenue termination payment associated with an amended advertising purchase agreement. Without that payment, revenue increased 21.6% to a record $55.0 million.
The company earned $15.2 million, or $0.12 per share, compared with a loss of $4.1 million, or $0.03 per share, in the same quarter last year. Adjusted EBITDA totaled $19.0 million; excluding the one-time payment, it was $5.0 million.
At quarter-end, Newsmax reported $137.6 million in cash and short-term investments, consisting of $26.7 million in cash and cash equivalents and $110.8 million in short-term investments. It had no debt on its balance sheet. The company kept its full-year revenue forecast at $212 million to $216 million, excluding the $14 million third-quarter payment.
Affiliate fees and licensing expand
Advertising revenue totaled $28.1 million, with cable advertising contributing $24.3 million, a 3.1% increase from a year earlier. Affiliate fees grew much faster, rising 77% to $14.3 million. Ruddy said renewal rates now reflect the network's current reach and ratings.
Newsmax has been securing multiyear distribution agreements and signed six independent cable operators as new affiliates during the quarter. "These are smaller agreements, but each one increases our reach," Ruddy said.
Licensing was the company's fastest-growing revenue source, bringing in $5.4 million during the quarter compared with $1.2 million a year earlier. Newsmax said international licensing revenue remains on track to increase 344% in 2026 to approximately $16 million. It estimates annualized licensing revenue of about $25 million for 2027.
The Newsmax brand is available in more than 100 countries. Newsmax Ukraine began operating on November 1, 2026, and the network is now available through every major pay TV platform in Israel.
Streaming engagement and audience reach
Digital revenue fell 4.1% to $8.3 million, even as Newsmax reported higher engagement with its paid streaming service, Newsmax+. Average engagement time per account increased 19% from a year earlier in the third quarter. The service offers more than 700 licensed and original documentaries and specials.
"Subscription revenue is still an area we are building," Ruddy said. Newsmax is investing in programming, talent and content to meet customer demand, and it has hired outside firms to support marketing and subscriber growth. Ruddy described rising engagement as the foundation for converting the catalog into more subscriptions.
Newsmax reported reaching 22.5 million viewers during the quarter, including 9.1 million adults ages 35 to 64. The company said its cable channel reached 58 million viewers in 2025, when there was no national election, and nearly 49 million in the first nine months of 2026. The latter figure was 42% higher than in 2023.
The company describes Newsmax as the fourth-highest-rated cable news channel and second in the category for engagement among adults ages 35 to 64. Its reported average viewing time per tune-in increased from 14 minutes in 2020 to 25 minutes in 2026.
The free streaming channel Newsmax2 also airs on over-the-air digital subchannels in 131 markets, covering approximately 87% of U.S. television households. Nearly all major free ad-supported streaming television platforms carry it.
Newsmax's social media following reached 26.8 million as of September 30, up 13% from a year earlier. The company recorded 44 million social interactions in the third quarter, a 4% increase from the preceding quarter despite publishing less content. It said it ranked first among news publishers on Facebook for interactions per follower. Newsmax.com averaged 6.4 million monthly users from January through September, while the Newsmax app has surpassed 22 million downloads.
Miami radio agreement and ownership rules
Newsmax also said it had agreed to buy two Miami radio stations, including a historic Spanish-language South Florida station. Ruddy characterized the purchase as an initial step into radio and the Spanish-speaking market, not part of a broader acquisition strategy.
Ruddy, who has longstanding ties to President Trump, did not address the midterm results or their potential regulatory consequences. He has opposed the FCC's changes to the 39% national broadcast ownership cap and appeared before the Senate Commerce Committee on the issue in February.
The FCC voted 2-1 on August 6, 2026, to eliminate the cap in favor of case-by-case review of station transactions. Barrett Media reported that Ruddy plans to sue the agency, arguing that it lacks authority to remove a limit set by Congress. The order was released on October 1 and published in the Federal Register on November 12. The repeal takes effect January 11, 2027.
