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Cumulus Media (CMLS) investor relations material

Cumulus Media Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Net revenue for Q2 2025 declined 9.2% year-over-year to $186.0 million, with a net loss of $12.8 million, improved from a $27.7 million loss in Q2 2024.

  • Digital marketing services revenue grew 38% year-over-year, now comprising about 50% of total digital revenue.

  • Adjusted EBITDA for Q2 2025 was $22.4 million, down 11.3% from Q2 2024.

  • Achieved $5 million in annualized cost reductions in Q2, totaling $175 million since 2019.

  • Transitioned Class A common stock to OTCQB after Nasdaq suspension in May 2025.

Financial highlights

  • Six-month net revenue was $373.4 million, down 7.8% year-over-year; net loss was $45.2 million.

  • Digital revenue up 20% year-over-year, excluding the impact of lost Daily Wire and Dan Bongino relationships.

  • Total expenses decreased by $16 million year-over-year, reflecting lower variable and content costs.

  • Cash and cash equivalents at June 30, 2025, totaled $96.7 million, including a $55 million draw on the revolver.

  • Outstanding long-term debt at June 30, 2025, was $720.2 million.

Outlook and guidance

  • Q3 revenue pacing down low double digits overall, with mid-single digit declines excluding political and specific items.

  • Digital marketing services expected to continue strong growth, pacing up more than 35% in Q3.

  • Management believes current cash and credit access will support liquidity for at least twelve months.

  • Full-year CapEx now expected to be below previous $22.5 million guidance.

  • Noncore asset sales of nearly $14 million expected to close by year-end.

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Frequently asked questions

Cumulus Media Inc. operates as an audio-first media and entertainment company. The company owns and manages a portfolio of radio stations across the United States, offering programming in various formats such as news, sports, and music. Cumulus also provides digital advertising services and operates the Westwood One audio network, delivering content to affiliated stations and digital platforms nationwide. The company is headquartered in Atlanta, Georgia, and its shares are listed on the NASDAQ.

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