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Lee Enterprises (LEE) investor relations material
Lee Enterprises Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Digital revenue reached $78M in Q3, now 55% of total revenue, with 670,000 digital-only subscribers and a 16% year-over-year increase in digital-only subscriptions.
Adjusted EBITDA for Q3 was $15M, up 92% sequentially and 1% year-over-year, driven by cost reductions and digital growth.
Print revenue declined 15% year-over-year to $63M, reflecting ongoing digital transformation.
A major cybersecurity incident in February 2025 caused over $10M in lost revenue and $3.1M in related costs year-to-date.
Company is executing a digital growth strategy targeting $450M digital revenue by 2028.
Financial highlights
Total operating revenue for Q3 was $141M, down 6% year-over-year.
Digital subscription revenue grew 16% year-over-year to $23M; Amplified Digital Agency revenue increased 10% to $29M.
Cash costs decreased 7% year-over-year to $128M.
Net loss for the quarter was $1.7M to $2M, improved from prior year.
Cash on hand at quarter-end was $14M.
Outlook and guidance
Management expects continued digital revenue and Adjusted EBITDA growth in the second half, with digital subscriptions leading.
On track to achieve $450M in digital revenue by 2028, building on $305M annual digital revenue as of this quarter.
Fiscal year cash costs projected between $522M and $532M, a 3% to 5% decline over prior year.
FY25 capital expenditures expected up to $7M, funded by internal cash flows.
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