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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.
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Q3 2025 earnings summary7 Aug, 2025

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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Frequently asked questions

Lee Enterprises, Incorporated provides local news and information, and advertising services in the United States. It offers profile of local communities; information on local decisions made by elected officials; events in the community, such as school lunch menus, school boards, and city councils; obituaries of residents; photos of local events; classifieds of items to sell or buy; and coupons offering savings on products and services. The company also provides national content covering topics, such as breaking national news; sports scores and stories; stock market reports; and information on celebrities, including news and photos. The company was founded in 1890 and is based in Davenport, Iowa.

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