Cumulus Media (CMLS) Q4 2025 earnings summary

Executive summary

• Net revenue declined 14.0% year-over-year to $188.1 million for Q4 2025 and 10.3% to $741.7 million for the full year 2025.

• Net loss improved to $135.1 million in Q4 2025 from $231.1 million in Q4 2024; full-year net loss was $200.7 million, down from $283.3 million in 2024.

• Adjusted EBITDA dropped 62.2% year-over-year to $9.5 million in Q4 2025 and 37.1% to $52.0 million for the year.

• Recently announced financial restructuring aims to reduce debt burden and improve operational flexibility.

Financial highlights

• Broadcast radio revenue fell 22.2% in Q4 2025 and 15.9% for the year; spot and network segments both declined sharply.

• Digital revenue decreased 8.5% in Q4 2025 and 1.9% for the year; other revenue increased 20.9% in Q4 and 6.6% for the year.

• Operating expenses decreased year-over-year, with significant reductions in content costs and impairments.

• Political revenue was $1.3 million in Q4 2025 and $3.9 million for the year, both down significantly from 2024.

Outlook and guidance

• Management remains focused on leveraging core strengths and maximizing value post-restructuring.

• Forward-looking statements caution about risks from economic conditions, industry competition, and execution of strategic plans.