Reservoir Media (RSVR) Q4 2026 earnings summary

Executive summary

• Achieved record financial performance in fiscal 2026, with 11% revenue growth and 12% adjusted EBITDA growth, including 6% organic revenue growth.

• Deployed $120 million in acquisitions and advances, expanding catalog and global presence, including the Miles Davis catalog and international expansion in India and MENA.

• Signed and extended deals with major artists and songwriters, including Joni Mitchell, Hans Zimmer, and expanded recorded music division with Fool's Gold Records partnership.

• Board formed a special committee to evaluate unsolicited acquisition proposals.

Financial highlights

• Fiscal 2026 revenue reached $175.7 million, up 11% year-over-year (6% organic growth); Q4 revenue was $47.5 million, up 15% year-over-year.

• Full-year net income was $7.8 million ($0.13/share), slightly up from $7.7 million ($0.12/share) in FY 2025; Q4 net income was $4.1 million ($0.07/share), up from $2.7 million ($0.04/share) last year.

• Adjusted EBITDA for Q4 was $21.2 million (+16% YoY); full-year adjusted EBITDA was $73.6 million (+12% YoY).

• Operating income was $38.2 million, up 9% year-over-year; OIBDA rose 12% to $69.0 million.

• Cash flows from operations increased to $50.1 million; total liquidity at year-end was $117.1 million.

Outlook and guidance

• Fiscal 2027 revenue guidance: $186–$191 million (7% growth at midpoint); adjusted EBITDA guidance: $75–$79 million (5% growth at midpoint).

• Expect mid-single digit organic growth, with continued disciplined capital deployment and cost management.

• EBITDA margin expected to step down slightly due to lower-margin acquisitions and investments in frontline recorded music.

• Management expects continued growth, supported by a robust deal pipeline.