Saga Communications (SGA) Q3 2026 earnings summary

Executive summary

• Transformation strategy pairs radio reach with digital targeting, measurement and conversion, with radio remaining the local platform foundation.

• Results remained below management expectations; blended digital growth, customer wins and larger campaigns were cited as early progress, while management emphasized execution and measurable financial outcomes.

Financial highlights

• Q3 net revenue was $26.656M versus $28.166M, down 5.4%; excluding $188K in transferred tower lease revenue, the decline was 4.7%.

• Q3 GAAP operating loss was $9.775M and net loss was $7.1M, including a $9.212M non-cash FCC license impairment; excluding the impairment, operating loss was $563K and net loss was ~$240K, or $0.03 per share.

• Nine-month revenue was $75.925M versus $80.607M, down 5.8%; excluding $564K in transferred lease revenue, the decline was 5.1%.

• Nine-month net loss was $8.526M, or $1.34 per diluted share, versus $979K, or $0.15; excluding impairment, net loss was ~$1.7M, or $0.26 per diluted share.

• Station operating expense fell 1.7% to $24.2M in Q3 and rose 1.2% to $69.7M for nine months; nine-month operating cash flow was negative $1.445M versus positive $5.482M.

Outlook and guidance

• Q4 revenue was pacing up 9%, digital up 10.7%, and revenue excluding political down 5.7%; as of Nov. 9, Q1 2027 revenue was pacing up 5.8% and digital up 29.5%.

• FY 2026 gross political revenue is expected to reach $5.7M, with $3.6M sold for Q4.

• FY station operating expenses are expected to rise 1.5%–2.5%, including digital infrastructure and non-cash tower rent; corporate G&A is forecast at $11.8M–$12M.

• FY capital expenditures are expected at $3M–$3.5M; nine-month capex was $2.922M.