Townsquare Media (TSQ) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenue was $106.8 million, down 7.4% year-over-year but met guidance; Adjusted EBITDA was $22 million, down 13.5% year-over-year, also within guidance.

• Digital revenue and segment profit each represented 55% of total for the first nine months of 2025, with digital revenue up 2.1% and digital segment profit up 3.6% year-over-year.

• Remnant digital revenue declined sharply due to search traffic drops, but programmatic and direct digital sales grew, partially offsetting declines.

• Townsquare Interactive delivered 19% year-over-year profit growth in the first nine months, with profit margins expanding to 33%.

• Dividend of $0.20 per share declared, representing a 13% yield as of November 2025.

Financial highlights

• Q3 net revenue declined 7.4% year-over-year to $106.8 million; adjusted EBITDA declined 13.5% to $22 million.

• Q3 net loss was $5.5 million ($0.36 per diluted share); year-to-date net loss improved to $5 million from $36 million in the prior year.

• Digital advertising revenue declined 1.5% year-over-year in Q3; segment profit margin contracted to 21.5%.

• Townsquare Interactive Q3 net revenue decreased 2.3% year-over-year, but segment profit increased 21% with a 33% margin.

• Broadcast revenue declined 13.8% year-over-year in Q3; broadcast profit margin improved to 28% ex-political.

Outlook and guidance

• Q4 2025 net revenue expected between $105 million and $109 million; adjusted EBITDA between $21.5 million and $23.5 million.

• Full-year 2025 revenue expected between $426 million and $430 million, with adjusted EBITDA between $88 million and $90 million.

• Remnant digital revenue headwinds expected to persist through H1 2026, with stabilization anticipated in the back half of 2026.

• Broadcast revenue ex-political expected to improve to mid-single digit declines in 2026, and low single digits in 2027 and beyond.

• Quarterly cash dividend of $0.20 per share approved, payable February 2, 2026.