Urban One (UONE) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue was $97.8 million, down 16.5% year-over-year, with a net loss of $54.4 million compared to a $35.7 million loss in Q4 2024.

• Adjusted EBITDA for Q4 2025 was $15.6 million, down from $26.9 million in Q4 2024; full-year Adjusted EBITDA reached $56.7 million, within guidance.

• Operating loss widened to $54.0 million from $1.9 million year-over-year, driven by lower political advertising, soft radio markets, and cable TV audience declines.

• Significant capital markets transaction completed: repurchased 2028 notes at a discount, extended maturities to 2031, and upsized ABL credit facility, stabilizing capital structure.

• Q1 2026 started slower than expected, with radio pacings down about 5%, but operational changes and upcoming political revenue are expected to help.

Financial highlights

• Q4 2025 net revenue declined by $19.3 million year-over-year, mainly due to a $12.6 million drop in political advertising and $7.1 million lower cable TV revenue.

• Operating expenses for Q4 2025 were $151.9 million, up from $119.0 million in Q4 2024, mainly due to a $55.3 million impairment charge.

• Q4 2025 impairment of goodwill and intangibles was $55.3 million, up from $24.2 million in Q4 2024, primarily in the cable TV segment.

• Interest expense decreased to $8.7 million in Q4 2025 from $11.5 million in Q4 2024 due to debt repurchases.

• Q4 2025 benefit from income taxes was $9.2 million, compared to a $27.6 million benefit in Q4 2024.

Outlook and guidance

• 2026 EBITDA guidance remains at $70 million, but management will update after Q1 due to current uncertainties.

• Management expects a significant recovery in cable TV audience delivery in Q1 2026 due to revised Nielsen methodology, with a 40–50% lift over Q4 2025.

• Positive on operational changes and political revenue expected in 2026.

• Radio pacings for Q1 2026 are down 5%, but mid-term political revenues are expected to improve later in the year.