Cumulus Media Financials
This page shows Cumulus Media (CMLS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Cumulus Media has an operating margin of -29.0%, meaning the company retains $-29 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -4.9% the prior year.
Cumulus Media's revenue declined 2.1% year-over-year, from $844.5M to $827.1M. This contraction results in a growth score of 23/100.
Cumulus Media has elevated debt relative to equity (D/E of 96.25), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Cumulus Media's current ratio of 1.85 indicates adequate short-term liquidity, earning a score of 54/100. The company can meet its near-term obligations, though with limited headroom.
While Cumulus Media generated -$3.1M in operating cash flow, capex of $19.5M consumed most of it, leaving -$22.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Cumulus Media passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Cumulus Media generates $0.01 in operating cash flow (-$3.1M OCF vs -$283.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cumulus Media earns $-3.5 in operating income for every $1 of interest expense (-$239.7M vs $68.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Cumulus Media generated $827.1M in revenue in fiscal year 2024. This represents a decrease of 2.1% from the prior year.
Cumulus Media's EBITDA was -$180.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1168.4% from the prior year.
Cumulus Media generated -$22.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 429.8% from the prior year.
Cumulus Media reported -$283.3M in net income in fiscal year 2024. This represents a decrease of 140.3% from the prior year.
Cumulus Media earned $-16.79 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 145.8% from the prior year.
Cumulus Media held $63.8M in cash against $669.0M in long-term debt as of fiscal year 2024.
Cumulus Media had 17M shares outstanding in fiscal year 2024. This represents an increase of 2.9% from the prior year.
Cumulus Media's operating margin was -29.0% in fiscal year 2024, reflecting core business profitability. This is down 24.1 percentage points from the prior year.
Cumulus Media's net profit margin was -34.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 20.3 percentage points from the prior year.
Cumulus Media spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
Cumulus Media invested $19.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 21.6% from the prior year.
CMLS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $180.3M-3.1% | $186.0M-0.7% | $187.3M-14.3% | $218.6M+6.7% | $204.8M+2.4% | $200.1M-9.6% | $221.3M+6.7% | $207.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $93.8M+0.6% | $93.2M-0.2% | $93.4M-0.5% | $93.8M-0.6% | $94.4M-0.4% | $94.8M-1.8% | $96.5M+5.1% | $91.8M |
| Operating Income | -$4.3M-217.2% | $3.7M+124.9% | -$14.8M+93.5% | -$226.3M-2261.3% | -$9.6M+8.5% | -$10.5M+83.4% | -$63.1M-459.0% | $17.6M |
| Interest Expense | $16.6M+1.9% | $16.3M+1.8% | $16.0M+1159.6% | $1.3M-96.2% | $33.1M+90.7% | $17.4M-2.5% | $17.8M-0.3% | $17.9M |
| Income Tax | -$167K-144.9% | $372K-77.4% | $1.6M+113.7% | -$12.0M-1640.7% | $779K-48.0% | $1.5M-91.6% | $17.7M+1245.0% | -$1.6M |
| Net Income | -$20.4M-59.2% | -$12.8M+60.4% | -$32.4M+86.0% | -$231.1M-734.3% | -$27.7M-95.7% | -$14.2M+85.6% | -$98.1M-3702.7% | $2.7M |
| EPS (Diluted) | $-1.17-58.1% | $-0.74+60.6% | $-1.88+86.3% | $-13.69-734.8% | $-1.64-92.9% | $-0.85+85.2% | $-5.76-3700.0% | $0.16 |
CMLS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.1B-2.5% | $1.1B+3.2% | $1.1B-4.2% | $1.1B-19.2% | $1.4B-2.4% | $1.4B-1.5% | $1.4B-5.3% | $1.5B |
| Current Assets | $265.4M-5.4% | $280.6M+22.6% | $228.9M-7.7% | $248.1M-5.0% | $261.1M-5.5% | $276.2M-3.7% | $286.9M-0.6% | $288.7M |
| Cash & Equivalents | $90.4M-6.5% | $96.7M+83.6% | $52.7M-17.5% | $63.8M+19.3% | $53.5M-21.7% | $68.3M-15.3% | $80.7M-2.6% | $82.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $134.2M-8.4% | $146.5M-2.8% | $150.8M-6.9% | $162.0M-5.0% | $170.6M+0.1% | $170.4M-5.7% | $180.7M+4.2% | $173.5M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.1B-0.7% | $1.1B+4.2% | $1.1B-1.3% | $1.1B-2.4% | $1.1B-0.6% | $1.1B-0.7% | $1.2B+1.4% | $1.1B |
| Current Liabilities | $152.3M+17.1% | $130.1M-5.2% | $137.2M+2.5% | $133.8M-3.6% | $138.8M-0.7% | $139.8M-2.7% | $143.7M+7.0% | $134.4M |
| Long-Term Debt | $696.2M-3.3% | $720.2M+8.1% | $666.5M-0.4% | $669.0M-0.4% | $671.6M-0.2% | $672.8M0.0% | $672.4M0.0% | $672.1M |
| Total Equity | -$56.9M-53.5% | -$37.1M-49.3% | -$24.8M-457.4% | $7.0M-97.2% | $246.1M-9.7% | $272.4M-4.9% | $286.6M-25.3% | $383.5M |
| Retained Earnings | -$370.3M-5.8% | -$349.8M-3.8% | -$337.0M-10.6% | -$304.7M-381.6% | -$63.3M-77.9% | -$35.6M-66.1% | -$21.4M-127.9% | $76.7M |
CMLS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$659K+82.2% | -$3.7M+3.2% | -$3.8M-122.5% | $17.0M+314.0% | -$7.9M+50.6% | -$16.1M-592.4% | $3.3M+148.1% | -$6.8M |
| Capital Expenditures | $4.4M-20.5% | $5.5M-0.2% | $5.5M+54.6% | $3.6M-18.3% | $4.4M-46.3% | $8.2M+115.6% | $3.8M-46.3% | $7.1M |
| Free Cash Flow | -$5.1M+45.3% | -$9.2M+1.4% | -$9.4M-169.7% | $13.4M+208.9% | -$12.3M+49.2% | -$24.3M-4595.0% | -$517K+96.3% | -$13.8M |
| Investing Cash Flow | -$3.9M+29.2% | -$5.5M-9.0% | -$5.1M-55.5% | -$3.3M+25.9% | -$4.4M-165.1% | $6.7M+286.6% | -$3.6M-214.1% | $3.2M |
| Financing Cash Flow | -$1.8M-103.3% | $53.3M+2456.9% | -$2.3M-8.8% | -$2.1M+17.3% | -$2.5M+14.9% | -$3.0M-63.1% | -$1.8M+69.7% | -$6.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | $0 | $0 | $0 | $0 | $0 |
CMLS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -2.4%-4.4pp | 2.0%+9.9pp | -7.9%+95.6pp | -103.5%-98.9pp | -4.7%+0.6pp | -5.2%+23.3pp | -28.5%-37.0pp | 8.5% |
| Net Margin | -11.3%-4.4pp | -6.9%+10.4pp | -17.3%+88.4pp | -105.7%-92.2pp | -13.5%-6.4pp | -7.1%+37.2pp | -44.3%-45.6pp | 1.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.7% |
| Return on Assets | -1.9%-0.7pp | -1.2%+1.9pp | -3.0%+17.6pp | -20.7%-18.7pp | -2.0%-1.0pp | -1.0%+5.8pp | -6.8%-7.0pp | 0.2% |
| Current Ratio | 1.74-0.4 | 2.16+0.5 | 1.67-0.2 | 1.85-0.0 | 1.88-0.1 | 1.98-0.0 | 2.00-0.2 | 2.15 |
| Debt-to-Equity | -12.23+7.2 | -19.42+7.4 | -26.83-123.1 | 96.25+93.5 | 2.73+0.3 | 2.47+0.1 | 2.35+0.6 | 1.75 |
| FCF Margin | -2.8%+2.2pp | -5.0%+0.0pp | -5.0%-11.1pp | 6.1%+12.2pp | -6.0%+6.1pp | -12.1%-11.9pp | -0.2%+6.5pp | -6.7% |
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Frequently Asked Questions
What is Cumulus Media's annual revenue?
Cumulus Media (CMLS) reported $827.1M in total revenue for fiscal year 2024. This represents a -2.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cumulus Media's revenue growing?
Cumulus Media (CMLS) revenue declined by 2.1% year-over-year, from $844.5M to $827.1M in fiscal year 2024.
Is Cumulus Media profitable?
No, Cumulus Media (CMLS) reported a net income of -$283.3M in fiscal year 2024, with a net profit margin of -34.3%.
What is Cumulus Media's earnings per share (EPS)?
Cumulus Media (CMLS) reported diluted earnings per share of $-16.79 for fiscal year 2024. This represents a -145.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Cumulus Media's EBITDA?
Cumulus Media (CMLS) had EBITDA of -$180.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cumulus Media have?
As of fiscal year 2024, Cumulus Media (CMLS) had $63.8M in cash and equivalents against $669.0M in long-term debt.
What is Cumulus Media's operating margin?
Cumulus Media (CMLS) had an operating margin of -29.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Cumulus Media's net profit margin?
Cumulus Media (CMLS) had a net profit margin of -34.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Cumulus Media's free cash flow?
Cumulus Media (CMLS) generated -$22.6M in free cash flow during fiscal year 2024. This represents a -429.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cumulus Media's operating cash flow?
Cumulus Media (CMLS) generated -$3.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Cumulus Media's total assets?
Cumulus Media (CMLS) had $1.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Cumulus Media's capital expenditures?
Cumulus Media (CMLS) invested $19.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does Cumulus Media have outstanding?
Cumulus Media (CMLS) had 17M shares outstanding as of fiscal year 2024.
What is Cumulus Media's current ratio?
Cumulus Media (CMLS) had a current ratio of 1.85 as of fiscal year 2024, which is generally considered healthy.
What is Cumulus Media's debt-to-equity ratio?
Cumulus Media (CMLS) had a debt-to-equity ratio of 96.25 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cumulus Media's return on assets (ROA)?
Cumulus Media (CMLS) had a return on assets of -25.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Cumulus Media's cash runway?
Based on fiscal year 2024 data, Cumulus Media (CMLS) had $63.8M in cash against an annual operating cash burn of $3.1M. This gives an estimated cash runway of approximately 246 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Cumulus Media's Piotroski F-Score?
Cumulus Media (CMLS) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cumulus Media's earnings high quality?
Cumulus Media (CMLS) has an earnings quality ratio of 0.01x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cumulus Media cover its interest payments?
Cumulus Media (CMLS) has an interest coverage ratio of -3.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cumulus Media?
Cumulus Media (CMLS) scores 15 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.