BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $44.1 MILLION
Rhea-AI Summary
Beasley Broadcast Group (Nasdaq: BBGI) reported second quarter 2026 net revenue of $44.1 million, down from $53.0 million in 2025 and down 9.6% on a same-station basis, reflecting softness in traditional national and local agency advertising.
Digital revenue was $11.7 million, 26% of net revenue, down 11.6% year-over-year but up 7.1% on a same-station basis. Local revenue, including locally sold digital, represented 74% of net revenue and grew 9% year-over-year, while new business contributed 13% of net revenue.
Operating expenses declined 13.2% and corporate expenses fell 37.3%, aided by about $10 million of new annualized cost cuts in the quarter, bringing trailing 12‑month savings to roughly $30 million. Adjusted EBITDA increased to $5.3 million, from $4.7 million a year earlier.
On May 1, 2026, Beasley closed a multi-part balance sheet transaction that reduced total debt by $95 million, including a 46% cut in second lien debt, generating a $91.8 million gain on debt restructuring and driving GAAP net income of $84.3 million versus a small loss in 2025. Management highlighted improved liquidity, lower future cash interest expense and continued focus on deleveraging and higher-margin digital and local direct revenue.
Positive
- Debt reduced by $95 million, including 46% cut in second lien
- Q2 2026 GAAP net income of $84.3 million vs prior-year loss
- Interest expense cut to $1.5 million from $3.3 million year-over-year
- Adjusted EBITDA rose to $5.3 million from $4.7 million
- Operating expenses fell 13.2%; corporate expenses down 37.3%
- Trailing 12‑month cost savings total roughly $30 million
Negative
- Net revenue fell to $44.1 million from $53.0 million
- Same-station net revenue down 9.6% year-over-year
- Digital revenue down 11.6% year-over-year to $11.7 million
News Explained
At June 30, positive equity followed the restructuring, but $6,698 thousand of cash stood against $144,818 thousand of long-term debt.
At
For the first quarter ended
Sources and calculations
- Beasley Broadcast Group second-quarter results release (2026-08-12)
- Beasley Broadcast Group latest-quarter fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $6,425,546 / ($3,484,433 / 90) = [object Object]
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 13 | Q1 earnings | Positive | +6.5% | Operating income turned positive and net income reached $3.2 million. |
| Apr 08 | Q4 earnings | Negative | +80.6% | Large FCC license impairment drove an operating loss despite planned debt reduction. |
| Nov 10 | Q3 earnings | Negative | -16.8% | Revenue declined 12.4% and adjusted EBITDA fell amid ongoing cost actions. |
| Aug 12 | Q2 earnings | Negative | +6.9% | Revenue declined 12.3% while digital revenue grew and portfolio sales remained pending. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings reactions were mixed, with positive responses sometimes aligning with improved operating metrics and sometimes diverging from weak headline results.
Key Terms
adjusted ebitda financial
non-gaap financial
same-station financial
at the market offering program financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Conference Call and Webcast |
Second Quarter Financial Highlights | ||||||||||||||||
In millions, except per share data | Three Months Ended | Six Months Ended | ||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Net revenue | $ | 53.0 | $ | 44.1 | $ | 101.9 | $ | 86.7 | ||||||||
Operating income | 2.9 | 1.3 | 0.9 | 9.0 | ||||||||||||
Net income (loss) | (0.2) | 84.3 | (2.8) | 87.5 | ||||||||||||
Net income (loss) per diluted share | (0.09) | 45.95 | (1.59) | 48.01 | ||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 4.7 | $ | 5.3 | $ | 5.8 | $ | 4.9 | ||||||||
Second Quarter 2026 Highlights
- Revenue from new business accounted for
13% of net revenue - Local revenue, including digital packages sold locally, accounted for
74% of net revenue and grew9% year-over-year - Digital revenue was
$11.7 million 11.6% year-over-year and a7.1% increase on a same-station basis - Digital revenue accounted for
26% of net revenue - Digital segment operating margin was
15.4%
On May 1st, we took significant steps to strengthen our balance sheet and improve financial flexibility. Through the completion of our second lien restructuring, repurchase of a portion of our first lien notes, establishment of a new asset-based lending facility, and the continued execution of our portfolio optimization strategy, we meaningfully improved our capital structure and liquidity position. These actions provide additional runway and flexibility as we continue executing our operating and deleveraging strategy. Through the exchange and repurchase of indebtedness, the Company reduced total outstanding debt by
Net revenue during the three months ended June 30, 2026 decreased
Operating expenses declined
Station Operating Income totaled
Adjusted EBITDA was
Please refer to the "Reconciliation of Net Income (Loss) to Adjusted EBITDA" table at the end of this release.
Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said:
"While second quarter results continued to reflect pressure across portions of the traditional advertising marketplace, we are encouraged by the progress we're making in transforming Beasley into a more diversified, higher-margin media company. Our digital and local direct spot businesses continue to build momentum, our cost structure is significantly more efficient than it was a year ago, and we remain focused on improving the quality of our revenue. We believe these initiatives are creating a stronger operating foundation and positioning the Company for more consistent financial performance over the long term."
"At the same time, we continue to execute against the financial priorities we established at the beginning of the year. We are operating with discipline, allocating capital thoughtfully, and taking deliberate actions to strengthen our balance sheet through debt reduction, portfolio optimization, and improved financial flexibility. These efforts, combined with our ongoing operational initiatives, are designed to improve cash flow generation and create long-term value for our shareholders."
"Looking ahead, our strategy remains unchanged. We are focused on delivering sustainable revenue growth, expanding EBITDA through continued operating discipline and higher-margin revenue, and further reducing leverage over time. While the broader advertising environment remains dynamic, we believe the actions we are taking today are positioning Beasley to emerge as a stronger, more profitable, and more resilient company."
Conference Call and Webcast Information
The Company will host a conference call and webcast today, August 12, 2026 at 6:00 p.m. ET to discuss its financial results and operations. To access the conference call, interested parties may dial (800) 715-9871 or +1 (646) 307-1963 conference ID 1613596 (domestic and international callers). Participants can also listen to a live webcast of the call at the Company's website at www.bbgi.com. Please allow 15 minutes to register and download and install any necessary software. Following its completion, a replay of the webcast can be accessed for five days on the Company's website, www.bbgi.com.
Questions from analysts, institutional investors and debt holders may be e-mailed to ir@bbgi.com at any time up until 4:00 p.m. ET on Wednesday, August 12, 2026. Management will answer as many questions as possible during the conference call and webcast (provided the questions are not addressed in their prepared remarks).
About Beasley Broadcast Group
The Company is a multi-platform media company whose primary business is operating radio stations throughout the United States. The Company offers local and national advertisers integrated marketing solutions across audio, digital and event platforms. The Company owns and operates 49 AM and FM stations in the following large- and mid-size markets in the United States: Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, and Tampa-Saint Petersburg, FL. Approximately 18 million consumers listen to the Company's radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company's brands and personalities through digital platforms such as Facebook, X, text, apps and email. For more information, please visit www.bbgi.com.
For further information, or to receive future Beasley Broadcast Group news announcements via e-mail, please contact Beasley Broadcast Group, at 239-263-5000 or ir@bbgi.com.
Definitions
EBITDA is defined as net income (loss) before interest income or expense, income tax expense or benefit, depreciation, and amortization.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain, non-operating or other items that we believe are not indicative of the performance of our ongoing operations, such as impairment losses, other income or expense, one-time severance expense, stock-based compensation or equity in earnings of unconsolidated affiliates. See "Reconciliation of Net Loss to Adjusted EBITDA" for additional information.
Adjusted EBITDA is a measure widely used in the media industry. The Company recognizes that because Adjusted EBITDA is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that Adjusted EBITDA provides meaningful information to investors because it is an important measure of how effectively we operate our business and assists investors in comparing our operating performance with that of other media companies.
Same station revenue and same station operating expenses exclude revenue or operating expenses, as applicable, from all divestitures and other operations that were exited in the prior 12 months. These measures provide investors with a clearer view of core business performance by eliminating the impact of portfolio changes and enabling more meaningful year-over-year comparisons. By isolating the performance of continuing operations, same station results offer greater transparency into underlying trends, operational execution, and the effectiveness of strategic initiative.
New business revenue is defined as revenue from an advertiser that has not advertised in the prior 13 months before the start of the current quarter.
Note Regarding Forward-Looking Statements
Statements in this release that are "forward-looking statements" are based upon current expectations and assumptions and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "looking ahead," "intends," "believes," "expects," "seek," "will," "should" or variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements, by their nature, address matters that are, to different degrees, uncertain. Key risks are described in the Company's reports filed with the Securities and Exchange Commission ("SEC") including its annual report on Form 10-K and quarterly reports on Form 10-Q. Readers should note that forward-looking statements are subject to change and to inherent risks and uncertainties and may be impacted by several factors, including:
- our ability to comply with the continued listing standards of Nasdaq, remain listing on Nasdaq and make periodic filings with the SEC;
- risks from health epidemics, natural disasters, terrorism, and other catastrophic events;
- adverse effects of inflation;
- external economic forces and conditions that could have a material adverse impact on our advertising revenues and results of operations;
- the ability of our stations to compete effectively in their respective markets for advertising revenues;
- our ability to develop compelling and differentiated digital content, products and services;
- audience acceptance of our content, particularly our audio programs;
- our ability to adapt or respond to changes in technology, standards and services that affect the audio industry;
- our dependence on federally issued licenses subject to extensive federal regulation;
- actions by the Federal Communications Commission ("FCC") or new legislation affecting the audio industry;
- increases in royalties we pay to copyright owners or the adoption of legislation requiring royalties to be paid to record labels and recording artists;
- our dependence on selected market clusters of stations for a material portion of our net revenue;
- credit risk on our accounts receivable;
- impairment of our FCC licenses;
- our substantial debt levels and the potential effect of restrictive debt covenants on our operational flexibility and ability to pay dividends;
- the potential effects of hurricanes, extreme weather and other climate change conditions on our corporate offices and stations;
- the failure or destruction of the internet, satellite systems and transmitter facilities that we depend upon to distribute our programming;
- modifications or interruptions of our information technology infrastructure and information systems;
- the loss of key executives and other key employees;
- our ability to identify, consummate and integrate acquired businesses and stations;
- our stock may be subject to immediate and substantial dilution and other risks related to our at the market offering program;
- risks related to our ability to continue as a going concern for at least one year from the date of issuance of the financial statements included in this earnings release;
- the fact that our Company is controlled by the Beasley family, which creates difficulties for any attempt to gain control of our Company; and
- other economic, business, competitive, and regulatory factors, such as the ongoing U.S. government shutdown, affecting our businesses, including those set forth in our filings with the SEC.
Our actual performance and results could differ materially because of these factors and other factors discussed in our SEC filings, including but not limited to our annual reports on Form 10-K or quarterly reports on Form 10-Q, copies of which can be obtained from the SEC at www.sec.gov, or our website at www.bbgi.com. All information in this release is as of August 12, 2026, and we undertake no obligation to update the information contained herein to actual results or changes to our expectations, except as required by law.
BEASLEY BROADCAST GROUP, INC. | ||||||||||||||||
Condensed Consolidated Statements of Net Income (Loss) - Unaudited | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Net revenue | $ | 52,999,711 | $ | 44,125,702 | $ | 101,912,176 | $ | 86,714,437 | ||||||||
Operating expenses: | ||||||||||||||||
Operating expenses (including stock-based compensation and | 44,750,198 | 38,808,170 | 89,991,459 | 80,978,801 | ||||||||||||
Corporate expenses (including stock-based compensation) | 3,769,243 | 2,360,974 | 7,788,705 | 5,888,544 | ||||||||||||
Depreciation and amortization | 1,589,014 | 1,624,983 | 3,241,345 | 3,282,274 | ||||||||||||
Gain on dispositions | — | — | (1,698,228) | (12,461,477) | ||||||||||||
Total operating expenses | 50,108,455 | 42,794,127 | 99,323,281 | 77,688,142 | ||||||||||||
Operating income | 2,891,256 | 1,331,575 | 2,588,895 | 9,026,295 | ||||||||||||
Non-operating income (expense): | ||||||||||||||||
Interest expense | (3,294,772) | (1,487,741) | (6,675,414) | (4,751,138) | ||||||||||||
Gain on debt restructure | — | 91,785,121 | — | 91,785,121 | ||||||||||||
Gain on repurchase of long-term debt | 525,000 | — | 525,000 | — | ||||||||||||
Other income (expense), net | 75,887 | 78,729 | (524,856) | 161,645 | ||||||||||||
Income (loss) before income taxes | 197,371 | 91,707,684 | (4,086,375) | 96,221,923 | ||||||||||||
Income tax expense (benefit) | 283,990 | 7,299,839 | (1,283,737) | 8,628,207 | ||||||||||||
Income (loss) before equity in earnings of unconsolidated affiliates | (86,619) | 84,407,845 | (2,802,638) | 87,593,716 | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | (67,556) | (114,415) | (41,358) | (85,496) | ||||||||||||
Net income (loss) | $ | (154,175) | $ | 84,293,430 | $ | (2,843,996) | $ | 87,508,220 | ||||||||
Basic net income (loss) per Class A and Class B common share | $ | (0.09) | $ | 46.47 | $ | (1.59) | $ | 48.34 | ||||||||
Diluted net income (loss) per Class A and Class B common share | $ | (0.09) | $ | 45.95 | $ | (1.59) | $ | 48.01 | ||||||||
Basic weighted-average common shares outstanding | 1,794,754 | 1,814,006 | 1,793,399 | 1,810,145 | ||||||||||||
Diluted weighted-average common shares outstanding | 1,794,754 | 1,834,274 | 1,793,399 | 1,822,735 | ||||||||||||
Selected Balance Sheet Data - Unaudited | ||||||||
(in thousands) | ||||||||
December 31, | June 30, | |||||||
2025 | 2026 | |||||||
Cash and cash equivalents | $ | 9,937 | $ | 6,698 | ||||
Working capital | 230 | 9,130 | ||||||
Total assets | 299,288 | 279,597 | ||||||
Long-term debt, net of unamortized debt issuance costs | 235,287 | 144,818 | ||||||
Stockholders' equity (deficit) | $ | (48,365) | $ | 38,827 | ||||
Selected Statement of Cash Flows Data – Unaudited | ||||||||
Six months ended | ||||||||
June 30, | ||||||||
2025 | 2026 | |||||||
Net cash used in operating activities | $ | (419,923) | $ | (15,246,712) | ||||
Net cash provided by investing activities | 1,373,169 | 17,865,256 | ||||||
Net cash used in financing activities | (1,002,042) | (5,857,736) | ||||||
Net decrease in cash and cash equivalents | $ | (48,796) | $ | (3,239,192) | ||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA – Unaudited | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Net income (loss) | $ | (154,175) | $ | 84,293,430 | $ | (2,843,996) | $ | 87,508,220 | ||||||||
Interest expense | 3,294,772 | 1,487,741 | 6,675,414 | 4,751,138 | ||||||||||||
Income tax expense (benefit) | 283,990 | 7,299,839 | (1,283,737) | 8,628,207 | ||||||||||||
Depreciation and amortization | 1,589,014 | 1,624,983 | 3,241,345 | 3,282,274 | ||||||||||||
EBITDA | 5,013,601 | 94,705,993 | 5,789,026 | 104,169,839 | ||||||||||||
Severance expenses | 149,643 | 1,904,893 | 1,039,113 | 2,063,563 | ||||||||||||
Non-recurring expenses | — | 367,275 | 494,961 | 2,891,873 | ||||||||||||
Stock-based compensation expenses | 76,609 | 53,319 | 175,228 | 104,107 | ||||||||||||
Gain on dispositions | — | — | (1,698,228) | (12,461,477) | ||||||||||||
Gain on debt restructure | — | (91,785,121) | — | (91,785,121) | ||||||||||||
Gain on repurchase of long-term debt | (525,000) | — | (525,000) | — | ||||||||||||
Other (income) expense, net | (75,887) | (78,729) | 524,856 | (161,645) | ||||||||||||
Equity in earnings of unconsolidated affiliates, net of tax | 67,556 | 114,415 | 41,358 | 85,496 | ||||||||||||
Adjusted EBITDA | $ | 4,706,522 | $ | 5,282,045 | $ | 5,841,314 | $ | 4,906,635 | ||||||||
Calculation of Same Station Net Revenue and Operating Expenses – Unaudited | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Net revenue | $ | 52,999,711 | $ | 44,125,702 | $ | 101,912,176 | $ | 86,714,437 | ||||||||
(1,964,133) | 808 | (3,853,572) | (299,007) | |||||||||||||
(357,369) | — | (646,215) | — | |||||||||||||
Digital Direct | (1,890,898) | — | (3,597,531) | — | ||||||||||||
Same station net revenue | $ | 48,787,311 | $ | 44,126,510 | $ | 93,814,858 | $ | 86,415,430 | ||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Operating expenses | $ | 44,750,198 | $ | 38,808,170 | $ | 89,991,459 | $ | 80,978,801 | ||||||||
(1,573,346) | (43,110) | (3,250,632) | (1,280,533) | |||||||||||||
(256,629) | — | (498,868) | — | |||||||||||||
Digital Direct | (2,044,752) | — | (4,014,535) | — | ||||||||||||
Same station operating expenses | $ | 40,875,471 | $ | 38,765,060 | $ | 82,227,424 | $ | 79,698,268 | ||||||||
Calculation of Same Station Audio Net Revenue and Audio Operating Expenses – Unaudited | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Audio net revenue | $ | 39,818,870 | $ | 32,470,043 | $ | 77,972,240 | $ | 64,354,495 | ||||||||
(1,561,217) | 808 | (3,067,205) | (225,659) | |||||||||||||
(357,369) | — | (646,215) | — | |||||||||||||
Same station audio net revenue | $ | 37,900,284 | $ | 32,470,851 | $ | 74,258,820 | $ | 64,128,836 | ||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Audio operating expenses | $ | 35,095,319 | $ | 28,950,275 | $ | 71,490,295 | $ | 9,857,895 | ||||||||
(1,293,770) | (36,567) | (2,762,771) | (1,044,102) | |||||||||||||
(256,629) | — | (498,868) | — | |||||||||||||
Same station audio operating expenses | $ | 33,544,920 | $ | 28,913,708 | $ | 68,228,656 | $ | 8,813,793 | ||||||||
Calculation of Same Station Digital Net Revenue and Digital Operating Expenses – Unaudited | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Digital net revenue | $ | 13,180,481 | $ | 11,655,659 | $ | 23,939,936 | $ | 22,359,942 | ||||||||
(402,916) | — | (786,367) | (73,348) | |||||||||||||
Digital Direct | (1,890,898) | — | (3,597,531) | — | ||||||||||||
Same station digital net revenue | $ | 10,886,667 | $ | 11,655,659 | $ | 19,556,038 | $ | 22,286,594 | ||||||||
Three months ended | Six months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2025 | 2026 | 2025 | 2026 | |||||||||||||
Digital operating expenses | $ | 9,654,879 | $ | 9,857,895 | $ | 18,501,164 | $ | 18,901,609 | ||||||||
(279,576) | (6,543) | (487,861) | (236,431) | |||||||||||||
Digital Direct | (2,044,752) | — | (4,014,535) | — | ||||||||||||
Same station digital operating expenses | $ | 7,330,551 | $ | 9,851,352 | $ | 13,998,768 | $ | 18,665,178 | ||||||||
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SOURCE Beasley Media Group, Inc.