Cumulus Media Reports Operating Results for the Third Quarter 2025
Cumulus Media (OTCQB: CMLS) reported results for the three and nine months ended September 30, 2025. Q3 net revenue was $180.3M, down 11.5% YoY, with a Q3 net loss of $20.4M and Adjusted EBITDA of $16.7M. Digital revenue totaled $39.0M; digital marketing services grew 34% and now represent ~50% of digital revenue. The company recorded $90.4M cash and $722.2M total debt at September 30, 2025, with $23.9M of debt due in 2026. Management noted $7M of annualized fixed-cost reductions in the quarter and year-to-date savings of $20M.
Cumulus Media (OTCQB: CMLS) ha riportato i risultati per i tre e nove mesi chiusi al 30 settembre 2025. Il fatturato netto del Q3 è stato 180,3 milioni di dollari, in calo dell'11,5% YoY, con una perdita netta del Q3 di 20,4 milioni e un EBITDA rettificato di 16,7 milioni. Il fatturato digitale è stato di 39,0 milioni di dollari; i servizi di marketing digitale sono cresciuti del 34% e ora rappresentano circa il 50% del fatturato digitale. L'azienda ha registrato 90,4 milioni di dollari in cassa e 722,2 milioni di dollari di debito totale al 30 settembre 2025, con 23,9 milioni di debito in scadenza nel 2026. Il management ha segnalato riduzioni fisse annuali di 7 milioni di dollari nel trimestre e risparmi dall'inizio dell'anno di 20 milioni.
Cumulus Media (OTCQB: CMLS) informó los resultados para los tres y nueve meses terminados el 30 de septiembre de 2025. Los ingresos netos del 3T fueron de 180,3 millones de dólares, con una disminución interanual del 11,5%, con una pérdida neta del 3T de 20,4 millones y un EBITDA ajustado de 16,7 millones. Los ingresos digitales totalizaron 39,0 millones; los servicios de marketing digital crecieron un 34% y ahora representan aproximadamente el 50% de los ingresos digitales. La compañía registró 90,4 millones de dólares en caja y 722,2 millones de dólares de deuda total al 30 de septiembre de 2025, con 23,9 millones de deuda por vencer en 2026. La dirección señaló reducciones fijas anuales de 7 millones de dólares en el trimestre y ahorros desde inicio de año de 20 millones.
Cumulus Media (OTCQB: CMLS)가 2025년 9월 30일 종료된 3개월 및 9개월 실적을 발표했습니다. 3분기 순매출은 1억 803만 달러로 전년 대비 11.5% 감소했으며, 3분기 순손실은 2,040만 달러이고 조정 EBITDA는 1,670만 달러였습니다. 디지털 매출은 3,900만 달러였고, 디지털 마케팅 서비스는 34% 성장하여 현재 디지털 매출의 약 50%를 차지합니다. 회사는 현금 9,040만 달러와 총부채 7,2220만 달러를 2025년 9월 30일 기준으로 기록했고, 2026년에 만기되는 부채가 2,390만 달러 있습니다. 경영진은 분기 내 고정비를 700만 달러 절감했고, 연초부터 지금까지의 절약은 2,000만 달러라고 언급했습니다.
Cumulus Media (OTCQB: CMLS) a publié les résultats pour les trois et neuf mois se terminant le 30 septembre 2025. Le chiffre d'affaires net du T3 était de 180,3 millions de dollars, en baisse de 11,5 % sur un an, avec une perte nette du T3 de 20,4 millions et un EBITDA ajusté de 16,7 millions. Le chiffre d'affaires numérique s'élevait à 39,0 millions de dollars; les services de marketing numérique ont augmenté de 34 % et représentent désormais environ 50 % du chiffre d'affaires numérique. L'entreprise a enregistré 90,4 millions de dollars en liquidités et une dette totale de 722,2 millions de dollars au 30 septembre 2025, avec 23,9 millions de dollars de dette à échéance en 2026. La direction a indiqué des réductions de coûts fixes annuelles de 7 millions de dollars et des économies depuis le début de l'année de 20 millions.
Cumulus Media (OTCQB: CMLS) berichtete die Ergebnisse für die drei- und neunzehntes Monate zum 30. September 2025. Der Nettoumsatz im Q3 betrug 180,3 Millionen USD und lag gegenüber dem Vorjahr um 11,5%, mit einem Nettogewinn im Q3 von −20,4 Millionen USD und einem bereinigten EBITDA von 16,7 Millionen USD. Der digitale Umsatz belief sich auf 39,0 Millionen USD; Digitale Marketing-Dienste wuchsen um 34% und machen nun ca. 50% des Digitalumsatzes aus. Das Unternehmen verzeichnete am 30. September 2025 90,4 Millionen USD Barbestände und 722,2 Millionen USD Gesamtverschuldung, wovon 23,9 Millionen USD Schulden in 2026 fällig werden. Das Management meldete im Quartal jährliche Fixkostensenkungen von 7 Millionen USD und seit Jahresbeginn Einsparungen von 20 Millionen USD.
أعلنت شركة Cumulus Media (OTCQB: CMLS) عن نتائج الأشهر الثلاثة والتسعة المنتهية في 30 سبتمبر 2025. كان إيراد الربع الثالث الصافي 200.3 مليون دولار، بانخفاض قدره 11.5% على أساس سنوي، مع خسارة صافية للربع الثالث قدرها 20.4 مليون دولار و EBITDA المعدل بقدر 16.7 مليون دولار. بلغ الإيراد الرقمي 39.0 مليون دولار؛ ارتفعت خدمات التسويق الرقمي بمقدار 34% وتُمثل الآن نحو 50% من الإيرادات الرقمية. سجلت الشركة 90.4 مليون دولار نقداً و 722.2 مليون دولار إجمالي الدين في 30 سبتمبر 2025، مع 23.9 مليون دولار من الدين المستحق في 2026. أشارت الإدارة إلى خفض تكاليف ثابتة سنوي قدره 7 ملايين دولار خلال الربع وإلى وفورات منذ بداية السنة قدرها 20 مليون دولار.
- Digital marketing services +34% in Q3 2025
- Digital revenue represents ~50% of total digital
- Cash balance of $90.4 million at Sept 30, 2025
- Year-to-date fixed-cost savings of $20 million
- Net revenue down 11.5% year-over-year in Q3
- Adjusted EBITDA down 30.8% year-over-year in Q3
- Q3 net loss of $20.4 million versus $10.3 million
- Total debt of $722.2 million at Sept 30, 2025
Insights
Cumulus shows material revenue and EBITDA declines, wider net loss, but digital services growth and cost cuts partially offset pressure.
The company reported net revenue of
Balance sheet and liquidity items matter: cash totaled
Key dependencies and risks include sustaining digital marketing services growth and translating cost reductions into durable margin recovery while managing sizable gross debt. Monitor three near‑term items: the company’s commentary on revenue trends and margin drivers on the conference call today, quarterly progression of digital marketing services revenue and contribution margins, and any updates on debt maturities or refinancing activity over the next 12 months.
ATLANTA, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Cumulus Media Inc. (OTCQB: CMLS) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and nine months ended September 30, 2025.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "In an advertising environment that remained challenging for legacy media, we continued to outperform. We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up
Berner continued, “These results underscore our disciplined focus on optimizing performance in areas that we can control. While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the Company for long-term success through strong execution and by maximizing value from the Company’s underlying assets.”
Q3 Key Highlights:
- Posted total net revenue of
$180.3 million , a decline of11.5% year-over-year - Generated digital revenue of
$39.0 million , a decrease of2.6% year-over-year, or an increase of8.4% excluding the$6.9 million impact from discontinuing the Daily Wire and Dan Bongino relationships
- Digital marketing services grew
34% driven by investments made in our digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing - Digital marketing services revenue now represents approximately
50% of total digital revenue
- Digital marketing services grew
- Recorded net loss of
$20.4 million compared to net loss of$10.3 million in Q3 2024 - Executed actions resulting in
$7 million of annualized fixed cost reductions, bringing year-to-date savings to$20 million and total annualized fixed cost reductions since 2019 to$182 million , or over30% - Recorded Adjusted EBITDA(1) of
$16.7 million compared to$24.1 million in Q3 2024 - Ended quarter with
$90.4 million of cash - Reported total debt(2)(3) of
$722.2 million , total debt at maturity(1)(2)(3) of$697.1 million , and net debt less total unamortized discount(1)(2)(3)of$606.7 million at September 30, 2025, including total debt due in 2026(2) of$23.9 million
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended September 30, 2025, the Company reported net revenue of
For the nine months ended September 30, 2025, the Company reported net revenue of
| As Reported | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | % Change | |||||||
| Net revenue | $ | 180,255 | $ | 203,598 | (11.5 | )% | ||||
| Net loss | $ | (20,407 | ) | $ | (10,321 | ) | (97.7 | )% | ||
| Adjusted EBITDA | $ | 16,653 | $ | 24,051 | (30.8 | )% | ||||
| Basic loss per share | $ | (1.17 | ) | $ | (0.61 | ) | (91.8 | )% | ||
| Diluted loss per share | $ | (1.17 | ) | $ | (0.61 | ) | (91.8 | )% | ||
| As Reported | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | % Change | |||||||
| Net revenue | $ | 553,621 | $ | 608,500 | (9.0 | )% | ||||
| Net loss | $ | (65,595 | ) | $ | (52,174 | ) | (25.7 | )% | ||
| Adjusted EBITDA | $ | 42,530 | $ | 57,669 | (26.3 | )% | ||||
| Basic loss per share | $ | (3.78 | ) | $ | (3.10 | ) | (21.9 | )% | ||
| Diluted loss per share | $ | (3.78 | ) | $ | (3.10 | ) | (21.9 | )% | ||
Revenue Detail Summary (dollars in thousands):
| As Reported | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | % Change | ||||||
| Broadcast radio revenue: | |||||||||
| Spot | $ | 83,722 | $ | 96,397 | (13.1 | )% | |||
| Network | 31,271 | 42,564 | (26.5 | )% | |||||
| Total broadcast radio revenue | 114,993 | 138,961 | (17.2 | )% | |||||
| Digital | 38,962 | 40,020 | (2.6 | )% | |||||
| Other | 26,300 | 24,617 | 6.8 | % | |||||
| Net revenue | $ | 180,255 | $ | 203,598 | (11.5 | )% | |||
| As Reported | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | % Change | |||||
| Broadcast radio revenue: | ||||||||
| Spot | $ | 255,837 | $ | 288,776 | (11.4 | )% | ||
| Network | 102,490 | 126,032 | (18.7 | )% | ||||
| Total broadcast radio revenue | 358,327 | 414,808 | (13.6 | )% | ||||
| Digital | 114,359 | 113,864 | 0.4 | % | ||||
| Other | 80,935 | 79,828 | 1.4 | % | ||||
| Net revenue | $ | 553,621 | $ | 608,500 | (9.0 | )% | ||
Balance Sheet Summary (dollars in thousands):
| September 30, 2025 | December 31, 2024 | |||||
| Cash and cash equivalents | $ | 90,414 | $ | 63,836 | ||
| Term Loan due 2026 (2) | $ | 1,203 | $ | 1,203 | ||
| Senior Notes due 2026 (2) | $ | 22,697 | $ | 22,697 | ||
| Term Loan due 2029 (2) (3) | $ | 324,330 | $ | 326,514 | ||
| Senior Notes due 2029 (2) (3) | $ | 318,984 | $ | 321,181 | ||
| 2020 Revolving credit facility | $ | 55,000 | $ | — | ||
| Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | ||||
| Capital expenditures | $ | 4,394 | $ | 3,328 | |
| Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | ||||
| Capital expenditures | $ | 15,462 | $ | 15,881 | |
| (1) | Adjusted EBITDA, total debt at maturity and net debt less total unamortized discount are not financial measures calculated or presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For additional information, see "Non-GAAP Financial Measures." |
| (2) | Excludes any debt issuance costs |
| (3) | The exchange offer was accounted for as a debt modification resulting in a prospective yield adjustment and the carrying value was not changed. The |
Earnings Conference Call Details
The Company will host a conference call today at 8:30 AM ET to discuss its third quarter 2025 operating results. NetRoadshow (NRS) is the service provider for this call. They will require email address verification (one-time only) and will provide registration confirmation. To participate in the conference call, please register in advance using the link on the Company's investor relations website at www.cumulusmedia.com/investors. Upon completing registration, a calendar invitation will follow with call access details, including a unique PIN, and replay details.
To join by phone with operator-assisted dial-in, domestic callers should dial 833-470-1428 and international callers should dial 646-844-6383. If prompted, the participant access code is 504399. Please call five to ten minutes in advance to ensure that you are connected prior to the call.
The conference call will also be broadcast live in listen-only mode through a link on the Company’s investor relations website at www.cumulusmedia.com/investors. This link can also be used to access a recording of the call, which will be available shortly following its completion.
Please see an update to the Company’s investor presentation on the Company's investor relations website at www.cumulusmedia.com/investors, which may be referenced on the conference call. Unless otherwise specified, information contained in the investor presentation or on our website is not incorporated into this press release or other documents we file with, or furnish to, the SEC.
Forward-Looking Statements
Certain statements in this release may constitute “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such statements are statements other than historical fact and relate to our intent, belief or current expectations primarily with respect to our future operating, financial, and strategic performance and our plans and objectives. Any such forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to differ from those contained in or implied by the forward-looking statements as a result of various factors. Such factors include, among others, risks and uncertainties related to the implementation of our strategic operating plans, the continued uncertain financial and economic conditions, the rapidly changing and competitive media industry, and the economy in general. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the "Risk Factors," and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections contained therein. You should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control, and the unexpected occurrence or failure to occur of any such events or matters could cause our actual results, performance, financial condition or achievements to differ materially from those expressed or implied by such forward-looking statements. Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise.
About Cumulus Media
Cumulus Media (OTCQB: CMLS) is an audio-first media company delivering premium content to a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 395 owned-and-operated radio stations across 84 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, Infinity Sports Network, AP News, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, an established and influential platform for original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. For more information visit www.cumulusmedia.com.
Non-GAAP Financial Measures
From time to time, we utilize certain financial measures that are not prepared or calculated in accordance with GAAP to assess our financial performance and profitability. Consolidated adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is a financial metric by which management and the chief operating decision maker allocate resources of the Company and analyze the performance of the Company as a whole. Management also uses this measure to determine the contribution of our core operations to the funding of our corporate resources utilized to manage our operations and the funding of our non-operating expenses including debt service and acquisitions. In addition, consolidated Adjusted EBITDA is a key metric for purposes of calculating and determining our compliance with certain covenants contained in our credit agreements.
In determining Adjusted EBITDA, we exclude the following from net loss: interest, taxes, depreciation, amortization, stock-based compensation expense, gain or loss on the exchange, sale, or disposal of any assets or stations or early extinguishment of debt, restructuring costs, expenses relating to acquisitions and divestitures, non-routine legal expenses incurred in connection with certain litigation matters, and non-cash impairments of assets, if any.
Management believes that Adjusted EBITDA, with and excluding impact of political advertising, although not a measure that is calculated in accordance with GAAP, is commonly employed by the investment community as a measure for determining the market value of a media company and comparing the operational and financial performance among media companies. Management has also observed that Adjusted EBITDA, with and excluding impact of political advertising, is routinely utilized to evaluate and negotiate the potential purchase price for media companies. Given the relevance to our overall value, management believes that investors consider these metrics to be extremely useful.
The Company presents revenue, excluding impact of political revenue. As a result of the cyclical nature of the electoral system and the seasonality of the related political revenue, management believes presenting net revenue, excluding impact of political revenue, provides useful information to investors about the Company’s revenue growth comparable from period to period.
The Company presents the non-GAAP financial measure total debt at maturity which is total debt principal, gross, less total unamortized debt discount. In addition, the Company presents the non-GAAP financial measure net debt less total unamortized discount which is total debt at maturity less cash and cash equivalents. Management believes that total debt at maturity and net debt less total unamortized discount are important measures to monitor leverage and evaluate the balance sheet.
We refer to Adjusted EBITDA, with and excluding the impact of political advertising, net revenue, excluding the impact of political revenue, total debt at maturity, and net debt less total unamortized discount as the "Non-GAAP Financial Measures." Non-GAAP Financial Measures should not be considered in isolation or as a substitute for net income, net revenue, operating income, cash flows from operating activities or any other measure for determining the Company’s operating performance or liquidity that is calculated in accordance with GAAP. In addition, Non-GAAP Financial Measures may be defined or calculated differently by other companies and, therefore, comparability may be limited.
For further information, please contact:
Cumulus Media Inc.
Investor Relations Department
IR@cumulus.com
404-260-6600
Supplemental Financial Data and Reconciliations
| Cumulus Media Inc. Unaudited Condensed Consolidated Statements of Operations (Dollars in thousands) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net revenue | $ | 180,255 | $ | 203,598 | $ | 553,621 | $ | 608,500 | ||||||||
| Operating expenses: | ||||||||||||||||
| Content costs | 60,251 | 76,368 | 199,008 | 235,056 | ||||||||||||
| Selling, general & administrative expenses | 93,797 | 93,890 | 280,403 | 283,009 | ||||||||||||
| Depreciation and amortization | 12,726 | 14,721 | 41,516 | 44,270 | ||||||||||||
| Corporate expenses | 18,347 | 10,430 | 40,865 | 35,182 | ||||||||||||
| Stock-based compensation expense | 577 | 1,049 | 2,000 | 3,457 | ||||||||||||
| Restructuring costs | 1,732 | 357 | 6,558 | 4,475 | ||||||||||||
| Debt exchange costs | — | 98 | — | 16,369 | ||||||||||||
| (Gain) loss on sale or disposal of assets or stations | (2,866 | ) | 6 | (2,744 | ) | 60 | ||||||||||
| Impairment of assets held for sale | — | — | 1,420 | — | ||||||||||||
| Total operating expenses | 184,564 | 196,919 | 569,026 | 621,878 | ||||||||||||
| Operating (loss) income | (4,309 | ) | 6,679 | (15,405 | ) | (13,378 | ) | |||||||||
| Non-operating expense: | ||||||||||||||||
| Interest expense | (16,612 | ) | (17,043 | ) | (48,941 | ) | (52,029 | ) | ||||||||
| Interest income | 377 | 34 | 665 | 526 | ||||||||||||
| Gain on early extinguishment of debt | — | — | — | 170 | ||||||||||||
| Other (expense) income, net | (30 | ) | (32 | ) | (62 | ) | 14,774 | |||||||||
| Total non-operating expense, net | (16,265 | ) | (17,041 | ) | (48,338 | ) | (36,559 | ) | ||||||||
| Loss before income taxes | (20,574 | ) | (10,362 | ) | (63,743 | ) | (49,937 | ) | ||||||||
| Income tax benefit (expense) | 167 | 41 | (1,852 | ) | (2,237 | ) | ||||||||||
| Net loss | $ | (20,407 | ) | $ | (10,321 | ) | $ | (65,595 | ) | $ | (52,174 | ) | ||||
The following tables reconcile net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, to Adjusted EBITDA for the periods presented herein (dollars in thousands):
| As Reported | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | ||||||
| GAAP net loss | $ | (20,407 | ) | $ | (10,321 | ) | ||
| Income tax benefit | (167 | ) | (41 | ) | ||||
| Non-operating expense, net (includes net interest expense) | 16,265 | 17,041 | ||||||
| Depreciation and amortization | 12,726 | 14,721 | ||||||
| Stock-based compensation expense | 577 | 1,049 | ||||||
| (Gain) loss on sale or disposal of assets or stations | (2,866 | ) | 6 | |||||
| Restructuring costs | 1,732 | 357 | ||||||
| Debt exchange costs | — | 98 | ||||||
| Non-routine legal expenses | 8,623 | 960 | ||||||
| Franchise taxes | 170 | 181 | ||||||
| Adjusted EBITDA | $ | 16,653 | $ | 24,051 | ||||
| As Reported | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | ||||||
| GAAP net loss | $ | (65,595 | ) | $ | (52,174 | ) | ||
| Income tax expense | 1,852 | 2,237 | ||||||
| Non-operating expense, net (includes net interest expense) | 48,338 | 36,729 | ||||||
| Depreciation and amortization | 41,516 | 44,270 | ||||||
| Stock-based compensation expense | 2,000 | 3,457 | ||||||
| (Gain) loss on sale or disposal of assets or stations | (2,744 | ) | 60 | |||||
| Impairment of assets held for sale | 1,420 | — | ||||||
| Gain on early extinguishment of debt | — | (170 | ) | |||||
| Restructuring costs | 6,558 | 4,475 | ||||||
| Debt exchange costs | — | 16,369 | ||||||
| Non-routine legal expenses | 8,665 | 1,848 | ||||||
| Franchise taxes | 520 | 568 | ||||||
| Adjusted EBITDA | $ | 42,530 | $ | 57,669 | ||||
The following tables reconcile the as reported net revenue and as reported Adjusted EBITDA, both including and excluding the impact of political, for the periods presented herein (dollars in thousands):
| Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | |||||||
| As reported net revenue | $ | 180,255 | $ | 203,598 | ||||
| Political revenue | (654 | ) | (4,379 | ) | ||||
| As reported net revenue, excluding impact of political revenue | $ | 179,601 | $ | 199,219 | ||||
| Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | |||||||
| As reported Adjusted EBITDA | $ | 16,653 | $ | 24,051 | ||||
| Political EBITDA | (589 | ) | (3,941 | ) | ||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 16,064 | $ | 20,110 | ||||
| Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | |||||||
| As reported net revenue | $ | 553,621 | $ | 608,500 | ||||
| Political revenue | (2,635 | ) | (8,487 | ) | ||||
| As reported net revenue, excluding impact of political revenue | $ | 550,986 | $ | 600,013 | ||||
| Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | |||||||
| As reported Adjusted EBITDA | $ | 42,530 | $ | 57,669 | ||||
| Political EBITDA | (2,372 | ) | (7,638 | ) | ||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 40,158 | $ | 50,031 | ||||
The following table reconciles total debt principal, gross, the most directly comparable financial measure calculated and presented in accordance with GAAP, to total debt at maturity and net debt less total unamortized discount (dollars in thousands):
| As of September 30, | ||||||||
| 2025 | 2024 | |||||||
| Total debt principal, gross | $ | 722,214 | $ | 672,994 | ||||
| Less: Total unamortized discount | (25,097 | ) | (30,877 | ) | ||||
| Total debt at maturity | 697,117 | 642,117 | ||||||
| Less: Cash and cash equivalents | (90,414 | ) | (52,154 | ) | ||||
| Net debt less total unamortized discount | $ | 606,703 | $ | 589,963 | ||||
FAQ
What were Cumulus Media (CMLS) Q3 2025 net revenue and net loss?
How did Cumulus Media's (CMLS) Adjusted EBITDA change in Q3 2025 versus Q3 2024?
What growth did Cumulus Media (CMLS) report for digital marketing services in Q3 2025?
What were Cumulus Media's (CMLS) cash and total debt levels at September 30, 2025?
How much annualized fixed-cost reduction did Cumulus Media (CMLS) achieve in Q3 2025?
