Saga Communications, Inc. Reports 4th Quarter and Year-End 2025 Results
Rhea-AI Summary
Saga Communications (Nasdaq: SGA) reported a Q4 2025 net revenue decline of 9.3% to $26.5M and a full-year decline of 5.1% to $107.1M, while digital revenue rose 25.8% quarter-over-quarter to $4.3M and 19.1% for the year to $16.9M.
The company recorded a $20.4M impairment that eliminated goodwill, producing operating losses of $9.5M (Q4) and $11.0M (FY) and net losses of $6.9M (Q4) and $7.9M (FY). Saga realized an $11.6M gain on a tower sale with $15.1M total proceeds and reported $31.8M in cash and short-term investments as of December 31, 2025.
Positive
- Digital revenue +25.8% in Q4 2025
- Digital revenue +19.1% for FY 2025
- Tower sale gain of $11.6M with $15.1M total proceeds
- Cash and short-term investments of $31.8M at year-end
- Returned capital: quarterly dividend $0.25 and buybacks of 219,326 shares ($2.5M)
Negative
- Net revenue down 9.3% in Q4 2025
- Net revenue down 5.1% for FY 2025
- Recorded $20.4M impairment, eliminating goodwill
- Operating losses: $9.5M (Q4) and $11.0M (FY 2025)
- Net losses: $6.9M (Q4) and $7.9M (FY 2025)
News Market Reaction – SGA
On the day this news was published, SGA gained 0.82%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
SGA is down 3.34% while key peers show mixed moves: MDIA up 0.99%, CURI up 3.81%, SSP down 11.28%, and UONE classes down 5.6%/1.95%. This pattern points to a stock-specific reaction to its earnings and impairment, not a unified broadcasting-sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | Earnings call timing | Neutral | -0.6% | Set date and time for 4Q 2025 earnings release and conference call. |
| Feb 12 | Dividend declaration | Positive | -0.5% | Declared $0.25 quarterly dividend totaling about $1.6M funded from cash. |
| Dec 15 | Share repurchase | Positive | +0.5% | Repurchased 184,215 shares for ~$2.1M at $11.50, cutting share count. |
| Dec 01 | Investor conference | Neutral | +0.7% | Announced management presentation at Noble Capital Markets conference. |
| Nov 13 | Dividend declaration | Positive | +1.4% | Announced $0.25 dividend (~$1.6M), funded from cash, continuing payout track. |
Recent capital returns (dividends, buybacks) often saw modest positive or slightly negative one-day reactions, suggesting limited short-term price impact from such announcements.
Over the past several months, Saga has focused on shareholder returns and investor outreach. It announced multiple $0.25 quarterly dividends with aggregate payments near $1.6M each and completed a repurchase of 184,215 shares at $11.50. The company also highlighted conference participation and set the timetable for this 4Q 2025 release and call. Today’s report adds detailed financial results, including an impairment-driven loss, to that capital allocation narrative.
Market Pulse Summary
This announcement details weaker 2025 results, with net revenue at $107.1M, a net loss of $7.9M, and a $20.4M impairment that eliminated goodwill. At the same time, Saga grew digital revenue to $16.9M, realized an $11.6M gain from tower sales, and maintained a $0.25 quarterly dividend. Investors may track revenue trends excluding political ads, the effect of the $2.2M music licensing settlement, and ongoing capital allocation policies.
Key Terms
impairment charge financial
goodwill financial
intangible assets financial
non-gaap financial
ebitda financial
leverage ratio financial
operating loss financial
operating income financial
AI-generated analysis. Not financial advice.
GROSSE POINTE FARMS, Mich., March 12, 2026 (GLOBE NEWSWIRE) -- Saga Communications, Inc. (Nasdaq - SGA) (the “Company” or “Saga”) today reported that net revenue decreased
For the quarter, the Company recorded an impairment charge of
Net revenue decreased
For the year ended December 31, 2025, the Company recorded an impairment charge of
For the year ended December 31, 2025, the Company recorded approximately
The Company had
The Company closed on the sale of telecommunications towers and related property on October 17, 2025, recognizing a gain of
The Company paid a quarterly dividend of
The Company also repurchased 219,326 shares of its Class A Common Stock for
The Company intends to pay regular quarterly cash dividends in the future. Consistent with its strategic objective of maintaining a strong balance sheet and with returning value to our shareholders, the Board of Directors will also continue to consider declaring special cash dividends, variable dividends and stock buybacks in the future.
The Company’s balance sheet reflects
Saga’s 2025 Fourth Quarter and Year-End conference call will be held on Thursday, March 12, 2026 at 11:00 a.m. Eastern Time. The dial-in number for the call is (973) 528-0008. Enter conference code 809825. A recording and transcript of the call will be posted to the Company’s website as soon as it is available after the call.
The Company requests that all parties that have a question that they would like to submit to the Company please email the inquiry by 10:00 a.m. on March 12, 2026 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing directions will be discussed during the call.
Saga utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. The attached Selected Supplemental Financial Data tables disclose the Company’s reconciliation of non-GAAP measures: GAAP operating income (loss) to station operating income and GAAP net income (loss) to trailing twelve-month consolidated EBITDA as well as other financial data. Such non-GAAP measures include same station financial information, pro forma financial information, station operating income, trailing 12-month consolidated EBITDA, and leverage ratio. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including, but not limited to, evaluating individual station and market-level performance, evaluating overall operations, as a primary measure for incentive-based compensation of executives and other members of management and as a measure of financial position. Saga’s management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Supplemental Financial Data tables.
This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that are based upon current expectations and involve certain risks and uncertainties. Words such as “will,” “may,” “believes,” “intends,” “expects,” “anticipates,” “guidance,” and similar expressions are intended to identify forward-looking statements. The material risks facing our business are described in the reports Saga periodically files with the U.S. Securities and Exchange Commission, including, in particular, Item 1A of our Annual Report on Form 10-K. Readers should note that forward-looking statements may be impacted by several factors, including global, national, and local economic changes and changes in the radio broadcast industry in general as well as Saga’s actual performance. Actual results may vary materially from those described herein and Saga undertakes no obligation to update any information contained herein that constitutes a forward-looking statement.
Saga is a media company whose business provides radio, digital, e-commerce, on-line news and non-traditional revenue initiatives. We provide services to national, regional and local advertisers to help them meet their growing advertising needs. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacom.com
Contact:
Samuel D. Bush
(313) 886-7070
| Saga Communications, Inc. Selected Consolidated Financial Data For the Three and Twelve Months Ended December 31, 2025 and 2024 (amounts in 000’s except per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating Results | ||||||||||||||||
| Net operating revenue | $ | 26,505 | $ | 29,215 | $ | 107,112 | $ | 112,919 | ||||||||
| Station operating expense | 22,918 | 23,362 | 91,781 | 91,835 | ||||||||||||
| Corporate general and administrative | 3,261 | 3,411 | 12,322 | 12,398 | ||||||||||||
| Depreciation and amortization | 1,278 | 1,436 | 5,178 | 5,283 | ||||||||||||
| Other operating (income) expense, net | (11,820 | ) | 22 | (11,522 | ) | 1,048 | ||||||||||
| Impairment of goodwill | 19,229 | — | 19,229 | — | ||||||||||||
| Impairment of intangible assets | 1,168 | — | 1,168 | — | ||||||||||||
| Operating (loss) income | (9,529 | ) | 984 | (11,044 | ) | 2,355 | ||||||||||
| Interest expense | 112 | 113 | 434 | 348 | ||||||||||||
| Interest income | (256 | ) | (238 | ) | (904 | ) | (1,047 | ) | ||||||||
| Other income | — | (305 | ) | (105 | ) | (1,516 | ) | |||||||||
| (Loss) income before income tax expense | (9,385 | ) | 1,414 | (10,469 | ) | 4,570 | ||||||||||
| Income tax (benefit) expense | ||||||||||||||||
| Current | 1,390 | 510 | 1,520 | 1,225 | ||||||||||||
| Deferred | (3,855 | ) | (365 | ) | (4,090 | ) | (115 | ) | ||||||||
| (2,465 | ) | 145 | (2,570 | ) | 1,110 | |||||||||||
| Net (loss) income | $ | (6,920 | ) | $ | 1,269 | $ | (7,899 | ) | $ | 3,460 | ||||||
| (Loss) income per share: | ||||||||||||||||
| Basic | $ | (1.07 | ) | $ | 0.20 | $ | (1.22 | ) | $ | 0.55 | ||||||
| Diluted | $ | (1.07 | ) | $ | 0.20 | $ | (1.22 | ) | $ | 0.55 | ||||||
| Weighted average common shares | 6,139 | 6,089 | 6,152 | 6,075 | ||||||||||||
| Weighted average common and common equivalent shares | 6,139 | 6,089 | 6,152 | 6,075 | ||||||||||||
| December 31, | |||||
| 2025 | 2024 | ||||
| Balance Sheet Data | |||||
| Working capital | $ | 33,010 | $ | 30,528 | |
| Net fixed assets | $ | 46,413 | $ | 51,907 | |
| Net intangible assets and other assets | $ | 105,741 | $ | 122,732 | |
| Total assets | $ | 201,322 | $ | 221,725 | |
| Long-term debt | $ | 5,000 | $ | 5,000 | |
| Stockholders' equity | $ | 151,480 | $ | 165,922 | |
| Saga Communications, Inc. Selected Consolidated Financial Data For the Twelve Months Ended December 31, 2025 and 2024 (amounts in 000’s except per share data) (Unaudited) | ||||||||
| Years Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| (In thousands) | ||||||||
| Cash flows from operating activities: | ||||||||
| Net (loss) income | $ | (7,899 | ) | $ | 3,460 | |||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 5,178 | 5,283 | ||||||
| Deferred income tax (benefit) expense | (4,090 | ) | (115 | ) | ||||
| Impairment of goodwill | 19,229 | — | ||||||
| Impairment of intangible assets | 1,168 | — | ||||||
| Amortization of deferred costs | 45 | 36 | ||||||
| Compensation expense related to restricted stock awards | 2,132 | 1,950 | ||||||
| Provision for credit losses | 681 | 983 | ||||||
| (Gain) Loss on sale of assets, net | (11,522 | ) | 1,048 | |||||
| (Gain) on insurance claims | (105 | ) | (383 | ) | ||||
| Other (gain), net | — | (1,133 | ) | |||||
| Barter (revenue) expense, net | (93 | ) | 89 | |||||
| Deferred and other compensation | (175 | ) | (230 | ) | ||||
| Changes in operating lease assets and liabilities (net) | 11 | (22 | ) | |||||
| Changes in assets and liabilities, net of acquisition of AR: | ||||||||
| (Increase) decrease in current assets | 823 | 1,204 | ||||||
| (Decrease) increase in accounts payable, accrued expenses, and other liabilities | 81 | 1,602 | ||||||
| Total adjustments | 13,363 | 10,312 | ||||||
| Net cash provided by operating activities | 5,464 | 13,772 | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of short-term investments | (18,245 | ) | (19,660 | ) | ||||
| Redemption of short-term investments | 18,245 | 20,728 | ||||||
| Acquisition of property and equipment (Capital Expenditures) | (3,041 | ) | (3,767 | ) | ||||
| Acquisition of broadcast properties | — | (5,711 | ) | |||||
| Proceeds from sale and disposal of assets | 10,085 | 203 | ||||||
| Proceeds from insurance claims, redemption of investments and other | 105 | 1,526 | ||||||
| Other investing activities | — | (3 | ) | |||||
| Net cash provided by (used in) investing activities | 7,149 | (6,684 | ) | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term debt | — | 5,000 | ||||||
| Cash dividends paid | (6,433 | ) | (22,520 | ) | ||||
| Purchase of treasury shares | (2,534 | ) | (290 | ) | ||||
| Net cash used in financing activities | (8,967 | ) | (17,810 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 3,646 | (10,722 | ) | |||||
| Cash and cash equivalents, beginning of period | 18,860 | 29,582 | ||||||
| Cash and cash equivalents, end of period | $ | 22,506 | $ | 18,860 | ||||
| Saga Communications, Inc. Selected Supplemental Financial Data For the Three and Twelve Months Ended December 31, 2025 and 2024 (amounts in 000’s) (Unaudited) | |||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| December 31, | December 31, | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||
| Reconciliation of GAAP operating (loss) income to station operating income (a non-GAAP financial measure) | |||||||||||||||||
| Operating (loss) income | $ | (9,529 | ) | $ | 984 | $ | (11,044 | ) | $ | 2,355 | |||||||
| Plus: | |||||||||||||||||
| Corporate general and administrative | 3,261 | 3,411 | 12,322 | 12,398 | |||||||||||||
| Other operating (income) expense, net | (11,820 | ) | 22 | (11,522 | ) | 1,048 | |||||||||||
| Impairment of goodwill | 19,229 | — | 19,229 | — | |||||||||||||
| Impairment of intangible assets | 1,168 | — | 1,168 | — | |||||||||||||
| Depreciation and amortization | 1,278 | 1,436 | 5,178 | 5,283 | |||||||||||||
| Station operating income | $ | 3,587 | $ | 5,853 | $ | 15,331 | $ | 21,084 | |||||||||
| Other financial data | |||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||
| Radio Stations | $ | 1,210 | $ | 1,380 | $ | 4,980 | $ | 5,070 | |||||||||
| Corporate | $ | 68 | $ | 56 | $ | 198 | $ | 213 | |||||||||
| Compensation expense related to restricted stock awards | $ | 484 | $ | 503 | $ | 2,132 | (1) | $ | 1,950 | (1) | |||||||
| Other operating (income) expense, net(2) | $ | (11,820 | ) | $ | 22 | $ | (11,522 | ) | $ | 1,048 | |||||||
| Other income, net(2) | $ | - | $ | (305 | ) | $ | (105 | ) | $ | (1,516 | ) | ||||||
| Deferred income tax (benefit) expense(2) | $ | (3,855 | ) | $ | (365 | ) | $ | (4,090 | ) | $ | (115 | ) | |||||
| Other income, net | $ | (11,820 | ) | $ | 22 | $ | (11,522 | ) | $ | 1,048 | |||||||
| Impairment of goodwill(2) | $ | 19,229 | $ | — | $ | 19,229 | $ | — | |||||||||
| Impairment of intangible assets(2) | $ | 1,168 | $ | — | $ | 1,168 | $ | — | |||||||||
| Non-cash rent expense | $ | 54 | $ | — | $ | 54 | $ | — | |||||||||
| Acquisition of property and equipment (Capital Expenditures) | $ | 441 | $ | 568 | $ | 3,041 | (1) | $ | 3,767 | (1) | |||||||
_____________________________
(1) As presented in the Statement of Cash Flows in the Selected Consolidated Financial Data tables
(2) As presented in the Operating Results in the Selected Consolidated Financial Data tables
| Saga Communications, Inc. Selected Supplemental Financial Data December 31, 2025 (amounts in 000's) (Unaudited) | ||||||||
| Adjusted(2) | ||||||||
| 12 Months Ended | 12 Months Ended | |||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Reconciliation of GAAP Net Income (Loss) to trailing 12 Month Consolidated Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") (a non-GAAP financial measure) (1) | ||||||||
| Net income (loss) | $ | (7,899 | ) | $ | 3,382 | |||
| Exclusions: | ||||||||
| Gain (loss) on sale of assets, net | 11,522 | (1,048 | ) | |||||
| Impairment of goodwill | (19,229 | ) | — | |||||
| Impairment of intangible assets | (1,168 | ) | — | |||||
| Other income, net | 1,088 | 2,474 | ||||||
| Total exclusions | (7,787 | ) | 1,426 | |||||
| Consolidated adjusted net income (loss)(1) | (112 | ) | 1,956 | |||||
| Plus: | ||||||||
| Interest expense | 420 | 479 | ||||||
| Income tax (benefit) expense | (2,570 | ) | 1,081 | |||||
| Non-cash lease charges | 54 | — | ||||||
| Depreciation & amortization expense | 5,178 | 5,512 | ||||||
| Non-cash compensation | 2,132 | 1,950 | ||||||
| Trailing twelve month consolidated EBITDA(1) | $ | 5,102 | $ | 10,978 | ||||
| Total long-term debt, including current maturities | $ | 5,000 | $ | 5,000 | ||||
| Divided by trailing twelve month consolidated EBITDA(1) | 5,102 | 10,978 | ||||||
| Leverage ratio | 0.98 | 0.46 | ||||||
_____________________________
(1) As defined in the Company's credit facility.
(2) Twelve month adjusted for proforma acquisitions.
FAQ
Why did SGA report a large operating loss in Q4 2025?
How much did Saga's digital revenue grow in Q4 2025 and for the full year?
What were the details and proceeds of Saga's tower sale in 2025?
Will Saga continue paying dividends after the Q4 2025 results?
How much cash did Saga hold at year-end and what is 2026 capex guidance?
