Beasley Broadcast (NASDAQ: BBGI) Q1 2026 revenue drops but net income aided by asset sale
Rhea-AI Filing Summary
Beasley Broadcast Group reported first quarter 2026 net revenue of $42.6 million, down from $48.9 million a year earlier, mainly due to weakness in traditional agency advertising. On a same-station basis, net revenue declined 6.7%.
Despite lower revenue, operating income improved to $7.7 million from a loss of $0.3 million, largely driven by gains from the sale of all Fort Myers, Florida stations. Net income swung to a profit of $3.2 million, or $1.77 per diluted share, compared with a loss of $2.7 million, or $(1.50) per share.
Underlying profitability remained pressured, with Adjusted EBITDA at $(0.4) million versus $1.1 million in the prior-year quarter. Digital revenue was $10.7 million, flat year-over-year but up 18.2% on a same-station basis, and represented 25% of net revenue with a digital segment operating margin of 15.5%. As of March 31, 2026, long-term debt was $217.5 million and stockholders’ deficit was $46.1 million.
Positive
- None.
Negative
- None.
Insights
Revenue fell and core cash earnings weakened, but asset sales and digital growth supported GAAP profitability.
Beasley Broadcast Group posted Q1 2026 net revenue of $42.6 million, down 12.9% year-over-year, reflecting softness in traditional agency advertising. Same-station net revenue declined 6.7%, showing that even the ongoing portfolio is under pressure.
Operating income improved to $7.7 million from a small loss, driven largely by a $12.5 million gain on dispositions. This one-time benefit helped net income reach $3.2 million, but Adjusted EBITDA fell to $(0.4) million, indicating weaker underlying cash performance.
Digital remains a bright spot: digital revenue of $10.7 million contributed 25% of net revenue, and same-station digital revenue grew while maintaining a 15.5% segment margin. Long-term debt declined from $235.3 million at year-end 2025 to $217.5 million, modestly easing leverage, though stockholders’ deficit of $46.1 million underscores a still-stretched balance sheet.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
EBITDA per Indenture financial
same station net revenue financial
digital segment operating margin financial
second lien restructuring financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 13, 2026, Beasley Broadcast Group, Inc. issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number |
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Description |
99.1 |
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Press Release dated May 13, 2026 issued by Beasley Broadcast Group, Inc. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BEASLEY BROADCAST GROUP, INC. |
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Date: |
May 13, 2026 |
By: |
/s/ Caroline Beasley |
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Caroline Beasley |
Exhibit 99.1
Conference Call and Webcast
Today, May 13, 2026 at 11:00 a.m. ET
(800) 715-9871 or +1 (646) 307-1963, conference ID 1613596 or
www.bbgi.com
Replay information provided below
CONTACT: |
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Heidi Raphael |
Ilana Goldstein |
Chief Communications Officer |
Director, IR & Corp. Dev. |
Beasley Broadcast Group, Inc. |
Beasley Broadcast Group, Inc. |
239/263-5000 or Heidi.raphael@bbgi.com |
212/835-8500 or ilana@bbgi.com |
BEASLEY BROADCAST GROUP REPORTS FIRST QUARTER REVENUE OF $42.6 MILLION
NAPLES, Florida, May 13, 2026 – Beasley Broadcast Group, Inc. (Nasdaq: BBGI) (“Beasley” or the “Company”), a multi-platform media company, today announced operating results for the three-month period ended March 31, 2026. For further information, the Company has posted a presentation to its website regarding the first quarter highlights and accomplishments that management will review on today’s conference call.
First Quarter Financial Highlights
In millions, except per share data |
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Three Months Ended |
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2025 |
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2026 |
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Net revenue |
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$ |
48.9 |
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$ |
42.6 |
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Operating income (loss) |
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(0.3 |
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7.7 |
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Net income (loss) |
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(2.7 |
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3.2 |
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Net income (loss) per diluted share |
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(1.50 |
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1.77 |
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Adjusted EBITDA (non-GAAP) |
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$ |
1.1 |
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$ |
(0.4 |
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First Quarter 2026 Highlights
Net revenue during the three months ended March 31, 2026 decreased 12.9% to $42.6 million, a decrease of 6.7% on a same-station basis. This performance reflects persistent weakness in the traditional agency advertising market that was partially offset by the continued expansion of our high-margin, owned-and-operated direct digital revenues.
Beasley recorded operating income of $7.7 million in the first quarter of 2026, compared to an operating loss of $0.3 million in the prior year quarter. The increase in operating income was driven primarily by the completion of the company’s sale of all stations operated within Fort Myers, FL. Cash interest expense totaled $3.3 million, consistent with prior periods. Beasley reported net income of approximately $3.2 million, or $1.77 per diluted share, compared to a net loss of $2.7 million, or $1.50 per diluted share, in the prior year quarter.
Beasley Broadcast Group, 5/13/2026 |
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page 2 |
Adjusted EBITDA was negative $0.4 million in the first quarter of 2026, compared to $1.1 million in the first quarter of 2025.
Please refer to the “Reconciliation of Net Income (Loss) to Adjusted EBITDA and EBITDA per Indenture” table at the end of this release.
Commenting on the financial results, Caroline Beasley, Chief Executive Officer, said:
“While first quarter results continued to reflect pressure in certain legacy advertising categories and an uneven pace of recovery across our markets, we made meaningful progress against the strategic priorities we outlined over the past year. Importantly, we continue to see strong momentum in digital, particularly in our owned and operated products, which grew year-over-year on a same station basis and now represent an increasingly important contributor to both revenue quality and long-term profitability. Markets with stronger digital adoption continue to demonstrate greater revenue stability, reinforcing our confidence in the long-term direction of the business.”
“Beasley added, “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.”
“We remain focused on disciplined execution as we move through 2026,” Beasley continued. “Our priorities are clear: stabilize and rebuild local direct revenue, continue scaling higher-margin digital products, improve conversion from revenue to station operating income, and further reduce leverage over time. While macroeconomic conditions remain challenging, we believe the operational and financial actions we are taking today are positioning the Company for a more durable and profitable long-term future.”
Conference Call and Webcast Information
The Company will host a conference call and webcast today, May 13, 2026 at 11:00 a.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 9:00 a.m. ET on Wednesday, May 13, 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.
Beasley Broadcast Group, 5/13/2026 |
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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.
EBITDA per Indenture refers to EBITDA as defined by our creditors. The Company recognizes that because EBITDA per Indenture is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures employed by other companies. However, management believes that EBITDA per Indenture provides meaningful information to investors because it reflects how our creditors are benchmarking our performance.
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 initiatives.
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:
Beasley Broadcast Group, 5/13/2026 |
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page 4 |
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 May 13, 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, 5/13/2026 |
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page 5 |
BEASLEY BROADCAST GROUP, INC.
Condensed Consolidated Statements of Net Income (Loss) - Unaudited
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Net revenue |
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$ |
48,912,465 |
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$ |
42,588,735 |
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Operating expenses: |
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Operating expenses (including stock-based compensation and excluding depreciation and amortization shown separately below) |
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45,241,261 |
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42,170,631 |
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Corporate expenses (including stock-based compensation) |
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4,019,462 |
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3,527,570 |
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Depreciation and amortization |
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1,652,331 |
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1,657,291 |
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Gain on dispositions |
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(1,698,228 |
) |
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(12,461,477 |
) |
Total operating expenses |
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49,214,826 |
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34,894,015 |
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Operating income (loss) |
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(302,361 |
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7,694,720 |
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Non-operating income (expense): |
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Interest expense |
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(3,380,642 |
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(3,263,397 |
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Other income (expense), net |
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(600,743 |
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82,916 |
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Income (loss) before income taxes |
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(4,283,746 |
) |
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4,514,239 |
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Income tax expense (benefit) |
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(1,567,727 |
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1,328,368 |
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Income (loss) before equity in earnings of unconsolidated affiliates |
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(2,716,019 |
) |
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3,185,871 |
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Equity in earnings of unconsolidated affiliates, net of tax |
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26,198 |
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28,919 |
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Net income (loss) |
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$ |
(2,689,821 |
) |
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$ |
3,214,790 |
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Basic net income (loss) per Class A and Class B common share |
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$ |
(1.50 |
) |
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$ |
1.78 |
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Diluted net income (loss) per Class A and Class B common share |
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$ |
(1.50 |
) |
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$ |
1.77 |
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Basic weighted-average common shares outstanding |
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1,792,029 |
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1,806,242 |
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Diluted weighted-average common shares outstanding |
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1,792,029 |
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1,812,976 |
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Selected Balance Sheet Data - Unaudited
(in thousands)
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December 31, |
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March 31, |
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2025 |
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2026 |
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Cash and cash equivalents |
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$ |
9,937 |
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$ |
6,426 |
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Working capital |
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230 |
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4,670 |
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Total assets |
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299,288 |
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281,508 |
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Long-term debt, net of unamortized debt issuance costs |
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235,287 |
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217,505 |
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Stockholders' deficit |
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$ |
(48,365 |
) |
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$ |
(46,067 |
) |
Selected Statement of Cash Flows Data – Unaudited
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Net cash used in operating activities |
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$ |
(3,474,505 |
) |
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$ |
(3,484,433 |
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Net cash provided by investing activities |
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1,946,342 |
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18,668,931 |
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Net cash used in financing activities |
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(9,105 |
) |
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(18,695,735 |
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Net decrease in cash and cash equivalents |
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$ |
(1,537,268 |
) |
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$ |
(3,511,237 |
) |
Beasley Broadcast Group, 5/13/2026 |
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page 6 |
Reconciliation of Net Income (Loss) to Adjusted EBITDA and EBITDA per Indenture – Unaudited
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Net income (loss) |
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$ |
(2,689,821 |
) |
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$ |
3,214,790 |
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Interest expense |
|
|
3,380,642 |
|
|
|
3,263,397 |
|
Income tax expense (benefit) |
|
|
(1,567,727 |
) |
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|
1,328,368 |
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Depreciation and amortization |
|
|
1,652,331 |
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|
|
1,657,291 |
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EBITDA |
|
|
775,425 |
|
|
|
9,463,846 |
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Severance expenses |
|
|
889,470 |
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|
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158,670 |
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Non-recurring expenses |
|
|
494,961 |
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2,524,598 |
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Stock-based compensation expenses |
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|
98,619 |
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|
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50,788 |
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Gain on dispositions |
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(1,698,228 |
) |
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(12,461,477 |
) |
Other income (expense), net |
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600,743 |
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(82,916 |
) |
Equity in earnings of unconsolidated affiliates, net of tax |
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(26,198 |
) |
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(28,919 |
) |
Adjusted EBITDA |
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1,134,792 |
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|
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(375,410 |
) |
Non-cash trade agreements |
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(149,045 |
) |
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297,287 |
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Property and franchise taxes |
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|
521,258 |
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|
544,581 |
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Pro-forma cost savings |
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150,701 |
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|
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— |
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EBITDA per Indenture |
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$ |
1,657,706 |
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$ |
466,458 |
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Calculation of Same Station Net Revenue and Operating Expenses – Unaudited
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Net revenue |
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$ |
48,912,465 |
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$ |
42,588,735 |
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Fort Myers |
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|
(1,889,439 |
) |
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(299,815 |
) |
Digital Direct |
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(1,706,633 |
) |
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— |
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Same station net revenue |
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$ |
45,316,393 |
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$ |
42,288,920 |
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Operating expenses |
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$ |
45,241,261 |
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$ |
42,170,631 |
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Fort Myers |
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(1,677,286 |
) |
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(1,237,423 |
) |
Digital Direct |
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(1,969,783 |
) |
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(332,000 |
) |
Same station operating expenses |
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$ |
41,594,192 |
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$ |
40,601,208 |
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Calculation of Same Station Audio Net Revenue and Audio Operating Expenses – Unaudited
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Audio net revenue |
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$ |
38,153,370 |
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$ |
31,884,452 |
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Fort Myers |
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(1,889,439 |
) |
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(299,815 |
) |
Same station audio net revenue |
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$ |
36,263,931 |
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$ |
31,584,637 |
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|
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Three months ended |
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March 31, |
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2025 |
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2026 |
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Audio operating expenses |
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$ |
36,394,976 |
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$ |
33,126,917 |
|
Fort Myers |
|
|
(1,677,286 |
) |
|
|
(1,237,423 |
) |
Same station audio operating expenses |
|
$ |
34,717,690 |
|
|
$ |
31,889,494 |
|
Beasley Broadcast Group, 5/13/2026 |
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page 7 |
Calculation of Same Station Digital Net Revenue and Digital Operating Expenses – Unaudited
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|
Three months ended |
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|||||
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March 31, |
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|||||
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|
2025 |
|
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2026 |
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Digital net revenue |
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$ |
10,759,095 |
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$ |
10,704,283 |
|
Digital Direct |
|
|
(1,706,633 |
) |
|
|
— |
|
Same station digital net revenue |
|
$ |
9,052,462 |
|
|
$ |
10,704,283 |
|
|
|
Three months ended |
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|||||
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March 31, |
|
|||||
|
|
2025 |
|
|
2026 |
|
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Digital operating expenses |
|
$ |
8,846,285 |
|
|
$ |
9,043,714 |
|
Digital Direct |
|
|
(1,969,783 |
) |
|
|
(332,000 |
) |
Same station digital operating expenses |
|
$ |
6,876,502 |
|
|
$ |
8,711,714 |
|