Cumulus Media (OTC: CMLS.Q) details 2025 loss and Chapter 11 plan
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cumulus Media Inc. reported weaker results for the three months and year ended December 31, 2025, while pursuing a prepackaged Chapter 11 restructuring begun on March 5, 2026. Full-year net revenue was $741.7M, down 10.3%, with a net loss of $200.7M and Adjusted EBITDA of $52.0M versus $82.7M in 2024.
In the fourth quarter, net revenue was $188.1M, down 14.0%, with a net loss of $135.1M and Adjusted EBITDA of $9.5M. Broadcast radio, especially network, declined, while digital and “other” revenue were more resilient. The company recorded $109.8M of intangible asset impairments in 2025, contributing to losses, but ended the year with $82.0M in cash and access to its 2020 revolving credit facility.
Positive
- Full-year net loss improved from $283.3M in 2024 to $200.7M in 2025, reflecting lower impairment charges and some cost adjustments despite revenue pressure.
- Year-end cash and cash equivalents increased to $82.0M from $63.8M, providing liquidity as the company pursues its Chapter 11 financial restructuring.
Negative
- Full-year net revenue declined 10.3% to $741.7M, with Adjusted EBITDA dropping 37.1% to $52.0M, indicating significant earnings deterioration.
- The company and certain subsidiaries filed voluntary prepackaged Chapter 11 petitions on March 5, 2026, highlighting material financial distress and the need to restructure its capital structure.
- Fourth-quarter Adjusted EBITDA fell 62.2% year over year to $9.5M, signaling sharp late-year margin compression.
- Intangible asset impairments totaled $109.8M in 2025, reflecting reduced estimated value of certain assets and contributing to continued net losses.
Insights
Revenue and earnings weakness, heavy impairments, and Chapter 11 point to elevated credit risk.
Cumulus Media showed contracting revenue and profitability in 2025. Net revenue fell to $741.7M, down 10.3%, while Adjusted EBITDA dropped to $52.0M from $82.7M. Net loss improved to $200.7M, but this still reflects a structurally challenged business.
Fourth-quarter trends were softer, with net revenue down 14.0% and Adjusted EBITDA at just $9.5M. Broadcast radio revenue declined double digits, particularly network, while digital was roughly flat and "other" grew modestly. The company also recognized $109.8M of intangible asset impairments, underscoring pressure on long-lived assets.
The company and subsidiaries commenced prepackaged Chapter 11 cases on March 5, 2026, aiming to reduce a debt load that has constrained operations. As of December 31, 2025, cash was $82.0M, with term loans and senior notes maturing in 2026 and 2029 plus $55.0M drawn on a 2020 revolver. Actual recovery outcomes will depend on the confirmed plan of reorganization and future operating performance.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Full-year net revenue: $741.7M
Full-year net loss: $200.7M
Full-year Adjusted EBITDA: $52.0M
+5 more
8 metrics
Full-year net revenue
$741.7M
Year ended December 31, 2025; down 10.3% from 2024
Full-year net loss
$200.7M
Year ended December 31, 2025; improved vs $283.3M in 2024
Full-year Adjusted EBITDA
$52.0M
Year ended December 31, 2025; down 37.1% from $82.7M
Q4 2025 net revenue
$188.1M
Three months ended December 31, 2025; down 14.0% YoY
Q4 2025 Adjusted EBITDA
$9.5M
Three months ended December 31, 2025; down 62.2% YoY
Cash and cash equivalents
$82.0M
As of December 31, 2025; up from $63.8M at December 31, 2024
2025 intangible asset impairments
$109.8M
Impairment of intangible assets recognized in 2025
2020 Revolving Credit Facility drawn
$55.0M
Outstanding balance as of December 31, 2025
Key Terms
Adjusted EBITDA, prepackaged Chapter 11 proceedings, impairment of intangible assets, Non-GAAP Financial Measures, +2 more
6 terms
Adjusted EBITDA financial
"For the year ended December 31, 2025, the Company reported ... Adjusted EBITDA of $52.0 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
prepackaged Chapter 11 proceedings regulatory
"filed voluntary petitions to commence prepackaged Chapter 11 proceedings in the United States Bankruptcy Court"
impairment of intangible assets financial
"Impairment of intangible assets | 109,829 | ... | 224,481"
When a company decides an intangible asset—like a patent, trademark, or software—won't generate as much future benefit as it was originally recorded for, it writes down that asset’s recorded value. Think of it like discovering a collectible is damaged and lowering its resale estimate; the write-down shows up as a loss in the accounts, reducing reported profit and equity and signaling to investors that expected future cash flows from that asset have weakened.
Non-GAAP Financial Measures financial
"We refer to Adjusted EBITDA ... as the "Non-GAAP Financial Measures.""
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
restructuring costs financial
"Restructuring costs | 4,531 | ... | 11,089"
Restructuring costs are the immediate expenses a company incurs when reorganizing operations, such as closing facilities, laying off staff, breaking leases, or consolidating divisions. Investors care because these upfront outlays can lower short-term profits but may reduce future running costs or improve efficiency—like paying to renovate a house to make it cheaper to maintain—so they signal whether near-term earnings are being affected and what benefits might follow.
political revenue financial
"As reported net revenue, excluding impact of political revenue"
Earnings Snapshot
Net revenue: $741.7M
Year ended December 31, 2025
Net revenue
$741.7M
-10.3% YoY
Net loss
$200.7M
29.1% improvement vs 2024 net loss
Adjusted EBITDA
$52.0M
-37.1% YoY
Q4 2025 net revenue
$188.1M
-14.0% YoY
Q4 2025 Adjusted EBITDA
$9.5M
-62.2% YoY
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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):April 10, 2026
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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| Registrant’s telephone number, including area code | ||||||||||||||||||||||||||
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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:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
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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 April 10, 2026, Cumulus Media Inc. (the "Company") issued a press release announcing operating results for the three months and year ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02 of this current report on Form 8-K and in the accompanying Exhibit 99.1 incorporated by reference herein shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. This information, including the Exhibit 99.1 hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933.
Item 9.01 - Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | ||||
| 99.1 | Press release, dated April 10, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
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.
| Cumulus Media Inc. | ||||||||||||||
| By: | /s/ Francisco J. Lopez-Balboa | |||||||||||||
| Name: Francisco J. Lopez-Balboa | ||||||||||||||
| Title: Executive Vice President, Chief Financial Officer | ||||||||||||||
| Date: | April 10, 2026 | |||||||||||||
Cumulus Media Reports Operating Results for 2025
ATLANTA, GA — April 10, 2026: Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months and year ended December 31, 2025.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "The Company’s recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value."
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended December 31, 2025, the Company reported net revenue of $188.1 million, a decrease of 14.0% from the three months ended December 31, 2024, net loss of $135.1 million and Adjusted EBITDA of $9.5 million.
For the year ended December 31, 2025, the Company reported net revenue of $741.7 million, a decrease of 10.3% from the year ended December 31, 2024, net loss of $200.7 million and Adjusted EBITDA of $52.0 million.
| As Reported | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | % Change | ||||||||||||||
| Net revenue | $ | 188,074 | $ | 218,576 | (14.0) | % | |||||||||||
| Net loss | $ | (135,107) | $ | (231,080) | 41.5 | % | |||||||||||
Adjusted EBITDA(1) | $ | 9,476 | $ | 25,039 | (62.2) | % | |||||||||||
| Basic loss per share | $ | (7.75) | $ | (13.60) | 43.0 | % | |||||||||||
| Diluted loss per share | $ | (7.75) | $ | (13.60) | 43.0 | % | |||||||||||
| As Reported | Year Ended December 31, 2025 | Year Ended December 31, 2024 | % Change | ||||||||||||||
| Net revenue | $ | 741,695 | $ | 827,076 | (10.3) | % | |||||||||||
| Net loss | $ | (200,702) | $ | (283,254) | 29.1 | % | |||||||||||
Adjusted EBITDA(1) | $ | 52,006 | $ | 82,708 | (37.1) | % | |||||||||||
| Basic loss per share | $ | (11.55) | $ | (16.79) | 31.2 | % | |||||||||||
| Diluted loss per share | $ | (11.55) | $ | (16.79) | 31.2 | % | |||||||||||
(1)Adjusted EBITDA is not a financial measure 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."
1
Revenue Detail Summary (dollars in thousands):
| As Reported | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | % Change | ||||||||||||||
| Broadcast radio revenue: | |||||||||||||||||
| Spot | $ | 82,806 | $ | 100,054 | (17.2) | % | |||||||||||
| Network | 33,372 | 49,253 | (32.2) | % | |||||||||||||
| Total broadcast radio revenue | 116,178 | 149,307 | (22.2) | % | |||||||||||||
| Digital | 36,918 | 40,334 | (8.5) | % | |||||||||||||
| Other | 34,978 | 28,935 | 20.9 | % | |||||||||||||
Net revenue | $ | 188,074 | $ | 218,576 | (14.0) | % | |||||||||||
| As Reported | Year Ended December 31, 2025 | Year Ended December 31, 2024 | % Change | ||||||||||||||
| Broadcast radio revenue: | |||||||||||||||||
| Spot | $ | 338,643 | $ | 388,830 | (12.9) | % | |||||||||||
| Network | 135,862 | 175,285 | (22.5) | % | |||||||||||||
| Total broadcast radio revenue | 474,505 | 564,115 | (15.9) | % | |||||||||||||
| Digital | 151,277 | 154,198 | (1.9) | % | |||||||||||||
| Other | 115,913 | 108,763 | 6.6 | % | |||||||||||||
Net revenue | $ | 741,695 | $ | 827,076 | (10.3) | % | |||||||||||
Balance Sheet Summary (dollars in thousands):
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Cash and cash equivalents | $ | 81,979 | $ | 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) | $ | 323,569 | $ | 326,514 | ||||||||||
Senior Notes due 2029 (2) (3) | $ | 318,225 | $ | 321,181 | ||||||||||
| 2020 Revolving Credit Facility | $ | 55,000 | $ | — | ||||||||||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||
| Capital expenditures | $ | 20,237 | $ | 19,464 | |||||||
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||
| Capital expenditures | $ | 4,775 | $ | 3,583 | |||||||
(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 $33.1 million difference between the principal amounts exchanged and the resulting principal amounts will be amortized to interest expense (thereby reducing interest expense) over the life of the debt. As of December 31, 2025, $11.7 million and $11.9 million of unamortized difference for the Term Loan due 2029 and the Senior Notes due 2029, respectively, remain.
2
Pending Chapter 11 Reorganization
As previously announced, on March 5, 2026, the Company and certain of its subsidiaries filed voluntary petitions to commence prepackaged Chapter 11 proceedings in the United States Bankruptcy Court for the Southern District of Texas (the “Chapter 11 Cases”). The Chapter 11 Cases are being jointly administered under the caption In re Cumulus Media, et al., Case No. 26-90346. Additional information regarding the restructuring is available at www.cumulus.com/restructuring.
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 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 393 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, US Soccer, AP News, and the Academy of Country Music Awards, across more than 7,800 affiliated stations through Westwood One, a leading national audio network; 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
3
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.
We refer to Adjusted EBITDA, with and excluding the impact of political advertising and net revenue, excluding the impact of political revenue, 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
4
Supplemental Financial Data and Reconciliations
Cumulus Media Inc.
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)
| Three Months Ended | Year Ended | |||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||
| Net revenue | $ | 188,074 | $ | 218,576 | $ | 741,695 | $ | 827,076 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||||
| Content costs | 72,333 | 89,189 | 271,341 | 324,245 | ||||||||||||||||||||||
| Selling, general & administrative expenses | 97,655 | 93,827 | 378,058 | 376,836 | ||||||||||||||||||||||
| Depreciation and amortization | 12,820 | 14,853 | 54,336 | 59,123 | ||||||||||||||||||||||
| Corporate expenses | 13,006 | 10,538 | 53,871 | 45,720 | ||||||||||||||||||||||
| Stock-based compensation expense | 504 | 1,252 | 2,504 | 4,709 | ||||||||||||||||||||||
| Restructuring costs | 4,531 | 9,414 | 11,089 | 13,889 | ||||||||||||||||||||||
| Debt exchange costs | — | — | — | 16,369 | ||||||||||||||||||||||
| Loss (gain) on sale of assets or stations | 128 | 1,308 | (2,616) | 1,368 | ||||||||||||||||||||||
| Impairment of assets held for sale | — | — | 1,420 | — | ||||||||||||||||||||||
| Impairment of intangible assets | 109,829 | 224,481 | 109,829 | 224,481 | ||||||||||||||||||||||
| Total operating expenses | 310,806 | 444,862 | 879,832 | 1,066,740 | ||||||||||||||||||||||
| Operating loss | (122,732) | (226,286) | (138,137) | (239,664) | ||||||||||||||||||||||
| Non-operating expense: | ||||||||||||||||||||||||||
| Interest expense | (16,287) | (16,746) | (65,228) | (68,775) | ||||||||||||||||||||||
| Interest income | 330 | 5 | 995 | 531 | ||||||||||||||||||||||
| Gain on early extinguishment of debt | — | — | — | 170 | ||||||||||||||||||||||
| Other (expense) income, net | (46) | (55) | (108) | 14,719 | ||||||||||||||||||||||
| Total non-operating expense, net | (16,003) | (16,796) | (64,341) | (53,355) | ||||||||||||||||||||||
| Loss before income taxes | (138,735) | (243,082) | (202,478) | (293,019) | ||||||||||||||||||||||
| Income tax benefit | 3,628 | 12,002 | 1,776 | 9,765 | ||||||||||||||||||||||
| Net loss | $ | (135,107) | $ | (231,080) | $ | (200,702) | $ | (283,254) | ||||||||||||||||||
5
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 December 31, 2025 | Three Months Ended December 31, 2024 | ||||||||||||
| GAAP net loss | $ | (135,107) | $ | (231,080) | ||||||||||
| Income tax benefit | (3,628) | (12,002) | ||||||||||||
| Non-operating expense, including net interest expense | 16,003 | 16,796 | ||||||||||||
| Depreciation and amortization | 12,820 | 14,853 | ||||||||||||
| Stock-based compensation expense | 504 | 1,252 | ||||||||||||
| Loss on sale or disposal of assets or stations | 128 | 1,308 | ||||||||||||
| Impairment of intangible assets | 109,829 | 224,481 | ||||||||||||
| Restructuring costs | 4,531 | 9,414 | ||||||||||||
| Non-routine legal expenses | 4,488 | 3 | ||||||||||||
| Franchise taxes | (92) | 14 | ||||||||||||
| Adjusted EBITDA | $ | 9,476 | $ | 25,039 | ||||||||||
| As Reported | Year Ended December 31, 2025 | Year Ended December 31, 2024 | ||||||||||||
| GAAP net loss | $ | (200,702) | $ | (283,254) | ||||||||||
| Income tax benefit | (1,776) | (9,765) | ||||||||||||
| Non-operating expense, including net interest expense | 64,341 | 53,525 | ||||||||||||
| Depreciation and amortization | 54,336 | 59,123 | ||||||||||||
| Stock-based compensation expense | 2,504 | 4,709 | ||||||||||||
| (Gain) loss on sale of assets or stations | (2,616) | 1,368 | ||||||||||||
| Impairment of intangible assets | 109,829 | 224,481 | ||||||||||||
| Impairment of assets held for sale | 1,420 | — | ||||||||||||
| Restructuring costs | 11,089 | 13,889 | ||||||||||||
| Non-routine legal expenses | 13,153 | 1,851 | ||||||||||||
| Debt exchange costs | — | 16,369 | ||||||||||||
| Gain on early extinguishment of debt | — | (170) | ||||||||||||
| Franchise taxes | 428 | 582 | ||||||||||||
| Adjusted EBITDA | $ | 52,006 | $ | 82,708 | ||||||||||
6
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 December 31, 2025 | Three Months Ended December 31, 2024 | |||||||||||||
| As reported net revenue | $ | 188,074 | $ | 218,576 | ||||||||||
Political revenue | (1,297) | (10,118) | ||||||||||||
| As reported net revenue, excluding impact of political revenue | $ | 186,777 | $ | 208,458 | ||||||||||
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 | |||||||||||||
| As reported Adjusted EBITDA | $ | 9,476 | $ | 25,039 | ||||||||||
Political EBITDA | (1,167) | (9,107) | ||||||||||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 8,309 | $ | 15,932 | ||||||||||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||
| As reported net revenue | $ | 741,695 | $ | 827,076 | ||||||||||
Political revenue | (3,932) | (18,605) | ||||||||||||
| As reported net revenue, excluding impact of political revenue | $ | 737,763 | $ | 808,471 | ||||||||||
| Year Ended December 31, 2025 | Year Ended December 31, 2024 | |||||||||||||
| As reported Adjusted EBITDA | $ | 52,006 | $ | 82,708 | ||||||||||
Political EBITDA | (3,539) | (16,745) | ||||||||||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 48,467 | $ | 65,963 | ||||||||||
7
FAQ
How did Cumulus Media (CMLS) perform financially in 2025?
Cumulus Media reported 2025 net revenue of $741.7M, down 10.3% from 2024, with a net loss of $200.7M. Adjusted EBITDA was $52.0M, down from $82.7M, reflecting weaker broadcast radio trends and asset impairments.
What were Cumulus Media’s Q4 2025 results?
In Q4 2025, Cumulus Media generated net revenue of $188.1M, a 14.0% decline year over year, and a net loss of $135.1M. Adjusted EBITDA fell to $9.5M, down from $25.0M, as margins compressed and intangible asset impairments weighed on results.
How are Cumulus Media’s broadcast, digital, and other revenues trending?
For 2025, broadcast radio revenue dropped to $474.5M, down 15.9%, with network revenue particularly weak. Digital revenue was $151.3M, down 1.9%, while other revenue rose to $115.9M, up 6.6%, partially offsetting broadcast declines.
What is the status of Cumulus Media’s Chapter 11 restructuring?
On March 5, 2026, Cumulus Media and certain subsidiaries filed voluntary prepackaged Chapter 11 cases in the Southern District of Texas. The company describes this restructuring as aimed at meaningfully reducing its debt burden, with additional details available on its restructuring website.
How leveraged is Cumulus Media going into its restructuring?
As of December 31, 2025, Cumulus Media held $82.0M in cash and cash equivalents and had term loans and senior notes maturing in 2026 and 2029, plus $55.0M outstanding on its 2020 revolving credit facility, indicating a sizeable debt load relative to earnings.
What is Cumulus Media’s Adjusted EBITDA and why is it used?
Cumulus Media’s Adjusted EBITDA was $52.0M in 2025. The company uses this non-GAAP metric to evaluate operating performance, allocate resources, and assess covenant compliance, excluding items like depreciation, amortization, stock-based compensation, restructuring costs, and certain legal and impairment charges.