Cumulus Media (CMLSQ) revenue falls 12% as Q1 loss hits $16.9M
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Cumulus Media reported first quarter 2026 results showing continued losses while progressing through its Chapter 11 restructuring. Net revenue was $164.4 million, down 12.2% from the same period in 2025, reflecting lower broadcast radio and digital revenue partly offset by growth in other revenue.
The Company posted a net loss of $16.9 million, an improvement from a $32.4 million net loss a year earlier, and generated Adjusted EBITDA of $2.7 million, down 23.6%. Broadcast radio revenue declined 19.3%, while digital revenue fell 8.3% and other revenue rose 16.5%.
Cash and cash equivalents were $57.6 million as of March 31, 2026, compared with $82.0 million at December 31, 2025. The Company is operating as a debtor-in-possession, with all debt reclassified to liabilities subject to compromise after its Chapter 11 filing.
The Bankruptcy Court has confirmed Cumulus Media’s Modified Joint Prepackaged Chapter 11 Plan of Reorganization. The Company expects the plan to become effective once conditions precedent, including FCC approval and other required regulatory approvals, have been satisfied or waived.
Positive
- Bankruptcy court confirms reorganization plan – The Modified Joint Prepackaged Chapter 11 Plan of Reorganization was confirmed on April 15, 2026, marking a critical step toward restructuring Cumulus Media’s balance sheet once FCC and other regulatory approvals are obtained.
Negative
- Double-digit revenue decline and ongoing net losses – Net revenue fell 12.2% year over year to $164.4 million, with broadcast radio revenue down 19.3%, and the company still reported a quarterly net loss of $16.9 million during its Chapter 11 process.
- Reduced cash balance during Chapter 11 – Cash and cash equivalents declined from $82.0 million at December 31, 2025 to $57.6 million at March 31, 2026 while all debt has been reclassified to liabilities subject to compromise.
Insights
Revenue is falling, losses continue, and Chapter 11 restructuring remains the central story despite plan confirmation.
Cumulus Media’s net revenue declined from $187.3M to $164.4M, a 12.2% drop year over year for the quarter ended March 31, 2026. Broadcast radio revenue fell 19.3% and digital revenue fell 8.3%, while other revenue grew 16.5%, indicating pressure in core lines.
The company still posted a quarterly net loss of $16.9M, though this improved from a $32.4M loss. Adjusted EBITDA declined 23.6% to $2.7M, and cash decreased to $57.6M from $82.0M at year-end, highlighting tight liquidity during reorganization.
The Bankruptcy Court’s confirmation of the prepackaged Chapter 11 plan is a key milestone, but effectiveness depends on receiving FCC and other regulatory approvals. Until the plan becomes effective and liabilities subject to compromise are resolved, capital structure risk remains elevated and future performance will be shaped by post-emergence cost structure and revenue stability.
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
Net revenue: $164.4M
Net loss: $16.9M
Adjusted EBITDA: $2.7M
+5 more
8 metrics
Net revenue
$164.4M
Three months ended March 31, 2026; down 12.2% year over year
Net loss
$16.9M
Three months ended March 31, 2026; improved from $32.4M loss in 2025
Adjusted EBITDA
$2.7M
Three months ended March 31, 2026; down 23.6% from prior year
Broadcast radio revenue
$100.7M
Q1 2026 total broadcast radio revenue; 19.3% decline year over year
Digital revenue
$33.5M
Q1 2026 digital revenue; 8.3% decline year over year
Other revenue
$30.2M
Q1 2026 other revenue; 16.5% increase year over year
Cash and cash equivalents
$57.6M
Balance at March 31, 2026; down from $82.0M at December 31, 2025
Capital expenditures
$3.9M
Three months ended March 31, 2026; down from $5.5M in 2025
Key Terms
Adjusted EBITDA, Chapter 11 Bankruptcy, Liabilities Subject to Compromise, Modified Joint Prepackaged Chapter 11 Plan of Reorganization, +2 more
6 terms
Adjusted EBITDA financial
"net loss of $16.9 million and Adjusted EBITDA of $2.7 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.
Chapter 11 Bankruptcy regulatory
"In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off"
A Chapter 11 bankruptcy is a court-supervised process that lets a financially troubled company stay open while it reorganizes its debts and business operations, similar to giving a business a structured “time-out” to fix problems instead of shutting down. It matters to investors because the process can preserve, dilute or eliminate existing shares and change what creditors recover, so outcomes can dramatically alter stock and bond values and trading liquidity.
Liabilities Subject to Compromise financial
"all debt has been reclassified to Liabilities Subject to Compromise in the Company's Condensed Consolidated Balance Sheet"
Liabilities subject to compromise are debts and claims that a company had before entering bankruptcy that are not yet finalized and must be settled, reduced, or renegotiated under the bankruptcy process. For investors, these items matter because they represent uncertain obligations that can change who gets paid and how much, like a shared bill being renegotiated among creditors — the outcome affects creditor recoveries, equity value, and the company’s future capital structure.
Modified Joint Prepackaged Chapter 11 Plan of Reorganization regulatory
"filed the Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc."
Non-GAAP Financial Measures financial
"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 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.
debtor-in-possession regulatory
"Cumulus Media Inc. (Debtor-In-Possession) Unaudited Condensed Consolidated Statements of Operations"
A debtor-in-possession is a company that has filed for bankruptcy protection but is allowed to keep operating and managing its assets while a court oversees the restructuring process. Investors pay attention because this status can help preserve business value and cash flow during reorganization, affect the priority of new loans and claims, and shape how much existing shareholders and creditors ultimately recover—like a shopkeeper allowed to stay open while reorganizing debts under court supervision.
Earnings Snapshot
Net revenue: $164.4M
Q1 2026
Net revenue
$164.4M
-12.2% YoY
Net loss
$16.9M
improved from $32.4M loss YoY
Adjusted EBITDA
$2.7M
-23.6% YoY
Broadcast radio revenue
$100.7M
-19.3% YoY
Digital revenue
$33.5M
-8.3% YoY
Other revenue
$30.2M
+16.5% 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 29, 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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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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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 29, 2026, Cumulus Media Inc. (the "Company") issued a press release announcing operating results for the three months ended March 31, 2026. 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 29, 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 29, 2026 | |||||||||||||
Cumulus Media Reports Operating Results for the First Quarter 2026
ATLANTA, GA — April 29, 2026: Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three months ended March 31, 2026.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media, said, "We are pleased to report first quarter earnings. The Court’s recent approval of our reorganization plan marks a pivotal milestone in strengthening our financial foundation and positioning the Company to compete in the evolving media landscape. While we await FCC approval of the plan, we remain focused on leveraging our core strengths to drive long-term value creation."
Operating Summary (dollars in thousands, except percentages and per share data):
For the three months ended March 31, 2026, the Company reported net revenue of $164.4 million, a decrease of 12.2% from the three months ended March 31, 2025, net loss of $16.9 million and Adjusted EBITDA of $2.7 million.
| As Reported | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | % Change | ||||||||||||||
| Net revenue | $ | 164,447 | $ | 187,349 | (12.2) | % | |||||||||||
| Net loss | $ | (16,862) | $ | (32,367) | 47.9 | % | |||||||||||
Adjusted EBITDA(1) | $ | 2,689 | $ | 3,519 | (23.6) | % | |||||||||||
| Basic loss per share | $ | (0.96) | $ | (1.88) | 48.9 | % | |||||||||||
| Diluted loss per share | $ | (0.96) | $ | (1.88) | 48.9 | % | |||||||||||
(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."
Revenue Detail Summary (dollars in thousands):
| As Reported | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | % Change | ||||||||||||||
| Broadcast radio revenue: | |||||||||||||||||
| Spot | $ | 67,746 | $ | 80,964 | (16.3) | % | |||||||||||
| Network | 33,001 | 43,933 | (24.9) | % | |||||||||||||
| Total broadcast radio revenue | 100,747 | 124,897 | (19.3) | % | |||||||||||||
| Digital | 33,538 | 36,565 | (8.3) | % | |||||||||||||
| Other | 30,162 | 25,887 | 16.5 | % | |||||||||||||
Net revenue | $ | 164,447 | $ | 187,349 | (12.2) | % | |||||||||||
1
Balance Sheet Summary (dollars in thousands):
| March 31, 2026 | December 31, 2025 | |||||||||||||
| Cash and cash equivalents | $ | 57,607 | $ | 81,979 | ||||||||||
Term Loan due 2026 (2)(3) | $ | 1,203 | $ | 1,203 | ||||||||||
Senior Notes due 2026 (2)(3) | $ | 22,697 | $ | 22,697 | ||||||||||
Term Loan due 2029 (2)(3)(4) | $ | 311,845 | $ | 323,569 | ||||||||||
Senior Notes due 2029 (2)(3)(4) | $ | 306,375 | $ | 318,225 | ||||||||||
2020 Revolving credit facility (3) | $ | 55,000 | $ | 55,000 | ||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | ||||||||||
| Capital expenditures | $ | 3,893 | $ | 5,540 | |||||||
(2) In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of unamortized debt issuance costs of $1.9 million to Reorganization items, net within the Condensed Consolidated Statement of Operations during the three months ended March 31, 2026. Debt issuance costs were excluded as of December 31, 2025.
(3) In connection with the Chapter 11 Bankruptcy filing, all debt has been reclassified to Liabilities Subject to Compromise in the Company's Condensed Consolidated Balance Sheet as of March 31, 2026.
(4) 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 was being amortized to interest expense (thereby reducing interest expense) over the life of the debt. In conjunction with the Chapter 11 Bankruptcy filing, the Company wrote off the remaining balance of $22.5 million to Reorganization items, net within the Condensed Consolidated Statement of Operations during the three months ended March 31, 2026.
2
Pending Chapter 11 Reorganization
As previously announced, on March 4 and 5, 2026, the Company and certain of its subsidiaries filed voluntary petitions to commence prepackaged Chapter 11 proceedings (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). On April 13, 2026, the Company and certain of its subsidiaries filed the Modified Joint Prepackaged Chapter 11 Plan of Reorganization of Cumulus Media Inc. and Its Debtor Affiliates (as may be amended or supplemented from time to time in accordance with its terms, the “Plan”). On April 15, 2026, the Bankruptcy Court entered an order confirming the Plan. The Company expects that the effective date of the Plan will occur once all conditions precedent to the Plan, including, without limitation, the receipt of FCC approval and any other necessary regulatory approvals, have been satisfied or waived. 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 Chapter 11 Cases 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 our ability to obtain the receipt of FCC approval of the Plan and to satisfy or obtain waivers of the other conditions precedent to the Plan's effectiveness, and the timing thereof, 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.
3
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.
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.
(Debtor-In-Possession)
Unaudited Condensed Consolidated Statements of Operations
(Dollars in thousands)
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Net revenue | $ | 164,447 | $ | 187,349 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Content costs | 65,892 | 79,331 | |||||||||||||||
| Selling, general & administrative expenses | 84,405 | 93,379 | |||||||||||||||
| Depreciation and amortization | 12,277 | 14,796 | |||||||||||||||
| Corporate expenses | 13,257 | 11,300 | |||||||||||||||
| Stock-based compensation expense | 535 | 849 | |||||||||||||||
| Restructuring costs | 14,879 | 2,468 | |||||||||||||||
| Gain on sale or disposal of assets or stations | (376) | — | |||||||||||||||
| Total operating expenses | 190,869 | 202,123 | |||||||||||||||
| Operating loss | (26,422) | (14,774) | |||||||||||||||
| Non-operating expense: | |||||||||||||||||
| Reorganization items, net | 22,012 | — | |||||||||||||||
| Interest expense | (12,044) | (16,022) | |||||||||||||||
| Interest income | 184 | 86 | |||||||||||||||
| Other expense, net | (52) | (10) | |||||||||||||||
| Total non-operating income (expense), net | 10,100 | (15,946) | |||||||||||||||
| Loss before income taxes | (16,322) | (30,720) | |||||||||||||||
| Income tax expense | (540) | (1,647) | |||||||||||||||
| Net loss | $ | (16,862) | $ | (32,367) | |||||||||||||
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 March 31, 2026 | Three Months Ended March 31, 2025 | ||||||||||||
| GAAP net loss | $ | (16,862) | $ | (32,367) | ||||||||||
| Income tax expense | 540 | 1,647 | ||||||||||||
| Non-operating expense, net (includes net interest expense) | 11,912 | 15,946 | ||||||||||||
| Depreciation and amortization | 12,277 | 14,796 | ||||||||||||
| Stock-based compensation expense | 535 | 849 | ||||||||||||
| Gain on sale or disposal of assets or stations | (376) | — | ||||||||||||
| Reorganization costs, net | (22,012) | — | ||||||||||||
| Restructuring costs | 14,879 | 2,468 | ||||||||||||
| Non-routine legal expenses | 1,483 | — | ||||||||||||
| Franchise taxes | 313 | 180 | ||||||||||||
| Adjusted EBITDA | $ | 2,689 | $ | 3,519 | ||||||||||
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 March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||
| As reported net revenue | $ | 164,447 | $ | 187,349 | ||||||||||
Political revenue | (1,319) | (832) | ||||||||||||
| As reported net revenue, excluding impact of political revenue | $ | 163,128 | $ | 186,517 | ||||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||||||||
| As reported Adjusted EBITDA | $ | 2,689 | $ | 3,519 | ||||||||||
Political EBITDA | (1,187) | (749) | ||||||||||||
| As reported Adjusted EBITDA, excluding impact of political EBITDA | $ | 1,502 | $ | 2,770 | ||||||||||
6
FAQ
How did Cumulus Media (CMLSQ) perform financially in Q1 2026?
Cumulus Media reported Q1 2026 net revenue of $164.4 million, down 12.2% from 2025, and a net loss of $16.9 million. Adjusted EBITDA was $2.7 million, a 23.6% decline, showing weaker profitability during its Chapter 11 restructuring.
What are the key revenue trends for Cumulus Media (CMLSQ) in Q1 2026?
Broadcast radio revenue declined 19.3% to $100.7 million, and digital revenue fell 8.3% to $33.5 million, while other revenue increased 16.5% to $30.2 million. Overall net revenue dropped from $187.3 million to $164.4 million year over year.
What is Cumulus Media’s liquidity position as of March 31, 2026?
As of March 31, 2026, Cumulus Media held $57.6 million in cash and cash equivalents, down from $82.0 million at December 31, 2025. This decline occurred while the company operates as debtor-in-possession under its ongoing Chapter 11 restructuring.
What progress has Cumulus Media (CMLSQ) made on its Chapter 11 reorganization?
The Bankruptcy Court confirmed Cumulus Media’s Modified Joint Prepackaged Chapter 11 Plan of Reorganization on April 15, 2026. The plan is expected to become effective once conditions precedent, including FCC approval and other regulatory approvals, are satisfied or waived.
How did Adjusted EBITDA change for Cumulus Media in Q1 2026?
Adjusted EBITDA decreased from $3.5 million in Q1 2025 to $2.7 million in Q1 2026, a 23.6% decline. Excluding political EBITDA, Adjusted EBITDA was $1.5 million versus $2.8 million a year earlier, reflecting softer operating performance.
How does political advertising affect Cumulus Media’s Q1 2026 results?
Cumulus Media reported Q1 2026 political revenue of $1.3 million. Net revenue excluding political revenue was $163.1 million, compared with $186.5 million in 2025. Adjusted EBITDA excluding political EBITDA was $1.5 million versus $2.8 million a year earlier.