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 EndedDecember 31, 2025
Three Months EndedDecember 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 EndedDecember 31, 2025
Year EndedDecember 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."
Revenue Detail Summary (dollars in thousands):
As Reported
Three Months EndedDecember 31, 2025
Three Months EndedDecember 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 EndedDecember 31, 2025
Year EndedDecember 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 EndedDecember 31, 2025
Three Months EndedDecember 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.
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 ...
