Cumulus Media Q4 Revenue Drops, Digital Growth Partially Offsets Broadcast Declines.

Cumulus Media reported lower revenue and continued losses in both the fourth quarter and full year 2025, as declines in traditional broadcast advertising continued to pressure results despite growth in digital.

For the fourth quarter, revenue fell 14% to $188.1 million, down from $218.6 million a year earlier. The company posted a net loss of $135.1 million, though that was narrower than the $231.1 million loss recorded in the prior-year period. Adjusted EBITDA declined sharply to $9.5 million from $25 million.

For the full year, revenue decreased 10.3% to $741.7 million vs. $827.1 million in 2024. Net loss totaled $200.7 million, improved from a $283.3 million loss the prior year, while Adjusted EBITDA fell to $52.0 million from $82.7 million.

CEO Mary G. Berner pointed to the company’s ongoing restructuring as a key step forward. “The Company’s recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business,” she said. “Looking ahead, we remain focused on building on the core strengths of the Company to maximize value.”

Broadcast radio remained the primary source of revenue but saw notable declines. In the fourth quarter, spot revenue dropped 17.2% to $82.8 million, while network revenue fell 32.2% to $33.4 million. Total broadcast revenue declined 22.2% to $116.2 million.

Digital revenue provided a partial offset, increasing 20.9% in the quarter to $36.9 million. Other revenue also rose, up 20.9% to $35 million.

For the full year, spot revenue declined 12.9% to $338.6 million and network revenue fell 22.5% to $135.9 million, bringing total broadcast revenue down 15.9% to $474.5 million. Digital revenue slipped 1.9% to $151.3 million, while other revenue increased 6.6% to $115.9 million.

On the balance sheet, the company ended 2025 with $82 million in cash. Total debt remains substantial, including term loans and senior notes extending to 2029. Capital expenditures totaled $20.2 million for the year.

The earnings report comes shortly after Cumulus and certain subsidiaries filed for Chapter 11 protection on March 5, in the U.S. Bankruptcy Court for the Southern District of Texas. The prepackaged restructuring is designed to reduce debt and position the company for longer-term stability.

As the company moves through the bankruptcy process, management has indicated its priority remains stabilizing operations and improving financial flexibility in a challenging advertising environment.