Cumulus Reports $180.3M Q3 Revenue, $20.4M Net Loss

RADIO ONLINE | Thursday, October 30, 2025 | 10:08am CT

Cumulus Media

Cumulus Media reported third quarter 2025 results that reflected ongoing softness in the advertising market but continued gains in digital services and cost reduction initiatives. The company posted total net revenue of $180.3 million, down 11.5% from $203.6 million in Q3 2024. Net loss widened to $20.4 million, compared to a $10.3 million loss a year ago, while Adjusted EBITDA fell 30.8% to $16.7 million.

President and CEO Mary G. Berner said the company "continued to outperform" despite a challenging environment for legacy media. "We once again gained market share in total broadcast spot as well as in digital, where our market share gains reflected the strong growth of our digital marketing services business, which was up 34% in the quarter," she said.

Digital revenue totaled $39 million, down 2.6% year-over-year, but up 8.4% excluding the impact from discontinued partnerships with The Daily Wire and Dan Bongino. Digital marketing services accounted for roughly half of all digital revenue.

Cumulus executed actions resulting in $7 million in annualized fixed cost reductions during the quarter, bringing total annualized savings since 2019 to $182 million, or over 30%. The company ended the quarter with $90.4 million in cash and reported total debt of $722.2 million.

For the first nine months of 2025, Cumulus reported net revenue of $553.6 million, down 9% from the same period in 2024, with a net loss of $65.6 million and Adjusted EBITDA of $42.5 million.

Berner said the company remains "highly focused on re-engineering the business" and is accelerating "a wide array of AI initiatives to drive efficiencies and enhance growth." She added, "While we do not expect the current headwinds to abate in the near-term, we remain confident in our ability to position the Company for long-term success."