Saga Reports Q4 Loss on Impairment Charge

RADIO ONLINE | Thursday, March 12, 2026 | 4:08pm CT

Saga Communications

Saga Communications reported a net loss in the fourth quarter and for the full year 2025, driven largely by a sizable impairment charge related to goodwill and FCC license values.

For the fourth quarter ended December 31, 2025, Saga reported net revenue of $26.5 million, down 9.3% from $29.2 million in the same period a year earlier. Digital revenue, however, rose 25.8% to $4.3 million, compared with $3.5 million in the fourth quarter of 2024.

The company posted an operating loss of $9.5 million, compared with operating income of $1.0 million in the year-ago quarter. Saga also reported a net loss of $6.9 million, or $1.07 per diluted share, compared with net income of $1.3 million, or $0.20 per share, a year earlier.

Results were significantly affected by a $20.4 million impairment charge tied to lower-than-expected radio advertising growth and revised industry outlook projections used in the company's annual impairment review. Without the charge, Saga said operating income would have totaled $10.9 million and net income would have been $8.2 million, or $1.27 per share, for the quarter.

For the full year, Saga reported net revenue of $107.1 million, down 5.1% from $112.9 million in 2024. Digital revenue increased 19.1% to $16.9 million, while station operating income fell 27.3% to $15.3 million. The company recorded a net loss of $7.9 million, or $1.22 per share, compared with net income of $3.5 million, or $0.55 per share, the prior year.

Saga also cited the impact of a retroactive industry-wide settlement with ASCAP and BMI, which added about $2.2 million in operating expenses for the year.

During 2025, Saga closed on the sale of 24 telecommunications towers, generating $15.1 million in total proceeds, including $9.8 million in net cash after expenses. The company said the transaction monetized tower assets that were not fully realizing their potential value.

Saga continued returning capital to shareholders, paying a $0.25 quarterly dividend and repurchasing 219,326 shares of Class A stock for $2.5 million during the year. The company reported $31.8 million in cash and short-term investments at year-end and expects $3.5 million to $4.5 million in capital expenditures in 2026.