Cumulus Media Q4 Revenue Falls 14%, EBITDA Drops

RADIO ONLINE | Friday, April 10, 2026 | 11:29am CT

Cumulus Media

Cumulus Media reported declines in revenue and profitability for both the fourth quarter and full year 2025, reflecting continued pressure on its core broadcast business as the company moves through a financial restructuring.

For the fourth quarter ended December 31, 2025, the company posted net revenue of $188.1 million, down 14% from a year earlier. Adjusted EBITDA fell 62.2% to $9.5 million, while the company reported a net loss of $135.1 million, an improvement from a net loss of $231.1 million in the prior-year period.

For the full year, Cumulus reported net revenue of $741.7 million, a 10.3% decline from 2024. Adjusted EBITDA decreased 37.1% to $52.0 million, and the company posted a net loss of $200.7 million, compared to a net loss of $283.3 million the previous year.

Broadcast radio revenue was a key driver of the decline. In the fourth quarter, total broadcast revenue fell 22.2%, including a 17.2% drop in spot revenue and a 32.2% decrease in network revenue. Digital revenue declined 8.5% for the quarter, while other revenue rose 20.9%.

For the full year, broadcast radio revenue dropped 15.9%, with spot revenue down 12.9% and network revenue off 22.5%. Digital revenue was relatively flat, down 1.9%, while other revenue increased 6.6%.

CEO Mary Berner said the company's recently announced financial restructuring is expected to significantly reduce its debt burden and position the company for future growth.

As previously disclosed, Cumulus Media and certain subsidiaries filed for prepackaged Chapter 11 reorganization on March 5 in the U.S. Bankruptcy Court for the Southern District of Texas as part of its restructuring efforts.