Cumulus Revenue Falls 9.7% in Second Quarter

RADIO ONLINE | Friday, August 14, 2026 | 3:37pm CT

Cumulus Media

Cumulus Media reported second quarter 2026 net revenue of $167.9 million, down 9.7% from $186.0 million a year ago, as declines in its broadcast radio business continued to weigh on results. The company posted a net loss of $9.2 million, compared with a loss of $12.8 million in the year-ago quarter. Adjusted EBITDA declined 28.3% to $16.0 million from $22.4 million.

Broadcast radio revenue fell 13.2% to $102.9 million during the quarter. Spot revenue declined 10.6% to $81.4 million, while network revenue dropped 21.5% to $21.4 million. Digital revenue was essentially flat, slipping 0.3% to $38.7 million, while other revenue decreased 8.4% to $26.3 million.

For the first six months of 2026, Cumulus reported net revenue of $332.4 million, down 11.0% from $373.4 million in the same period last year. The company's six-month net loss narrowed to $26.1 million from $45.2 million, while Adjusted EBITDA declined 27.7% to $18.7 million.

First-half broadcast radio revenue declined 16.3% to $203.6 million, including a 13.3% decrease in spot revenue and a 23.6% decline in network revenue. Digital revenue fell 4.2% to $72.3 million, while other revenue increased 3.4% to $56.5 million.

The results come as Cumulus works toward emerging from Chapter 11 bankruptcy protection. The company and certain subsidiaries filed voluntary prepackaged Chapter 11 petitions in March, and the Bankruptcy Court confirmed its reorganization plan on April 15. The plan's effective date remains subject to conditions that include FCC approval and other necessary regulatory approvals.

"We are pleased to report our second quarter earnings," said Cumulus Media President and CEO Mary G. Berner. "With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities."

Cumulus ended the quarter with $61.1 million in cash and cash equivalents, down from $82.0 million at the end of 2025. Capital expenditures totaled $3.2 million during the quarter, compared with $5.5 million a year earlier.