Cumulus Reports Q2 2025 Results Amid Industry Headwinds

RADIO ONLINE | Thursday, August 7, 2025 | 10:16am CT

Cumulus Media

Cumulus Media reported results for the second quarter ended June 30, highlighting both progress in digital revenue initiatives and continued pressure across the broader advertising market. The company posted total net revenue of $186 million for the quarter, down 9.2% from the same period in 2024. Net loss narrowed to $12.8 million from $27.7 million a year earlier, while Adjusted EBITDA declined 11.3% to $22.4 million.

"While the advertising backdrop for legacy media remains challenging, in the quarter we continued to outperform our radio peers, gaining market share across all broadcast spot revenue channels," said Mary G. Berner, President and Chief Executive Officer of Cumulus Media. "We also significantly outperformed in digital, delivering double the growth rate of our radio peers, driven by the 38% year-over-year increase in our digital marketing services business."

Digital revenue for the quarter was $38.8 million, down 1.4% year-over-year. However, when excluding the $6.8 million impact of discontinued relationships with The Daily Wire and Dan Bongino, digital revenue increased by 20%. Digital marketing services now account for approximately half of total digital revenue.

Total broadcast radio revenue declined 13% year-over-year to $118.4 million. Spot advertising revenue dropped 10.5% to $91.2 million, while network revenue fell 20.5% to $27.3 million. Other revenue categories slipped 2% to $28.7 million.

The company also noted $5 million in newly executed annualized cost reductions in the quarter, contributing to a total of $175 million in cost savings achieved over the past five years.

Cumulus ended the quarter with $96.7 million in cash, aided by a $55 million draw on its revolving credit facility. Total debt stood at $723.7 million, with net debt (less unamortized discounts and cash) at $600.4 million.

Looking ahead, Berner said the company remains focused on performance optimization and growth opportunities. "While we do not expect near-term relief from market headwinds, we are confident in our ability to position the business for long-term success through strong execution and by capitalizing on the Company's valuable underlying assets," she said.

For the first half of 2025, Cumulus reported total revenue of $373.4 million, down 7.8% year-over-year. Net loss for the six-month period widened to $45.2 million from $41.9 million in 2024, and Adjusted EBITDA declined 23.0% to $25.9 million.