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CMLS

Cumulus Media Inc.

CMLS

Cumulus Media Inc. • NASDAQ
$0.10 ▲ 2.94% (+0.00)
Market Cap $1.80 M
52w High $1.00
52w Low $0.08
Dividend Yield 0%
P/E -0.01
Volume 45.83K
Outstanding Shares 17.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $180.255M ▼ $124.313M ▲ $-20.407M ▼ -11.321% ▼ $-1.17 ▼ $9.993M ▼
Q2-2025 $186.017M ▼ $122.913M ▲ $-12.821M ▲ -6.892% ▲ $-0.74 ▲ $19.194M ▲
Q1-2025 $187.349M ▼ $122.792M ▼ $-32.367M ▲ -17.276% ▲ $-1.88 ▲ $1.231M ▼
Q4-2024 $218.576M ▲ $355.673M ▲ $-231.08M ▼ -105.721% ▼ $-13.6 ▼ $23.77M ▲
Q3-2024 $203.598M $120.551M $-10.321M -5.069% $-0.61 $21.763M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $90.414M ▼ $1.078B ▼ $1.135B ▼ $-56.918M ▼
Q2-2025 $96.745M ▲ $1.106B ▲ $1.143B ▲ $-37.088M ▼
Q1-2025 $52.694M ▼ $1.072B ▼ $1.097B ▼ $-24.841M ▼
Q4-2024 $63.836M ▲ $1.119B ▼ $1.112B ▼ $6.951M ▼
Q3-2024 $52.154M $1.364B $1.128B $236.779M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.407M ▼ $-659K ▲ $-3.904M ▲ $-1.768M ▼ $-6.331M ▼ $-5.053M ▲
Q2-2025 $-12.821M ▲ $-3.703M ▲ $-5.512M ▼ $53.266M ▲ $44.051M ▲ $-9.231M ▲
Q1-2025 $-32.367M ▲ $-3.824M ▼ $-5.058M ▼ $-2.26M ▼ $-11.142M ▼ $-9.364M ▼
Q4-2024 $-231.08M ▼ $17.011M ▲ $-3.252M ▲ $-2.077M ▼ $11.682M ▲ $13.428M ▲
Q3-2024 $-10.321M $3.926M $-3.328M $-1.936M $-1.338M $598K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Broadcast Radio Revenue
Broadcast Radio Revenue
 $150.00M ▲$120.00M ▼$120.00M ▲$110.00M ▼
Digital Revenue
Digital Revenue
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
Network Revenue
Network Revenue
 $50.00M ▲$40.00M ▼$30.00M ▼$30.00M ▲
Other Revenue
Other Revenue
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲
Spot Revenue
Spot Revenue
 $100.00M ▲$80.00M ▼$90.00M ▲$80.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been broadly flat over the last five years, with a small bump during the initial post‑pandemic recovery and then a step back more recently. Profitability has been fragile: operating results have swung between modest profits and meaningful losses, and the company has been back in the red in the last two years. Cash earnings before interest and depreciation have trended down from earlier peaks, showing pressure on underlying profitability. Overall, the income statement reflects a mature, cyclical business facing structural headwinds in traditional radio, partly offset by growing but still not dominant digital and podcast revenue.

Balance Sheet

Balance Sheet The balance sheet shows a gradual shrinking of the asset base and a steady reduction in cash, while debt has remained high. Shareholder equity has eroded to a very thin layer, indicating that the company has little cushion if results deteriorate further. This combination of high leverage, low equity, and relatively modest cash reserves points to a capital structure that leaves limited room for error and makes the company sensitive to downturns in advertising demand or execution missteps.

Cash Flow

Cash Flow Operating cash flow has hovered around breakeven to modestly positive levels, and free cash flow has been only slightly above zero in the better years and negative in the most recent year. Capital spending has been kept lean, which helps support free cash flow but also suggests limited room for big investment initiatives without external funding or stronger earnings. Overall, cash generation has been just enough to keep the business going, not yet strong enough to quickly reduce debt or build a comfortable cash buffer.

Competitive Edge

Competitive Edge Cumulus holds a strong legacy position in U.S. radio, with a large network of stations and a major national syndication arm, giving it broad reach and established advertiser relationships. Its integrated “audio‑first” platform—combining local stations, national networks, digital streaming, and podcasts—helps it offer bundled campaigns that many smaller rivals cannot match. However, the broader industry faces long‑term competition from streaming music, on‑demand audio, and digital platforms, so Cumulus’s traditional strengths are partly offset by structural pressure on its core radio business.

Innovation and R&D

Innovation and R&D The company is clearly leaning into digital and podcasting: expanding its podcast network, building data‑driven ad products, and growing a full‑service digital marketing business around search, social, streaming, and display. Its performance‑guarantee advertising programs and analytics tools are attempts to differentiate on measurable results rather than just audience size. Early moves toward AI, plus the sports‑audio expansion and rebranding, indicate an appetite to modernize the business model, but these initiatives are still in development and must scale meaningfully to counterbalance the challenges in legacy broadcast.

Summary

Cumulus Media is a legacy radio operator in the middle of a difficult transition to a more digital, analytics‑driven audio company. On the positive side, it has significant audience reach, recognizable brands, and real progress in digital advertising and podcasting. On the risk side, profitability has weakened, free cash flow is thin, debt remains heavy relative to equity, and the traditional radio market is structurally challenged. The company’s future hinges on whether its digital, podcast, and integrated marketing offerings can grow fast and profitably enough to stabilize earnings and gradually strengthen its balance sheet in a competitive, rapidly evolving audio landscape.

NEWS

November 14, 2025 · 11:00 AM UTC

McGraw Milhaven to Host Nationally Syndicated America at Night

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November 12, 2025 · 2:44 PM UTC

Shots Podcast Network Joins Cumulus Podcast Network, Bringing Unfiltered Entertainment to Millions of Listeners

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November 6, 2025 · 2:00 PM UTC

Chris Van Vliet Joins Cumulus Podcast Network

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October 30, 2025 · 8:01 AM UTC

Cumulus Media Reports Operating Results for the Third Quarter 2025

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October 29, 2025 · 3:00 PM UTC

Westwood One Names Armen Williams Executive Director of 24/7 Sports Programming

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