Cumulus Media Inc. held its Q3 2025 earnings conference call Thursday following the release of its financial results. The company reported net revenue of $180.3 million, down 11.5% year-over-year (YoY), or 5% excluding political revenue. Adjusted EBITDA fell to $16.7 million from $25.2 million in Q3 2024, reflecting ad market headwinds, while net loss widened to $20.4 million ($1.17 per share), versus expectations of -$0.71 EPS. Year-to-date revenue through nine months was $550.1 million, down 4.2% YoY.
Mary Berner's CEO Remarks emphasized the "challenging macroeconomic environment" for national radio ads, with total revenue declines driven by a 15% drop in spot revenue and softer network performance.
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| Berner |
Berner touted strategic wins like the Westwood One Sports 24/7 Network launch for enhanced sports syndication and podcast expansions (e.g., The Next Role with Vernon Davis and Family Matters joining the Cumulus Podcast Network). She reiterated focus on cost discipline and digital diversification amid broadcast headwinds.
The ~20-minute Q&A addressed analyst queries on:
- Ad Market Outlook: Executives cited persistent softness in national spots but optimism for Q4 holiday upticks and political rebound in 2026 midterms.
- Digital Momentum: DMS growth attributed to sales force expansion (tripled since 2024); podcast network now at 100+ shows, with top performers like Bongino and Levin driving 20% streaming gains.
- Cost and Debt: Further $5-10M savings targeted for 2026; debt maturities monitored, with ABL facility extensions providing liquidity buffer.
- Strategic Initiatives: Westwood One's sports network launch expected to add $2-3M in annual revenue; emphasis on "audio-first" synergies across 395 stations and 9,500 affiliates.