Cumulus Reports 9.7% Revenue Drop, Digital Flat

"You Can't Cut Your Way To Profit".  The axiom proves correct again as Cumulus Media reports second-quarter 2026 net revenue of $167.9 million, a 9.7% decline from $186.0 million a year earlier, as broadcast radio weakness continued to pressure results. 

The company narrowed its net loss to $9.2 million from $12.8 million and saw Adjusted EBITDA fall 28.3% to $16.0 million from $22.4 million.

The results arrive as Cumulus works to emerge from Chapter 11. The company and certain subsidiaries filed voluntary prepackaged petitions in March; the Bankruptcy Court confirmed the reorganization plan on April 15. 

The plan’s effective date remains subject to FCC approval and other regulatory conditions.

Broadcast radio revenue dropped 13.2% to $102.9 million. Spot revenue fell 10.6% to $81.4 million and network revenue declined 21.5% to $21.4 million. 

Digital revenue was essentially flat at $38.7 million (down 0.3%), while other revenue decreased 8.4% to $26.3 million.

For the first six months of 2026, net revenue totaled $332.4 million, down 11.0% from $373.4 million. 

The six-month net loss narrowed to $26.1 million from $45.2 million, and Adjusted EBITDA declined 27.7% to $18.7 million. 

First-half broadcast radio revenue fell 16.3% to $203.6 million (spot down 13.3%, network down 23.6%). 

Digital revenue dropped 4.2% to $72.3 million, while other revenue rose 3.4% to $56.5 million.

“We are pleased to report our second quarter earnings,” said 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 were $3.2 million, compared with $5.5 million a year earlier.