Cumulus Media Reports 9.2% Revenue Decline in Q2 2025, Improves Operating Income

Cumulus Media Inc. reported a decline in financial performance for the second quarter of 2025, with net revenue of $186.0 million, down 9.2% from $204.8 million in the same period last year. For the first half of 2025, the company generated $373.4 million in revenue, a decrease of 7.8% compared to $404.9 million in the first half of 2024. The decline in revenue was primarily attributed to reduced spot and network advertising revenues, which fell by $10.7 million and $7.0 million, respectively, due to challenging macroeconomic conditions. Digital revenue also saw a slight decrease, largely due to the loss of certain podcast relationships, although this was partially offset by growth in digital marketing services.

Despite the revenue drop, Cumulus Media reported an operating income of $3.7 million for the second quarter, a significant improvement from an operating loss of $9.6 million in the prior year. The company’s total operating expenses decreased by 15% to $182.3 million, driven by lower content costs, which fell by 19.3% to $59.4 million, and a substantial reduction in corporate expenses, which decreased by 55.4% to $14.2 million. The company recorded a net loss of $12.8 million for the quarter, a 53.7% improvement from a net loss of $27.7 million in the same quarter of 2024.

Cumulus Media's balance sheet as of June 30, 2025, showed total assets of $1.1 billion, a slight decrease from $1.1 billion at the end of 2024. The company’s cash and cash equivalents increased to $96.7 million from $63.8 million, reflecting improved liquidity. However, total liabilities rose to $1.1 billion, primarily due to an increase in long-term debt, which reached $720.2 million, up from $669.0 million at the end of the previous year. The company’s stockholders’ equity showed a deficit of $37.1 million, a decline from a positive equity of $7.0 million at the end of 2024.

In terms of strategic developments, Cumulus Media has been actively managing its debt structure. The company completed a Term Loan Exchange Offer in May 2024, exchanging $328.3 million of its Term Loan due 2026 for new loans due in 2029, which has helped to extend its debt maturity profile. Additionally, the company recorded a $1.4 million impairment related to assets held for sale, which includes land and a building in Nashville, Tennessee. The company continues to focus on optimizing its operations and reducing costs, which has contributed to the improved operating income despite the revenue decline.

Looking ahead, Cumulus Media remains cautious about the macroeconomic environment but believes its diversified content platforms and digital growth strategies will support its liquidity and operational needs over the next twelve months. The company plans to continue monitoring its capital structure and may explore opportunities for additional capital through asset divestitures or other financing options, depending on market conditions.