Cumulus Media has issued its earnings report for Q2 2025.
Cumulus posted net revenue of $136 million down 9.2% from Q2 2024. Cumulus said its digital revenue was $38.8 million, a decrease of 1.4% year-to-year, but also up 20% excluding the $6.8 million lost from discontinuing its relationships with the Daily Wire and Dan Bongino.
Cumulus says digial marketing services grew 38% which it said was driven by investments made in our digital sales organization, training, operational execution teams, product capabilities, partnerships, and marketing. The digital marketing services represent 50% of Cumulus’ total digital revenue.
Cumulus also said it recorded a net loss of $12.8 million compared to net loss of $27.7 million in Q2 2024. Executed actions resulting in $5 million of annualized fixed cost reductions. Recorded Adjusted EBITDA(1) of $22.4 million compared to $25.2 million in Q2 2024. Cumulus ended the quarter with $96.7 million of cash, which reflected a $55.0 million draw on the Company’s revolving credit facility, reported total debt of $723.7 million, total debt at maturity of $697.1 million, and net debt less total unamortized discount of $600.4 million at June 30, 2025, including total debt due in 2026 of $23.9 million.
For the three months ended June 30, 2025, Cumulus reported net revenue of $186.0 million, a decrease of 9.2% from the three months ended June 30, 2024, net loss of $12.8 million and Adjusted EBITDA of $22.4 million. For the six months ended June 30, 2025, the Company reported net revenue of $373.4 million, a decrease of 7.8% from the six months ended June 30, 2024, net loss of $45.2 million and Adjusted EBITDA of $25.9 million.
Cumulus Media President and Chief Executive Officer Mary Berner said, “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. 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. Additionally, we executed $5 million of annualized cost reductions, bringing total annualized cost reductions to $175 million over the last 5 years. These results underscore our disciplined focus on optimizing performance and investing in growth opportunities despite capital constraints. Looking ahead, 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.”
