10-K · April 30, 2026
Cumulus Media's latest 10-K filing reveals a tumultuous financial landscape due to ongoing restructuring under Chapter 11. The company has experienced significant revenue declines and continued losses across several…
Earnings analysis · 10-Q
CMLS earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Cumulus delivered lower Q2 revenue and Adjusted EBITDA, with revenue down 9.7% to $167.907 million and EBITDA down 28.3% to $16.026 million, although net loss and diluted EPS improved because interest expense fell to…
Read full summary
Cumulus delivered lower Q2 revenue and Adjusted EBITDA, with revenue down 9.7% to $167.907 million and EBITDA down 28.3% to $16.026 million, although net loss and diluted EPS improved because interest expense fell to $3.044 million. Liquidity remains weak, with $61.111 million of cash, negative six-month operating cash flow of $12.942 million, and $1.044 billion of liabilities subject to compromise. The confirmed restructuring plan remains dependent on FCC and other approvals, and existing equity is expected to be canceled without recovery.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.52
- Operating margin
- 1.4%
- Segment
- One operating and reportable segment; Q2 2026 revenue $167.907 million. Revenue sources: broadcast radio $102.861 million, digital $38.712 million, and other $26.334 million.
What stood out
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Net loss and EPS improved
Q2 2026 net loss improved to $9.210 million from $12.821 million in Q2 2025, while diluted loss per share improved to $0.52 from $0.74. Lower interest expense of $3.044 million versus $16.307 million was the primary earnings support.
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Costs partly offset revenue pressure
Operating income was $2.327 million versus $3.678 million a year earlier, implying a 1.4% operating margin versus approximately 2.0% in Q2 2025. Cost reductions in content costs of 6.4% and SG&A of 7.9% partially offset the revenue decline.
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Digital resilience amid radio decline
Q2 revenue fell $18.110 million, or 9.7%, to $167.907 million. Broadcast radio revenue declined to $102.861 million from $118.437 million, while digital revenue was comparatively stable at $38.712 million versus $38.832 million.
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EBITDA contracted materially
Adjusted EBITDA declined $6.332 million, or 28.3%, to $16.026 million from $22.358 million. Management attributed the revenue contraction primarily to $9.7 million lower spot revenue and $5.9 million lower network revenue amid current macroeconomic conditions.
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Restructuring milestones advanced
The company confirmed the Plan on April 15, 2026, and reported that holders of existing equity will receive no recovery if the Plan becomes effective. Secured 2029 creditors are expected to receive 95% of New Common Stock, subject to dilution from a 10% management incentive plan.
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Liquidity remains constrained
Q2 2026 cash was $61.111 million, including $4.218 million of restricted cash, and six-month operating cash flow was negative $12.942 million. Capital expenditures were $7.093 million, indicating cash investment equal to approximately 2.1% of six-month revenue of $332.354 million.
What to watch
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Large bankruptcy claims remain unresolved
The company reported $1.044 billion of liabilities subject to compromise, including $697.120 million of debt and $171.224 million of financing liabilities. Ultimate settlement amounts may differ from the estimates recorded at June 30, 2026.
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Going-concern and liquidity risk
Management concluded that substantial doubt exists about the company’s ability to continue as a going concern for 12 months following the filing date. Six-month operating cash flow was negative $12.942 million while cash and cash equivalents were $61.111 million at June 30, 2026.
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FCC approval and emergence risk
The Emergence Milestone was extended to October 27, 2026 because required regulatory approvals had not been received. Emergence remains subject to FCC approval and other conditions, and the company stated that forecasted cash flows would not be sufficient to meet obligations if the Plan conditions are not satisfied or additional liquidity is unavailable.
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Advertising and EBITDA deterioration
Revenue declined 9.7% to $167.907 million and Adjusted EBITDA fell 28.3% to $16.026 million year over year. Management cited lower spot and network revenue of $9.7 million and $5.9 million, respectively, due to current macroeconomic conditions.
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Debt and refinancing pressure
The company drew $57.028 million under the revolving credit facility and had $60.0 million outstanding including $3.0 million of letters of credit as of June 30, 2026. Prepetition debt obligations were accelerated by the Chapter 11 filing, although enforcement is stayed during the cases.
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Existing equity faces cancellation
Management disclosed that all existing Class A and Class B common stock will be canceled and extinguished upon the Plan Effective Date, with no distribution to existing equity holders. The reorganized company also does not intend to list its New Common Stock on a national exchange or OTC market.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that, upon emergence, the Reorganized Company expects a $100.0 million restated ABL facility and $50.0 million of Exit Convertible Notes; the Emergence Milestone was extended to October 27, 2026 because required regulatory approvals had not been received.
Earlier filings 4
10-Q · April 29, 2026
Cumulus Media reported Q1 2026 results showing a significant revenue decline of 12.2% year-over-year, totaling $164.4 million, alongside a reduced net loss of $16.9 million compared to the prior year's loss of $32.4…
10-K · April 10, 2026
Cumulus Media filed Chapter 11 in March 2026 and is pursuing a court-supervised Restructuring supported by a Restructuring Support Agreement and an ABL Commitment Letter; the company reported 2025 net revenue of $741.7M…
10-Q · August 7, 2025
Cumulus Media reported Q2 2025 net revenue of $186,017,000 and delivered operating income of $3,678,000, a swing from an operating loss of $(9,583,000) in Q2 2024. Net loss narrowed to $(12,821,000) (loss per share…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.