10-K · May 28, 2026
Reservoir Media, Inc. (RSVR) demonstrated solid financial performance in FY2026, with revenues rising to $175.7 million, a growth of 11% from $158.7 million in FY2025. However, net income increased only slightly to $8.3…
Earnings analysis · 10-Q
RSVR earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Reservoir delivered 12% year-over-year revenue growth to $41.482 million, led by 35% Recorded Music growth, and Adjusted EBITDA increased 13% to $15.695 million. However, operating income declined 1% and operating…
Read full summary
Reservoir delivered 12% year-over-year revenue growth to $41.482 million, led by 35% Recorded Music growth, and Adjusted EBITDA increased 13% to $15.695 million. However, operating income declined 1% and operating margin contracted to 13% as administrative costs and amortization rose. Liquidity is supported by $85.172 million of revolver capacity, but operating cash flow turned negative and gross debt reached $464.828 million amid stepped-up catalog and Viral Wave acquisition spending.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
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
- $0.0
What stood out
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Revenue grew 12% on digital momentum
Revenue increased $4.318 million, or 12%, to $41.482 million. Digital revenue rose $2.866 million (13%), driven by additional catalog acquisitions and continued streaming-service growth.
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Recorded Music led segment growth
Recorded Music revenue rose $3.656 million, or 35%, to $14.100 million. Digital revenue increased $1.821 million, synchronization rose $1.182 million, and physical revenue increased $0.579 million.
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Publishing grew despite licensing timing
Music Publishing revenue increased $1.579 million, or 6%, to $26.513 million, including a $1.045 million digital increase and an $0.836 million performance-revenue increase.
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Adjusted EBITDA increased 13%
Adjusted EBITDA increased $1.800 million, or 13%, to $15.695 million, while consolidated OIBDA rose $0.913 million, or 7%, to $13.674 million.
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GAAP net loss narrowed year over year
Net loss narrowed to $0.508 million from $0.644 million, while net loss attributable to Reservoir narrowed to $0.093 million from $0.556 million.
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Revolver liquidity remains available
The company had $85.172 million of remaining revolver availability at June 30, 2026 and reported compliance with all financial and non-financial credit-facility covenants.
What to watch
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Operating margin contracted despite growth
Operating income declined $0.068 million, or 1%, to $5.378 million, and operating margin fell to 13% from 15% as administration expense rose to 31% of revenue from 30%.
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Operating cash flow turned negative
Operating cash flow swung to an outflow of $1.407 million from an inflow of $6.014 million, primarily due to working-capital timing involving receivable collections, artist royalty payments, and royalty-advance recoupments.
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High leverage and rising interest expense
Debt net of deferred financing costs was $462.152 million and gross Senior Credit Facility borrowings were $464.828 million at June 30, 2026. Interest expense increased $0.609 million, or 10%, to $6.905 million.
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Recorded Music mix pressured margins
Recorded Music cost of revenue increased to 31% of segment revenue from 26%, reflecting greater physical-sales mix and Viral Wave revenue, which carry higher costs; segment OIBDA margin fell to 43% from 46%.
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Acquisition spending exceeds operating cash flow
Cash used in investing activities increased to $19.788 million from $9.659 million, principally for music-catalog acquisitions and the Viral Wave acquisition, while cash and equivalents were $13.660 million at quarter-end.
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Refinancing exposure ahead of 2027 maturity
The Senior Credit Facility matures December 16, 2027; management expects to continue refinancing and extending it. Although Item 1A reports no material changes to risk factors, this refinancing dependence remains material given $464.828 million of borrowings.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management states it believes operating cash flow, available cash and revolver capacity will support operations for the next 12 months and expects to continue refinancing/extending the Senior Credit Facility.
Earlier filings 4
10-Q · February 4, 2026
Reservoir Media, Inc. (RSVR) reported a mixed Q3 2026 performance with a revenue increase of 8% to $45.6 million, exceeding estimates by 6.9% but an EPS of $0.03 fell short of expectations. Significant growth was noted…
10-Q · November 4, 2025
Reservoir Media, Inc. reported a strong revenue increase of 12% YoY to $45.4 million for Q2 2026, driven by consistent growth across both music publishing and recorded music segments. However, earnings per share (EPS)…
10-Q · August 5, 2025
Reservoir Media reported growth in revenue but faced challenges with a net loss for the quarter. Total revenue for Q1 2025 reached $37.16 million, an 8% increase compared to Q1 2024, but the diluted EPS saw a decline to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.