10-Q · May 8, 2026
Saga Communications, Inc. reported a Q1 2026 net operating revenue of $22.87 million, which represented a 5.6% decrease compared to the prior year's quarter. The company incurred a net loss of $2.39 million, or $0.38…
Earnings analysis · 10-Q
SGA earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Saga reported $26.402 million of Q2 revenue and $0.15 diluted EPS, both above consensus, with revenue rebounding approximately 14.8% sequentially. However, revenue remained down 6.5% year over year and station operating…
Read full summary
Saga reported $26.402 million of Q2 revenue and $0.15 diluted EPS, both above consensus, with revenue rebounding approximately 14.8% sequentially. However, revenue remained down 6.5% year over year and station operating income declined 50.6% to $3.0 million, indicating continued operating pressure. Liquidity was reshaped by repaying $5.0 million of debt and terminating the $40.0 million credit facility, while management expects 2026 capital expenditures of $3.0 million-$3.5 million but provided no EPS or revenue guidance.
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
- $0.15
What stood out
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Revenue Rebounded Sequentially
Revenue was $26.402 million, up approximately 14.8% from $23 million in 2026 Q1 but down 6.5% year over year from 2025 Q2. Revenue also exceeded the $25.5 million consensus estimate by approximately 3.5%.
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EPS Beat Consensus
Diluted EPS was $0.15 versus a consensus estimate of negative $0.18, a positive surprise of approximately 183.3%. EPS also improved from a loss of $0.38 in 2026 Q1, although it was below the $0.18 reported in 2025 Q2.
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Debt Repaid and Facility Terminated
The company repaid the entire $5.0 million Credit Agreement balance on August 6, 2026, and terminated the facility on August 11, 2026. Immediately before termination, the facility had approximately $35.0 million of unused borrowing capacity.
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Capital Spending Outlook Provided
Management expects 2026 capital expenditures of approximately $3.0 million-$3.5 million, providing a quantitative spending outlook despite no revenue or EPS guidance.
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Repurchases Remained on Hold
No shares were repurchased during the quarter, and $15.140 million remained available under the share repurchase program at June 30, 2026.
What to watch
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Loss of Revolving Credit Capacity
Terminating the Credit Agreement eliminated borrowing availability after the company repaid $5.0 million of borrowings. The former facility had $40.0 million of aggregate commitments, including approximately $35.0 million of unused capacity at June 30, 2026.
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Covenant Noncompliance
The company was not in compliance with the Credit Agreement's minimum fixed charge coverage ratio covenant as of June 30, 2026, highlighting underlying liquidity and coverage pressure before the facility was terminated.
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Revenue and Station Profit Declines
Revenue declined 6.5% year over year to $26.402 million, while station operating income fell 50.6% to $3.0 million. The deterioration in station profitability could pressure operating cash generation and funding for planned spending.
Management's outlook
No quantitative EPS or revenue guidance was provided. Management expects 2026 capital expenditures of approximately $3.0 million-$3.5 million.
Earlier filings 4
10-K · April 14, 2026
SAGA Communications positions itself as a local-focused radio broadcaster expanding integrated digital advertising services, owning 82 FM and 30 AM stations (79 metro signals) across 28 markets as of February 28, 2026.…
10-K · March 31, 2025
Saga Communications positions itself as a local-focused radio broadcaster operating 82 FM and 31 AM stations (and 79 metro signals) across 28 markets, pursuing top-rated stations and complementary digital/e-commerce and…
10-Q · November 9, 2023
Saga reported Q3 revenue of $29,149,000, down $831,000 (-2.8%) from $29,980,000 a year ago, while operating income improved to $3,492,000 from $1,055,000 and diluted EPS rose to $0.45 from $(0.01). Cash and short-term…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.