The company separates digital revenue from total net revenue, offering a more nuanced look at the business. This is what we see in the public report (HERE):
- Posted total net revenue of $180.3 million, a decline of 11.5% year-over-year
- Generated digital revenue of $39.0 million, a decrease of 2.6% year-over-year
But there is nuance in those metrics also, related to the departure of The Dan Bongino Show, an extraordinarily podcast. (Bongino discontinued the podcast when he was recruited as Director of the FBI.) Bongino’s departure registers on the finance sheet as a $6.9 million negative impact.
Cumulus makes special call-out of its digital marketing services, which post a 34% growth. The company credits that uplift to investments made in the digital sales organization, including training, operational execution teams, product capabilities, partnerships, and marketing.
As of this report, digital marketing services represent about 50% of total digital revenue.
“In an advertising environment that remained challenging for legacy media, we continued to outperform.” — Mary Berner, President and CEO, Cumulus Media
More finance details for Q3:
- Recorded net loss of $20.4 million compared to net loss of $10.3 million in Q3 2024
- Executed actions resulting in $7 million of annualized fixed cost reductions, bringing year-to-date
savings to $20 million and total annualized fixed cost reductions since 2019 to $182 million, or over
30%. - Recorded Adjusted EBITDA(1) of $16.7 million compared to $24.1 million in Q3 2024
- Ended quarter with $90.4 million of cash
- Reported total debt(2)(3) of $722.2 million, total debt at maturity(1)(2)(3) of $697.1 million, and net debt
less total unamortized discount(1)(2)(3)of $606.7 million at September 30, 2025, including total debt
due in 2026(2) of $23.9 million
Below, a chart showing Cumulus Media revenue and expenses for three- and six-month periods.
