Revenue: As of FY2026 Q1, the actual value is USD 164.45 M.

EPS: As of FY2026 Q1, the actual value is USD -0.96.

EBIT: As of FY2026 Q1, the actual value is USD -14.56 M.

Overview of Cumulus Media Inc. Financial Performance (Three Months Ended March 31, 2026 vs. 2025)

Net Revenue

Net revenue for the three months ended March 31, 2026, decreased by $22,902 thousand, or -12.2%, to $164,447 thousand, compared to $187,349 thousand in the prior year period. This reduction was primarily due to decreases in spot and network revenues, partially offset by growth in other revenue .

Segment Revenue Breakdown

• Broadcast Radio Revenue: Total broadcast radio revenue decreased to $100,747 thousand in 2026 from $124,897 thousand in 2025. This included spot revenue of $67,746 thousand in 2026, down from $80,964 thousand in 2025, and network revenue of $33,001 thousand in 2026, down from $43,933 thousand in 2025 .
• Digital Revenue: Digital revenue decreased to $33,538 thousand in 2026 from $36,565 thousand in 2025, primarily due to lower podcasting and streaming revenues, despite growth in digital marketing services .
• Other Revenue: Other revenue increased to $30,162 thousand in 2026 from $25,887 thousand in 2025, mainly driven by higher trade and barter revenues .

Operating Expenses

• Content Costs: Content costs decreased by $13,439 thousand, or -16.9%, to $65,892 thousand in 2026 from $79,331 thousand in 2025, primarily due to lower revenue share expenses, decreased broadcast rights expense, reduced third-party station inventory costs, and lower personnel costs. These were partly offset by higher digital costs .
• Selling, General & Administrative Expenses: These expenses decreased by $9,000 thousand, or -9.6%, to $84,405 thousand in 2026 from $93,379 thousand in 2025, mainly from reduced ratings service fees and lower personnel costs, including incentive-based compensation, partially offset by higher trade and barter expenses .
• Depreciation and Amortization: Depreciation and amortization decreased by $2,519 thousand, or -17.0%, to $12,277 thousand in 2026 from $14,796 thousand in 2025, primarily due to assets fully depreciated in 2025 .
• Corporate Expenses: Corporate expenses increased by $14,054 thousand, or 96.1%, to $28,671 thousand in 2026 from $14,617 thousand in 2025, primarily due to increased restructuring costs related to bankruptcy and higher legal expenses .

Operating Loss

Operating loss increased to -$26,422 thousand in 2026 from -$14,774 thousand in 2025, representing a -78.8% increase in loss .

Net Loss and Adjusted EBITDA

Net loss improved to -$16,862 thousand in 2026 from -$32,367 thousand in 2025, a 47.9% improvement. This improvement was significantly influenced by a $22,012 thousand gain from reorganization items, net, which included adjustments for debt obligations and rejected leases, partially offset by professional and other fees . Adjusted EBITDA decreased by -$830 thousand, or -23.6%, to $2,689 thousand in 2026 from $3,519 thousand in 2025 .

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities increased to -$19,565 thousand in 2026 from -$3,824 thousand in 2025, primarily due to lower operating results and changes in working capital .
• Net Cash Used in Investing Activities: Net cash used in investing activities decreased to -$3,423 thousand in 2026 from -$5,058 thousand in 2025, primarily consisting of capital expenditures .
• Net Cash Used in Financing Activities: Net cash used in financing activities decreased to -$1,384 thousand in 2026 from -$2,260 thousand in 2025, primarily related to repayments of financing obligations .
• Cash and Cash Equivalents: As of March 31, 2026, cash and cash equivalents were $57,607 thousand .

Future Outlook and Strategy

Cumulus Media Inc. operates as an audio-first media company, delivering content through 393 owned-and-operated radio stations, nationally-syndicated programming via Westwood One, and the Cumulus Podcast Network . The company’s strategy focuses on providing advertisers with comprehensive audio solutions across broadcast and digital platforms, supported by integrated digital marketing services and live event experiences . As of March 4, 2026, the company initiated Chapter 11 bankruptcy proceedings to implement a comprehensive debt restructuring plan, which involves the cancellation of existing equity securities and distribution of new common stock and warrants to debt holders, with no intent to list the new common stock on major exchanges . The company’s ability to continue as a going concern is dependent on successfully implementing this reorganization plan, including obtaining FCC approval for emergence from Chapter 11 .