Michael Kupinski

Patrick Sholl

Aaron Watts

Avi Steiner

Patrick Shaw

- **Q3 2025 total revenue for Cumulus Media decreased by 11.5%**, or **5%** when excluding the impact of Political, The Daily Wire, and The Dan Bongino Show.  **[0001058623_2215718_1]** **[0001058623_2215718_4]** 
- The company's **Digital Marketing Services (DMS) revenue demonstrated strong growth, increasing by 34%** year-over-year in Q3 2025, contributing to an **over 8% increase in total digital revenue** (normalized for specific comparisons).  **[0001058623_2215718_1]** **[0001058623_2215718_4]** 
- Cumulus Media implemented **$7 million in annualized fixed cost reductions** during Q3 2025, bringing year-to-date savings to **$20 million** and total fixed cost reductions over the last five years to **over $182 million**.  **[0001058623_2215718_1]** **[0001058623_2215718_2]** **[0001058623_2215718_4]** 
- Cumulus Media ended the quarter with **$90 million of cash** and **$109 million of total liquidity**.  **[0001058623_2215718_1]** **[0001058623_2215718_3]** **[0001058623_2215718_4]** 
- For Q4 2025, total revenue is projected to be down **mid-single digits** (excluding Political, The Daily Wire, and Dan Bongino) and down **mid to high teens** (including those impacts).  **[0001058623_2215718_2]** **[0001058623_2215718_4]**  The company also initiated **legal proceedings against Nielsen** with a preliminary injunction hearing in early December.  **[0001058623_2215718_3]**

Cumulus Media Reports Q3 2025 Results with Revenue Decline and Strong Digital Growth

- Cumulus Media Inc. reported **net revenue of $180.3 million** for Q3 2025, representing an **11.5% decline** year-over-year.  **[1058623_0001058623-25-000067_cmlsq32025er.htm:0]** 
- The company experienced a **net loss of $20.4 million** in Q3 2025, compared to a net loss of $10.3 million in Q3 2024.  **[1058623_0001058623-25-000067_cmlsq32025er.htm:0]** 
- **Adjusted EBITDA** for Q3 2025 was **$16.7 million**, a decrease from $24.1 million in the prior year period.  **[1058623_0001058623-25-000067_cmlsq32025er.htm:0]** 
- **Digital revenue** for Q3 2025 was **$39.0 million**, a **2.6% decrease** year-over-year, although digital marketing services grew by 34%.  **[1058623_0001058623-25-000067_cmlsq32025er.htm:0]** 
- Cumulus Media ended Q3 2025 with **$90.4 million in cash** and **total debt of $722.2 million**, while also achieving **$7 million in annualized fixed cost reductions** during the quarter.  **[1058623_0001058623-25-000067_cmlsq32025er.htm:0]**

CUMULUS MEDIA (CMLS)