LEE ENTERPRISES (LEE) Company Report

Lee Enterprises reported Q4 FY25 total operating revenue of $139 million and a net loss of $6 million, with Adjusted EBITDA of $15 million.
For the full fiscal year 2025, total operating revenue was $562 million and the company reported a net loss of $36 million, with Adjusted EBITDA of $45 million.
Digital revenue comprised 53% of total operating revenue in Q4 FY25, reaching $74 million, and digital-only subscription revenue grew 16% year-over-year on a same-store basis to $25 million.
As of September 28, 2025, the company had $455 million of debt outstanding and $10 million in cash, resulting in net debt of $445 million.
Lee Enterprises anticipates Adjusted EBITDA year-over-year growth in the mid-single digits for fiscal year 2026.

Nov 26, 2025, 3:54 PM

Lee Enterprises Reports Fiscal Year 2025 Results and Strategic Outlook

LEE

Earnings

Guidance Update

CFO Change

Lee Enterprises reported $562 million in total revenue for fiscal year 2025, with $298 million (or 53%) derived from digital sources.
Digital-only subscription revenue reached $94 million from 633,000 subscribers, marking a 16% year-over-year growth on a same-store basis, while Amplified Digital Agency revenue surpassed $100 million with 5% same-store growth.
The company implemented approximately $40 million in annualized cost reductions in Q2 2025, with an additional $10 million entering fiscal year 2026, leading to a 5% decrease in cash costs to $524 million in FY25.
Lee plans a $50 million common stock rights offering, which is expected to reduce the interest rate on outstanding debt from 9% to 5% for five years, resulting in $18 million in annual interest savings.
The company targets $450 million in total digital revenue by fiscal year 2030 and anticipates mid-single digit adjusted EBITDA growth in fiscal year 2026. Additionally, CFO Tim Millage is scheduled to depart in early 2026.

Nov 26, 2025, 3:00 PM

Lee Enterprises Announces Fiscal Year 2025 Results and Strategic Initiatives

LEE

Earnings

CFO Change

Debt Issuance

Lee Enterprises reported $562 million in total revenue for fiscal year 2025, with digital revenue reaching $298 million, representing 53% of total revenue. Digital-only subscription revenue grew 16% year-over-year on a same-store basis to $94 million, and Amplified Digital Agency revenue surpassed $100 million with 5% growth on a same-store basis.
The company is on track to achieve $450 million in digital revenue by 2030, aiming for 90% digital revenue by that fiscal year. They expect mid-single digit adjusted EBITDA growth in fiscal year 2026.
Lee plans a $50 million common stock rights offering, which, upon successful completion, will reduce the interest rate on its outstanding debt from 9% to 5% for five years, resulting in $18 million in annual interest savings. The company also reduced debt by approximately $3.5 million in fiscal year 2025 (excluding cyber incident related increases).
Tim Millage, VP, CFO, and Treasurer, will depart in early 2026.

Nov 26, 2025, 3:00 PM

LEE Announces Q4 and Full Year 2025 Results

LEE

Earnings

Guidance Update

Revenue Acceleration/Inflection

LEE reported Q4 FY2025 total operating revenue of $139 million, a 12% year-over-year decrease, or 5% decrease on a same-store basis, with Adjusted EBITDA of $15 million, up 14% on a comparable basis.
For the full year FY2025, total revenue reached $562 million and Adjusted EBITDA was $45 million. Digital revenue constituted 53% of total revenue in FY2025.
Digital subscription revenue grew 16% year-over-year to $25 million in Q4 FY2025 , contributing to $94 million for FY2025. The company reported 633,000 digital subscribers as of September 2025.
LEE projects mid-single digit year-over-year growth in Adjusted EBITDA for FY2026 and targets over $450 million in digital revenue and more than 1.2 million digital subscribers by 2030.

Nov 26, 2025, 3:00 PM

Lee Enterprises Reports FY 2025 Results, Announces Digital Growth Targets and Capital Restructuring Plan

LEE

Earnings

Guidance Update

CFO Change

Lee Enterprises reported $562 million in total revenue for fiscal year 2025, with 53% derived from digital sources. Digital-only subscription revenue grew 16% year-over-year on a same-store basis to $94 million, and Amplified Digital Agency revenue increased 5% on a same-store basis to $103 million.
The company aims to achieve $450 million in total digital revenue by fiscal 2030, including $175 million from digital subscriptions (fueled by 1.2 million subscribers) and over $250 million from digital advertising.
Lee plans a $50 million common stock rights offering, which, upon successful completion, is expected to reduce the interest rate on its outstanding debt with Berkshire Hathaway from 9% to 5% for five years, resulting in $18 million in annual interest savings.
Tim Millage, VP, CFO, and Treasurer, will depart in early 2026, with his transition expected to conclude by March.

Nov 26, 2025, 3:00 PM

Lee Enterprises Announces Intent to Pursue Rights Offering

LEE

New Projects/Investments

Proxy Vote Outcomes

Lee Enterprises, Inc. announced its intent to pursue a proposed equity rights offering to raise capital for its planned digital transformation.
The Proposed Rights Offering aims to raise up to $50.0 million.
If the full offering amount is successfully raised, the company has an agreement in-principle with its term loan lender to reduce the annual interest rate from 9% to 5% for five years, potentially saving approximately $18 million annually and up to $90 million over the five-year period.
The Proposed Rights Offering is conditioned on stockholder consent to amend the company's charter to authorize additional shares of existing common stock and a new class of convertible non-voting common stock.

Nov 10, 2025, 10:22 PM

Lee Enterprises Announces Intent for Equity Rights Offering

LEE

Debt Issuance

New Projects/Investments

Proxy Vote Outcomes

Lee Enterprises (LEE) announced its intent to commence a proposed equity rights offering with an aggregate value of up to $50.0 million to fund its planned digital transformation.
If the full $50.0 million is raised, the company has an agreement in-principle to reduce its annual term loan interest rate from 9% to 5% for five years, potentially saving approximately $18 million annually and up to $90 million over the period.
The Proposed Rights Offering is conditioned on obtaining stockholder consent to amend the company's charter to authorize additional shares of voting common stock and a new class of convertible non-voting common stock.
The non-voting common stock issued in the offering is expected to be automatically convertible into voting common stock upon the third anniversary of its issuance.