CUMULUS MEDIA INC (CMLS): Results of Operations and Financial Condition
CUMULUS MEDIA INC (CMLS) filed an SEC Form 8-K — Results of Operations and Financial Condition. Cumulus Media Reports Operating Results for the Second Quarter 2026 ATLANTA, GA — August 14, 2026: Cumulus Media Inc. (OTC: CMLS.Q) (the "Company," "Cumulus Media," "we," "us," or "our") today announced operating results for the three and six months ended June 30, 2026. Mary G. B
How this was made
The 30-second read
Why it matters
The 8-K adds Q2 and 6-month operating results and reiterates that emergence from Chapter 11 depends on FCC approval and satisfaction or waiver of remaining conditions precedent.
Market read
Traders get fresh quarterly financial datapoints and a reiterated dependency on FCC approval for plan effectiveness, which can shift bankruptcy emergence expectations.
What to watch
Key swing factor is FCC approval timing for the confirmed plan; quarterly numbers may matter less than regulatory milestones for valuation and trading.
Cumulus Media Reports Operating Results for the Second Quarter 2026
Second-quarter net revenue decreased 9.7%, Adjusted EBITDA decreased 28.3%, and the Company reported a net loss of $9.2 million while awaiting FCC approval and other conditions for its Chapter 11 plan to become effective.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenue, three months ended June 30GAAP | $ 167,907 (dollars in thousands) | – | (9.7) % |
| Content costs, three months ended June 30GAAP | 55,625 (dollars in thousands) | – | – |
| Selling, general & administrative expenses, three months ended June 30GAAP | 85,856 (dollars in thousands) | – | – |
| Depreciation and amortization, three months ended June 30GAAP | 12,305 (dollars in thousands) | – | – |
| Corporate expenses, three months ended June 30GAAP | 11,397 (dollars in thousands) | – | – |
| Stock-based compensation expense, three months ended June 30GAAP | (63) (dollars in thousands) | – | – |
| Restructuring costs, three months ended June 30GAAP | 542 (dollars in thousands) | – | – |
| (Gain) loss on sale or disposal of assets or stations, three months ended June 30GAAP | (82) (dollars in thousands) | – | – |
| Impairment of assets held for sale, three months ended June 30GAAP | — (dollars in thousands) | – | – |
| Total operating expenses, three months ended June 30GAAP | 165,580 (dollars in thousands) | – | – |
| Operating income, three months ended June 30GAAP | 2,327 (dollars in thousands) | – | – |
| Reorganization items, net, three months ended June 30GAAP | (7,580) (dollars in thousands) | – | – |
| Interest expense, three months ended June 30GAAP | (3,044) (dollars in thousands) | – | – |
| Interest income, three months ended June 30GAAP | — (dollars in thousands) | – | – |
| Other expense, net, three months ended June 30GAAP | (32) (dollars in thousands) | – | – |
| Total non-operating expense, net, three months ended June 30GAAP | (10,656) (dollars in thousands) | – | – |
| Loss before income taxes, three months ended June 30GAAP | (8,329) (dollars in thousands) | – | – |
| Income tax expense, three months ended June 30GAAP | (881) (dollars in thousands) | – | – |
| Net loss, three months ended June 30GAAP | $ (9,210) (dollars in thousands) | – | 28.2 % |
| Basic loss per share, three months ended June 30GAAP | $ (0.52) per share | – | 29.7 % |
| Diluted loss per share, three months ended June 30GAAP | $ (0.52) per share | – | 29.7 % |
| Adjusted EBITDA, three months ended June 30non-GAAP | $ 16,026 (dollars in thousands) | – | (28.3) % |
| Net revenue excluding impact of political revenue, three months ended June 30non-GAAP | $ 165,734 (dollars in thousands) | – | – |
| Political revenue, three months ended June 30non-GAAP | (2,173) (dollars in thousands) | – | – |
| Adjusted EBITDA excluding impact of political EBITDA, three months ended June 30non-GAAP | $ 14,070 (dollars in thousands) | – | – |
| Political EBITDA, three months ended June 30non-GAAP | (1,956) (dollars in thousands) | – | – |
| Net revenue, six months ended June 30GAAP | $ 332,354 (dollars in thousands) | – | (11.0) % |
| Operating loss, six months ended June 30GAAP | (24,095) (dollars in thousands) | – | – |
| Net loss, six months ended June 30GAAP | $ (26,072) (dollars in thousands) | – | 42.3 % |
| Basic loss per share, six months ended June 30GAAP | $ (1.48) per share | – | 43.3 % |
| Diluted loss per share, six months ended June 30GAAP | $ (1.48) per share | – | 43.3 % |
| Adjusted EBITDA, six months ended June 30non-GAAP | $ 18,715 (dollars in thousands) | – | (27.7) % |
| Net revenue excluding impact of political revenue, six months ended June 30non-GAAP | $ 328,862 (dollars in thousands) | – | – |
| Adjusted EBITDA excluding impact of political EBITDA, six months ended June 30non-GAAP | $ 15,572 (dollars in thousands) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Broadcast radio revenue: Spot, three months ended June 30Broadcast radio revenue | $ 81,449 (dollars in thousands) | – | (10.6) % |
| Broadcast radio revenue: Network, three months ended June 30Broadcast radio revenue | 21,412 (dollars in thousands) | – | (21.5) % |
| Total broadcast radio revenue, three months ended June 30Spot and Network broadcast radio revenue | 102,861 (dollars in thousands) | – | (13.2) % |
| Digital, three months ended June 30Digital | 38,712 (dollars in thousands) | – | (0.3) % |
| Other, three months ended June 30Other | 26,334 (dollars in thousands) | – | (8.4) % |
| Broadcast radio revenue: Spot, six months ended June 30Broadcast radio revenue | $ 149,195 (dollars in thousands) | – | (13.3) % |
| Broadcast radio revenue: Network, six months ended June 30Broadcast radio revenue | 54,414 (dollars in thousands) | – | (23.6) % |
| Total broadcast radio revenue, six months ended June 30Spot and Network broadcast radio revenue | 203,609 (dollars in thousands) | – | (16.3) % |
| Digital, six months ended June 30Digital | 72,250 (dollars in thousands) | – | (4.2) % |
| Other, six months ended June 30Other | 56,495 (dollars in thousands) | – | 3.4 % |
What drove it
- Second-quarter broadcast radio revenue decreased 13.2%, with Spot decreasing 10.6% and Network decreasing 21.5%.
- Digital revenue was $ 38,712 (dollars in thousands), a decrease of 0.3%.
- Other revenue was $ 26,334 (dollars in thousands), a decrease of 8.4%.
- Political revenue was $(2,173) (dollars in thousands) in the second quarter of 2026, compared with $(1,149) (dollars in thousands) in the second quarter of 2025.
Concerns
- Net revenue decreased 9.7% in the second quarter and 11.0% in the first six months.
- Adjusted EBITDA decreased 28.3% in the second quarter and 27.7% in the first six months.
- The Company reported a second-quarter net loss of $ (9,210) (dollars in thousands) and a six-month net loss of $ (26,072) (dollars in thousands).
- The Plan's effective date remains subject to FCC approval and other necessary regulatory approvals and conditions precedent.
- Certain debt has been reclassified to Liabilities Subject to Compromise as of June 30, 2026 in connection with the Chapter 11 Bankruptcy filing.
What to watch
- Receipt of FCC approval and any other necessary regulatory approvals required for the Plan's effective date.
- The timing of the Plan's effective date and satisfaction or waiver of all conditions precedent.
- Broadcast radio Spot and Network revenue trends.
- Digital revenue performance after the second-quarter decrease of 0.3%.
- Adjusted EBITDA performance excluding the impact of political advertising.
Balance sheet and cash flow
- Cash and cash equivalents as of June 30, 2026: $ 61,111 (dollars in thousands); December 31, 2025: $ 81,979 (dollars in thousands).
- Term Loan due 2026 as of June 30, 2026: $ 1,203 (dollars in thousands); December 31, 2025: $ 1,203 (dollars in thousands).
- Senior Notes due 2026 as of June 30, 2026: $ 22,697 (dollars in thousands); December 31, 2025: $ 22,697 (dollars in thousands).
- Term Loan due 2029 as of June 30, 2026: $ 311,845 (dollars in thousands); December 31, 2025: $ 323,569 (dollars in thousands).
- Senior Notes due 2029 as of June 30, 2026: $ 306,375 (dollars in thousands); December 31, 2025: $ 318,225 (dollars in thousands).
- 2020 Revolving credit facility as of June 30, 2026: $ 57,028 (dollars in thousands); December 31, 2025: $ 55,000 (dollars in thousands).
- Capital expenditures for the three months ended June 30, 2026: $ 3,200 (dollars in thousands); three months ended June 30, 2025: $ 5,528 (dollars in thousands).
- Capital expenditures for the six months ended June 30, 2026: $ 7,093 (dollars in thousands); six months ended June 30, 2025: $ 11,068 (dollars in thousands).
- In the second quarter of 2026, a lessor drew $2.0 million on an outstanding letter of credit to partially satisfy its outstanding damages claim in connection with the rejection of its lease in the Chapter 11 Cases.
Analysis
Cumulus Media reported second-quarter net revenue of $ 167,907 (dollars in thousands), down 9.7% from $ 186,017 (dollars in thousands). The revenue decline was broad across reported categories. Total broadcast radio revenue decreased 13.2%, including a 10.6% decrease in Spot revenue and a 21.5% decrease in Network revenue. Digital revenue decreased 0.3%, while Other revenue decreased 8.4%.
Profitability also weakened on the reported non-GAAP measure. Adjusted EBITDA was $ 16,026 (dollars in thousands), down 28.3% from $ 22,358 (dollars in thousands). Adjusted EBITDA excluding the impact of political EBITDA was $ 14,070 (dollars in thousands), compared with $ 21,324 (dollars in thousands). Operating income was 2,327 (dollars in thousands), compared with 3,678 (dollars in thousands), and the Company recorded a net loss of $ (9,210) (dollars in thousands).
The six-month figures show continued pressure. Net revenue was $ 332,354 (dollars in thousands), a decrease of 11.0%, and Adjusted EBITDA was $ 18,715 (dollars in thousands), a decrease of 27.7%. Six-month total broadcast radio revenue decreased 16.3%, including a 23.6% decrease in Network revenue. Other revenue was the only reported six-month revenue category to increase, rising 3.4%.
The balance sheet and liquidity picture remains tied to the Chapter 11 process. Cash and cash equivalents were $ 61,111 (dollars in thousands) as of June 30, 2026, versus $ 81,979 (dollars in thousands) as of December 31, 2025. The Company stated that certain debt has been reclassified to Liabilities Subject to Compromise. Capital expenditures were $ 3,200 (dollars in thousands) for the second quarter, compared with $ 5,528 (dollars in thousands) in the prior-year quarter.
The Bankruptcy Court confirmed the Plan on April 15, 2026, but the Company expects the Plan's effective date only after satisfaction or waiver of conditions precedent, including FCC approval and other necessary regulatory approvals. The filing did not provide financial guidance. The central operating figures to monitor are the trajectory of broadcast radio revenue, the relatively stable but declining Digital revenue line, and Adjusted EBITDA excluding political advertising.
Management, verbatim
We are pleased to report our second quarter earnings. With our plan of reorganization confirmed by the court and the FCC approval process well underway, we are positioned to emerge from Chapter 11 with a stronger balance sheet to capitalize on future market opportunities.
Mary G. Berner, President and Chief Executive Officer of Cumulus Media
Not in the filing
stated, not guessed- Forward financial guidance
- Previous-quarter outlook for comparison
- Gross profit
- Gross margin
- GAAP tax rate
- Non-GAAP EPS
- Operating cash flow
- Free cash flow
- Share repurchases
- Dividends
- Capital-return guidance
- Prior-quarter revenue, profitability, EPS, segment revenue, and cash-flow comparisons
- Quarter-over-quarter percentage changes
- Weighted-average shares outstanding
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Cumulus Media filed prepackaged Chapter 11 in March 2026; the bankruptcy court confirmed the modified plan on April 15, 2026, with effectiveness pending FCC and other conditions.
Ticker impact
Cumulus Media reported Q2 2026 net revenue of $167.9M, net loss of $9.2M, and Adjusted EBITDA of $16.0M, plus Chapter 11 plan progress.
Near-term trading likely remains driven by bankruptcy and FCC-plan timing rather than the modest EBITDA improvement.
The filing provides fresh quarterly financials and reiterates that emergence depends on FCC approval and other conditions precedent, which can affect risk premium and liquidity expectations.
Market effects
Highlights ongoing stress in broadcast radio economics and the role of regulatory approvals in restructuring timelines.
Limited direct regional spillover; primarily affects US media/broadcast restructuring risk sentiment.
Low, as the event is company-specific and US regulatory/bankruptcy driven.
Counterpoint
Adjusted EBITDA is down year over year, but net loss narrowed in Q2 versus the prior year, suggesting downside may be less severe than revenue trends imply.
Key entities
- companyCumulus Media Inc.
OTC-listed Cumulus Media, reporting Q2 2026 results and Chapter 11 reorganization progress in an SEC 8-K.
- courtUnited States Bankruptcy Court for the Southern District of Texas
Confirmed the modified joint prepackaged Chapter 11 plan on April 15, 2026.
- regulatorFCC
Approval is required for the plan’s effective date, per the filing.
