Second Quarter 2026
Filed Aug 12, 2026BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $44.1 MILLION
Revenue declined and traditional national and local agency advertising remained weak, while cost reductions, digital same-station growth, higher Adjusted EBITDA and debt reduction improved operating and financial flexibility.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net revenueGAAP | $44.1M | – | – |
| Net revenue, same-station basisother | $44.1M | – | decreased 9.6% on a same-station basis |
| Operating incomeGAAP | $1.3M | – | – |
| Net income (loss)GAAP | $84.3M | – | – |
| Net income (loss) per diluted shareGAAP | $45.95 | – | – |
| Adjusted EBITDAnon-GAAP | $5.3M | – | – |
| Station Operating Incomeother | $5.3M | – | – |
| SOI marginother | 12.1% | – | – |
| Operating expensesGAAP | declined 13.2% year-over-year | – | declined 13.2% year-over-year |
| Corporate expensesGAAP | declined 37.3% year-over-year | – | declined 37.3% year-over-year |
| Corporate expenses related to debt restructuringGAAP | $367,275 | – | – |
| New business revenue as a percentage of net revenueother | 13% | – | – |
| Local revenue, including digital packages sold locally, as a percentage of net revenueother | 74% | – | grew 9% year-over-year |
| Digital revenue as a percentage of net revenueother | 26% | – | – |
| Digital segment operating marginother | 15.4% | – | – |
| Net revenue, six months ended June 30, 2026GAAP | $86.7M | – | – |
| Operating income, six months ended June 30, 2026GAAP | $9M | – | – |
| Net income (loss), six months ended June 30, 2026GAAP | $87.5M | – | – |
| Net income (loss) per diluted share, six months ended June 30, 2026GAAP | $48.01 | – | – |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $4.9M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| DigitalDigital revenue increased 7.1% on a same-station basis. | $11.7M | – | down 11.6% year-over-year |
What drove it
- Local revenue, including digital packages sold locally, accounted for 74% of net revenue and grew 9% year-over-year.
- Digital revenue increased 7.1% on a same-station basis.
- The Company implemented approximately $10 million of additional annualized expense reductions during the second quarter of 2026.
- Total savings achieved over the trailing twelve months were roughly $30 million.
- Operating expenses declined 13.2% year-over-year, reflecting cost reduction initiatives and disciplined expense management.
Concerns
- Net revenue decreased 9.6% on a same-station basis to $44.1 million.
- The decline reflected continued weakness in the Company's traditional national and local agency advertising businesses.
- Digital revenue was down 11.6% year-over-year.
- Management said the broader advertising environment remains dynamic.
What to watch
- Whether local direct spot revenue continues to stabilize.
- Whether digital revenue sustains same-station growth while reported digital revenue remains below the prior-year period.
- Further execution of the operating and deleveraging strategy.
- The effect of lower future cash interest expense following the debt exchange and repurchase.
Balance sheet and cash flow
- The Company reduced total outstanding debt by $95 million, including a 46% reduction in its second lien debt.
- The Company completed its second lien restructuring, repurchased a portion of its first lien notes, and established a new asset-based lending facility.
- The exchange and repurchase of indebtedness resulted in a significant non-cash gain on extinguishment of debt that drove GAAP net income for the quarter.
Analysis
Beasley reported second-quarter net revenue of $44.1 million, compared with $53.0 million in the prior-year period. Management said revenue declined 9.6% on a same-station basis, driven by continued weakness in traditional national and local agency advertising. The pressure was partly offset by stabilization in local direct spot revenue, while local revenue including locally sold digital packages grew 9% year-over-year and represented 74% of net revenue.
Digital remained central to the revenue mix. Digital revenue was $11.7 million, accounted for 26% of net revenue and carried a digital segment operating margin of 15.4%. Reported digital revenue was down 11.6% year-over-year, while same-station digital revenue increased 7.1%. This difference highlights the importance of portfolio changes in assessing the underlying digital trend. New business represented 13% of net revenue.
Expense control supported operating performance despite the revenue decline. Operating expenses declined 13.2% year-over-year, and corporate expenses declined 37.3% year-over-year. The Company implemented approximately $10 million of additional annualized expense reductions during the quarter, bringing total savings achieved over the trailing twelve months to roughly $30 million. Adjusted EBITDA increased to $5.3 million from $4.7 million, while Station Operating Income was $5.3 million and the SOI margin was 12.1%.
GAAP profitability was dominated by the debt transaction rather than core operations. Net income was $84.3 million and diluted EPS was $45.95, compared with a net loss of $(0.2) million and diluted loss per share of $(0.09) in the prior-year period. The Company stated that the exchange and repurchase of indebtedness created a significant non-cash gain on extinguishment of debt that drove GAAP net income. Operating income was $1.3 million, below $2.9 million in the prior-year period, underscoring the distinction between operating results and the reported GAAP net-income outcome.
Balance-sheet actions reduced total outstanding debt by $95 million, including a 46% reduction in second lien debt. Management also cited the second lien restructuring, repurchase of a portion of first lien notes and establishment of a new asset-based lending facility as actions that improved financial flexibility and should lower future cash interest expense. The release provided no quantitative forward guidance, leaving subsequent revenue performance in traditional advertising, durability of same-station digital growth, expense savings execution and continued deleveraging as the principal items to monitor.
Management, verbatim
While second quarter results continued to reflect pressure across portions of the traditional advertising marketplace, we are encouraged by the progress we're making in transforming Beasley into a more diversified, higher-margin media company. Our digital and local direct spot businesses continue to build momentum, our cost structure is significantly more efficient than it was a year ago, and we remain focused on improving the quality of our revenue. We believe these initiatives are creating a stronger operating foundation and positioning the Company for more consistent financial performance over the long term.
Caroline Beasley, Chief Executive Officer
Looking ahead, our strategy remains unchanged. We are focused on delivering sustainable revenue growth, expanding EBITDA through continued operating discipline and higher-margin revenue, and further reducing leverage over time. While the broader advertising environment remains dynamic, we believe the actions we are taking today are positioning Beasley to emerge as a stronger, more profitable, and more resilient company.
Caroline Beasley, Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin.
- Quarterly operating-expense dollar amount.
- Cash, cash equivalents, liquidity and ending debt balances.
- Operating cash flow and free cash flow.
- Capital expenditures.
- Share repurchases and dividends.
- Revenue amounts for local revenue and traditional advertising categories.
- Prior-quarter comparatives for reported metrics.
- Quantitative forward guidance for revenue, gross margin, operating expenses, tax rate, earnings or Adjusted EBITDA.
- Previous-quarter outlook needed for comparison with prior guidance.
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.