Cumulus Media lost $200 million in 2025. That’s actually an improvement on how 2024 ended, but it may be the single most optimistic data point in an earnings report released Friday morning, five weeks into the company’s Chapter 11 reorganization.
The company reported net revenue of $741.7 million for the year ended December 31, 2025, a 10.3% decrease from $827.1 million in 2024. Net loss came in at $200.7 million, down from $283.3 million the prior year.
Broadcast radio revenue bore the steepest decline, dropping 15.9% year-over-year to $474.5 million. Network revenue, which includes Westwood One, was the hardest-hit segment, falling 22.5% to $135.9 million. Spot revenue declined 12.9% to $338.6 million. Digital revenue slipped 1.9% to $151.3 million. Stripping out political advertising, which totaled $3.9 million in 2025 versus $18.6 million in 2024, full-year revenue on a like-for-like basis fell roughly 8.7%.
For the fourth quarter, Cumulus posted net revenue of $188.1 million, down 14.0% from Q4 2024’s $218.6 million.
On March 5, Cumulus filed a prepackaged Chapter 11 proceeding in the US Bankruptcy Court for the Southern District of Texas. Cumulus operates 393 owned-and-operated radio stations across 84 markets and distributes content to more than 7,800 affiliated stations through Westwood One.
Cumulus Media President and CEO Mary Berner stated, “The Company’s recently announced financial restructuring marks an important step toward meaningfully reducing the debt burden that has constrained the business. Looking ahead, we remain focused on building on the core strengths of the Company to maximize value.”
