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Cumulus Media (CMLS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Cumulus Media (CMLS) reported revenue of $180M for the third quarter 2025 (Q3 2025), -11% from a year earlier and -3% from the quarter before. Operating margin was -2.4%, net loss $20.4M (11.3% of revenue).
Cumulus Media, Q3 2025: revenue $180M (-12% year over year), operating margin -2.4%, net loss $20.4M, operating cash flow −$659K. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $180M | -3% | -11% |
| Operating profit | −$4.3M | -217% | — |
| Net earnings | −$20.4M | — | — |
| Operating cash flow | −$659K | — | — |
What changed
Revenue was $180.3M in Q3 2025, down 11% year over year and down 3% from the previous quarter. Spot was the largest line at 46% of revenue. Spot lost $12.7M year over year (down 13%), 54% of the total change.
Operating costs exceeded revenue by $4.3M, an operating margin of -2.4%. Total costs fell 6% while revenue fell 11%. The quarter ended with a net loss of $20.4M, wider than the previous quarter's $12.8M loss. Net interest and other expense of $16.3M was the main reason.
Operating cash flow was −$659K. Non-cash charges added back $12.7M of depreciation and amortization and $577K of share-based compensation. Working capital and other items added $6.4M. Capital expenditures of $4.4M exceeded it, leaving free cash flow of −$5.1M.
Questions
What was Cumulus Media's revenue in the third quarter 2025?
Cumulus Media (CMLS) reported revenue of $180M for the third quarter 2025 (Q3 2025), -11% from a year earlier and -3% from the quarter before.
Was Cumulus Media profitable in the third quarter 2025?
Operating loss was $4.3M (-2.4% of revenue) and net loss $20.4M.
Source: Cumulus Media 10-Q on SEC EDGAR.