Filing Flows › Cumulus Media (CMLS) › Q4 2025
Cumulus Media (CMLS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Apr 10, 2026
Cumulus Media (CMLS) reported revenue of $188M for the fourth quarter 2025 (Q4 2025), -14% from a year earlier and +4% from the quarter before. Operating margin was -65.3%, net loss $135M (71.8% of revenue).
Cumulus Media, Q4 2025: revenue $188M (-14% year over year), operating margin -65.3%, net loss $135M, operating cash flow −$13.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $188M | +4% | -14% |
| Operating profit | −$123M | — | — |
| Net earnings | −$135M | — | — |
| Operating cash flow | −$13.2M | — | -177% |
What changed
Revenue was $188.1M in Q4 2025, down 14% year over year and up 4% from the previous quarter. Spot was the largest line at 44% of revenue.
Operating costs exceeded revenue by $122.7M, an operating margin of -65.3%. Total costs fell 30% while revenue fell 14%. The quarter ended with a net loss of $135.1M, wider than the previous quarter's $20.4M loss.
Operating cash flow was −$13.2M. Non-cash charges added back $12.8M of depreciation and amortization and $504K of share-based compensation. Working capital and other items added $108.6M. Capital expenditures of $4.8M exceeded it, leaving free cash flow of −$17.9M.
Questions
What was Cumulus Media's revenue in the fourth quarter 2025?
Cumulus Media (CMLS) reported revenue of $188M for the fourth quarter 2025 (Q4 2025), -14% from a year earlier and +4% from the quarter before.
Was Cumulus Media profitable in the fourth quarter 2025?
Operating loss was $123M (-65.3% of revenue) and net loss $135M.
Source: Cumulus Media 10-K on SEC EDGAR.