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How LEE Enterprises (LEE) makes money

LEE Enterprises (LEE) made $126M of revenue in the third quarter fiscal 2026 (Q3 FY26), -11% from a year earlier. Advertising and marketing services brought in $59.3M (47%); Subscription brought in $54.7M (43%); Other brought in $11.9M (9%). Of every dollar of revenue, 7¢ was left as operating profit, 4¢ was left as net earnings.

Drawing the Sankey…

LEE Enterprises revenue by segment, Q3 FY26LEE Enterprises revenue by segment, Q3 FY26Advertising and marketing services$59.3MSubscription$54.7MOther$11.9M
LEE Enterprises: revenue by line, Q4 FY24 to Q3 FY26LEE Enterprises: revenue by line, Q4 FY24 to Q3 FY26SubscriptionAdvertising and marke…OtherSubscription: $54.7M latest$54.7MAdvertising and marketing services: $59.3M latest$59.3MOther: $11.9M latest$11.9MQ4 FY24Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26
Subscription went from 46% of revenue in Q4 FY24 to 43% in Q3 FY26, the largest shift in the mix.
LEE Enterprises revenue by quarterLEE Enterprises revenue by quarter$159MQ4 FY24$137MQ2 FY25$141MQ3 FY25$139MQ4 FY25$130MQ1 FY26$122MQ2 FY26$126MQ3 FY26
LEE Enterprises: where each dollar of revenue goesLEE Enterprises: where each dollar of revenue goesOperating profit7¢Income tax1¢Net earnings4¢Operating cash flow6¢Free cash flow5¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Advertising and marketing services$59.3M47.1%+8%-11%
Subscription$54.7M43.5%-0.8%-11%
Other$11.9M9.4%+0.7%-10%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$126M100.0%
Operating profit$8.6M6.9%
Income tax$1.4M1.1%
Net earnings$4.7M3.7%
Operating cash flow$7.9M6.3%
Free cash flow$6.8M5.4%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$126M-11%
Q2 FY26$122M-11%
Q1 FY26$130M-10%
Q4 FY25$139M-12%
Q3 FY25$141M-6%
Q2 FY25$137M-6%
Q4 FY24$159M-3%

From LEE Enterprises' 10-Q filed Aug 7, 2026 (on EDGAR).

Questions

How does LEE Enterprises make money?

LEE Enterprises (LEE) made $126M of revenue in the third quarter fiscal 2026 (Q3 FY26), -11% from a year earlier. Advertising and marketing services brought in $59.3M (47%); Subscription brought in $54.7M (43%); Other brought in $11.9M (9%). Of every dollar of revenue, 7¢ was left as operating profit, 4¢ was left as net earnings.

What is LEE Enterprises' biggest business?

Advertising and marketing services: $59.3M in the third quarter fiscal 2026, 47% of revenue, -11% from a year earlier.

What is LEE Enterprises' profit margin?

Net earnings were $4.7M, 3.7% of revenue, in the third quarter fiscal 2026; the operating margin was 6.9%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.