Friday, August 08, 2025
Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Exceeds Q2 expectations. Q2 revenue of $186.0 million was a tad better than our $183.9 million estimate, with the largest upside variance being Digital revenue and a little lift from Political advertising. Its Digital Marketing Services business was up an impressive 38% in revenue. Adj. EBITDA exceeded expectations at $22.4 million versus our $15.6 million estimate.
Ad trends still negative. Core spot advertising appears to be moderating and its Digital Marketing Services business appears to be a bright spot, pacing up 35% in Q3. Total company revenue is pacing down low double digits in Q3, however, worse than expected. Network advertising continues to be the culprit given the challenged macro economic environment and the company’s decision to decrease content/inventory.
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