Cumulus Media Financials
This page shows Cumulus Media (CMLSQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A fixed overhead and interest structure turned shrinking revenue into cash burn, while the balance sheet slipped into negative equity.
Between FY2023 and FY2025, accounting losses arrived before the cash squeeze: operating cash flow was still$32M in FY2023 despite a large net loss, so noncash charges were cushioning the decline. By FY2025, with EBITDA still below zero, free cash flow at-$42M , and interest expense still about$65M , that cushion had given way to external funding.
The operating model looks less variable than the revenue line. Selling and administrative expense stayed around
Near-term liquidity and long-term solvency are telling different stories. Cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cumulus Media's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cumulus Media has an operating margin of -18.6%, meaning the company retains $-19 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -29.0% the prior year.
Cumulus Media's revenue declined 10.3% year-over-year, from $827.1M to $741.7M. This contraction results in a growth score of 23/100.
Cumulus Media has elevated debt relative to equity (D/E of -3.63), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Cumulus Media's current ratio of 1.54 is below the typical benchmark, resulting in a score of 26/100. However, the company holds substantial cash reserves (52% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Cumulus Media generated -$21.3M in operating cash flow, capex of $20.2M consumed most of it, leaving -$41.6M in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.
Cumulus Media passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Cumulus Media generates $0.11 in operating cash flow (-$21.3M OCF vs -$200.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cumulus Media earns $-2.1 in operating income for every $1 of interest expense (-$138.1M vs $65.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cumulus Media generated $741.7M in revenue in fiscal year 2025. This represents a decrease of 10.3% from the prior year.
Cumulus Media's EBITDA was -$83.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 53.6% from the prior year.
Cumulus Media reported -$200.7M in net income in fiscal year 2025. This represents an increase of 29.1% from the prior year.
Cumulus Media earned $-11.55 per diluted share (EPS) in fiscal year 2025. This represents an increase of 31.2% from the prior year.
Cash & Balance Sheet
Cumulus Media generated -$41.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 84.1% from the prior year.
Cumulus Media held $82.0M in cash against $694.8M in long-term debt as of fiscal year 2025.
Cumulus Media had 17M shares outstanding in fiscal year 2025. This represents an increase of 2.4% from the prior year.
Margins & Returns
Cumulus Media's operating margin was -18.6% in fiscal year 2025, reflecting core business profitability. This is up 10.4 percentage points from the prior year.
Cumulus Media's net profit margin was -27.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.2 percentage points from the prior year.
Capital Allocation
Cumulus Media invested $20.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 4.0% from the prior year.
CMLSQ Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $164.4M-12.6% | $188.1M+4.3% | $180.3M-3.1% | $186.0M-0.7% | $187.3M-14.3% | $218.6M+7.4% | $203.6M-0.6% | $204.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $84.4M-13.6% | $97.7M+4.1% | $93.8M+0.6% | $93.2M-0.2% | $93.4M-0.5% | $93.8M-0.1% | $93.9M-0.5% | $94.4M |
| Operating Income | -$26.4M+78.5% | -$122.7M-2748.3% | -$4.3M-217.2% | $3.7M+124.9% | -$14.8M+93.5% | -$226.3M-3488.0% | $6.7M+169.7% | -$9.6M |
| Interest Expense | $12.0M-26.1% | $16.3M-2.0% | $16.6M+1.9% | $16.3M+1.8% | $16.0M+1159.6% | $1.3M-92.5% | $17.0M-48.5% | $33.1M |
| Income Tax | $540K+114.9% | -$3.6M-2072.5% | -$167K-144.9% | $372K-77.4% | $1.6M+113.7% | -$12.0M-29173.2% | -$41K-105.3% | $779K |
| Net Income | -$16.9M+87.5% | -$135.1M-562.1% | -$20.4M-59.2% | -$12.8M+60.4% | -$32.4M+86.0% | -$231.1M-2138.9% | -$10.3M+62.7% | -$27.7M |
| EPS (Diluted) | $-0.96 | N/A | $-1.17-58.1% | $-0.74+60.6% | $-1.88 | N/A | $-0.61+62.8% | $-1.64 |
CMLSQ Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $903.4M-4.0% | $941.0M-12.7% | $1.1B-2.5% | $1.1B+3.2% | $1.1B-4.2% | $1.1B-18.0% | $1.4B-1.5% | $1.4B |
| Current Assets | $213.8M-12.0% | $242.8M-8.5% | $265.4M-5.4% | $280.6M+22.6% | $228.9M-7.7% | $248.1M-2.5% | $254.5M-2.5% | $261.1M |
| Cash & Equivalents | $57.6M-29.7% | $82.0M-9.3% | $90.4M-6.5% | $96.7M+83.6% | $52.7M-17.5% | $63.8M+22.4% | $52.2M-2.5% | $53.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $123.7M-7.8% | $134.1M0.0% | $134.2M-8.4% | $146.5M-2.8% | $150.8M-6.9% | $162.0M-3.5% | $167.9M-1.6% | $170.6M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.1B-1.9% | $1.1B-0.2% | $1.1B-0.7% | $1.1B+4.2% | $1.1B-1.3% | $1.1B-1.4% | $1.1B-1.0% | $1.1B |
| Current Liabilities | $36.5M-76.9% | $157.9M+3.7% | $152.3M+17.1% | $130.1M-5.2% | $137.2M+2.5% | $133.8M-0.4% | $134.4M-3.2% | $138.8M |
| Long-Term Debt | $0-100.0% | $694.8M-0.2% | $696.2M-3.3% | $720.2M+8.1% | $666.5M-0.4% | $669.0M-0.2% | $670.3M-0.2% | $671.6M |
| Total Equity | -$207.9M-8.5% | -$191.5M-236.5% | -$56.9M-53.5% | -$37.1M-49.3% | -$24.8M-457.4% | $7.0M-97.1% | $236.8M-3.8% | $246.1M |
| Retained Earnings | -$522.2M-3.3% | -$505.4M-36.5% | -$370.3M-5.8% | -$349.8M-3.8% | -$337.0M-10.6% | -$304.7M-314.1% | -$73.6M-16.3% | -$63.3M |
CMLSQ Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.6M-48.8% | -$13.2M-1895.4% | -$659K+82.2% | -$3.7M+3.2% | -$3.8M-122.5% | $17.0M+333.3% | $3.9M+149.4% | -$7.9M |
| Capital Expenditures | $3.9M-18.5% | $4.8M+8.7% | $4.4M-20.5% | $5.5M-0.2% | $5.5M+54.6% | $3.6M+7.7% | $3.3M-24.1% | $4.4M |
| Free Cash Flow | -$23.5M-30.9% | -$17.9M-254.7% | -$5.1M+45.3% | -$9.2M+1.4% | -$9.4M-169.7% | $13.4M+2145.5% | $598K+104.8% | -$12.3M |
| Investing Cash Flow | -$3.4M-151.7% | $6.6M+269.4% | -$3.9M+29.2% | -$5.5M-9.0% | -$5.1M-55.5% | -$3.3M+2.3% | -$3.3M+24.1% | -$4.4M |
| Financing Cash Flow | -$1.4M+27.2% | -$1.9M-7.5% | -$1.8M-103.3% | $53.3M+2456.9% | -$2.3M-8.8% | -$2.1M-7.3% | -$1.9M+22.9% | -$2.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
CMLSQ Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -16.1%+49.2pp | -65.3%-62.9pp | -2.4%-4.4pp | 2.0%+9.9pp | -7.9%+95.6pp | -103.5%-106.8pp | 3.3%+8.0pp | -4.7% |
| Net Margin | -10.3%+61.6pp | -71.8%-60.5pp | -11.3%-4.4pp | -6.9%+10.4pp | -17.3%+88.4pp | -105.7%-100.6pp | -5.1%+8.4pp | -13.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -3324.4%-3320.1pp | -4.4%+6.9pp | -11.3% |
| Return on Assets | -1.9%+12.5pp | -14.4%-12.5pp | -1.9%-0.7pp | -1.2%+1.9pp | -3.0%+17.6pp | -20.7%-19.9pp | -0.8%+1.2pp | -2.0% |
| Current Ratio | 5.86+4.3 | 1.54-0.2 | 1.74-0.4 | 2.16+0.5 | 1.67-0.2 | 1.85-0.0 | 1.89+0.0 | 1.88 |
| Debt-to-Equity | 0.00+3.6 | -3.63+8.6 | -12.23+7.2 | -19.42+7.4 | -26.83-123.1 | 96.25+93.4 | 2.83+0.1 | 2.73 |
| FCF Margin | -14.3%-4.7pp | -9.5%-6.7pp | -2.8%+2.2pp | -5.0%+0.0pp | -5.0%-11.1pp | 6.1%+5.9pp | 0.3%+6.3pp | -6.0% |
Note: Shareholder equity is negative (-$191.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
What is Cumulus Media's annual revenue?
Cumulus Media (CMLSQ) reported $741.7M in total revenue for fiscal year 2025. This represents a -10.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cumulus Media's revenue growing?
Cumulus Media (CMLSQ) revenue declined by 10.3% year-over-year, from $827.1M to $741.7M in fiscal year 2025.
Is Cumulus Media profitable?
No, Cumulus Media (CMLSQ) reported a net income of -$200.7M in fiscal year 2025, with a net profit margin of -27.1%.
What is Cumulus Media's EBITDA?
Cumulus Media (CMLSQ) had EBITDA of -$83.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cumulus Media have?
As of fiscal year 2025, Cumulus Media (CMLSQ) had $82.0M in cash and equivalents against $694.8M in long-term debt.
What is Cumulus Media's operating margin?
Cumulus Media (CMLSQ) had an operating margin of -18.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cumulus Media's net profit margin?
Cumulus Media (CMLSQ) had a net profit margin of -27.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cumulus Media's free cash flow?
Cumulus Media (CMLSQ) generated -$41.6M in free cash flow during fiscal year 2025. This represents a -84.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cumulus Media's operating cash flow?
Cumulus Media (CMLSQ) generated -$21.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cumulus Media's total assets?
Cumulus Media (CMLSQ) had $941.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cumulus Media's capital expenditures?
Cumulus Media (CMLSQ) invested $20.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cumulus Media's current ratio?
Cumulus Media (CMLSQ) had a current ratio of 1.54 as of fiscal year 2025, which is generally considered healthy.
What is Cumulus Media's debt-to-equity ratio?
Cumulus Media (CMLSQ) had a debt-to-equity ratio of -3.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cumulus Media's return on assets (ROA)?
Cumulus Media (CMLSQ) had a return on assets of -21.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cumulus Media's cash runway?
Based on fiscal year 2025 data, Cumulus Media (CMLSQ) had $82.0M in cash against an annual operating cash burn of $21.3M. This gives an estimated cash runway of approximately 46 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Cumulus Media's debt-to-equity ratio negative or unusual?
Cumulus Media (CMLSQ) has negative shareholder equity of -$191.5M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Cumulus Media's Piotroski F-Score?
Cumulus Media (CMLSQ) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cumulus Media's earnings high quality?
Cumulus Media (CMLSQ) has an earnings quality ratio of 0.11x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cumulus Media cover its interest payments?
Cumulus Media (CMLSQ) has an interest coverage ratio of -2.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cumulus Media?
Cumulus Media (CMLSQ) scores 11 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.