CMLSQ CUMULUS MEDIA INC

Overview and Growth

CUMULUS MEDIA INC generated $741.70M of revenue in fiscal 2025, with net loss of $200.70M and an operating cash outflow of $21.34M. The $741.70M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $827.08M in fiscal 2024, revenue decreased 10.3%, a top-line contraction that reduced operating scale. Diluted earnings per share were -$11.55, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 17.38M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. Total assets stood at $940.96M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.79x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced a $138.14M operating loss before non-operating and tax effects. An operating margin of -18.6% reflected costs exceeding revenue-level gross profit by 18.6% of sales. The company ended the period with a net loss of $200.70M, extending the operating result through all remaining items. The net loss equaled 27.1% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was negative $83.80M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $202.48M, before the effect of income taxes. Measured against revenue, the pretax deficit represented 27.3%. The company recognized an income-tax benefit of $1.78M, increasing after-tax earnings relative to the pretax result. The loss-to-assets relationship was 21.3%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $283.25M in fiscal 2024 to $200.70M.

Liquidity and Capital Structure

At period end, the $940.96M asset base was financed through $1.13B of liabilities and -$191.52M of equity. Equity was negative at -$191.52M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. Current assets were $242.85M against $157.94M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.54x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $81.98M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 51.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $718.68M of total debt at period end, which frames its leverage and debt-service burden. The debt-to-assets relationship was 76.4%, comparing borrowing with the total asset balance. Equity equaled -20.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 120.4%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 8.7% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 15.9% from $1.12B in fiscal 2024, leaving current total assets lower year over year. The reported cash balance changed 28.4% from $63.84M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $21.34M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $20.24M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $41.57M cash deficit after capital spending. The free-cash-flow deficit equaled 5.6% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 4.4% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.