Revenue performance remains under pressure with an 11.5% year-over-year decline in 2025Q3, while operating margins have suffered extreme volatility, reaching a low of -103.5% in 2024Q4.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 772.2M | 827.08M | 844.55M | 953.51M | 916.47M | 816.22M | 1.11B | 1.14B | 1.14B | 1.14B | 1.17B | 1.26B | 1.03B | 1.08B | 549.54M | 263.33M | 256.05M | 311.54M | 328.33M | 334.32M | 327.76M | 320.13M | 281.97M | 252.6M | 201.33M | 225.91M | 180.02M | 98.8M |
| Revenue Growth % | -6.94% | -2.07% | -11.43% | 4.04% | 12.28% | -26.69% | -2.36% | 0.41% | -0.5% | -2.33% | -7.5% | 23.12% | -4.69% | 95.9% | 108.69% | 2.85% | -17.81% | -5.11% | -1.79% | 2% | 2.38% | 13.53% | 11.63% | 25.47% | -10.88% | 25.49% | 82.21% | - |
| Cost of Goods Sold | 288.2M | 324.25M | 333.36M | 357.48M | 358.69M | 337.08M | 405.65M | 402.77M | 402.98M | 427.78M | 396.43M | 904.04M | 668.25M | 661.51M | 333.47M | 159.81M | 165.68M | 203.22M | 210.64M | 214.09M | 225.96M | 202.44M | 179.54M | 159.77M | 141.6M | 191.34M | 136.32M | 74.6M |
| COGS % of Revenue | - | 39.2% | 39.47% | 37.49% | 39.14% | 41.3% | 36.43% | 35.32% | 35.48% | 37.48% | 33.92% | 71.55% | 65.12% | 61.45% | 60.68% | 60.69% | 64.71% | 65.23% | 64.16% | 64.04% | 68.94% | 63.24% | 63.67% | 63.25% | 70.33% | 84.7% | 75.72% | 75.51% |
| Gross Profit | 484M | 502.83M | 511.19M | 596.03M | 557.78M | 479.14M | 707.79M | 737.59M | 732.68M | 713.62M | 772.25M | 359.39M | 357.89M | 415.07M | 216.07M | 103.53M | 90.37M | 108.32M | 117.69M | 120.23M | 101.79M | 117.69M | 102.44M | 92.83M | 59.73M | 34.58M | 43.7M | 24.2M |
| Gross Margin % | 62.68% | 60.8% | 60.53% | 62.51% | 60.86% | 58.7% | 63.57% | 64.68% | 64.52% | 62.52% | 66.08% | 28.45% | 34.88% | 38.55% | 39.32% | 39.31% | 35.29% | 34.77% | 35.84% | 35.96% | 31.06% | 36.76% | 36.33% | 36.75% | 29.67% | 15.3% | 24.28% | 24.49% |
| Gross Profit Growth % | - | -1.64% | -14.23% | 6.86% | 16.41% | -32.3% | -4.04% | 0.67% | 2.67% | -7.59% | 114.88% | 0.42% | -13.78% | 92.1% | 108.71% | 14.56% | -16.57% | -7.96% | -2.12% | 18.11% | -13.51% | 14.89% | 10.35% | 55.42% | 72.75% | -20.88% | 80.59% | - |
| Operating Expenses | 725.69M | 742.5M | 552.47M | 516.24M | 488.66M | 489.74M | 541.59M | 567.45M | 590.23M | 611.32M | 646.32M | 198.9M | 168.16M | 203.14M | 149.1M | 31.63M | 30.6M | 531.37M | 266.13M | 120.27M | 305.49M | 39.43M | 34.9M | 32.11M | 68.58M | 67.06M | 41.94M | 22.8M |
| OpEx % of Revenue | - | 89.77% | 65.42% | 54.14% | 53.32% | 60% | 48.64% | 49.76% | 51.97% | 53.56% | 55.3% | 15.74% | 16.39% | 18.87% | 27.13% | 12.01% | 11.95% | 170.56% | 81.06% | 35.97% | 93.21% | 12.32% | 12.38% | 12.71% | 34.06% | 29.68% | 23.3% | 23.08% |
| Selling, General & Admin | 409.96M | 443.63M | 377.03M | 389.65M | 452.73M | 420.04M | 522.71M | 511.34M | 527.99M | 524.05M | 544.22M | 83.62M | 55.65M | 60.99M | 93.29M | 20.57M | 23.03M | 19.96M | 26.81M | 41.98M | 20.17M | 18.26M | 15.46M | 15.25M | 18M | 23.06M | 8.2M | 5.6M |
| SG&A % of Revenue | - | 53.64% | 44.64% | 40.86% | 49.4% | 51.46% | 46.94% | 44.84% | 46.49% | 45.91% | 46.57% | 6.62% | 5.42% | 5.67% | 16.98% | 7.81% | 8.99% | 6.41% | 8.17% | 12.56% | 6.15% | 5.7% | 5.48% | 6.04% | 8.94% | 10.21% | 4.56% | 5.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 298.86M | 175.44M | 126.59M | 35.93M | 69.7M | 18.88M | -3.37M | -363K | 2.04M | 14.21M | 4.34M | -302K | -2.47M | 55.81M | 11.05M | 7.57M | 511.41M | 239.31M | 78.3M | 285.32M | 21.17M | 19.45M | 16.86M | 50.59M | 44M | 33.74M | 17.2M |
| Operating Income | -241.69M | -239.66M | -41.28M | 79.79M | 69.12M | -10.6M | 166.21M | 156.23M | -210.45M | -408.79M | -478.51M | 161.83M | 196.08M | 84.81M | 82.25M | 71.23M | -115.18M | -425.09M | -151.08M | -39K | -203.48M | 78.37M | 67.87M | 61.69M | -15.63M | -48.71M | 1.76M | 1.4M |
| Operating Margin % | -31.3% | -28.98% | -4.89% | 8.37% | 7.54% | -1.3% | 14.93% | 13.7% | -18.53% | -35.81% | -40.94% | 12.81% | 19.11% | 7.88% | 14.97% | 27.05% | -44.98% | -136.45% | -46.01% | -0.01% | -62.08% | 24.48% | 24.07% | 24.42% | -7.76% | -21.56% | 0.98% | 1.42% |
| Operating Income Growth % | - | -480.61% | -151.73% | 15.44% | 751.91% | -106.38% | 6.39% | 174.24% | 48.52% | 14.57% | -395.69% | -17.47% | 131.22% | 3.1% | 15.48% | 161.84% | 72.9% | -181.37% | -387279.49% | 99.98% | -359.65% | 15.47% | 10.02% | 494.65% | 67.91% | -2870.82% | 25.57% | - |
| EBITDA | -185.2M | -180.54M | 16.9M | 136.18M | 122.66M | 41.69M | 242.81M | 212.33M | -148.21M | -321.52M | -376.41M | 277.11M | 308.59M | 228.11M | 134.7M | 80.33M | -104.05M | -416.12M | -137.91M | 17.58M | -181.84M | 99.75M | 87.72M | 79.96M | 37.13M | -2.94M | 35.5M | 18.6M |
| EBITDA Margin % | -23.98% | -21.83% | 2% | 14.28% | 13.38% | 5.11% | 21.81% | 18.62% | -13.05% | -28.17% | -32.21% | 21.93% | 30.07% | 21.19% | 24.51% | 30.5% | -40.63% | -133.57% | -42% | 5.26% | -55.48% | 31.16% | 31.11% | 31.66% | 18.44% | -1.3% | 19.72% | 18.83% |
| EBITDA Growth % | -938.76% | -1168.42% | -87.59% | 11.02% | 194.24% | -82.83% | 14.35% | 243.27% | 53.9% | 14.58% | -235.84% | -10.2% | 35.28% | 69.35% | 67.69% | 177.2% | 75% | -201.73% | -884.39% | 109.67% | -282.29% | 13.72% | 9.7% | 115.38% | 1362.33% | -108.29% | 90.85% | - |
| D&A (Non-Cash Add-back) | 56.49M | 59.12M | 58.18M | 56.39M | 53.55M | 52.29M | 76.61M | 56.11M | 62.24M | 87.27M | 102.11M | 115.28M | 112.51M | 143.3M | 52.44M | 9.1M | 11.14M | 8.97M | 13.17M | 17.62M | 21.64M | 21.38M | 19.85M | 18.27M | 52.76M | 45.77M | 33.74M | 17.2M |
| EBIT | -2.3M | 74K | 23.65M | 102.01M | 84.58M | -15.27M | 160.12M | 170.14M | -243.34M | -398.24M | -450.65M | 167.55M | 153.42M | 52.97M | 57.66M | 50.94M | -115.26M | -409.11M | -148.44M | -39K | -205.5M | 78.26M | 67.53M | 60.72M | -8.85M | -32.48M | 1.76M | 1.4M |
| Net Interest Income | -64.78M | -68.24M | -68.91M | -64.55M | -67.85M | -68.1M | -82.89M | -50.89M | -126.82M | -138.14M | -141.25M | -144.14M | -176.98M | -198.63M | -86.86M | -27.47M | -33.99M | -32.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.56M | 531K | 2.36M | 340K | 0 | 0 | 25K | 86K | 136K | 493K | 433K | 1.39M | 1.29M | 946K | 399K | 8K | 61K | 15.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 68.34M | 68.78M | 71.27M | 64.89M | 67.85M | 68.1M | 82.92M | 50.98M | 126.95M | 138.63M | 141.68M | 145.53M | 178.27M | 199.24M | 87.39M | 30.32M | 34.19M | 34.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -65.13M | -53.35M | -59.42M | -60.18M | -48.86M | -68.37M | -82.69M | 412.14M | -159.84M | -128.09M | -113.82M | -139.81M | -212.22M | -203.53M | -79.69M | -28.33M | -239.68M | -32.27M | -61.29M | -45.15M | -23.92M | -22.45M | -38.15M | -36.38M | -18.42M | 47.23M | -22.25M | -13.2M |
| Pretax Income | -306.82M | -293.02M | -100.7M | 19.61M | 20.26M | -78.97M | 83.52M | 568.37M | -370.29M | -536.87M | -592.33M | 22.02M | 196.08M | -118.73M | 2.57M | 33.18M | -149.31M | -457.36M | -212.37M | -45.19M | -227.4M | 55.92M | 29.72M | 25.3M | -34.05M | -1.49M | -20.49M | -11.8M |
| Pretax Margin % | -39.73% | -35.43% | -11.92% | 2.06% | 2.21% | -9.67% | 7.5% | 49.84% | -32.61% | -47.04% | -50.68% | 1.74% | 19.11% | -11.03% | 0.47% | 12.6% | -58.31% | -146.81% | -64.68% | -13.52% | -69.38% | 17.47% | 10.54% | 10.02% | -16.91% | -0.66% | -11.38% | -11.94% |
| Income Tax | -10.15M | -9.77M | 17.18M | 3.37M | 2.98M | -19.25M | 22.26M | -189.21M | -163.73M | -26.15M | -45.84M | 10.25M | -68.46M | -26.55M | -61.29M | 3.78M | -22.6M | -117.94M | -38M | -5.8M | -14.04M | 25.55M | 24.68M | 76.36M | -3.49M | 812K | -6.87M | 100K |
| Effective Tax Rate % | 3.31% | 3.33% | -17.06% | 17.19% | 14.72% | 24.38% | 26.66% | -33.29% | 44.22% | 4.87% | 7.74% | 46.56% | -34.92% | 22.36% | -2388.7% | 11.39% | 15.14% | 25.79% | 17.89% | 12.84% | 6.17% | 45.69% | 83.04% | 301.76% | 10.26% | -54.64% | 33.53% | -0.85% |
| Net Income | -296.68M | -283.25M | -117.88M | 16.23M | 17.28M | -59.72M | 61.26M | 757.58M | -206.56M | -510.72M | -546.49M | 11.77M | 196.08M | -32.73M | 63.86M | 29.4M | -126.7M | -361.67M | -223.8M | -44.59M | -213.37M | 30.37M | 5.04M | -92.75M | -30.55M | -2.3M | -13.62M | -13.7M |
| Net Margin % | -38.42% | -34.25% | -13.96% | 1.7% | 1.89% | -7.32% | 5.5% | 66.43% | -18.19% | -44.75% | -46.76% | 0.93% | 19.11% | -3.04% | 11.62% | 11.17% | -49.48% | -116.09% | -68.16% | -13.34% | -65.1% | 9.49% | 1.79% | -36.72% | -15.18% | -1.02% | -7.57% | -13.87% |
| Net Income Growth % | -97.47% | -140.29% | -826.08% | -6.04% | 128.93% | -197.49% | -91.91% | 466.75% | 59.55% | 6.55% | -4743.5% | -94% | 699.11% | -151.25% | 117.2% | 123.21% | 64.97% | -61.6% | -401.94% | 79.1% | -802.58% | 502.44% | 105.43% | -203.58% | -1229.55% | 83.13% | 0.57% | - |
| Net Income (Continuing) | -296.68M | -283.25M | -117.88M | 16.23M | 17.28M | -59.72M | 61.26M | 757.58M | -206.56M | -510.72M | -546.49M | 11.77M | 43.61M | -92.18M | 63.86M | 29.4M | -126.7M | -339.42M | -174.37M | -39.39M | -213.37M | 30.37M | 5.04M | -51.05M | -30.55M | -2.3M | -13.62M | -11.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -17.01 | -16.79 | -6.83 | 0.81 | 0.83 | -2.94 | 3.02 | 45.76 | -7.05 | -17.45 | -18.73 | 0.40 | 4.80 | -1.61 | 6.40 | 5.44 | -25.07 | -68.38 | -41.46 | -7.02 | -25.51 | 3.52 | 0.40 | -13.62 | -6.93 | -0.52 | -4.37 | -5.62 |
| EPS Growth % | -92.58% | -145.83% | -943.21% | -2.41% | 128.23% | -197.35% | -93.4% | 749.08% | 59.6% | 6.83% | -4782.5% | -91.67% | 398.14% | -125.16% | 17.65% | 121.7% | 63.34% | -64.93% | -490.6% | 72.48% | -824.72% | 780% | 102.94% | -96.54% | -1232.69% | 88.1% | 22.24% | - |
| EPS (Basic) | - | -16.79 | -6.83 | 0.83 | 0.84 | -2.94 | 3.04 | 45.76 | -7.05 | -17.45 | -18.73 | 0.40 | 4.80 | -1.62 | 6.40 | 5.60 | -25.07 | -68.38 | -41.46 | -7.02 | -25.51 | 3.52 | 0.40 | -13.62 | -6.93 | -0.52 | -4.37 | -6.22 |
| Diluted Shares Outstanding | 17.44M | 16.87M | 17.27M | 20.02M | 20.93M | 20.32M | 20.28M | 16.56M | 29.31M | 29.27M | 29.18M | 28.62M | 40.84M | 20.33M | 8.86M | 5.15M | 5.05M | 5.29M | 5.4M | 6.35M | 8.36M | 8.93M | 8.37M | 6.81M | 4.41M | 4.38M | 3.12M | 2.44M |
| Basic Shares Outstanding | 17.44M | 16.87M | 17.27M | 19.56M | 20.48M | 20.32M | 20.13M | 16.56M | 29.3M | 29.27M | 29.18M | 28.27M | 40.84M | 20.25M | 8.86M | 5.04M | 5.05M | 5.29M | 5.4M | 6.35M | 8.36M | 8.63M | 8.04M | 6.81M | 4.41M | 4.38M | 3.12M | 2.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 89.94% | 22.73% | - | - | - | - | - |
Secular broadcast revenue decline
According to the provided financial data, Cumulus Media has experienced a consistent decline in top-line performance, with revenue falling to $180.3 million in 2025Q3, representing an 11.5% year-over-year contraction that underscores the ongoing secular challenges facing the terrestrial radio industry's traditional advertising model.
The persistent negative growth trajectory suggests that the company's digital initiatives are currently insufficient to offset the erosion of broadcast spot advertising. Investors should monitor whether the revenue decline stabilizes or if the current rate of contraction accelerates as audience fragmentation continues to intensify.
As reported in recent income statements, the company's operating margin has fluctuated significantly, reaching a low of -103.5% in 2024Q4, which highlights the extreme sensitivity of the firm's high fixed-cost structure to even minor variations in quarterly revenue generation and content-related expenses.
While gross margins have remained relatively resilient, hovering near 60%, the inability to translate this into positive operating income suggests a fundamental disconnect between legacy infrastructure costs and current market demand. This volatility warrants further investigation into the company's ability to rationalize its station footprint without sacrificing its national syndication reach.
Based on the reported figures, Cumulus Media's operating leverage remains severely constrained, as SG&A expenses frequently exceed $100 million per quarter, effectively neutralizing the gross profit generated by the Westwood One network and local broadcast operations during periods of revenue weakness.
The data indicates that the company lacks the necessary scale to achieve meaningful operating leverage, as fixed costs remain stubbornly high despite the downward trend in revenue. This structural imbalance suggests that the firm may struggle to achieve sustained profitability without a significant reduction in its fixed operating expense base.
Financial statements reveal that net income is frequently negative, with a significant $231.1 million loss in 2024Q4, suggesting that reported earnings are heavily impacted by non-operating items and potential asset impairments that obscure the underlying cash-generating capability of the core radio business.
The recurring nature of these losses, combined with the impact of stock-based compensation, complicates the assessment of true economic profitability. Investors should be cautious of relying on headline EPS figures, as they appear to be heavily influenced by accounting adjustments rather than consistent operational performance.
A critical challenge to the current narrative is the sustainability of the company's cost structure, as the data shows that even in quarters with higher revenue, the firm struggles to maintain consistent positive operating income, raising questions about the viability of its current business model.
Short-sellers would likely focus on the persistent negative net margins and the high debt-to-equity ratio as indicators of potential long-term insolvency risk. The reliance on lumpy political advertising cycles to bridge cash flow gaps appears to be a precarious strategy in the face of secular broadcast decline.
Quick answers to the most common questions about buying CMLS stock.
For fiscal year 2024, Cumulus Media Inc. (CMLS) reported total revenue of $827.1M. This represents a 737.1% increase compared to $98.8M in 1998.
Cumulus Media Inc. (CMLS) reported a net loss of $283.3M for the fiscal year ending 2024.
Cumulus Media Inc. (CMLS) reported an operating income of $-239.7M, resulting in an operating profit margin of -29.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Cumulus Media Inc. (CMLS) generated $502.8M in gross profit for the year, representing a gross profit margin of 60.8%. This demonstrates the company's core pricing power and production efficiency.