Revenue growth remains under pressure with a 5.23% year-over-year decline, while gross margins have experienced significant volatility, compressing from 31.6% in 2024Q4 to 17.1% in 2026Q1.
| Metric | TTM | Dec'25 | 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 |
|---|
| Sales/Revenue | 425.49M | 427.38M | 450.98M | 454.23M | 463.08M | 417.96M | 371.34M | 431.41M | 430.6M | 507.43M | 516.87M | 441.22M | 373.89M | 268.58M | 222.74M |
| Revenue Growth % | -5.45% | -5.23% | -0.72% | -1.91% | 10.8% | 12.55% | -13.92% | 0.19% | -15.14% | -1.82% | 17.14% | 18.01% | 39.21% | 20.58% | - |
| Cost of Goods Sold | 327.38M | 336.68M | 326.78M | 329.2M | 324.93M | 288.3M | 282.35M | 300.43M | 306.86M | 384.41M | 384.71M | 317.83M | 253.44M | 185.21M | 154.57M |
| COGS % of Revenue | - | 78.78% | 72.46% | 72.47% | 70.17% | 68.98% | 76.03% | 69.64% | 71.26% | 75.76% | 74.43% | 72.04% | 67.78% | 68.96% | 69.39% |
| Gross Profit | 98.11M | 90.7M | 124.2M | 125.03M | 138.15M | 129.66M | 88.99M | 130.98M | 123.74M | 123.02M | 132.16M | 123.39M | 120.45M | 83.36M | 68.17M |
| Gross Margin % | 23.06% | 21.22% | 27.54% | 27.53% | 29.83% | 31.02% | 23.96% | 30.36% | 28.74% | 24.24% | 25.57% | 27.96% | 32.22% | 31.04% | 30.61% |
| Gross Profit Growth % | - | -26.98% | -0.67% | -9.49% | 6.55% | 45.69% | -32.06% | 5.86% | 0.58% | -6.91% | 7.11% | 2.44% | 44.49% | 22.29% | - |
| Operating Expenses | 40.79M | 34.77M | 102.51M | 144.17M | 82.56M | 55.18M | 163.96M | 168.12M | 47.81M | 52.26M | 53.6M | 47.27M | 79.61M | 36.31M | 31.11M |
| OpEx % of Revenue | - | 8.14% | 22.73% | 31.74% | 17.83% | 13.2% | 44.15% | 38.97% | 11.1% | 10.3% | 10.37% | 10.71% | 21.29% | 13.52% | 13.97% |
| Selling, General & Admin | 10.25M | 13.78M | 17.17M | 8.03M | 3.8M | 3.72M | 2.08M | 2.59M | 1.63M | 748K | 29.62M | 29.69M | 62.73M | 21.12M | 16.29M |
| SG&A % of Revenue | - | 3.22% | 3.81% | 1.77% | 0.82% | 0.89% | 0.56% | 0.6% | 0.38% | 0.15% | 5.73% | 6.73% | 16.78% | 7.87% | 7.31% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 21M | 85.34M | 136.14M | 78.76M | 51.46M | 161.88M | 165.53M | -167K | -288K | 665K | -277K | -111K | 986K | -123K |
| Operating Income | 57.32M | 55.92M | 21.69M | -19.14M | 55.59M | 74.48M | -74.97M | -37.13M | 40.4M | 11.14M | 77.43M | 84.73M | 40.53M | 46.19M | 35.15M |
| Operating Margin % | 13.47% | 13.09% | 4.81% | -4.21% | 12% | 17.82% | -20.19% | -8.61% | 9.38% | 2.2% | 14.98% | 19.2% | 10.84% | 17.2% | 15.78% |
| Operating Income Growth % | - | 157.79% | 213.34% | -134.43% | -25.36% | 199.35% | -101.88% | -191.93% | 262.64% | -85.61% | -8.62% | 109.05% | -12.24% | 31.38% | - |
| EBITDA | 76.75M | 75.81M | 46.25M | 4.93M | 78.95M | 93.58M | -54.86M | -11.3M | 59.98M | 30.14M | 101.4M | 102.31M | 57.41M | 61.38M | 49.98M |
| EBITDA Margin % | 18.04% | 17.74% | 10.26% | 1.08% | 17.05% | 22.39% | -14.77% | -2.62% | 13.93% | 5.94% | 19.62% | 23.19% | 15.35% | 22.85% | 22.44% |
| EBITDA Growth % | 69.16% | 63.91% | 838.51% | -93.76% | -15.63% | 270.57% | -385.54% | -118.84% | 99.01% | -70.28% | -0.89% | 78.21% | -6.46% | 22.8% | - |
| D&A (Non-Cash Add-back) | 19.43M | 19.89M | 24.56M | 24.07M | 23.36M | 19.1M | 20.11M | 25.84M | 19.58M | 19M | 23.97M | 17.58M | 16.88M | 15.19M | 14.82M |
| EBIT | 42.58M | 55.92M | 25.18M | -12.28M | 51.97M | 67.27M | -72.99M | -38.54M | 15.78M | 50.16M | 73.88M | 52.43M | 37.26M | 43.96M | 32.45M |
| Net Interest Income | -47.68M | -47.92M | -36.23M | -37.25M | -39.83M | -39.85M | -31.42M | -33.86M | -34.27M | -32.76M | -34.07M | -35.98M | -46.5M | -35.62M | -28.29M |
| Interest Income | 0 | 0 | 651K | 1.72M | 0 | 0 | 549K | 1.12M | 0 | 0 | 0 | 0 | 1K | 2K | 21K |
| Interest Expense | 47.68M | 47.92M | 36.88M | 38.97M | 39.83M | 39.85M | 31.97M | 34.98M | 34.27M | 32.75M | 32.12M | 34.26M | 43.34M | 35.62M | 28.31M |
| Other Income/Expense | -70.51M | -60.95M | -31.31M | -30.02M | -41.76M | -45.34M | -29.44M | -34.93M | -34.94M | -33.12M | -37.53M | -66.56M | -46.61M | -35.73M | -28.41M |
| Pretax Income | -13.19M | -5.02M | -9.62M | -49.16M | 13.83M | 29.14M | -104.41M | -72.07M | 1.09M | -21.9M | 40.33M | 18.17M | -6.08M | 10.45M | 6.74M |
| Pretax Margin % | -3.1% | -1.18% | -2.13% | -10.82% | 2.99% | 6.97% | -28.12% | -16.71% | 0.25% | -4.32% | 7.8% | 4.12% | -1.63% | 3.89% | 3.03% |
| Income Tax | -7.91M | 4.73M | 1.31M | -6.14M | -564K | 10.35M | -23.86M | -14.56M | 1.59M | -13.03M | 17.04M | 7.92M | 10.87M | 4.07M | 340K |
| Effective Tax Rate % | 59.95% | -94.15% | -13.58% | 12.49% | -4.08% | 35.53% | 22.85% | 20.21% | 145.11% | 59.48% | 42.25% | 43.61% | -178.79% | 38.9% | 5.04% |
| Net Income | -6.76M | -11.52M | -12.7M | -44.96M | 12.34M | 16.74M | -82.47M | -67.76M | -32.93M | -11.19M | 23.06M | 9.83M | -17.37M | 6.39M | 6.4M |
| Net Margin % | -1.59% | -2.69% | -2.82% | -9.9% | 2.66% | 4% | -22.21% | -15.71% | -7.65% | -2.2% | 4.46% | 2.23% | -4.65% | 2.38% | 2.87% |
| Net Income Growth % | 57.27% | 9.35% | 71.74% | -464.44% | -26.28% | 120.29% | -21.7% | -105.78% | -194.41% | -148.51% | 134.58% | 156.59% | -372.03% | -0.22% | - |
| Net Income (Continuing) | -5.28M | -9.75M | -10.93M | -43.02M | 14.39M | 18.78M | -80.55M | -57.5M | -47.96M | 21.83M | 23.2M | 10.25M | -16.95M | 10.11M | 6.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.15M | 0 | 0 | 2.46M | 0 | 0 | 0 | 0 |
| Minority Interest | 3.6M | 3.41M | 3.41M | 3.5M | 3.56M | 3.33M | 3.49M | 2.74M | 1.29M | 1.12M | 705K | 640K | 443K | 492K | 442K |
| EPS (Diluted) | -0.38 | -0.71 | -0.81 | -2.68 | 0.68 | 0.79 | -4.32 | -3.10 | -1.78 | -0.61 | 0.85 | 0.37 | -1.45 | 1.28 | 0.81 |
| EPS Growth % | 68.04% | 12.35% | 69.78% | -494.12% | -13.92% | 118.29% | -39.35% | -74.16% | -191.8% | -171.76% | 129.73% | 125.52% | -213.28% | 58.02% | - |
| EPS (Basic) | - | -0.71 | -0.81 | -2.68 | 0.73 | 0.99 | -4.32 | -3.10 | -1.78 | -0.61 | 1.27 | 0.58 | -1.45 | 1.28 | 0.81 |
| Diluted Shares Outstanding | 17.72M | 16.18M | 15.6M | 16.76M | 18.2M | 21.24M | 27.7M | 18.55M | 27.48M | 18.46M | 27.31M | 27.72M | 12.01M | 7.89M | 7.89M |
| Basic Shares Outstanding | 16.8M | 16.18M | 15.6M | 16.76M | 16.99M | 16.84M | 18.65M | 18.55M | 18.48M | 18.46M | 18.25M | 17.54M | 12.01M | 7.89M | 7.89M |
| Dividend Payout Ratio | - | - | - | - | - | 0.36% | - | - | - | - | - | - | - | - | - |
Negative revenue growth trajectory
As evidenced by the most recent quarterly data, Townsquare Media has experienced a sustained period of top-line pressure, with revenue growth consistently negative, including a 5.23% year-over-year decline that highlights the difficulty of offsetting legacy broadcast advertising headwinds with digital marketing solutions in current market conditions.
The consistent negative revenue growth suggests that the company's pivot toward digital services is not yet sufficient to overcome the secular decline in terrestrial radio demand. Investors should monitor whether this contraction is a result of broader macroeconomic weakness in mid-sized markets or a fundamental loss of competitive positioning against digital-native alternatives.
Based on reported financial statements, gross margins have exhibited significant volatility, peaking at 31.6% in late 2024 before compressing to 17.1% in 2026Q1, which indicates that the company's cost structure remains highly sensitive to shifts in revenue mix and fulfillment expenses for digital services.
The compression in gross margins suggests that the company may be struggling to maintain pricing power as it competes for SMB advertising budgets. This variability warrants further investigation into whether the digital segment's fulfillment costs are becoming structurally higher than anticipated, potentially limiting the long-term profitability of the digital-first strategy.
According to the income statement history, operating income has failed to scale consistently with gross profit, as evidenced by the 2024Q2 operating loss of $21.4 million, suggesting that the company's fixed cost base remains a significant burden during periods of revenue softness.
The inability to maintain positive operating margins during revenue downturns implies that the company lacks the necessary operating leverage to protect the bottom line. This suggests that management's efforts to streamline the cost structure have not yet fully mitigated the impact of high fixed costs associated with FCC license compliance and local broadcast operations.
As reported in recent filings, net income has been highly erratic, swinging from a $24.6 million profit in 2024Q4 to a $5.2 million loss in 2025Q4, which appears to be driven by non-operating items and potential impairment charges that mask the underlying cash-generating capability of the business.
The wide variance between operating income and net income suggests that investors should focus more on cash flow metrics rather than headline EPS. The recurring nature of these non-operating fluctuations warrants further investigation into the company's debt-servicing costs and the potential for future goodwill or asset impairments.
While management emphasizes the digital pivot, the recent financial data suggests that the core business remains vulnerable, as the negative net margin of -2.69% highlights that the company's current operational model may not be self-sustaining without significant improvements in revenue growth or cost discipline.
Short-sellers would likely focus on the company's thin cash position and the persistent inability to generate consistent net income. This raises the question of whether the digital segment is truly a growth engine or merely a necessary, yet low-margin, defensive measure against the inevitable decline of the radio broadcast industry.
Quick answers to the most common questions about buying TSQ stock.
For fiscal year 2025, Townsquare Media, Inc. (TSQ) reported total revenue of $427.4M. This represents a 91.9% increase compared to $222.7M in 2012.
Townsquare Media, Inc. (TSQ) reported a net loss of $11.5M for the fiscal year ending 2025.
Townsquare Media, Inc. (TSQ) reported an operating income of $55.9M, resulting in an operating profit margin of 13.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Townsquare Media, Inc. (TSQ) generated $90.7M in gross profit for the year, representing a gross profit margin of 21.2%. This demonstrates the company's core pricing power and production efficiency.