# Cumulus Media Inc (CMLSQ)

> Source: Nexqual · https://nexqual.com/CMLSQ · data as of 2026-10-16 20:00 UTC · cite as "Nexqual, Cumulus Media Inc (CMLSQ), nexqual.com/CMLSQ" · informational, not investment advice.

**Price:** USD 0.01 (+10.00% on the day) · last close of Oct 16, 2026; US market closed, not a live price. Prev close 0.01 · day 0.01–0.01 · 52w 0–0.15 · market cap $194K · PNK

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $701M, net income -$182M (-25.9% margin), free cash flow -$43.0M (SEC filings).
- Analysts: None.
- Total return with dividends: 1Y +175.0% vs S&P 500 +14.5%; 5Y +175.0% vs S&P 500 +77.1%.
- Next earnings: 2026-08-06, EPS estimate USD —, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $916M | $954M | $845M | $827M | $742M | $701M |
| Operating income | $69.1M | $79.8M | -$41.3M | -$240M | -$138M | -$151M |
| Net income | $17.3M | $16.2M | -$118M | -$283M | -$201M | -$182M |
| EPS (diluted) | $0.83 | $0.81 | -$6.83 | -$16.79 | -$11.55 | — |
| Free cash flow | $39.4M | $47.4M | $6.8M | -$22.6M | -$41.6M | -$43.0M |
| Operating margin | 7.5% | 8.4% | -4.9% | -29.0% | -18.6% | -21.6% |
| Net margin | 1.9% | 1.7% | -14.0% | -34.2% | -27.1% | -25.9% |
| Revenue growth | +12.3% | +4.0% | -11.4% | -2.1% | -10.3% | — |
| Cash + short-term investments | $177M | $63.8M | $80.7M | $63.8M | $82.0M | — |
| Total debt | $799M | $714M | $672M | $669M | $719M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.0x · EV/Sales -0.1x · FCF yield -22131.95% · Earnings yield -93433.43% · Net cash $59.1M · EV -$58.9M

## Analysts
Consensus None.

## Total return (dividends reinvested)
|  | 1Y (from 2026-07-17) | 5Y (from 2026-07-13) |
|---|---|---|
| Total return | +175.0% | +175.0% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | — | — |
| Volatility (annualized) | 450.6% | 209.4% |
| Max drawdown | -60.0% (Jul 2026→Aug 2026) | -50.0% (Sep 2026→Sep 2026) |

## Peers (Broadcasting)
GTN-A (Gray Media, Inc.) USD 6.05 +0.17% · SBGI (Sinclair, Inc.) USD 12.48 -2.54% · NMAX (Newsmax, Inc.) USD 7.88 -3.61% · NXST (Nexstar Media Group, Inc.) USD 167.99 -0.46%

## More
Full page: https://nexqual.com/CMLSQ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CMLSQ's own 10-K filed 2026-04-10 (https://www.sec.gov/Archives/edgar/data/1058623/000105862326000018/cmls-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Katz Media Group | "Advertising sales to national spot advertisers for our radio stations are made by Katz on the national level, in exchange for a commission that is based on the revenue from the advertising generated." |
| Competitor | Meta Platforms (META) | "They also compete for advertising dollars with other large companies such as Facebook, Google, and Amazon." |
| Competitor | Alphabet (Google) (GOOGL) | "They also compete for advertising dollars with other large companies such as Facebook, Google, and Amazon." |
| Competitor | Amazon (AMZN) | "They also compete for advertising dollars with other large companies such as Facebook, Google, and Amazon." |
| Competitor | Spotify (SPOT) | "•audio programming by internet content providers, internet radio stations such as Spotify and Pandora, cable systems, direct broadcast satellite systems and other digital audio broadcast formats;" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total broadcast radio revenue | $102.9M | 61.3% | -13.2% |
| Spot | $81.4M | 48.5% | -10.6% |
| Digital | $38.7M | 23.1% | -0.3% |
| Other | $26.3M | 15.7% | -8.4% |
| Network | $21.4M | 12.8% | -21.5% |
| Trade and Barter Transactions | $17.8M | 10.6% | -8.2% |
| Total revenue | $167.9M | 100% | — |
The lines above cover 171.9% of total revenue.

## Company outlook (8-K filed 2026-08-14)

- "Cumulus Media assumes no responsibility to update any forward-looking statements, which are based upon expectations as of the date hereof, as a result of new information, future events or otherwise."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2026-03-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2025-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |