The parade of second quarter earnings results for publicly traded broadcast radio ownership groups has begun, with Entravision releasing its results after Tuesday’s closing bell on Wall Street and Townsquare Media distributing its Q2 2025 results as the morning sun rose through smoke-filled haze across the Northeast on Wednesday.
For the Bill Wilson-helmed “Local First” company with a strong digital revenue engine, Q2 was one that exceeded investor expectations.
For Townsquare Media, the three-month period ending June 30 saw net revenue move to $115.45 million, from $118.23 million. While that’s a dip, investors anticipated revenue to fall between $114.63 million and $114.9 million.
Meanwhile, one analyst chimed in with an earnings per share estimate of $0.25 in Q2 2025, rising from $0.14 against difficult comps. Townsquare fell just short of that EPS guess on an adjusted basis, with Adjusted Net Income rising to $3.64 million ($0.22 per diluted share) from $2.33 million ($0.14).
On a non-adjusted basis, Townsquare swung to net income of $2.01 million ($0.09 per share), from a net loss of $48.56 million (-$3.26 per share).
Adjusted EBITDA was flat, moving to $26,421,000 from $26,231,000.
To little surprise, Digital growth was again the big story for Townsquare Media. In Q2, Digital Advertising grew to $42.54 million, from $41.52 million. At the same time, Subscription Digital Marketing Solutions improved to $18.77 million, from $18.52 million. “Digital is and will continue to be Townsquare’s growth engine, and we believe Townsquare’s ability to drive profitable, sustainable digital growth is a key differentiator for our company,” Wilson said.
Broadcast Advertising, up against political ad dollars and macroeconomic challenges tied to tariff concerns and the change in U.S. presidential administrations, fell by 9.2% to $48.68 million, from $53.63 million. In Q2 2024, some $1.46 million in political dollars were achieved. This year, just $556,000 was taken in.
“We are proud that our business model gives us the ability to deliver solid and consistent results, while also producing strong cash flow, which we have been applying towards organic investment in our business and debt paydown, and which we will continue to do for the remainder of the year,” Wilson said in prepared comments ahead of the company’s traditional 8am Eastern earnings call for investors and analysts. “Due to our strong cash generation and successful refinancing earlier this year, we retain financial flexibility moving forward and we are confident in our ability to build shareholder value for our investors through long-term net revenue, Adjusted EBITDA and cash flow growth, net leverage reduction, and future dividend payments.”
What can investors anticipate in Q3 2025? Net revenue is expected to be between $106.5 million and $108.5 million, and Adjusted EBITDA is expected to be between $22.0 million and $23.0 million.
For the full year 2025, net revenue is expected to be between $435 million and $440 million, and Adjusted EBITDA is expected to be between $90 million and $94 million, both within Townsquare Media’s original guidance ranges.
