BEASLEY BROADCAST GROUP INC
For the period ended Sep 30, 2025. Filed Nov 10, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 10, 2025
BBGI$5.90+5.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-13.
0000950170-25-107986
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001193125-25-274158
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 95 previous paragraphs and 98 current paragraphs.
70 unchanged; 23 reworded; 3 added; 0 removed; 2 previous and 2 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Other Operating Expenses. Other operating expenses consist primarily of increased royalties of $1.5 million to be paid under a settlement agreement between the American Society of Composers, Authors, and Publishers (ASCAP) and the Radio Music License Committee (RMLC) for the period from 2022 to 2024.
Current report
Corporate Expenses. Corporate expenses decreased $2.6 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a decrease in compensation and contract expenses, partially offset by an increase in corporate expenses allocated to operating expenses.
Current report
Other Operating Expenses. Other operating expenses consist primarily of increased royalties of $1.5 million to be paid under a settlement agreement between the American Society of Composers, Authors, and Publishers (ASCAP) and the Radio Music License Committee (RMLC) for the period from 2022 to 2024.
Reworded paragraphs (23)
Previous wording
On June 27, 2025, we entered into an agreement to sell substantially all the assets used in the operations of WPBB-FM in Tampa, FL to a third party for $8.0 million in cash. The sale, which is subject to FCC approval and other customary closing conditions, is expected to close during the third or fourth quarter of 2025.
Current wording
On September 29, 2025, we completed the sale of substantially all of the assets used in the operations of WPBB-FM in
Previous wording
On August 11, 2025, we entered into an agreement to sell substantially all of the assets used in the operations of WRXK-FM and WXKB-FM in Fort Myers, FL to a third party for $9.0 million in cash. On August 11, 2025, we also entered into an agreement to sell substantially all of the assets used in the operations of WBCN-AM, WJPT-FM and WWCN-FM in Fort Myers, FL to another third party for $9.0 million in cash. The sales, which are subject to FCC approval and other customary closing conditions, are expected to close during the fourth quarter of 2025. We will no longer have operations in the Fort Myers-Naples, FL market after completion of the dispositions.
Current wording
On August 11, 2025, we entered into an agreement to sell substantially all of the assets used in the operations of WRXK-FM and WXKB-FM in Fort Myers, FL to a third party for $9.0 million in cash. On August 11, 2025, we also entered into an agreement to sell substantially all of the assets used in the operations of WBCN-AM, WJPT-FM and WWCN-FM in Fort Myers, FL to another third party for $9.0 million in cash. The sales, which are subject to FCC approval and other customary closing conditions, are expected to close during the first quarter of 2026. We will no longer have operations in the Fort Myers-Naples, FL market after completion of the dispositions.
Previous wording
other economic, business, competitive, and regulatory factors affecting the businesses of the Company, including those set forth in the Company’s filings with the SEC.
Current wording
other economic, business, competitive, and regulatory factors, such as the ongoing U.S. government shutdown, affecting the businesses of the Company, including those set forth in the Company’s filings with the SEC.
Previous wording
Our critical accounting estimates are described in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no additional material changes to our critical accounting estimates during the six months ended June 30, 2025.
Current wording
Our critical accounting estimates are described in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no additional material changes to our critical accounting estimates during the nine months ended September 30, 2025.
Previous wording
Net Revenue. Net revenue decreased $7.4 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Audio revenue decreased $7.6 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in agency revenue. Digital revenue during the three months ended June 30, 2025 was comparable to the three months ended June 30, 2024.
Current wording
Net Revenue. Net revenue decreased $7.2 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Audio revenue decreased $8.9 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to decreases in local direct revenue, local agency revenue and national agency revenue partially due to a decrease in political advertising. Digital revenue increased $1.6 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to continued growth in the digital segment.
Previous wording
Operating Expenses. Operating expenses decreased $4.6 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024. Audio operating expenses decreased $4.4 million during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to continued expense management in the audio segment. Digital operating expenses during the three months ended June 30, 2025 were comparable to the three months ended June 30, 2024.
Current wording
Operating Expenses. Operating expenses decreased $3.9 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Audio operating expenses decreased $3.7 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to continued expense management in the audio segment. Digital operating expenses during the three months ended September 30, 2025 were comparable to the three months ended September 30, 2024.
Previous wording
Corporate Expenses. Corporate expenses decreased $0.5 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a decrease in compensation expenses.
Current wording
Corporate Expenses. Corporate expenses decreased $2.1 million during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 primarily due to a decrease in compensation and contract services.
Previous wording
Income Tax Expense (Benefit). Our effective tax rate was 21% and 144% for the three months ended June 30, 2024 and 2025, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Current wording
Income Tax Benefit. Our effective tax rate was 27% and 8% for the three months ended September 30, 2024 and 2025, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Previous wording
Net Loss. Net loss for the three months ended June 30, 2025 was $0.2 million compared to a net loss of $0.3 million for the three months ended June 30, 2024, as a result of the factors described above.
Current wording
Net Loss. Net loss for the three months ended September 30, 2025 was $3.6 million compared to a net loss of $3.6 million for the three months ended September 30, 2024, as a result of the factors described above.
Previous wording
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Current wording
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Previous wording
The following summary table presents a comparison of our results of operations for the six months ended June 30, 2024 and 2025, with respect to certain of our key financial measures. The changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Part I, Item 1 of this report.
Current wording
The following summary table presents a comparison of our results of operations for the nine months ended September 30, 2024 and 2025, with respect to certain of our key financial measures. The changes illustrated in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Part I, Item 1 of this report.
Previous wording
Net Revenue. Net revenue decreased $12.9 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Audio revenue decreased $12.9 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a decrease in agency revenue. Digital revenue during the six months ended June 30, 2025 was comparable to the six months ended June 30, 2024.
Current wording
Net Revenue. Net revenue decreased $20.1 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Audio revenue decreased $21.7 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to decreases in local direct revenue, local agency revenue and national agency revenue partially due to a decrease in political advertising. Digital revenue increased $1.6 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to continued growth in the digital segment.
Previous wording
Operating Expenses. Operating expenses decreased $8.6 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024. Audio operating expenses decreased $6.4 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to continued expense management in the audio segment. Digital operating expenses decreased $2.2 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to expense management in the digital segment and the closure of our digital agency, Guarantee Digital in 2024.
Current wording
Operating Expenses. Operating expenses decreased $12.5 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024. Audio operating expenses decreased $10.1 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to continued expense management in the audio segment. Digital operating expenses decreased $2.4 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to expense management in the digital segment.
Previous wording
Interest Expense. Interest expense decreased $5.0 million during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to amortization of a deferred interest premium recorded as a result of the debt restructure in October 2024.
Current wording
Interest Expense. Interest expense decreased $7.8 million during the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to amortization of a deferred interest premium recorded as a result of the debt restructure in October 2024.
Previous wording
Gain on Repurchase of Long-Term Debt. In the second quarter of 2025, we repurchased $1.5 million principal amount of the Prior Notes for a price equal to 65% of the principal amount and recorded a gain of $0.5 million as a result of the repurchase.
Current wording
Gain on Repurchase of Long-Term Debt. In the second quarter of 2025, we repurchased $1.5 million principal amount of the Prior
Previous wording
Income Tax Benefit. Our effective tax rate was 64% and 31% for the six months ended June 30, 2024 and 2025, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Current wording
Income Tax Benefit. Our effective tax rate was 32% and 20% for the nine months ended September 30, 2024 and 2025, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes and certain expenses that are not deductible for tax purposes.
Previous wording
Net Loss. Net loss for the six months ended June 30, 2025 was $2.8 million compared to a net loss of $0.3 million for the six months ended June 30, 2024, as a result of the factors described above.
Current wording
Net Loss. Net loss for the nine months ended September 30, 2025 was $6.4 million compared to a net loss of $3.8 million for the nine months ended September 30, 2024, as a result of the factors described above.
Previous wording
Overview. Our primary sources of liquidity are internally generated cash flow and cash on hand. In addition, as noted in “Recent Developments” above, we expect to receive an aggregate of $26.0 million in the second half of 2025 in connection with certain asset sales. Our primary liquidity needs have been, and for the next twelve months and thereafter are expected to continue to be, for working capital, debt service, and other general corporate purposes, including capital expenditures and station acquisitions. Historically, our capital expenditures have not been significant. In addition to property and equipment associated with station acquisitions, our capital expenditures have generally been, and are expected to continue to be, related to the maintenance of our office and studio space, the maintenance of our towers and equipment, and digital products and information technology. We have also purchased or constructed office and studio space in some of our markets to facilitate the consolidation of our operations.
Current wording
Overview. Our primary sources of liquidity are internally generated cash flow and cash on hand. In addition, as noted in “Recent Developments” above, we expect to receive an aggregate of $18.0 million in the first quarter of 2026 in connection with certain asset sales. Our primary liquidity needs have been, and for the next twelve months and thereafter are expected to continue to be, for working capital, debt service, and other general corporate purposes, including capital expenditures and station acquisitions. Historically, our capital expenditures have not been significant. In addition to property and equipment associated with station acquisitions, our capital expenditures have generally been, and are expected to continue to be, related to the maintenance of our office and studio space, the maintenance of our towers and equipment, and digital products and information technology. We have also purchased or constructed office and studio space in some of our markets to facilitate the consolidation of our operations.
Previous wording
From time to time, we repurchase sufficient shares of our Class A Common Stock to fund withholding taxes in connection with the vesting of restricted stock units. We paid approximately $27,000 to repurchase 5,072 shares during the six months ended June 30, 2025. From time to time, we may seek to repurchase, redeem or otherwise retire our Prior Notes, New Notes and Exchange Notes through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Such repurchases, redemptions or other transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material.
Current wording
From time to time, we repurchase sufficient shares of our Class A Common Stock to fund withholding taxes in connection with the vesting of restricted stock units. We paid approximately $27,000 to repurchase 5,072 shares during the nine months ended September 30, 2025. From time to time, we may seek to repurchase, redeem or otherwise retire our Prior Notes, New Notes and Exchange Notes through cash purchases and/or exchanges for equity securities, in open market purchases, privately negotiated transactions, tender offers or otherwise. Such repurchases, redemptions or other transactions, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions, and other factors. The amounts involved may be material.
Previous wording
Cash Flows. The following summary table presents a comparison of our cash flows for the six months ended June 30, 2024 and 2025 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Part I, Item 1 of this report.
Current wording
Cash Flows. The following summary table presents a comparison of our cash flows for the nine months ended September 30, 2024 and 2025 with respect to certain of our key measures affecting our liquidity. The changes set forth in the table are discussed in greater detail below. This section should be read in conjunction with the condensed consolidated financial statements and notes to condensed consolidated financial statements included in Part I, Item 1 of this report.
Previous wording
Net Cash Provided By (Used In) Operating Activities. Net cash used in operating activities was $3.1 million during the six months ended June 30, 2025, as compared to net cash provided by operating activities of $2.6 million during the six months ended June 30, 2024. Significant factors affecting the $3.0 million increase in net cash used in operating activities included a $19.2 million decrease in cash receipts from revenue and a $0.8 million increase in cash paid for income taxes, partially offset by a $13.1 million decrease in cash paid for operating expenses and a $4.9 million decrease in interest payments.
Current wording
Net Cash Used In Operating Activities. Net cash used in operating activities was $5.3 million during the nine months ended September 30, 2025, as compared to net cash used in operating activities of $2.2 million during the nine months ended September 30, 2024. Significant factors affecting the $3.1 million increase in net cash used in operating activities included a $21.6 million decrease in cash receipts from revenue and an $0.8 million increase in cash paid for income taxes, partially offset by a $12.4 million decrease in cash paid for operating expenses, a $6.1 million decrease in interest payments, and a $2.1 million decrease in cash paid for corporate expenses.
Previous wording
Net Cash Provided By Investing Activities. Net cash provided by investing activities during the six months ended June 30, 2025 included proceeds of $2.7 million from property and equipment dispositions, partially offset by payments of $1.4 million for capital expenditures. Net cash provided by investing activities for the six months ended June 30, 2024 included proceeds of $6.0 million from the sale of an investment, partially offset by payments of $2.0 million for capital expenditures.
Current wording
Net Cash Provided By Investing Activities. Net cash provided by investing activities during the nine months ended September 30, 2025 included proceeds of $10.5 million from property and equipment dispositions, partially offset by payments of $3.6 million for capital expenditures. Net cash provided by investing activities for the nine months ended September 30, 2024 included proceeds of $6.0 million from the sale of an investment, partially offset by payments of $2.6 million for capital expenditures.
Previous wording
Net Cash Used In Financing Activities. Net cash used in financing activities during the six months ended June 30, 2025 included Prior Notes repurchases of $1.0 million.
Current wording
Net Cash Used In Financing Activities. Net cash used in financing activities during the nine months ended September 30, 2025 included Prior Notes repurchases of $1.0 million.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Tampa, FL to a third party for $8.0 million in cash. We recorded a gain on disposition of $0.4 million during the third quarter of 2025.
Current report — wording carried from elsewhere
Notes for a price equal to 65% of the principal amount and recorded a gain of $0.5 million as a result of the repurchase.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Corporate Expenses. Corporate expenses during the three months ended June 30, 2025 were comparable to the three months ended June 30, 2024.
Previous report — wording carried elsewhere
Gain on Repurchase of Long-Term Debt. In the second quarter of 2025, we repurchased $1.5 million principal amount of the Prior Notes (as defined below) for a price equal to 65% of the principal amount and recorded a gain of $0.5 million as a result of the repurchase.