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Revenue by Source
Breaks down revenue by advertising (print and digital), circulation/subscriptions, commercial printing and marketing services to show how dependent Lee Enterprises is on ad cycles versus recurring reader income. A larger share of subscription and digital revenue suggests steadier cash flow and progress on digital transformation, while heavy reliance on print ads or printing services increases exposure to economic downturns and long-term readership declines and can pressure margins and capital needs.Advertising and subscription dollars are declining in absolute terms as legacy print erosion and the disappearance of TownNews reflect structural shrinkage, but management’s digital pivot is improving margins and revenue mix. Q1 adjusted EBITDA strength and a lower interest rate validate cost and capital moves, yet the company still needs sustained digital-only subscriber growth, higher-yield digital ad monetization, and asset-sale progress to offset legacy revenue loss and meaningfully deleverage—watch digital ARPU, digital ad mix, and progress toward the $450M digital goal.
Date | Advertising & Marketing | Subscription | TownNews & Other Digital Services | Other |
|---|---|---|---|---|
Mar 31, 2026 | $54.97M | $55.18M | $0.00 | $11.82M |
Dec 31, 2025 | $59.99M | $57.70M | $0.00 | $12.37M |
Sep 30, 2025 | $59.36M | $66.99M | $0.00 | $12.76M |
Jun 30, 2025 | $66.57M | $61.56M | $0.00 | $13.16M |
Mar 31, 2025 | $60.47M | $64.87M | $0.00 | $12.04M |
Dec 31, 2024 | $66.59M | $65.00M | $0.00 | $12.97M |
Sep 30, 2024 | $71.84M | $73.04M | $0.00 | $13.70M |
Jun 30, 2024 | $68.84M | $68.31M | $0.00 | $13.43M |
Mar 31, 2024 | $64.13M | $69.23M | $0.00 | $13.19M |
Dec 31, 2023 | $70.89M | $71.34M | $0.00 | $13.45M |