Lee Enterprises, Incorporated (LEE) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

of 2025. It is available at lee.net as well as major financial websites. Please also refer to our earnings presentation found at investors.lee.net, which includes supplemental information. As a reminder, this morning's discussion will include forward-looking statements based on our current expectations. These statements are subject to certain risks, trends, and uncertainties that could cause actual results to differ materially. Such factors are described in this morning's news release and in our SEC filings. During the call, we refer to certain non-GAAP financial measures. Reconciliations to the relevant GAAP measures are included in the tables accompanying the release. And now to open the discussion is our President and Chief Executive Officer, Kevin Mowbray. Thanks, Jared, and good morning, everyone. This morning, I'll provide an update on our fiscal 2025 performance. We'll also hear from Nathan and Tim later in the call to discuss operations and an outlook on fiscal 2026. Our 2025 performance clearly demonstrates the strong foundation of Lee's future as a digital-first company. Fiscal 2025 finished with $562 million in total revenue, 53% which was digital, showing more reliance on our digital business. and our legacy print business. On the digital subscription front, we finished the fiscal year with $94 million in revenue from our 633,000 digitally-only subscribers. I'm incredibly proud of this industry-leading revenue growth of 16% year-over-year on a same-store basis. Considering the February cyber incident hampered our ability to generate digitally subscriptions, we are really encouraged to see where we finished the year on the revenue side. We see an opportunity in 2026 to grow units in combination with continued rate optimization. Our digital marketing servic...