EL7.AI
StocksMedium•6 November 2026•
3 min read

USA Today Implements $100 Million in Annual Cost Cuts

Key Facts

1The company implemented a cost-cutting program at an annualized rate of $100 million in late September.
2The net loss was $4.6 million, and adjusted EBITDA was $36.6 million in the third quarter of 2026.
3Additional financing for share repurchases in the fourth quarter of 2026 may reach $50 million.
4The remaining authorized balance under the repurchase program was $96.9 million as of June 30, 2026.
5The company set April 5, 2027, as the trial date for its lawsuit against Google, with a damages calculation of $901 million through 2024.

USA Today said it implemented a cost-cutting program at an annualized rate of $100 million at the end of the third quarter, as it recorded a net loss of $4.6 million for the quarter, compared with a loss of $39.2 million a year earlier. The company’s results showed adjusted EBITDA of $36.6 million, versus $57.2 million in the third quarter of 2025. CEO Michael Reed said the lower-cost structure began supporting the run rate in the fourth quarter. He added that audience trends showed "signs of stabilizing," while engagement across the company’s platforms strengthened. The company’s shares, listed under the ticker TDAY, closed at $6.12 in the November 5, 2026 session, according to EL7 data.

Reed said changes in consumer search behavior and some inflationary pressures affected third-quarter results. By contrast, he pointed to stable audience trends and improved engagement across platforms, indicators he described during the earnings call. He said the annualized $100 million cost-cutting program was implemented in late September. According to management, the lower-cost structure began to show an impact on the run rate during the fourth quarter. The comments place the program in the context of quarterly results, with adjusted EBITDA declining to $36.6 million from $57.2 million a year earlier.

Regarding share repurchases, the company said it intends to make opportunistic purchases during the fourth quarter. An amendment to the term loan facility provides up to $50 million in additional financing from funds managed by affiliates of Apollo Global Management, and the proceeds may be allocated to share repurchases before year-end. This amount represents a cap on additional financing, while the company said it had about $96.9 million remaining under its existing repurchase authorization as of June 30, 2026. That available balance was reported in the company’s quarterly filing with the U.S. Securities and Exchange Commission. Management said the current market valuation, in its view, does not reflect the company’s intrinsic value or long-term potential, and that it plans to buy opportunistically.

Management forecast sequential improvement in adjusted EBITDA and free cash flow during the fourth quarter. The forecast follows adjusted EBITDA of $36.6 million in the third quarter, compared with $57.2 million in the same period a year earlier. The company also set April 5, 2027, as the trial date for its antitrust lawsuit against Google. The company’s disclosed damages calculation totaled about $901 million through 2024, excluding the possibility of trebling damages. The trial date and potential outcome remain future matters in the company’s case as it prepares to make opportunistic purchases in the fourth quarter.

Open on chart