LEE ENTERPRISES, Inc
LEE Nasdaq Newspapers: Publishing Or Publishing & Printing Financials FY2016–FY2025
Last close · Oct 23, 2026
$6.32
2.3%
Revenue
Total sales reported in the income statement.
$562M
8.0%
vs prior year
Operating margin
Operating income as a share of revenue.
−0.8%
1.6 pts
Net income
Profit after all expenses, interest and tax.
−$37.6M
Free cash flow
Cash from operations minus capital spending.
−$7.1M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−0.9%
1.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$141M
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$1.89 EPS (TTM)
What LEE ENTERPRISES, Inc does
No business description yet.
- Legal name
- LEE ENTERPRISES, Inc
- Fiscal year ends
- September 28, 2025
- Latest annual report
- 10-K · Nov 26, 2025
- Accession · CIK
- 0000058361-25-000040
0000058361
Revenue and margins
LEE ENTERPRISES, Inc had $562M of revenue in fiscal 2025, down 8.0% on the year before.
FY16
Revenue $614M
FY17
Revenue $567M
FY18
Revenue $544M
FY19
Revenue $510M
FY20
Revenue $618M
FY21
Revenue $795M
FY22
Revenue $781M
FY23
Revenue $691M
FY24
Revenue $611M
FY25
Revenue $562M
Q4 '23
Revenue $164M
Q1 '24
Revenue $156M
Q2 '24
Revenue $147M
Q3 '24
Revenue $151M
Q4 '24
Revenue $159M
Q1 '25
Revenue $145M
Q2 '25
Revenue $137M
Q3 '25
Revenue $141M
Q4 '25
Revenue $139M
Q1 '26
Revenue $130M
Q2 '26
Revenue $122M
Q3 '26
Revenue $126M
FY16
Gross —
Operating 16.9%
Net 5.7%
FCF 11.7%
FY17
Gross —
Operating 15.7%
Net 4.8%
FCF 12.0%
FY18
Gross —
Operating 15.8%
Net 8.4%
FCF 9.8%
FY19
Gross —
Operating 14.7%
Net 2.8%
FCF 10.2%
FY20
Gross —
Operating 8.1%
Net −0.3%
FCF 6.8%
FY21
Gross —
Operating 7.1%
Net 2.9%
FCF 5.4%
FY22
Gross —
Operating 3.2%
Net −0.3%
FCF −0.6%
FY23
Gross —
Operating 5.4%
Net −0.8%
FCF −1.2%
FY24
Gross —
Operating 0.7%
Net −4.2%
FCF −1.3%
FY25
Gross —
Operating −0.8%
Net −6.7%
FCF −1.3%
Gross
Operating
Net
FCF
Q4 '23
Gross —
Operating 6.7%
Net −1.2%
FCF −1.7%
Q1 '24
Gross —
Operating 5.0%
Net 0.4%
FCF −0.6%
Q2 '24
Gross —
Operating −3.1%
Net −8.3%
FCF 0.9%
Q3 '24
Gross —
Operating 3.3%
Net −2.8%
FCF −3.6%
Q4 '24
Gross —
Operating −2.3%
Net −6.4%
FCF −1.8%
Q1 '25
Gross —
Operating −2.3%
Net −11.6%
FCF −6.1%
Q2 '25
Gross —
Operating −3.3%
Net −9.1%
FCF −1.6%
Q3 '25
Gross —
Operating 3.3%
Net −1.4%
FCF 5.9%
Q4 '25
Gross —
Operating −1.0%
Net −4.6%
FCF −3.1%
Q1 '26
Gross —
Operating 4.0%
Net −4.3%
FCF 2.9%
Q2 '26
Gross —
Operating 7.0%
Net −1.8%
FCF −5.6%
Q3 '26
Gross —
Operating 6.9%
Net 3.7%
FCF 5.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $35.0M
FY17
Net income $27.5M
FY18
Net income $45.8M
FY19
Net income $14.3M
FY20
Net income −$2.0M
FY21
Net income $22.7M
FY22
Net income −$2.0M
FY23
Net income −$5.3M
FY24
Net income −$25.8M
FY25
Net income −$37.6M
Q4 '23
Net income −$2.0M
Q1 '24
Net income $0.7M
Q2 '24
Net income −$12.2M
Q3 '24
Net income −$4.3M
Q4 '24
Net income −$10.1M
Q1 '25
Net income −$16.7M
Q2 '25
Net income −$12.5M
Q3 '25
Net income −$1.9M
Q4 '25
Net income −$6.4M
Q1 '26
Net income −$5.6M
Q2 '26
Net income −$2.1M
Q3 '26
Net income $4.7M
FY16
Diluted EPS $0.64
FY17
Diluted EPS $0.50
FY18
Diluted EPS $0.82
FY19
Diluted EPS $2.51
FY20
Diluted EPS −$0.35
FY21
Diluted EPS $3.90
FY22
Diluted EPS −$0.35
FY23
Diluted EPS −$0.90
FY24
Diluted EPS −$4.35
FY25
Diluted EPS −$6.20
Q4 '23
Diluted EPS −$0.33
Q1 '24
Diluted EPS $0.12
Q2 '24
Diluted EPS −$2.06
Q3 '24
Diluted EPS −$0.73
Q4 '24
Diluted EPS −$1.68
Q1 '25
Diluted EPS −$2.80
Q2 '25
Diluted EPS −$2.07
Q3 '25
Diluted EPS −$0.31
Q4 '25
Diluted EPS −$1.02
Q1 '26
Diluted EPS −$0.92
Q2 '26
Diluted EPS −$0.16
Q3 '26
Diluted EPS $0.21
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 15.2%
Return on equity —
Return on assets 5.3%
FY17
Return on capital 15.0%
Return on equity —
Return on assets 4.3%
FY18
Return on capital 20.2%
Return on equity —
Return on assets 7.7%
FY19
Return on capital 13.0%
Return on equity —
Return on assets 2.5%
FY20
Return on capital 7.3%
Return on equity —
Return on assets −0.3%
FY21
Return on capital 8.8%
Return on equity —
Return on assets 2.7%
FY22
Return on capital 3.5%
Return on equity −7.2%
Return on assets −0.3%
FY23
Return on capital 6.3%
Return on equity −29.1%
Return on assets −0.7%
FY24
Return on capital 0.8%
Return on equity −455.4%
Return on assets −3.8%
FY25
Return on capital −0.9%
Return on equity —
Return on assets −6.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$7.1M in fiscal 2025, −1.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $72.1M
FY17
Free cash flow $68.2M
FY18
Free cash flow $53.3M
FY19
Free cash flow $51.8M
FY20
Free cash flow $41.8M
FY21
Free cash flow $42.6M
FY22
Free cash flow −$4.7M
FY23
Free cash flow −$8.3M
FY24
Free cash flow −$8.1M
FY25
Free cash flow −$7.1M
Q4 '23
Free cash flow −$2.8M
Q1 '24
Free cash flow −$1.0M
Q2 '24
Free cash flow $1.3M
Q3 '24
Free cash flow −$5.5M
Q4 '24
Free cash flow −$2.9M
Q1 '25
Free cash flow −$8.9M
Q2 '25
Free cash flow −$2.2M
Q3 '25
Free cash flow $8.3M
Q4 '25
Free cash flow −$4.3M
Q1 '26
Free cash flow $3.7M
Q2 '26
Free cash flow −$6.8M
Q3 '26
Free cash flow $6.8M
FY16
Cash from operations $79.2M
Capital spending $7.1M
FY17
Cash from operations $72.3M
Capital spending $4.1M
FY18
Cash from operations $59.3M
Capital spending $6.0M
FY19
Cash from operations $57.7M
Capital spending $5.9M
FY20
Cash from operations $49.9M
Capital spending $8.1M
FY21
Cash from operations $50.1M
Capital spending $7.5M
FY22
Cash from operations $2.9M
Capital spending $7.5M
FY23
Cash from operations −$3.2M
Capital spending $5.1M
FY24
Cash from operations $1.1M
Capital spending $9.2M
FY25
Cash from operations −$5.5M
Capital spending $1.5M
Cash from operations
Capital spending
Q4 '23
Cash from operations −$1.5M
Capital spending $1.3M
Q1 '24
Cash from operations $0.1M
Capital spending $1.0M
Q2 '24
Cash from operations $3.2M
Capital spending $1.9M
Q3 '24
Cash from operations −$1.9M
Capital spending $3.6M
Q4 '24
Cash from operations −$0.3M
Capital spending $2.7M
Q1 '25
Cash from operations −$7.3M
Capital spending $1.6M
Q2 '25
Cash from operations −$0.8M
Capital spending $1.4M
Q3 '25
Cash from operations $8.9M
Capital spending $0.6M
Q4 '25
Cash from operations −$6.3M
Capital spending −$2.0M
Q1 '26
Cash from operations $4.5M
Capital spending $0.8M
Q2 '26
Cash from operations −$6.2M
Capital spending $0.6M
Q3 '26
Cash from operations $7.9M
Capital spending $1.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
LEE ENTERPRISES, Inc returned — to shareholders in fiscal 2025. The diluted share count rose 2.1%.
FY16
Dividends —
Buybacks —
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.05B
FY17
Diluted shares 0.06B
FY18
Diluted shares 0.06B
FY19
Diluted shares 0.01B
FY20
Diluted shares 0.01B
FY21
Diluted shares 0.01B
FY22
Diluted shares 0.01B
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably LEE ENTERPRISES, Inc can carry it.
FY16
Cash $17.0M
Debt $591M
FY17
Cash $10.6M
Debt $527M
FY18
Cash $5.4M
Debt $468M
FY19
Cash $8.6M
Debt $429M
FY20
Cash $33.7M
Debt $525M
FY21
Cash $26.1M
Debt $483M
FY22
Cash $16.2M
Debt $463M
FY23
Cash $14.5M
Debt $456M
FY24
Cash $9.6M
Debt $446M
FY25
Cash $10.0M
Debt $455M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $26.1M | $16.2M | $14.5M | $9.6M | $10.0M |
| Debt incl. finance leases | $483M | $463M | $456M | $446M | $455M |
| Net debt / EBITDA | 4.6x | 7.3x | 6.5x | 13.6x | 31.4x |
| Debt / equity | 11.7x | 30.8x | 21.5x | — | — |
| Interest coverage | 1.3x | 0.6x | 0.9x | 0.1x | −0.1x |
| Current ratio | 0.8x | 0.8x | 0.9x | 0.8x | 0.8x |
| Quick ratio | 0.7x | 0.8x | 0.9x | 0.8x | 0.7x |
| Total assets | $844M | $744M | $712M | $649M | $602M |
| Total liabilities | $800M | $727M | $688M | $657M | $643M |
| Shareholders' equity | $41.1M | $15.0M | $21.2M | −$9.9M | −$43.3M |
| Net debt (− = net cash) | $457M | $446M | $441M | $436M | $445M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Return on assets rose | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 4 / 8 | 7 / 8 | 6 / 8 | 3 / 8 | 7 / 8 | 5 / 8 | 2 / 8 | 2 / 8 | 1 / 8 |
| Accruals ratio | −6.7% | −7.0% | −2.3% | −7.7% | −7.3% | −3.2% | −0.6% | −0.3% | −4.0% | −5.1% |
| Altman Z'' | −1.08 | −1.22 | −0.72 | −0.73 | −0.99 | −0.75 | −1.09 | −0.91 | −1.61 | −2.17 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $614M | $567M | $544M | $510M | $618M | $795M | $781M | $691M | $611M | $562M |
| Operating income | $104M | $89.1M | $85.7M | $74.7M | $50.3M | $56.6M | $24.9M | $37.2M | $4.5M | −$4.7M |
| Interest expense | $64.2M | $57.6M | $52.8M | $47.5M | $47.7M | $44.8M | $41.8M | $41.5M | $41.2M | $40.5M |
| Pretax income | $58.2M | $40.2M | $30.8M | $23.8M | $2.8M | $32.0M | $0.8M | −$3.1M | −$31.2M | −$42.6M |
| Income tax | $22.2M | $11.6M | −$16.2M | $7.9M | $3.0M | $7.3M | $0.7M | −$0.3M | −$7.6M | −$6.9M |
| Net income | $35.0M | $27.5M | $45.8M | $14.3M | −$2.0M | $22.7M | −$2.0M | −$5.3M | −$25.8M | −$37.6M |
| Diluted EPS | $0.64 | $0.50 | $0.82 | $2.51 | −$0.35 | $3.90 | −$0.35 | −$0.90 | −$4.35 | −$6.20 |
| Diluted shares | 0.05B | 0.06B | 0.06B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $79.2M | $72.3M | $59.3M | $57.7M | $49.9M | $50.1M | $2.9M | −$3.2M | $1.1M | −$5.5M |
| Capital expenditure | $7.1M | $4.1M | $6.0M | $5.9M | $8.1M | $7.5M | $7.5M | $5.1M | $9.2M | $1.5M |
| Free cash flow | $72.1M | $68.2M | $53.3M | $51.8M | $41.8M | $42.6M | −$4.7M | −$8.3M | −$8.1M | −$7.1M |
| Depreciation and amortization | $43.4M | $41.3M | $31.8M | $29.3M | $36.1M | $42.8M | $36.5M | $30.6M | $27.6M | $18.8M |
| Stock-based compensation | $2.3M | $2.1M | $1.9M | $1.6M | $1.3M | $0.9M | $1.3M | $1.8M | $1.8M | $1.8M |
| Acquisitions | $0.0M | $7.5M | $0.0M | $6.5M | $131M | $0.0M | $0.0M | — | — | — |
| Balance sheet | ||||||||||
| Cash and short-term investments | $17.0M | $10.6M | $5.4M | $8.6M | $33.7M | $26.1M | $16.2M | $14.5M | $9.6M | $10.0M |
| Total debt | $591M | $527M | $468M | $429M | $525M | $483M | $463M | $456M | $446M | $455M |
| Current assets | $77.3M | $67.8M | $59.3M | $60.3M | $109M | $109M | $109M | $107M | $97.8M | $89.4M |
| Current liabilities | $99.0M | $98.2M | $65.3M | $61.0M | $144M | $142M | $131M | $114M | $115M | $113M |
| Inventory | $4.3M | $3.6M | $5.7M | $3.8M | $7.5M | $6.3M | $8.3M | $7.5M | $5.6M | $4.7M |
| Property and equipment, net | $129M | $114M | $92.3M | $82.0M | $106M | $83.3M | $73.7M | $61.2M | $44.4M | $35.6M |
| Goodwill | $244M | $246M | $246M | $250M | $328M | $330M | $330M | $330M | $328M | $324M |
| Intangible assets | $158M | $136M | $120M | $107M | $183M | $157M | $121M | $95.0M | $70.1M | $51.9M |
| Total assets | $663M | $621M | $575M | $555M | $864M | $844M | $744M | $712M | $649M | $602M |
| Total liabilities | $790M | $712M | $612M | $592M | $907M | $800M | $727M | $688M | $657M | $643M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$128M | −$92.2M | −$37.4M | −$38.5M | −$45.0M | $41.1M | $15.0M | $21.2M | −$9.9M | −$43.3M |
| Margins | ||||||||||
| Operating margin | 16.9% | 15.7% | 15.8% | 14.7% | 8.1% | 7.1% | 3.2% | 5.4% | 0.7% | −0.8% |
| EBITDA margin | 24.0% | 23.0% | 21.6% | 20.4% | 14.0% | 12.5% | 7.9% | 9.8% | 5.3% | 2.5% |
| Net margin | 5.7% | 4.8% | 8.4% | 2.8% | −0.3% | 2.9% | −0.3% | −0.8% | −4.2% | −6.7% |
| FCF margin | 11.7% | 12.0% | 9.8% | 10.2% | 6.8% | 5.4% | −0.6% | −1.2% | −1.3% | −1.3% |
| Returns | ||||||||||
| Return on capital | 15.2% | 15.0% | 20.2% | 13.0% | 7.3% | 8.8% | 3.5% | 6.3% | 0.8% | −0.9% |
| Return on capital employed | 18.4% | 17.1% | 16.8% | 15.1% | 7.0% | 8.1% | 4.1% | 6.2% | 0.9% | −1.0% |
| Return on equity | — | — | — | — | — | — | −7.2% | −29.1% | −455.4% | — |
| Return on assets | 5.3% | 4.3% | 7.7% | 2.5% | −0.3% | 2.7% | −0.3% | −0.7% | −3.8% | −6.0% |
| Growth | ||||||||||
| Revenue growth | — | −7.7% | −4.1% | −6.3% | 21.2% | 28.6% | −1.7% | −11.5% | −11.5% | −8.0% |
| Net income growth | — | −21.4% | 66.5% | −68.8% | −113.8% | — | −108.9% | — | — | — |
| EPS growth | — | −21.9% | 64.0% | 206.1% | −113.9% | — | −109.0% | — | — | — |
| FCF growth | — | −5.4% | −21.9% | −2.8% | −19.3% | 2.0% | −111.0% | — | — | — |
| Share count change | — | 2.2% | 1.0% | −89.8% | 0.1% | 2.3% | −0.8% | 1.5% | 1.3% | 2.1% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.9x | 4.0x | 3.9x | 4.0x | 5.7x | 4.6x | 7.3x | 6.5x | 13.6x | 31.4x |
| Debt / equity | — | — | — | — | — | 11.7x | 30.8x | 21.5x | — | — |
| Interest coverage | 1.6x | 1.5x | 1.6x | 1.6x | 1.1x | 1.3x | 0.6x | 0.9x | 0.1x | −0.1x |
| Current ratio | 0.8x | 0.7x | 0.9x | 1.0x | 0.8x | 0.8x | 0.8x | 0.9x | 0.8x | 0.8x |
| Quick ratio | 0.7x | 0.7x | 0.8x | 0.9x | 0.7x | 0.7x | 0.8x | 0.9x | 0.8x | 0.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.2% | 0.7% | 1.1% | 1.2% | 1.3% | 0.9% | 1.0% | 0.7% | 1.5% | 0.3% |
| Stock comp / revenue | 0.4% | 0.4% | 0.3% | 0.3% | 0.2% | 0.1% | 0.2% | 0.3% | 0.3% | 0.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 4.0 | 7.0 | 6.0 | 3.0 | 7.0 | 5.0 | 2.0 | 2.0 | 1.0 |
| Altman Z'' | −1.1 | −1.2 | −0.7 | −0.7 | −1.0 | −0.8 | −1.1 | −0.9 | −1.6 | −2.2 |
| Accruals ratio | −6.7% | −7.0% | −2.3% | −7.7% | −7.3% | −3.2% | −0.6% | −0.3% | −4.0% | −5.1% |
Source: SEC EDGAR XBRL filings (CIK 0000058361). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.