iHeartMedia, Inc. Reports Results for 2026 Second Quarter

NEW YORK--(BUSINESS WIRE)--iHeartMedia, Inc. (Nasdaq: IHRT) today reported financial results for the quarter ended June 30, 2026.

Financial Highlights:¹

Q2 2026 Consolidated Results

• Q2 Revenue of $977 million, up 4.7% (Excluding Q2 Political Revenue, Q2 Revenue up 3.5%)
• GAAP Operating income of $36 million, compared to a GAAP Operating income of $35 million in Q2 2025, improvement of 0.4%
• Consolidated Adjusted EBITDA of $152 million, compared to $156 million in Q2 2025, down 2.9%
• Cash provided by operating activities of $65 million
• Free Cash Flow of $46 million, compared to ($13) million in Q2 2025
• Cash balance and total available liquidity² of $174 million and $457 million, respectively, as of June 30, 2026
• Extended maturity date of existing $450 million Asset-based Revolving Credit Facility from May 17, 2027 until January 30, 2029³

Q2 2026 Digital Audio Group Results

• Digital Audio Group Revenue of $364 million up 12%
  • Podcast Revenue of $162 million up 21%
  • Digital Revenue excluding Podcast of $202 million up 7%
• Segment Adjusted EBITDA of $123 million up 14%
  • Digital Audio Group Adjusted EBITDA margin of 33.8%

Q2 2026 Multiplatform Group Results

• Multiplatform Group Revenue of $536 million down 2%
  • Excluding Multiplatform Group Q2 Political Revenue, Multiplatform Group Q2 Revenue down 3%
• Segment Adjusted EBITDA of $59 million down 39%
  • Multiplatform Group Adjusted EBITDA margin of 10.9%

Q3 2026 Guidance

• Consolidated Revenue expected to increase mid-single digits
• Consolidated Adjusted EBITDA⁴ expected to be approximately $180 million to $220 million

Full Year 2026 Guidance

• Consolidated Adjusted EBITDA⁴ expected to be approximately $800 million
• Free Cash Flow of approximately $200 million
• Minimal cash taxes in 2026
• In-year 2026 cost savings of $125 million
• Total Programmatic Revenue of approximately $200 million, up approximately 50%
• Year End 2026 Net Debt to Adjusted EBITDA ("net leverage")⁵ to be in mid-fives

Statement from Senior Management

“We’re pleased with our second quarter results, generating Adjusted EBITDA of $152 million, slightly above the midpoint of our previously provided guidance range. Our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter and above our guidance,” said Bob Pittman, Chairman and CEO of iHeartMedia, Inc. “Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the #1 podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace – an incremental growth opportunity for us, including on streaming video services including Netflix and Disney's Hulu, which we announced today. And our work in building our digital assets continues to pay off; this is the sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA.”

“In the second quarter, the Digital Audio Group’s revenue was $364 million, up 12.4% year over year and above our guidance, and our Q2 Adjusted EBITDA margins were 33.8%,” said Rich Bressler, President and COO of iHeartMedia, Inc. “In this quarter we generated $46 million of Free Cash Flow, and this strong performance gives us additional confidence in the second half of the year. Additionally, we are pleased to report that this month we extended the maturity date of our ABL facility to January 30, 2029, while maintaining the facility’s current size and interest rates.”

Consolidated Results of Operations

Second Quarter 2026 Consolidated Results

Our consolidated revenue increased $43.6 million, or 4.7%, during the three months ended June 30, 2026 compared to the same period of 2025. Digital Audio revenue increased $40.2 million, or 12.4%, driven primarily by continuing increases in demand for digital and podcast advertising, as well as increased non-cash trade and barter revenue resulting from strategic marketing initiatives. Multiplatform Group revenue decreased $8.9 million, or 1.6%, primarily resulting from a decrease in our broadcast, networks, and sponsorship revenues reflecting uncertainty on the part of advertisers regarding consumer spending, partially offset by an increase in trade and barter revenue related to strategic marketing initiatives, and an increase in political revenues as 2026 is a midterm election year. Audio & Media Services revenue increased $12.7 million, or 18.8%, primarily as a result of strong demand for digital advertising, as well as an increase in political advertising revenue.

Consolidated direct operating expenses increased $9.4 million, or 2.4%, during the three months ended June 30, 2026 compared to the same period of 2025. The increase was primarily driven by higher variable content costs, including higher third-party digital costs related to the increase in digital revenues, partially offset by a decrease in employee compensation cost related to our modernization initiatives, as well as a decrease in variable content costs related to the decrease in broadcast revenues.

Consolidated Selling, General & Administrative ("SG&A") expenses increased $48.5 million, or 11.8%, during the three months ended June 30, 2026 compared to the same period of 2025. The increase was driven primarily by an increase in non-cash trade and barter expense associated with revenues generated by strategic marketing initiatives, and an increase in cash-settled share-based compensation expense driven by changes in our stock price, partially offset by a decrease in employee compensation cost related to our modernization initiatives and a decrease in bonus expense based on results.

Our consolidated GAAP Operating income was $35.5 million compared to GAAP Operating income of $35.4 million in the second quarter of 2025.

Adjusted EBITDA decreased to $151.5 million from $156.1 million in the second quarter of 2025.

Cash provided by operating activities was $64.9 million, compared to cash provided by operating activities of $6.8 million in the prior year period. This increase was primarily driven by the timing of receivable collections during the quarter. Free Cash Flow was $46.0 million, compared to ($13.2) million in the prior year period.

Business Segments: Results of Operations

Second Quarter 2026 Multiplatform Group Results

Revenue from our Multiplatform Group was down $8.9 million, or 1.6% YoY, primarily resulting from a decrease in our broadcast, networks, and sponsorship revenues reflecting uncertainty on the part of advertisers regarding consumer spending, partially offset by an increase in trade and barter revenue related to strategic marketing initiatives, and an increase in political revenues as 2026 is a midterm election year. Broadcast revenue increased $1.8 million, or 0.5% YoY, driven by an increase in non-cash trade and barter revenue resulting from strategic marketing initiatives, partially offset by lower broadcast spot revenue. Networks decreased $4.1 million, or 3.8% YoY. Revenue from Sponsorship and Events decreased $6.0 million, or 16.3% YoY.

Operating expenses increased $28.8 million, or 6.4% YoY, driven primarily by higher trade and barter expenses resulting from strategic marketing initiatives, partially offset by a decrease in variable content costs related to the decrease in broadcast revenues.

Segment Adjusted EBITDA Margin decreased YoY to 10.9% from 17.7%.

Second Quarter 2026 Digital Audio Group Results

Revenue from our Digital Audio Group increased $40.2 million, or 12.4% YoY, driven by Podcast revenue, which increased $27.8 million, or 20.7% YoY, to $162.1 million, primarily due to a continued increase in demand for podcasting from advertisers, and Digital, excluding Podcast revenue, which increased $12.5 million, or 6.6% YoY, to $202.0 million, primarily due to an increase in demand for digital advertising, as well as increased non-cash trade and barter revenue resulting from strategic marketing initiatives.

Operating expenses increased $24.7 million, or 11.4% YoY, primarily driven by higher variable content costs, including third-party digital costs related to the increase in revenues, and higher non-cash trade and barter expense resulting from strategic marketing initiatives, partially offset by a decrease in commission expense.

Segment Adjusted EBITDA Margin increased YoY to 33.8% from 33.2%.

Second Quarter 2026 Audio & Media Services Group Results

Revenue from our Audio & Media Services Group increased $12.7 million, or 18.8% YoY, primarily due to an increase in digital and political revenues.

Operating expenses decreased $0.2 million, or 0.5% YoY, due to a decrease in employee compensation cost due to our modernization initiatives and programming costs related to lower negotiated rates.

Segment Adjusted EBITDA Margin increased YoY to 45.6% from 35.0%.

GAAP and Non-GAAP Measures: Consolidated

Certain prior period amounts have been reclassified to conform to the 2026 presentation of financial information throughout the press release.

Liquidity and Financial Position

As of June 30, 2026, we had $174.4 million of cash on our balance sheet. For the three months ended June 30, 2026, cash provided by operating activities was $64.9 million, cash used for investing activities was $21.1 million and cash used for financing activities was $4.4 million.

Capital expenditures for the three months ended June 30, 2026 were $18.9 million compared to $20.0 million for the three months ended June 30, 2025.

As of June 30, 2026, the Company had $5,043.0 million of total debt and $4,651.3 million of Net Debt.¹

Cash balance and total available liquidity² were $174.4 million and $457.2 million, respectively, as of June 30, 2026 which reflects $125.0 million of outstanding borrowings under our ABL facility.

Revenue Streams

The table below presents our historical revenue streams (including political revenue) for the periods presented:

Conference Call

iHeartMedia, Inc. will host a conference call to discuss results and business outlook on August 10, 2026, at 4:30 p.m. Eastern Time. The conference call number is (888) 596-4144 (U.S. callers) and +1 (646) 968-2525 (International callers) and the passcode for both is 8885116. A live audio webcast of the conference call will also be available on the Investors homepage of iHeartMedia's website investors.iheartmedia.com. After the live conference call, a replay will be available for a period of thirty days. The replay numbers are (800) 770-2030 (U.S. callers) and +1 (609) 800-9909 (International callers) and the passcode for both is 8885116. An archive of the webcast will be available beginning 24 hours after the call for a period of thirty days.

About iHeartMedia, Inc.

iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the Company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network; and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the Company’s growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The Company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world's leading provider of broadcast and webcast software.

Certain statements herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors which may cause the actual results, performance or achievements of iHeartMedia, Inc. and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The words or phrases “guidance,” “believe,” “expect,” “anticipate,” “estimates,” “forecast” and similar words or expressions are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the Company’s anticipated growth and continued investments; our expected costs savings; utilization of new technologies, programmatic platforms, and revenue opportunities; the expected benefits of our modernization and cost-savings initiatives; improving operational efficiency; future advertising demand; trends in the advertising industry; strategies, goals and initiatives; our anticipated financial condition and performance, including our outlook as to third quarter and full year 2026 consolidated results of operations; our cash tax expectations; the impact of the mid-term election cycle on our future results; and our future liquidity and net leverage. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other important factors, some of which are beyond our control and are difficult to predict. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to: risks related to global economic or political uncertainty and our dependence on advertising revenues; competition, including increased competition from alternative media platforms and technologies; dependence upon our brand and the performance of on-air talent, program hosts and management; fluctuations in operating costs; technological and industry changes and innovations; shifts in population and other demographics; risks related to our use of artificial intelligence, impact of acquisitions, dispositions and other strategic transactions; risks related to our indebtedness; legislative or regulatory requirements; impact of legislation, and royalty audits on music licensing and royalties; regulations and concerns regarding privacy and data protection and breaches of information security measures; risks related to scrutiny and regulation of environmental, social and governance matters, risks related to our Class A common stock; regulations impacting our business and the ownership of our securities; and risks related to adverse political effects, acts or threats of terrorism or military conflicts. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results, performance or achievements. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date hereof. Additional risks that could cause future results to differ from those expressed by any forward-looking statement are described in the Company’s reports filed with the U.S. Securities and Exchange Commission (SEC), including in the section entitled “Part I, Item 1A. Risk Factors” of iHeartMedia, Inc.’s Annual Reports on Form 10-K and “Part II, Item 1A. Risk Factors” of iHeartMedia, Inc.’s Quarterly Reports on Form 10-Q. The Company does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise.

APPENDIX

Supplemental Disclosure Regarding Non-GAAP Financial Information

The following tables set forth the Company’s Adjusted EBITDA, Adjusted EBITDA margin, revenues excluding political advertising revenue, Free Cash Flow for the three months ended June 30, 2026 and 2025, and Net Debt as of June 30, 2026. Adjusted EBITDA is defined as consolidated Operating income adjusted to exclude restructuring expenses included within Direct operating expenses and SG&A expenses, and share-based compensation expenses included within SG&A expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Impairment charges, and Other operating expense.

For further information, please contact:

Media
Wendy Goldberg
Chief Communications Officer
(212) 377-1105
wendygoldberg@iheartmedia.com

Investors
Andrey Hart
SVP of Investor Relations
(703) 956-0115
andreyhart@iheartmedia.com