iHeartMedia (IHRT) Q2 2026 earnings summary

Executive summary

• Q2 2026 consolidated revenue rose 4.7% year-over-year to $977 million, exceeding guidance, driven by digital and podcast growth and increased political advertising, partially offset by declines in traditional platforms.

• Adjusted EBITDA was $152 million, slightly above guidance midpoint but down 2.9% year-over-year; free cash flow improved to $46 million from negative $13 million in Q2 2025.

• Digital Audio Group outperformed, with Adjusted EBITDA surpassing Multiplatform Group for the sixth consecutive quarter.

• Net loss was $82.5 million, similar to the prior year, while operating income was $35.5 million, nearly flat year-over-year.

• Cash provided by operating activities was $65 million; liquidity stood at $457 million as of June 30, 2026.

Financial highlights

• Digital Audio Group revenue grew 12.4% to $364 million; podcast revenue up 21% to $162 million; Adjusted EBITDA margin reached 33.8%.

• Multiplatform Group revenue declined 1.6% to $536 million; Adjusted EBITDA margin dropped to 10.9%.

• Audio & Media Services Group revenue increased 18.8% to $80.5 million; Adjusted EBITDA margin rose to 45.6%.

• GAAP operating income was $35.5 million; Q2 Adjusted EBITDA margin was 15.5%.

• Free cash flow improved to $46 million in Q2 2026.

Outlook and guidance

• Q3 2026 consolidated revenue expected to grow mid-single digits; Adjusted EBITDA guidance is $180–$220 million.

• Full-year 2026 Adjusted EBITDA expected at $800 million; free cash flow at $200 million; minimal cash taxes.

• In-year cost savings of $125 million targeted; programmatic revenue projected to rise 50% to $200 million.

• Year-end net leverage expected in the mid-fives.

• Management expects sufficient liquidity to fund operations, capital expenditures, and debt service for at least the next twelve months.