iHeartMedia Q2 Revenue Up 0.5% to $934 Million

RADIO ONLINE | Monday, August 11, 2025 | 3:49pm CT

iHeartMedia

iHeartMedia reported second-quarter 2025 revenue of $934 million, up 0.5% year-over-year, as gains in its Digital Audio Group offset declines in its traditional broadcast business. Excluding political revenue, total revenue rose 1.5%.

GAAP operating income reached $35 million, a sharp turnaround from a $910 million operating loss in the same quarter last year. Consolidated Adjusted EBITDA climbed 3.9% to $156 million, at the upper end of the company's guidance range.

Cash provided by operating activities was $7 million, while free cash flow was negative $13 million. As of June 30, the company reported $236 million in cash and $527 million in total available liquidity.

The Digital Audio Group posted revenue of $324 million, up 13% year-over-year. Podcast revenue jumped 28% to $134 million, while other digital revenue rose 5% to $190 million. Segment Adjusted EBITDA increased 17% to $108 million, with a margin of 33.2%.

The Multiplatform Group, which includes broadcast radio, networks, and events, saw revenue fall 5% to $545 million. Broadcast radio revenue dropped 7% to $396 million, while network revenue edged up 1% to $108 million. Segment Adjusted EBITDA declined 8% to $96 million, with margins slipping to 17.7%.

The Audio & Media Services Group recorded a 3% revenue decline to $67.7 million, primarily due to lower political ad sales at Katz Media. Segment Adjusted EBITDA was flat at $23.7 million, with margins improving to 35%.

"Our second quarter performance was solid and slightly ahead of our initial expectations," said Bob Pittman, Chairman and CEO. "We continue to make progress on our ad tech platform, specifically building the capabilities to allow our broadcast radio inventory to be bought and sold like digital advertising."

President, COO and CFO Rich Bressler noted that the company remains on track with its $150 million cost savings target for 2025. "The Digital Audio Group's revenues were slightly above our guidance, while the Multiplatform Group's results were at the higher end of our expectations," he said.

For Q3 2025, iHeartMedia expects consolidated revenue to decline in the low single digits, though excluding political revenue, it anticipates low single-digit growth. Adjusted EBITDA is projected between $180 million and $220 million.