iHeartMedia Q3 Revs Slip 1%, Digital Audio Up 14%

RADIO ONLINE | Monday, November 10, 2025 | 5:35pm CT

iHeartMedia

iHeartMedia reported third quarter 2025 revenue of $997 million, down 1.1% from the prior year. Excluding political advertising from the 2024 election cycle, revenue increased 2.8%. The company posted a GAAP operating loss of $116 million compared to operating income of $77 million a year ago, including $209 million in non-cash impairment charges tied to FCC licenses. Adjusted EBITDA remained flat at $205 million.

The Digital Audio Group was the company's strongest performer, with revenue rising 14% to $342 million and podcast revenue up 22% to $140 million. Adjusted EBITDA for the segment climbed 30% to $130 million, yielding a 38.1% margin.

By contrast, the Multiplatform Group -- which includes broadcast radio, networks, and live events -- reported revenue of $591 million, down 5%. Excluding political revenue, the decline was 3%. Adjusted EBITDA fell 8% to $119 million with a 20.2% margin. The Audio & Media Services Group saw revenue drop 26% to $67 million, primarily reflecting reduced political advertising.

Free cash flow was negative $33 million, with $10 million in cash used for operations. The company ended the quarter with $192 million in cash and $510 million in total available liquidity.

Chairman and CEO Bob Pittman highlighted iHeart's new partnerships with Amazon Ads and TikTok as part of its strategy to expand cross-platform opportunities. "We continue to take important steps in the evolution of our company," said Pittman. "We're committed to unlocking the value of our unparalleled assets and creating innovative opportunities for advertisers and consumers."

President, COO and CFO Rich Bressler added that iHeart remains on track to achieve $150 million in cost savings this year and expects an additional $50 million in annual savings beginning in 2026. "We run the company with a relentless focus on efficiency, leveraging AI-powered tools and services to make our operations more effective," Bressler said.

Looking ahead, iHeartMedia expects Q4 consolidated revenue to decline in the low-single digits but grow mid-single digits excluding political. Adjusted EBITDA for the quarter is projected between $200 million and $240 million.