iHeartMedia Q4 Revenue Up, Podcast Growth Continues

RADIO ONLINE | Monday, March 2, 2026 | 3:10pm CT

iHeartMedia

iHeartMedia, Inc. reported fourth-quarter revenue of $1.13 billion, up 0.8% from a year ago, with growth driven by its Digital Audio Group, particularly podcasting. Excluding political advertising, fourth-quarter revenue rose 7.7% year over year.

Consolidated Adjusted EBITDA totaled $220.3 million, down 10.5% from $246.2 million in Q4 2024. GAAP operating income declined 18% to $85.7 million. The company generated $156.3 million in cash from operating activities and $137.6 million in free cash flow, or $157.6 million including net proceeds from real estate sales.

As of December 31, 2025, iHeart had $270.9 million in cash and total available liquidity of $639.8 million. Total debt stood at $5.05 billion, with net debt of $4.54 billion.

The Digital Audio Group posted Q4 revenue of $386.6 million, up 14.1%. Podcast revenue increased 24.5% to $173.7 million, while digital revenue excluding podcasting rose 6.8% to $212.9 million.

Segment Adjusted EBITDA for the division climbed 10.7% to $131.7 million, producing a 34.1% margin.

Chairman and CEO Bob Pittman said podcast revenue growth exceeded company guidance and cited iHeart's top audience position as measured by Podtrac and Triton. He added that expanding broadcast programmatic capabilities and partnerships with platforms such as Amazon DSP and Yahoo DSP remain priorities in 2026.

The Multiplatform Group reported Q4 revenue of $664.8 million, down 2.8%, reflecting lower political revenue compared to the 2024 presidential election cycle and softer broadcast advertising. Excluding political revenue, the segment's revenue rose 2%.

Broadcast radio revenue declined 4.8% to $469.9 million, while networks revenue increased 4.4% and sponsorship and events revenue rose 1.9%. Segment Adjusted EBITDA fell 14.2% to $128.7 million, with margin narrowing to 19.4%.

Audio & Media Services Group revenue decreased 19.3% to $78.9 million, also primarily due to lower political revenue, with segment Adjusted EBITDA down 35.7%.

For the full year 2025, revenue totaled $3.86 billion, essentially flat year over year but up 3.6% excluding political advertising.

Digital Audio Group revenue increased 14%, including a 25.6% rise in podcast revenue. Multiplatform Group revenue declined 4%, or 2% excluding political revenue.

The company reported a GAAP operating loss of $20.6 million, an improvement from a $763.1 million operating loss in 2024, which included $923 million in non-cash impairment charges. Consolidated Adjusted EBITDA was $685.8 million, down from $705.6 million a year earlier.

Free cash flow for 2025 totaled $10.9 million, or $30.9 million including real estate proceeds.