iHM Reports Flat Q1 EBITDA Amid Digital & Podcast Growth

RADIO ONLINE | Monday, May 12, 2025 | 3:15pm CT

iHeartMedia

iHeartMedia reported first quarter 2025 results, highlighting year-over-year growth in digital revenue but continued softness in its traditional broadcast segment. For the quarter ended March 31, consolidated revenue rose 1% to $807 million. Excluding political advertising, revenue was up 1.8%. Operating loss was $25 million, an improvement from the $35 million loss in Q1 2024. Adjusted EBITDA was flat year-over-year at $105 million, in line with company guidance.

Bob Pittman, Chairman and CEO of iHeartMedia, called the results "a demonstration of the resilience and relevance of our products and the tremendous growth opportunity we have with our podcast business in particular."

Rich Bressler, President, COO, and CFO, noted that the company's digital performance exceeded expectations: "Consolidated revenues for the quarter were up 1.0% compared to the prior-year quarter, above our guidance of down low-single digits, driven by the Digital Audio Group revenues and Adjusted EBITDA growth of 16% and 28% respectively."

Digital Audio Group revenue rose 16% to $277 million, driven by a 28% jump in podcast revenue to $116 million. Non-podcast digital revenue increased 9% to $161 million. Segment Adjusted EBITDA climbed to $87 million with a margin of 31.4%, up from 28.5% a year ago.

Multiplatform Group revenue fell 4.2% to $473 million due to declines in broadcast advertising and network revenues. Segment Adjusted EBITDA declined 9% to $70 million with margins contracting to 14.8% from 15.6%.

Audio & Media Services Group revenue dropped 14% to $59 million, mainly due to the absence of 2024's nonrecurring contract termination fees and lower broadcast ad revenue at Katz Media. Segment EBITDA fell 33% to $16 million.

The company posted a net loss of $281 million, significantly wider than the $18 million loss in Q1 2024, primarily due to a $135 million income tax expense and lower gains from investments. Free cash flow was negative $81 million, roughly flat from the prior year.

As of March 31, 2025, iHeartMedia reported $168 million in cash and $559 million in total available liquidity. Net debt stood at $4.6 billion.

For the second quarter, iHeartMedia expects consolidated revenue to decline in the low single digits and Adjusted EBITDA to range between $140 million and $160 million.