iHeartMedia Q2 Revenue Beats, Podcast Growth Offsets Broadcast Decline; Guides FY26 EBITDA ~$800M
IHRT has more than doubled off its 52-week low of $1.55.
Summary
iHeartMedia reported Q2 2026 revenue of $977M, beating guidance, with podcast revenue up 21%. Digital Audio Group EBITDA again surpassed Multiplatform Group, but broadcast margins fell sharply. The company guided full-year Adjusted EBITDA of ~$800M and free cash flow of ~$200M, and extended its ABL facility to 2029.
Key Events · Earnings and Guidance · IHRT
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Q2 Revenue Beats Guidance
Consolidated revenue of $977 million, up 4.7% YoY, driven by 12% growth in Digital Audio Group. Podcast revenue surged 21% to $162 million.
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Multiplatform Margin Compression
Multiplatform Group revenue declined 2% and Segment Adjusted EBITDA fell 39% to $59 million, with margin dropping to 10.9% from 17.7% a year ago.
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Free Cash Flow Turns Positive
Free cash flow of $46 million in Q2 2026, a significant improvement from a $13 million outflow in Q2 2025, driven by higher operating cash flow.
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ABL Facility Extended to 2029
Extended the maturity of its $450 million asset-based revolving credit facility from May 2027 to January 2029, maintaining current size and interest rates.
Analysis · IHRT · Technology
iHeartMedia delivered Q2 revenue of $977 million, up 4.7% year-over-year and above its own guidance, driven by a 21% surge in podcast revenue. For the sixth straight quarter, Digital Audio Group Adjusted EBITDA exceeded that of the Multiplatform Group, but Multiplatform margins compressed sharply to 10.9% from 17.7% as broadcast and sponsorship revenues weakened. Free cash flow swung to a positive $46 million from a $13 million burn a year ago, and the company extended its ABL facility to 2029, easing near-term liquidity concerns. Full-year guidance of approximately $800 million in Adjusted EBITDA and $200 million in free cash flow provides a clearer path toward deleveraging, though net debt remains high at $4.65 billion.
At the time of this filing, IHRT was trading at $3.77 on NASDAQ in the Technology sector, with a market capitalization of approximately $563.6M. The 52-week trading range was $1.55 to $6.56. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.