iHeartMedia (IHRT) Q2 2026 Earnings Report

The call presented strong momentum in the company’s digital businesses—particularly podcasting and programmatic initiatives—with above‑guidance consolidated revenue (+4.7%), robust Digital Audio growth (+12.4% revenue, +14.5% EBITDA) and a swing to positive free cash flow ($46M). Management reaffirmed full‑year targets and outlined clear growth levers (video podcast distribution, programmatic, DSP integrations). Offsetting these positives, the multiplatform group showed a marked EBITDA decline (from $96M to $59M), SG&A rose due to co‑marketing partnerships, and results and guidance remain meaningfully dependent on a strong political ad season and macro stabilization. Overall, the strengths in digital growth, cash flow improvement, and clear strategic actions outweigh the near‑term multiplatform pressures and reliance on political revenue.

Management guided Q3 adjusted EBITDA of $180–$220 million and consolidated revenue up mid‑single digits (with July expected up low‑single digits), calling for Digital Audio Group revenue up low‑teens (podcast revenue ≈+20%, digital ex‑podcast mid‑single digits), Multiplatform revenue ~flat, and Audio & Media Services revenue ≈+20%; for the full year they reaffirmed adjusted EBITDA of $800 million and free cash flow of $200 million, expect ~ $200 million of programmatic revenue in 2026 (≈+50% vs. $135M in 2025), assume interest expense of ~ $440 million, capex ≈ $90 million, cash restructuring ≈ $50 million, minimal cash taxes, and target year‑end net leverage in the mid‑5s; quarter‑end balance sheet/lift metrics cited: net debt ≈ $4.7 billion, cash $174 million (including $125M borrowed on the ABL), total liquidity $457 million, and a $450M ABL facility extended to Jan 30, 2029 (expected ABL repayment by end‑2026).