iHeartMedia (IHRT) AI Stock Analysis

Company Guidance

For Q4, iHeartMedia expects adjusted EBITDA between $135 million and $185 million, including approximately $100 million net negative impact of noncash marketing, consolidated revenue to be up mid single digits, free cash flow of approximately $130 million, and October revenue to be up mid teens at approximately flat ex political year over year; Digital Audio Group revenue is expected to be up mid teens, podcasting revenue up approximately 20%, digital ex-podcasting up high single digits, Multiplatform Group revenue approximately down low single digits, and Audio and Media Services Group revenue up approximately 30%. For the full year, adjusted EBITDA guidance is $550 million to $600 million and free cash flow guidance is $50 million, with approximately $200 million of overall programmatic revenue in 2026, up approximately 50% from $135 million in 2025, interest expense of $440 million, capital expenditures of approximately $90 million, cash restructuring expenses of approximately $50 million, and minimal cash taxes this year for the next few years as long as the current tax laws are in effect; this is expected to avoid approximately $150 to $200 million of cash taxes over the next 3 years. In 2027, total programmatic revenue is expected to be approximately $400 million, including approximately $100 million of incremental broadcast radio programmatic revenue, with about $40 million of trade and barter rolling off in 2027 and this expected to be completely resolved by Q1, at the latest Q2.