iHeartMedia (IHRT) Q4 2025 earnings summary

Executive summary

• Q4 2025 consolidated revenue reached $1,127 million, up 0.8% year-over-year; excluding political revenue, growth was 7.7%.

• Digital Audio Group revenue rose 14% to $387 million, with podcast revenue up 24% and strong adjusted EBITDA margins.

• Multiplatform Group revenue declined 3% to $665 million, but excluding political revenue, increased 2%.

• Audio and Media Services Group revenue was $79 million, down 19.3% year-over-year, but up 21.8% excluding political revenue.

• Cash provided by operating activities was $156 million; free cash flow was $138 million, or $158 million including real estate asset sales.

Financial highlights

• Q4 2025 GAAP operating income was $86 million, down 18% year-over-year.

• Q4 consolidated Adjusted EBITDA was $220 million, down 10.5% year-over-year.

• Year-end net debt stood at $4.54 billion, with total liquidity of $640 million and a net debt to adjusted EBITDA ratio of 6.6x.

• Full year 2025 revenue was $3,865 million, up 0.3% year-over-year; Adjusted EBITDA was $685.8 million, down 2.8%.

• Free cash flow conversion in Q4 was approximately 70% of Adjusted EBITDA.

Outlook and guidance

• 2026 full year Adjusted EBITDA expected to be approximately $800 million; free cash flow projected at $200 million.

• Q1 2026 consolidated revenue expected to increase high-single digits; Adjusted EBITDA around $100 million.

• In-year cost savings of $100 million targeted for 2026, including $50 million newly announced.

• Programmatic revenue in 2026 anticipated to reach $200 million, up 50% from 2025.

• Interest expense for 2026 estimated at $440 million; capital expenditures at $90 million; cash restructuring expenses at $50 million.