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iHeartMedia (IHRT) investor relations material
iHeartMedia Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 revenue rose 0.5% year-over-year to $934M, with adjusted EBITDA up 3.9% to $156M, exceeding guidance, driven by strong digital and podcast growth despite lower radio and political ad revenues.
Digital Audio Group revenue grew 13.4% to $324M, with podcast revenue up 28.5%, maintaining US podcast leadership.
Multiplatform Group revenue declined 5.4% to $545M, mainly from lower broadcast ad sales amid market uncertainty.
Modernization initiatives are on track, targeting $150M in net savings for 2025, with $40M realized in Q2.
Lisa Coffey was appointed Chief Business Officer to advance ad tech and programmatic initiatives.
Financial highlights
GAAP operating income was $35.4M, reversing a $910M loss in Q2 2024 due to prior-year impairment charges.
Net loss was $84M, a significant improvement from a $982M loss year-over-year.
Adjusted EBITDA margin improved to 16.7% from 16.2% year-over-year.
Free cash flow was negative $13M, down from $6M in Q2 2024.
Net debt at quarter end was $4.64B, with total liquidity of $527M and a cash balance of $236M.
Outlook and guidance
Q3 adjusted EBITDA guidance is $180M–$220M, with consolidated revenue expected to decline low single digits, but up low single digits excluding political revenue.
Digital Audio Group revenue projected to grow high single digits in Q3, with podcasting up low 20s.
Full-year 2025 guidance depends on improvement in macroeconomic and advertising market conditions.
Modernization initiatives are projected to yield $150M in net savings for full year 2025.
The company anticipates significant reductions in cash taxes paid due to new U.S. tax legislation (OBBBA).
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