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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.
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Q2 2025 earnings summary11 Aug, 2025

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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Frequently asked questions

iHeartMedia Inc. operates a multi-platform media business with assets in radio broadcasting, podcasting, digital streaming, and live events. The company also offers advertising and marketing services through its data-driven platforms and audio networks. It is headquartered in San Antonio, Texas, and its shares are listed on the NASDAQ.

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