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iHeartMedia (IHRT) investor relations material
iHeartMedia Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 consolidated revenue was $997 million, down 1.1% year-over-year; excluding political revenue, revenue increased 2.8%.
Adjusted EBITDA was $205 million, flat year-over-year and above guidance midpoint.
GAAP operating loss was $116 million, compared to $77 million operating income in Q3 2024, due to a $208.5–$209 million non-cash FCC license impairment.
Net loss for Q3 was $65.8–$66 million, up from $41.3 million in Q3 2024.
Free cash flow was negative $32.8–$33 million, compared to $73.3 million positive in the prior year.
Financial highlights
Digital Audio Group revenue grew 13.5–14% to $342 million; podcast revenue rose 22–22.5% to $140 million.
Multiplatform Group revenue declined 4.6–5% to $591 million; Audio & Media Services Group revenue fell 26% to $66.6 million.
Adjusted EBITDA margin was 20.5% for Q3 2025.
Net debt at quarter-end was $4.67 billion; net debt to adjusted EBITDA ratio was 6.6x.
Cash balance at quarter-end was $192 million; total available liquidity was $510 million.
Outlook and guidance
Q4 2025 adjusted EBITDA expected between $200–$240 million, down from $246 million in Q4 2024.
Q4 consolidated revenue projected to be down low single digits year-over-year, but up mid-single digits excluding political revenue.
$150 million net savings targeted for 2025, with $50 million additional annual savings expected from 2026.
Management expects sufficient liquidity to fund operations for at least the next twelve months.
Ongoing macroeconomic uncertainty and market conditions may continue to impact revenue and cash flows.
Explain FCC license impairment charge impact
Is Q3 cash flow decline temporary or structural?
How do new partnerships impact segment strategy?
What is the timeline for broadcast programmatic revenue impact?
What are the MPG revenue growth drivers for 2026?
What is the debt reduction strategy for excess cash?
Programmatic's expected P&L impact and timeline
Phasing and impact of $50M 2026 cost savings
Podcast growth sustainability beyond 2025
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Next iHeartMedia earnings date
Q4 20256 Mar, 2026
Next iHeartMedia earnings date
Q4 20256 Mar, 2026
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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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