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iHeartMedia
iHeartMedia (IHRT) investor relations material
iHeartMedia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
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.
Multiplatform Group's 2026 EBITDA growth drivers?
Broadcast radio's role in 2026 programmatic growth?
What drives 2026 FCF growth beyond 2024 debt impact?
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Next iHeartMedia earnings date
Q1 202611 May, 2026
iHeartMedia
Next iHeartMedia earnings date
Q1 202611 May, 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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