iHeartMedia (IHRT) Q1 2026 earnings summary

Executive summary

• Q1 2026 consolidated revenue rose 9.6% year-over-year to $884 million, driven by digital and podcast advertising, with operating income improving to $1.5 million from a $25 million loss in Q1 2025.

• Adjusted EBITDA declined 11.4% to $93 million, reflecting higher operating expenses and non-cash marketing costs.

• Free cash flow was negative $114 million, impacted by higher interest expense and timing of receivables.

• Net loss for Q1 2026 was $95.6 million, a significant improvement from $280.9 million in Q1 2025.

• Management reaffirmed full-year guidance for $800 million Adjusted EBITDA and $200 million free cash flow, supported by new $50 million annualized cost savings in addition to $100 million previously announced.

Financial highlights

• Digital Audio Group revenue grew 18% to $327 million; podcast revenue up 26.9% to $147 million.

• Multiplatform Group revenue increased 4.3% to $493 million; Adjusted EBITDA for this segment fell 33% to $47 million.

• Audio & Media Services Group revenue rose 12.2% to $66.6 million; Adjusted EBITDA up 54.7% to $24.4 million.

• Consolidated Adjusted EBITDA margin was 10.5%, down from 13% in Q1 2025.

• Cash balance at quarter-end was $135 million, with total available liquidity of $495 million.

Outlook and guidance

• Q2 2026 consolidated revenue expected to grow low single digits; Adjusted EBITDA guidance is $140–$160 million.

• Full-year 2026 Adjusted EBITDA expected at $800 million; free cash flow guidance is $200 million.

• Minimal cash taxes expected in 2026, with $150–$200 million impact over three years.

• Programmatic revenue projected at $200 million for 2026, up 50% year-over-year; podcasting revenue to maintain strong momentum.

• Year-end 2026 net leverage expected in the mid-fives.