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 $25.4 million loss; net loss narrowed to $95.6 million.

• Adjusted EBITDA was $92.6–$93 million, down 11.4% year-over-year, reflecting higher operating expenses and timing of non-cash marketing.

• Free cash flow was negative $114–$114.5 million, impacted by higher interest expense and operating cash outflows.

• Announced an additional $50 million annualized cost reduction initiative, supplementing $100 million in previously announced 2026 savings.

• Management reaffirmed full-year guidance for $800 million Adjusted EBITDA and $200 million free cash flow.

Financial highlights

• Digital Audio Group revenue grew 18% year-over-year to $327 million, with podcast revenue up 26.9–27%.

• Multiplatform Group revenue increased 4–4.3% to $493 million; Adjusted EBITDA declined to $47 million, margin fell to 9.5%.

• Audio & Media Services Group revenue rose 12.2% to $66.6–$67 million; Adjusted EBITDA up 54.7%, margin improved to 36.7%.

• Q1 GAAP operating income was $1.5 million, reversing a $25–$25.4 million loss in the prior year.

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

Outlook and guidance

• Q2 2026 Adjusted EBITDA expected between $140 million and $160 million; consolidated revenue to be up low single digits year-over-year.

• Full-year 2026 Adjusted EBITDA guidance reaffirmed at $800 million, with free cash flow guidance at $200 million.

• Programmatic revenue projected to reach $200 million in 2026, up 50% from 2025.

• Expect minimal cash taxes for several years, with $150–$200 million impact over three years.

• Year-end 2026 net leverage ratio projected in the mid-5s.