iHeartMedia, Inc. today reported financial results for the quarter ended June 30, 2025.

Financial Highlights:¹

Q2 2025 Consolidated Results

• Q2 Revenue of $934 million, up 0.5% (Excluding Q2 Political Revenue, Q2 Revenue up 1.5%)
• GAAP Operating income of $35 million, compared to a GAAP Operating loss of $910 million in Q2 2024
• Consolidated Adjusted EBITDA of $156 million, compared to $150 million in Q2 2024, up 3.9%
• Cash provided by operating activities of $7 million
• Free Cash Flow of ($13) million
• Cash balance and total available liquidity² of $236 million and $527 million, respectively, as of June 30, 2025

Q2 2025 Digital Audio Group Results

• Digital Audio Group Revenue of $324 million up 13%
  • Podcast Revenue of $134 million up 28%
  • Digital Revenue excluding Podcast of $190 million up 5%
• Segment Adjusted EBITDA of $108 million up 17%
  • Digital Audio Group Adjusted EBITDA margin of 33.2%

Q2 2025 Multiplatform Group Results

• Multiplatform Group Revenue of $545 million down 5%
  • Excluding Multiplatform Group Q2 Political Revenue, Multiplatform Group Q2 Revenue down 5%
• Segment Adjusted EBITDA of $96 million down 8%
  • Multiplatform Group Adjusted EBITDA margin of 17.7%

Guidance

• Q3 Consolidated Revenue expected to decline low-single digits, Q3 Consolidated Revenue excluding the impact of Political expected to increase in the low-single digits³
• Q3 Consolidated Adjusted EBITDA⁴ expected to be approximately $180 million to $220 million

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¹ Unless otherwise noted, all results are based on year over year comparisons.

 

Statement from Senior Management

“Our second quarter performance was solid and slightly ahead of our initial expectations, with our Q2 adjusted EBITDA of $156 million at the upper end of our previously provided guidance range and 4% above prior year and our consolidated revenue for the quarter was above our guidance range, up 0.5% above prior year,” said Bob Pittman, Chairman and CEO of iHeartMedia. “We continue to make progress on our ad tech platform, specifically building the capabilities to allow our broadcast radio inventory to be bought and sold like digital advertising, and to be a part of the key integrated buying systems. And today, we announced that Lisa Coffey is joining the company in the newly-created role of Chief Business Officer to drive those efforts. Lisa has a long history in ad tech, and digital and mobile advertising, including leading the team that introduced Amazon Advertising to the U.S. Agency Marketplace.”

“In the second quarter, the Digital Audio Group’s revenues were $324 million, up 13.4% year over year, slightly above our guidance, and the Digital Audio Group’s Adjusted EBITDA was $108 million, up 17.1% year over year. The Multiplatform Group’s revenue was $545 million, down 5.4% compared to prior year, at the higher end of our guidance range, and Adjusted EBITDA was $96 million, down 7.6% from the prior quarter,” said Rich Bressler, President, COO and CFO of iHeartMedia, Inc. “We are still on track to our previously announced modernization initiatives, which will generate net savings of $150 million in 2025 when compared to 2024.”

Consolidated revenue increased $4.6 million, or 0.5%, during the three months ended June 30, 2025 compared to the same period of 2024. Digital Audio revenue increased $38.2 million, or 13.4%, driven primarily by continuing increases in demand for digital advertising, including podcast advertising. Multiplatform Group revenue decreased $31.3 million, or 5.4%, primarily resulting from a decrease in broadcast advertising in connection with continued uncertain market conditions. Audio & Media Services revenue decreased $2.3 million, or 3.3%, primarily as a result of lower political revenues at Katz Media, as 2024 was a presidential election year, partially offset by an increase in digital advertising.

Consolidated direct operating expenses increased $9.1 million, or 2.4%, during the three months ended June 30, 2025 compared to the same period of 2024. The increase was primarily driven by higher variable content costs, including higher podcast profit share and third-party digital costs related to the increase in digital revenues, partially offset by a decrease in employee compensation cost in connection with modernization initiatives taken in 2024.

Consolidated Selling, General & Administrative (“SG&A”) expenses decreased $18.5 million, or 4.3%, during the three months ended June 30, 2025 compared to the same period of 2024. The decrease was driven primarily by a decrease in costs incurred in connection with executing on our cost savings initiatives, including decreased employee compensation cost due to our modernization initiatives and lower sales commissions related to the decline in broadcast revenue, partially offset by increases in non-cash trade and barter expense and employee benefit expense related to the reestablishment of the 401(k) match program during the first quarter of 2025.

Our consolidated GAAP Operating income was $35.4 million compared to $909.7 million GAAP Operating loss in the second quarter of 2024.

Adjusted EBITDA increased to $156.1 million from $150.2 million in the prior year’s second quarter.

Cash provided by operating activities was $6.8 million, compared to $26.7 million in the prior year period primarily due to the timing of receivable collections, partially offset by the timing of interest payments. Free Cash Flow was ($13.2) million, compared to $5.6 million in the prior year period.

Revenue from Multiplatform Group was down $31.3 million, or 5.4% YoY, due to a decrease in broadcast advertising in connection with continued uncertain market conditions. Broadcast revenue decreased $29.7 million, or 7.0% YoY, driven by lower spot revenue. Networks increased $1.2 million, or 1.1% YoY. Revenue from Sponsorship and Events decreased $2.6 million, or 6.7% YoY.

Operating expenses decreased $23.4 million, or 5.0% YoY, driven primarily by a decrease in employee compensation cost due to our modernization initiatives, as well as lower sales commissions related to the decline in broadcast revenue, partially offset by an increase in non-cash trade and barter expense.

Segment Adjusted EBITDA Margin decreased YoY to 17.7% from 18.1%.

Revenue from Digital Audio Group increased $38.2 million, or 13.4% YoY, driven by Podcast revenue, which increased $29.8 million, or 28.5% YoY, to $134.3 million, primarily due to a continued increase in demand for podcasting from advertisers, and Digital, excluding Podcast revenue, which increased $8.5 million, or 4.7% YoY, to $189.6 million, primarily due to an increase in demand for digital advertising.

Operating expenses increased $22.5 million, or 11.6% YoY, primarily driven by higher variable content costs, including higher podcast profit share and third-party digital costs related to the increase in revenues.

Revenue from Audio & Media Services Group decreased $2.3 million, or 3.3% YoY, primarily due to a decrease in broadcast advertising in connection with uncertain market conditions, as well as lower political revenues as 2024 was a presidential election year, partially offset by increased demand for digital advertising.

Operating expenses decreased $2.2 million, or 4.8% YoY, due to a decrease in employee compensation cost due to our modernization initiatives.

Segment Adjusted EBITDA Margin increased YoY to 35.0% from 34.0%.

Liquidity and Financial Position

As of June 30, 2025, we had $235.9 million of cash on our balance sheet. For the six months ended June 30, 2025, cash used for operating activities was $54.1 million, cash used for investing activities was $40.6 million and cash provided by financing activities was $70.7 million.

Capital expenditures for the six months ended June 30, 2025 were $39.7 million compared to $42.8 million for the six months ended June 30, 2024.

As of June 30, 2025, the Company had $5,137.5 million of total debt and $4,635.3 million of Net Debt1.

Cash balance and total available liquidity2 were $235.9 million and $526.7 million, respectively, as of June 30, 2025 which reflects the $100.0 million of outstanding borrowings under our ABL

 

iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups.

With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the Company’s live and virtual events business. It also includes Premiere Networks, the industry’s largest Networks business, with its Total Traffic and Weather Network; and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base.

The iHeartMedia Digital Audio Group includes the Company’s growing podcasting business — iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings — as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company’s digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint.

The Company’s Audio & Media Services reportable segment includes Katz Media Group, the nation’s largest media representation company, and RCS, the world’s leading provider of broadcast and webcast software.

 

 

Lisa Coffey Joins iHeartMedia as Chief Business Officer

 

iHeartMedia also announced today that Lisa Coffey, who has deep expertise in ad tech and digital and mobile advertising, has joined the company in the newly-created role of Chief Business Officer.

In this new role Coffey will oversee the development, implementation and revenue from iHeart’s new Advanced Advertising Products and platforms, including programmatic solutions for broadcast radio, and lead iHeart’s effort to digitize and scale an addressable audio ecosystem. She will report directly to Bob Pittman, iHeart’s Chairman and CEO, and Rich Bressler, iHeart’s President, COO and CFO.

Coffey has a proven record of leading successful transformations across both traditional and digital media, and brings extensive experience as a business strategist, commercial leader and operating executive. She joins iHeart from her position as Global Chief Revenue Officer at LoopMe, where she directed global revenue, partnerships and growth strategies. Prior to LoopMe, Lisa held key leadership positions at Amazon, including Head of Business Development for Amazon Hub and Head of Agency Development, where she founded and led the agency team that introduced Amazon Advertising to the U.S. marketplace.

“We’ve been working to transform our broadcast advertising media to a more digital-like product, including strong data, attribution and targeting capabilities as well as creating new marketing and advertising products. Lisa’s unique skills and experience will enable us to take the critical next step in bringing this to market,” said Pittman. “We’re thrilled that Lisa has joined our team, and we’re confident that Lisa is exceptionally well-suited to lead this critical growth initiative for iHeartMedia, helping us unlock the full potential of our scale, platforms and content.”

“I’m excited to join iHeartMedia, a premier brand in the advertising industry. The opportunity to drive innovation that modernizes audio and integrates live audiences into the digital ecosystem, aligned with how brands buy and transact today, is incredibly compelling,” said Coffey. “And because broadcast radio has 3 to 4 times the reach of any streaming audio service, and is over two thirds of the total daily audio usage by consumers, I look forward to launching a platform that makes those audiences addressable and scalable for the advertising and marketing community.”

Coffey continued, “With its expansive reach, strong brand equity, and rich content portfolio, iHeartMedia is uniquely positioned to build a centralized advertising platform for both broadcast and streaming, efficiently matching supply with demand. With unparalleled assets and the ability to scale its offerings by productizing data across unified inventory we can advance the modernization of broadcast within the ad tech ecosystem. In addition, iHeart’s local presence and community influence offer a powerful advantage for brands in creating national impact through authentic, localized engagement.”