iHeartMedia reported second-quarter 2026 revenue of $977.2 million, a 4.7% increase from $933.7 million a year earlier, as growth in its digital and podcast businesses offset weakness in its Multiplatform Group.
Excluding political advertising, consolidated revenue rose 3.5%. GAAP operating income held essentially flat at $35.5 million compared with $35.4 million in the second quarter of 2025, while Adjusted EBITDA fell 2.9% to $151.5 million from $156.1 million.
Digital Audio Group revenue advanced 12.4% to $364.1 million, paced by a 20.7% jump in podcast revenue to $162.1 million. Digital revenue excluding podcasts increased 6.6% to $202.0 million. Segment Adjusted EBITDA rose 14.5% to $123.2 million, delivering a 33.8% margin.
Multiplatform Group revenue declined 1.6% to $535.7 million amid drops in network, sponsorship and event revenue. Broadcast radio revenue edged up 0.5% to $397.6 million, while network revenue fell 3.8% and sponsorship and events dropped 16.3%.
The company posted a net loss of $82.5 million, narrowed slightly from a loss of $84.0 million a year ago. Cash from operating activities climbed to $64.9 million from $6.8 million, and Free Cash Flow improved to $46.0 million from a negative $13.2 million.
Digital Audio Group revenue advanced 12.4% to $364.1 million, paced by a 20.7% jump in podcast revenue to $162.1 million. Digital revenue excluding podcasts increased 6.6% to $202.0 million. Segment Adjusted EBITDA rose 14.5% to $123.2 million, delivering a 33.8% margin.
“Our podcast revenue momentum continues, up 20.7% compared to prior year,” said Chairman and CEO Bob Pittman. He added that the company’s broadcast radio assets are helping develop the emerging video podcast market, including opportunities with streaming services such as Netflix and Hulu.
Multiplatform Group revenue declined 1.6% to $535.7 million amid drops in network, sponsorship and event revenue. Broadcast radio revenue edged up 0.5% to $397.6 million, while network revenue fell 3.8% and sponsorship and events dropped 16.3%.
The Audio & Media Services Group delivered an 18.8% revenue increase to $80.5 million, driven mainly by higher digital and political advertising. Its Adjusted EBITDA surged 54.6% to $36.7 million.
President and COO Rich Bressler said the second-quarter results give the company “additional confidence in the second half of the year.” iHeartMedia also extended the maturity of its $450 million asset-based revolving credit facility from May 2027 to January 30, 2029.
For the third quarter, the company expects consolidated revenue to rise in the mid-single digits and Adjusted EBITDA of approximately $180 million to $220 million. For full-year 2026, it continues to project Adjusted EBITDA of about $800 million and Free Cash Flow of roughly $200 million, along with $125 million in cost savings and approximately $200 million in programmatic revenue, up about 50%.
As of June 30, iHeartMedia held $174.4 million in cash, $457.2 million in total available liquidity and approximately $5.04 billion in total debt.