iHeart Sees Signs of Broadcast Comeback As Top Markets Outperform In Q2.

iHeartMedia’s Q2 2025 results show solid momentum, with revenue edging up to $934 million and earnings rising nearly 4% to $156 million. Digital audio led the way, with podcast revenue up 28%. CEO Bob Pittman says the podcast business may be “roaring,” while also citing strong gains in top markets and national ad spending as signs of a broadcast turnaround alongside roaring digital growth.

Podcasting remains the primary driver of iHeartMedia’s revenue growth, however CEO Bob Pittman says second-quarter results also point to progress in returning the company’s core broadcast radio business to growth. With a portfolio of 850 stations, iHeart has long been a top choice for national advertisers, and Pittman sees encouraging signs even in a “still uncertain” economy.

In the top 50 markets, iHeart’s radio stations posted a 4% revenue increase in Q2, outperforming the broader Multiplatform Group, where revenue fell 5% to $545 million. Pittman told analysts that national advertising is showing momentum, noting the company’s four largest agency partners boosted spending on its radio group by 7% year-over-year.

“These results give us added confidence that our plan to return the Multiplatform Group to revenue growth is on the right track,” Pittman said, adding that large agencies have historically been reliable indicators of future trends.

Despite revenue pressures, the Multiplatform Group remained profitable, delivering $96 million in earnings during Q2, with an earnings margin just under 18%.

Podcasting Leads Digital Surge

While radio is in recovery mode, digital continues to deliver standout results. The Digital Audio Group’s revenue climbed 13% year-over-year to $324 million, powered by a 28% increase in podcast revenue to $134 million. Digital earnings rose 17% to $108 million, with a profit margin of 33%.

“Podcasting is just roaring in terms of consumer and advertiser acceptance,” Pittman said, adding the segment exceeded earlier growth expectations. He credited iHeart’s leadership in podcast publishing and the company’s “unique complementary assets” for fueling profitability.

Pittman also emphasized the company’s advantage of having the largest local sales force in the U.S. In Q2, roughly 50% of podcasting revenue came from local sales, up from 14% in 2020. “Our unparalleled local sales organization gives us an important and unique advantage for both our current and future revenue growth,” he said.

Overall Q2 Performance

Companywide, revenue grew 0.5% to $934 million in Q2, a figure that would have been up 1.5% excluding last year’s political advertising. Total earnings increased 3.9% to $156 million. Pittman called the results “important evidence of our ability to generate positive financial results” despite market uncertainty. Investors responded positively, with iHeart’s share price rising 1% in after-hours trading on Monday.

Audio & Media Services revenue fell 3.3% to $2.3 million, reflecting lower political advertising at Katz Media. Top-performing ad categories in Q2 included financial services, telecom, professional services, and healthcare, while weaker sectors included restaurants, political, media and publishing, and entertainment. CFO/COO/President Rich Bressler noted that the company’s top 50 advertisers increased spending 9% year-over-year, with the four largest advertising groups up 14%.

Pittman also pointed to ongoing progress in the company’s advertising technology, including new capabilities that allow broadcast radio inventory to be bought and sold programmatically. iHeart recently appointed Lisa Coffey as Chief Business Officer to lead efforts in scaling its programmatic platform. Pittman described her as “the last piece of the puzzle” for bringing more advertisers to the system.

Q3 Outlook

Looking ahead, iHeart expects a low single-digit revenue decline in Q3. The Multiplatform Group is pacing to be down mid-single digits but would be roughly flat without the prior year’s political advertising boost. Digital revenue is projected to rise in the high single digits, with podcast revenue forecast to grow more than 20% year-over-year.

The company still expects to post a Q3 profit, with earnings projected between $180 million and $220 million—a wider-than-usual range reflecting ongoing economic uncertainty. Bressler said iHeart’s modernization plan remains on track, targeting $150 million in expense reductions in 2025 through restructuring, leveraging scale, and using AI.