iHeartMedia Brings Six Video Podcasts To Disney+ And Hulu.

iHeartMedia reported second-quarter revenue of $977.2 million, up 4.7% from a year ago, as continued growth in digital audio and podcasting helped offset declines in parts of its traditional radio business.

Excluding political revenue, consolidated revenue increased 3.5%. GAAP operating income was essentially flat at $36 million, compared with $35.4 million in Q2 2025, while Adjusted EBITDA declined 2.9% to $151.5 million.

The company generated $65 million in cash from operating activities, compared with $6.8 million a year earlier, and Free Cash Flow improved to $46 million from a $13.2 million loss in Q2 2025.

“Our podcast revenue momentum continues, up 20.7% compared to prior year, and in addition to helping propel our growth as the #1 podcast publisher, our broadcast radio assets have also allowed us to develop and drive the new video podcast marketplace – an incremental growth opportunity for us, including on streaming video services including Netflix and Disney's Hulu, which we announced today,” Chairman/CEO Bob Pittman said in a release.

The Digital Audio Group continued to be iHeartMedia’s strongest growth engine. Revenue increased 12.4% to $364.1 million, while Segment Adjusted EBITDA rose 14.5% to $123.2 million. The segment’s Adjusted EBITDA margin improved to 33.8% from 33.2%.

Podcast revenue increased 20.7% to $162.1 million, driven by continued advertiser demand for podcasting. Digital revenue excluding podcasts increased 6.6% to $202 million.

“The Digital Audio Group’s revenue was $364 million, up 12.4% year over year and above our guidance,” said President and COO Rich Bressler. “Our Q2 Adjusted EBITDA margins were 33.8%.”

The Multiplatform Group, which includes iHeartMedia’s broadcast radio operations, networks, sponsorships and events, reported revenue of $535.7 million, down 1.6%. Excluding political revenue, the group was down 3%.

Broadcast radio revenue increased 0.5% to $397.6 million, although the increase was primarily attributed to higher non-cash trade and barter revenue. Broadcast spot revenue declined. Networks revenue fell 3.8% to $103.7 million, while Sponsorship and Events revenue dropped 16.3% to $30.5 million.

Multiplatform Group Adjusted EBITDA fell 39.2% to $58.6 million, with the margin declining to 10.9% from 17.7%. The company attributed the revenue pressure to advertiser uncertainty surrounding consumer spending.

iHeartMedia’s Audio & Media Services Group posted another strong quarter, with revenue increasing 18.8% to $80.5 million. Segment Adjusted EBITDA jumped 54.6% to $36.7 million, while the segment’s margin improved to 45.6% from 35%.

The company ended the quarter with $174.4 million in cash and $457.2 million in total available liquidity. Total debt stood at approximately $5.04 billion, with net debt of $4.65 billion.

iHeartMedia also extended the maturity date of its existing $450 million asset-based revolving credit facility from May 2027 to Jan. 30, 2029. The transaction closed Aug. 7.

For the third quarter, iHeartMedia expects consolidated revenue to increase in the mid-single digits and Adjusted EBITDA to range from approximately $180 million to $220 million.

For full-year 2026, the company continues to project approximately $800 million in Adjusted EBITDA and $200 million in Free Cash Flow. It also expects $125 million in in-year cost savings and total programmatic revenue of approximately $200 million, representing growth of about 50%.

The company expects year-end net leverage to be in the mid-fives.