iHeartMedia Projects Mid-Single Digit Q1 Radio Gain.

iHeartMedia’s fourth quarter results showed broadcast radio stabilizing — and in some cases outperforming — even as political revenue comparisons weighed on results.

For the quarter, iHeartMedia posted consolidated revenue of $1.1 billion, up 0.8% year over year and above its prior guidance of a slight dip for the quarter. Excluding political advertising—which totaled about $80 million a year earlier—iHeart says Q4 revenue rose 7.7%.

“We're pleased with our overall performance in 2025, especially given it was a non-political year,” CEO Bob Pittman said.

Within the Multi-Platform Group —including broadcast radio, networks and events — revenue totaled $665 million in Q4, down 2.8% year over year. But stripping out political advertising, the segment showed 2.3% growth. And while earnings declined from a year earlier, Pittman told analysts on an earnings call that the company remained confident the broadcast business can return to sustained growth.

A key part of iHeartMedia’s strategy for the Multi-Platform Group is bringing broadcast inventory into programmatic buying platforms. “We're the first radio company whose broadcast inventory is available through the existing programmatic buying platforms,” Pittman said, noting integrations with Amazon DSP and Yahoo DSP exchanges. “In the case of Amazon, we expect our broadcast radio inventory to be included in their programmatic platform in the second half of the year,” he added. The company expects as much as $200 million in programmatic revenue this year.

Pittman also argued that radio’s scale remains under-monetized relative to its reach.

“There are more broadcast radio listeners today than there were 20 years ago,” he said. “And one constant in advertising is that the revenue always follows consumer usage, even if it sometimes takes a while.”

Pittman pointed to iHeart’s expanding partnership with TikTok as further validation of broadcast radio’s continued cultural influence, telling analysts last month’s preview of Bruno Mars’ new album set a new bar album previews. “It demonstrates the unique power of iHeart and TikTok working together to help artists achieve their goals,” Pittman said.

The ad performance in Q4 reflected strength across several core categories, even as political comparisons weighed on results. President/COO Rich Bressler said the largest category gainers were financial services, retail entertainment and beauty and fitness, while political, restaurants and food were softer.

The Digital Audio Group again led iHeartMedia’s growth in the fourth quarter, posting double-digit revenue gains and expanding margins as podcast revenue accelerated. The division generated Q4 revenue of $387 million, up 14.1% year over year and ahead of company guidance. Podcasting remained the primary driver of growth. Revenue climbed to $174 million in Q4, up 24.5% year over year — well above prior guidance.

“Our podcast revenue momentum continues,” Pittman said. That includes a notable shift in where the dollars are coming from. The company says nearly half (47%) of podcast revenue was generated by iHeart’s local sales force in Q4. That is up from 13% at the end of 2020. Pittman said it demonstrates the unique advantage of having the largest local sales force in media, with a presence across 160 markets.

“A key to our success in building our podcast business has been that podcasting is, in essence, radio on demand. For us, it's a truly adjacent to complementary business,” Pittman said. He pointed out that some of their most successful podcasts now on Netflix—like “The Breakfast Club” have their roots on the radio dial.

Looking ahead, the company expects Multi-Platform Group revenue to be up mid-single digits year over year in Q1 2026, supported in part by the return of political advertising. Most notable, Bressler said iHeartMedia expects its radio division to be back to generating earnings this year.

Despite some macro concerns and weather-related disruptions, management also struck an optimistic tone about the broader ad market. “We view the advertising marketplace as reasonably healthy,” Pittman said. The company expects consolidated revenue to be up high-single digits and mid-teens increase for the Digital Audio Group and podcast revenue forecast to climb in the low-20% range.

Even as the business remains solid, iHeartMedia is doubling down on cost reductions, announcing another $50 million in 2026 savings that will bring its total cost reduction target this year to $100 million. That’s in addition to $150 million of savings in 2025.

Bressler told investors the new reductions are already being implemented with benefits to the bottom line materializing as soon as next month. He said the reductions are part of a broader push to streamline operations and modernize infrastructure, including the use of artificial intelligence. “We continue to work on the efficiency of our operating structure, including using technologies like AI-powered tools and services,” Bressler said. The savings are also designed to help offset ongoing investments, particularly around programmatic capabilities and technology.