iHeartMedia has released its Q4 2025 and year end financial reports.
For the full year, iHeart notes that revenue was flat at $3.865 million, which would have been up 3.6% excluding political. The company’s Digital Audio Group revenue was up 14%, podcast revenue up 26%, and digital revenue excluding podcasting up 7%. The Multiplatform Groups, which includes radio stations were down 4%. GAAP Operating loss of $21 million improved from GAAP Operating loss of $763 million in the year ended December 31, 2024 primarily due to the $923 million of non-cash impairment charges recorded in 2024 related to our goodwill and indefinite-lived intangible assets balances compared to the $213.9 million of non-cash impairment charges primarily related to our FCC licenses recorded in 2025. iHeart’s Consolidated Adjusted EBITDA of $686 million, down from $706 million in 2024. Cash provided by operating activities was $93 million with a Free Cash Flow of $11 million.
For Q4, the broadcast Multiplatform Group revenue of $665 million was down 3% from Q4 2024 due to a decrease in broadcast advertising in connection with continued uncertain market conditions, partially offset by an increase in non-cash trade revenue resulting from strategic marketing initiatives. Excluding political revenue, the group revenue was up 2%. The company says its Audio & Media Services revenue decreased $18.9 million, or 19.3%, primarily as a result of lower political revenues at Katz Media, as 2024 was a presidential election year.
Chairman/CEO Bob Pittman said, “We’re pleased with our fourth quarter results, generating Adjusted EBITDA of $220 million, at the midpoint of our previously provided guidance range, and our consolidated revenue was $1.1 billion, up 0.8% compared to prior year and above our guidance; excluding the impact of political, our consolidated revenue was up 7.7%. Our podcast momentum continues, growing 24.5% compared to prior year, above our guidance of ‘up in the mid-teens,’ and we have the number one audience in podcasting as measured by both Podtrac and Triton. In 2026 a major goal of ours is to return the Multiplatform Group to segment Adjusted EBITDA growth and we continue to invest in our broadcast programmatic efforts and working with partners like Amazon DSP, Yahoo! DSP and other to include our broadcast radio inventory on their programmatic platforms. We also see some of our recent announcements as validation of the power of broadcast radio, with companies like Netflix and TikTok coming to partner with us and our broadcast radio assets.”
President/COO Rich Bressler commented, “In the fourth quarter, the Digital Audio Group’s revenue was $387 million, up 14.1% year over year and above our guidance, segment Adjusted EBITDA was $132 million, up 10.7% year over year, and our Q4 Adjusted EBITDA margins were 34.1%. The Multiplatform Group’s revenue was $665 million, down 2.8% compared with prior year and in line with our guidance; the Multiplatform Group’s Adjusted EBITDA was $129 million. In Q4 our Free Cash Flow including net proceeds from real estate sales was $158 million and we converted approximately 70% of our Adjusted EBITDA into this Free Cash Flow, which demonstrates the company’s high Free Cash Flow conversion characteristics and gives us confidence in our ability to generate meaningful Free Cash Flow in 2026 and thereafter. We are looking forward to 2026 to be an Adjusted EBITDA and Free Cash Flow growth year for iHeart, driven by our strong podcasting momentum, our growing programmatic revenues and the return of the Multiplatform Group to segment Adjusted EBITDA growth.”
The full report can be found here.
