iHeartMedia released its Q2 2026 earnings report today noting a revenue gain of 4.7% to $977 million.
iHeart notes that excluding political revenue its Q2 revenue was up 3.5%. GAAP Operating income rose 0.4% to $36 million. Consolidated Adjusted EBITDA was $152 million down from $156 million in Q2 2025. Free Cash Flow rose to $46 million from -$13 million last year with a cash balance and total available liquidity of $174 million and $457 million, respectively as of June 30 and the company extended the maturity date of its $450 million asset-based Revolving Credit Facility from May 17, 2027 until January 30, 2029.
The company’s Multiplatform Group, which includes its broadcast radio portfolio saw its revenue drop by 1.6% to $364 million. Excluding political revenue, that drop increased to 3%. The segment adjusted EBITDA was down 39% to $59 million. The company stated that the drop resulted from a decrease in our broadcast, networks, and sponsorship revenues reflecting uncertainty on the part of advertisers regarding consumer spending, partially offset by an increase in trade and barter revenue related to strategic marketing initiatives, and an increase in political revenues as 2026 is a midterm election year.
Broadcast revenue increased $1.8 million, or 0.5% YoY, driven by an increase in non-cash trade and barter revenue resulting from strategic marketing initiatives, partially offset by lower broadcast spot revenue. Networks decreased $4.1 million, or 3.8% YoY. Revenue from Sponsorship and Events decreased $6.0 million, or 16.3% YoY. Operating expenses increased $28.8 million, or 6.4% YoY, driven primarily by higher trade and barter expenses resulting from strategic marketing initiatives, partially offset by a decrease in variable content costs related to the decrease in broadcast revenues.
The Digital Audio Group saw revenue increase 12% to $364 million with podcast revenue up 21% to $162 million and non-podcast digital revenue up 7% to $202 million. The segment adjusted EBITDA was up 14% to $123 million.
iHeartMedia Chairman/CEO Bob Pittman said, “We’re pleased with our second quarter results, generating Adjusted EBITDA of $152 million, slightly above the midpoint of our previously provided guidance range. Our consolidated revenue was $977 million, up 4.7% compared to the prior year quarter and above our guidance. 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. And our work in building our digital assets continues to pay off; this is the sixth consecutive quarter in which the Digital Audio Group Adjusted EBITDA is larger than the Multiplatform Group Adjusted EBITDA.”
President/COO Rich Bressler said, “In the second quarter, the Digital Audio Group’s revenue was $364 million, up 12.4% year over year and above our guidance, and our Q2 Adjusted EBITDA margins were 33.8%. In this quarter we generated $46 million of Free Cash Flow, and this strong performance gives us additional confidence in the second half of the year. Additionally, we are pleased to report that this month we extended the maturity date of our ABL facility to January 30, 2029, while maintaining the facility’s current size and interest rates.”
